<SEC-DOCUMENT>0001104659-21-119339.txt : 20210924
<SEC-HEADER>0001104659-21-119339.hdr.sgml : 20210924
<ACCEPTANCE-DATETIME>20210924165742
ACCESSION NUMBER:		0001104659-21-119339
CONFORMED SUBMISSION TYPE:	PREM14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20210924
FILED AS OF DATE:		20210924
DATE AS OF CHANGE:		20210924

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Inotiv, Inc.
		CENTRAL INDEX KEY:			0000720154
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				351345024
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		PREM14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23357
		FILM NUMBER:		211278013

	BUSINESS ADDRESS:	
		STREET 1:		2701 KENT AVE
		CITY:			WEST LAFAYETTE
		STATE:			IN
		ZIP:			47906-1382
		BUSINESS PHONE:		3174634527

	MAIL ADDRESS:	
		STREET 1:		2701 KENT AVENUE
		CITY:			WEST LAFAYETTE
		STATE:			IN
		ZIP:			47906-1382

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIOANALYTICAL SYSTEMS INC
		DATE OF NAME CHANGE:	19970918
</SEC-HEADER>
<DOCUMENT>
<TYPE>PREM14A
<SEQUENCE>1
<FILENAME>tm2128376d1_prem14a.htm
<DESCRIPTION>PREM14A
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of
the Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
by the Registrant &nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
by a Party other than the Registrant &nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material Pursuant to Rule14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Inotiv,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Name of Person(s)&nbsp;Filing Proxy Statement, if other than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and&nbsp;0-11.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title of each class of securities to which transaction applies:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">Common Shares</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate number of securities to which transaction applies:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">Common Shares</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Per unit price or other underlying value of transaction computed pursuant
    to Exchange Act Rule&nbsp;0-11&nbsp;(set forth the amount on which the filing fee is calculated and state how it was determined):</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">The proposed maximum aggregate value of the transaction was calculated
based on the merger consideration of (i) $200,000,000 in cash and (ii) 9,365,173 Common Shares. The cash consideration was added to the
value of the Common Shares, which was computed by multiplying the 9,365,173 Common Shares by $33.515 per share (the average of the high
and low prices reported on the NASDAQ Capital Market on September 23, 2021). In accordance with Section 14(g) of the Securities Exchange
Act of 1934, as amended, the filing fee was determined by multiplying the current fee rate by the amount calculated pursuant to the preceding
sentence.</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proposed maximum aggregate value of transaction:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">$513,873,773</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total fee paid:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">$102,775</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2)&nbsp;and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form&nbsp;or Schedule and the date of its filing.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Transparent">
    <TD COLSPAN="2"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check box if any part of the fee is offset as provided by Exchange
Act Rule&nbsp;0-11(a)(2)&nbsp;and identify the filing for which the offsetting fee was paid previously. Identify the previous filing
by registration statement number, or the Form&nbsp;or Schedule and the date of its filing.</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Party:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date Filed:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2128376d1_prem14asp1img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October [8], 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Fellow Shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You are invited to join us at a special meeting of shareholders (the
 &ldquo;Special Meeting&rdquo;) of Inotiv, Inc. (&ldquo;we&rdquo;, &ldquo;us&rdquo;, or &quot;Inotiv&quot;), which will be held at Courtyard
Marriott Lafayette, 150 Fairington Avenue, Lafayette,&nbsp;IN 47905 on November 4, 2021 at 10:00 a.m. Eastern Time. If you owned common
shares of Inotiv at the close of business on [October 4], 2021, the record date, you are entitled to vote at the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 21, 2021, Inotiv, Inc.</FONT> an Indiana corporation, Dolphin MergeCo, Inc., a Delaware corporation and a wholly owned subsidiary
of Inotiv (&quot;Merger Sub&quot;), Dolphin Merger Sub, LLC, an Indiana limited liability company and a wholly owned subsidiary of Inotiv
(&quot;Merger Sub LLC&quot; and together with Merger Sub, &quot;Merger Subs&quot;), Envigo RMS Holding Corp., a Delaware corporation (&quot;Envigo&quot;),
and Shareholder Representative Services LLC, solely in its capacity as the securityholder representative, agent and attorney-in-fact of
the Securityholders (the &quot;Securityholder Representative&quot; and together with Envigo, the &quot;Envigo Parties&quot;), entered
into an Agreement and Plan of Merger (the &ldquo;Merger Agreement&rdquo;). The Merger Agreement provides for the merger of Merger Sub
with and into Envigo (the &ldquo;First Merger&rdquo;), with Envigo continuing as the surviving corporation of the First Merger, followed
by the merger of the surviving corporation of the First Merger with and into Merger Sub LLC (the &ldquo;Second Merger&rdquo; and, together
with the First Merger, the &ldquo;Mergers&rdquo;), with Merger Sub LLC continuing as the surviving entity of the Second Merger. As a result
of the First Merger, the outstanding shares of Envigo will be converted into the right to receive, in the aggregate, $200.0 million in
cash (subject to adjustment as provided in the Merger Agreement, the &ldquo;Cash Consideration&rdquo;) and 9,365,173 Inotiv Common Shares(subject
to adjustment as provided in the Merger Agreement) (the &ldquo;Share Consideration&rdquo;), which Common Shares had an aggregate market
value of approximately $285.0 million based on the volume weighted average sales prices of the Common Shares as reported on the NASDAQ
Capital Market (&ldquo;NASDAQ&rdquo;) calculated for the 20-trading-day period ending on September 20, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although Inotiv shareholders are not required to vote to approve the
Merger Agreement or the Mergers, there are two matters that the Inotiv shareholders must approve in order to enable the Mergers to occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>As of [October 4], 2021, Inotiv had 19,000,000 authorized Common Shares,
of which 15,929,052 shares were issued and outstanding and 1,248,957 shares were reserved for issuance pursuant to Inotiv&rsquo;s 2018
Equity Incentive Plan. On September [27], 2021, we issued $140 million in 3.25% Senior Convertible Notes due 2027 (the &ldquo; Convertible
Notes&rdquo;), the net proceeds of which will be used to pay a portion of the Cash Consideration in the Merger. The Convertible Notes
will be convertible, at certain times and in certain circumstances, into Common Shares, cash or a combination of Common Shares and cash,
at our election. If all of the Convertible Notes were to be converted into Common Shares, we would be required to issue approximately
2,714,441 Common Shares to the holders of the Convertible Notes upon conversion. Upon the occurrence of certain events set forth in the
indenture governing the Convertible Notes, we could be required to issue up to 4,104,366 Common Shares upon conversion of the Convertible
Notes. We do not have sufficient authorized Common Shares to issue the shares that would be required by the Merger Agreement and the shares
to be issued upon conversion of the Convertible Notes. Therefore, at the Special Meeting, you will be asked to consider and approve an
amendment to Inotiv&rsquo;s Third Amended and Restated Articles of Incorporation to increase the number of authorized Common Shares to
74,000,000 shares to allow us to issue the Common Shares required by the Merger Agreement and upon conversion of the Convertible Notes
(the &ldquo;Authorized Share Increase Proposal&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>The Common Shares are listed on the NASDAQ Capital Market under the
ticker symbol &ldquo;NOTV.&rdquo; As a result, Inotiv is subject to NASDAQ Rule 5635(a), pursuant to which shareholder approval is required
in certain transactions (such as the Merger) prior to the issuance of securities representing 20% or more of the voting power of Inotiv&rsquo;s
outstanding capital stock before such issuance. The Common Shares to be issued pursuant to the Merger Agreement represented approximately
58.8% of the voting power of Inotiv&rsquo;s outstanding stock as of [October 4], 2021. Therefore, at the Special Meeting, you will be
asked to consider and approve the issuance by Inotiv of the Common Shares to be issued to Envigo stockholders in the Mergers (the &ldquo;Merger
Share Issuance Proposal&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of [October 4], 2021, Inotiv had 396,047 Common Shares available
for awards under its 2018 equity incentive plan. Management does not believe this amount is sufficient to enable awards to be made to
the employees of Inotiv and Envigo after the Merger. Therefore, at the Special Meeting, you will be asked to consider and approve an amendment
to the Inotiv Amended and Restated 2018 Equity Incentive Plan to increase the number of shares authorized for awards thereunder by 1,500,000
shares (the &ldquo;EIP Amendment Proposal&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September [27], 2021, Inotiv issued and sold $140 million of its
3.25% Convertible Senior Notes due 2027 (the &quot;Convertible Notes&quot;) in a private offering to qualified institutional buyers pursuant
to Rule 144A under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). The Convertible Notes are convertible into
Inotiv Common Shares at a conversion rate of 21.7162 Common Shares per $1,000 principal amount of Convertible Notes. The conversion rate
is subject to adjustment upon the occurrence of certain events specified in the indenture relating to the Convertible Notes. The maximum
number of Common Shares that may be issued upon conversion of the Convertible Notes represented approximately 25.8% of the voting power
of Inotiv&rsquo;s outstanding stock as of [October 4], 2021. Therefore, at the Special Meeting, you will be asked to consider and approve
the issuance by Inotiv of the Common Shares to be issued upon conversion of the Convertible Notes (the &quot;Notes Share Issuance Proposal&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Finally, in order to allow sufficient time for management to solicit
additional proxies in the event that there are insufficient votes at the Special Meeting for the approval of the Authorized Share Increase
Proposal or the Merger Share Issuance Proposal, you will be asked to consider and approve a proposal to adjourn the Special Meeting to
a later date, if necessary or appropriate, to permit solicitation of additional votes if there are insufficient votes to approve those
proposals (the &ldquo;Adjournment Proposal&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors of Inotiv has called the Special Meeting for
the purpose of considering and voting upon these matters. Details regarding the above matters can be found in the accompanying Notice
of Special Meeting and Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After careful consideration, Inotiv&rsquo;s Board of Directors (the
 &ldquo;Board&rdquo;) has unanimously approved the Merger Agreement and the transactions contemplated thereby, including the issuance of
Inotiv Common Shares comprising the Share Consideration, and unanimously recommends that shareholders vote &ldquo;FOR&rdquo; the approval
of the Authorized Share Increase Proposal, &ldquo;FOR&rdquo; the approval of the Merger Share Issuance Proposal, &ldquo;FOR&rdquo; the
approval of the EIP Amendment Proposal, &ldquo;FOR&rdquo; the approval of the Notes Share Issuance Proposal, and &ldquo;FOR&rdquo; the
approval of the Adjournment Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We cannot complete the Merger unless the Inotiv shareholders approve
the Authorized Share Increase Proposal and the Merger Share Issuance Proposal. Your vote on these matters is very important regardless
of the number of shares you own. Please promptly mark, sign and date the accompanying proxy card and return it in the enclosed postage-paid
envelope or authorize the individuals named on your proxy card to vote your shares by calling the toll-free telephone number or by using
the Internet as described in the instructions included with your proxy card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are excited about the opportunities presented by the combination
of Inotiv with Envigo, and we encourage you to vote your shares in favor of the proposals to be presented at the Special Meeting.&nbsp;On
behalf of the Board,&nbsp;I would like to thank you for your support of Inotiv and look forward to the successful completion of the Mergers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><IMG SRC="tm2128376d1_prem14asp1img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert L. Leasure,&nbsp;Jr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President and Chief Executive Officer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2128376d1_prem14asp1img001.jpg" ALT="" STYLE="height: 99px; width: 215px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF SPECIAL MEETING OF SHAREHOLDERS OF
INOTIV,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DATE: November&nbsp;4, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TIME: 10:00 a.m.&nbsp;(ET)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PLACE: Courtyard Marriott Lafayette</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">150 Fairington Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Lafayette,&nbsp;IN 47905</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the meeting, our shareholders will be asked to consider and vote
upon:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
proposal to approve an amendment to the Second Amended and Restated Articles of Incorporation to increase the number of authorized Common
Shares of the Company to 75,000,000 shares, consisting of 74,000,000 Common Shares and 1,000,000 Preferred Shares (the &quot;Authorized
Share Increased Proposal&quot;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
proposal to approve the issuance of Common Shares pursuant to the Merger Agreement, pursuant to NASDAQ Rule </FONT>5635(a) (the &quot;Merger
Share Issuance Proposal&quot;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
proposal to approve an amendment to the 2018 Equity Incentive Plan to increase the number of Common Shares available for awards thereunder
by 1,500,000 shares and to make corresponding changes to certain limitations in the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
proposal to approve the issuance of Common Shares issuable upon conversion of the 3.25% Convertible Senior Notes due 2027, pursuant to
NASDAQ Rule 5635(a); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
proposal to approve one or more adjournments of the Special Meeting, if necessary or appropriate, to permit solicitation of additional
votes if there are insufficient votes to approve the Authorized Share Increase Proposal, or the Merger Share Issuance Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the foregoing, the Special Meeting will include the
transaction of such other business as may be properly presented at the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv is providing the accompanying proxy statement and proxy card
to its shareholders in connection with the solicitation of proxies to be voted at the Special Meeting (including any adjournments or postponements
of the Special Meeting). Information about the Special Meeting, the Mergers, the <U>proposals to be considered at the Special Meeting</U>
and other related business to be considered by Inotiv&rsquo;s shareholders at the Special Meeting is included in the accompanying proxy
statement. We urge you to carefully read the accompanying proxy statement in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please see the instructions in the &ldquo;Questions and Answers About
the Proposals for the Special Meeting&rdquo; section in the accompanying proxy statement, which provides additional information on how
to participate in the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We urge each shareholder to promptly sign and return the enclosed proxy
card or to use phone or Internet voting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders of the Company&rsquo;s common shares of record at the close
of business on [October&nbsp;4], 2021 are entitled to notice of, and to vote at, the Special Meeting. Given public health concerns related
to the coronavirus pandemic (COVID-19), we urge you to consider voting in advance of the meeting via one of the remote methods in lieu
of attending the meeting in person. We are also offering our shareholders the opportunity to view the Special Meeting virtually by visiting
https://www.inotivco.com/investors/investor-information/ and following the instructions on that webpage. Note that shareholders who view
the Special Meeting virtually will not be able to vote via that broadcast.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we intend to hold the Special Meeting in person, we are actively
monitoring the coronavirus pandemic, and are sensitive to the public health and travel concerns our shareholders may have and the protocols
that federal, state, and local governments may impose. In the event that it is not advisable to hold the Special Meeting in person or
at the scheduled date, time, or location, we will announce alternative arrangements for the Special Meeting via a press release as promptly
as practicable, which may include holding the Special Meeting solely by means of remote communication in a virtual meeting format.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will be using the Internet as our primary means of furnishing proxy
materials to shareholders. Accordingly, most shareholders will not receive copies of our proxy materials. We instead are mailing a notice
with instructions for accessing the proxy materials and voting via the internet, telephone, or mail (the &ldquo;Notice of Internet Availability&rdquo;).
We encourage you to review these materials and vote your shares. This delivery method allows us to conserve natural resources and reduce
the cost of delivery while also meeting our obligations to you, our shareholders, to provide information relevant to your continued investment
in the Company. If you received the Notice of Internet Availability by mail and would like to receive a printed copy of our proxy materials,
you should follow the instructions for requesting such materials included in the Notice of Internet Availability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your vote is important to us. Please take the time to review our Proxy
Statement and submit your votes. Even if you expect to attend the Special Meeting in person, please vote via Internet, telephone, or mail
using the instructions provided on the Notice of Internet Availability. Your vote on these matters is very important. Please complete,
date and return the proxy card in the enclosed envelope. You may also vote via telephone or the Internet with the instructions provided
on the proxy card. You may revoke your proxy at any time before it is exercised by giving written notice to the Corporate Secretary of
Inotiv, by delivering a properly executed proxy bearing a later date or by attending the Special Meeting and voting in person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By Order of the Board of Directors,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2128376d1_prem14asp1img003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beth A. Taylor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Chief Financial Officer, Vice President of Finance, Secretary</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="TABLEOFCONTENTS"></A>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#TABLEOFCONTENTS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE OF CONTENTS</FONT></A></TD>
    <TD STYLE="text-align: right; width: 10%"><A HREF="#TABLEOFCONTENTS">6</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY TERM SHEET</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_001">11</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FREQUENTLY USED TERMS</FONT></TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUESTIONS AND ANSWERS ABOUT THE PROPOSALS FOR THE SPECIAL MEETING</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_002">13</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY OF THE PROXY STATEMENT</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_001">20</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Merger Agreement and Related Agreements</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_002">20</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Shareholders Agreement</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_003">22</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposal No.&nbsp;1: The Authorized Share Increase Proposal</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_004">23</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposal No.&nbsp; 2: The Merger Share Issuance Proposal</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_005">23</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposal No.&nbsp;3: The EIP Amendment Proposal</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_006">23</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposal No.&nbsp;4: The Notes Stock Issuance Proposal</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_007">23</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposal No.&nbsp;5: The Adjournment Proposal</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_008">23</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date, Time and Place of Special Meeting</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_009">24</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting Power; Record Date</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_010">24</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Treatment</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_011">24</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proxy Solicitation</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_012">24</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reasons for the Approval of the Stock Issuance in Connection with the Merger</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_013">24</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to Closing of the Merger</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_014">24</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quorum and Required Vote for Proposals for the Special Meeting</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_015">24</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Inotiv&rsquo;s Financial Advisor</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_016">26</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recommendation to the Inotiv Shareholders</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_017">26</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_018">26</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_019">27</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp3a_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp3a_020">28</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMPARATIVE SHARE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_003">46</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIAL MEETING OF INOTIV SHAREHOLDERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_004">47</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date, Time and Place of Special Meeting</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_005">47</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting Power; Record Date</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_006">47</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposals at the Special Meeting</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_007">47</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quorum and Required Vote for Proposals for the Special Meeting</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_008">47</A></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#Kalai_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recommendation to the Inotiv Shareholders</FONT></A></TD>
    <TD STYLE="text-align: right; width: 10%"><A HREF="#Kalai_009">48</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting Your Shares&mdash;Shareholders of Record</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_010">48</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revocation of Proxies</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_011">49</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Additional Matters</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_012">49</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Who Can Answer Your Questions About Voting?</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_013">49</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proxy Solicitation Costs</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_014">49</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROPOSAL 1&mdash;APPROVAL OF THE AUTHORIZED SHARE INCREASE PROPOSAL</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_015">50</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overview</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_016">50</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vote Required for Approval</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_017">50</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recommendation of the Board of Directors</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_018">51</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROPOSAL 2&mdash;APPROVAL OF THE MERGER SHARE ISSUANCE PROPOSAL</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_019">51</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overview</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_020">51</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Envigo Overview</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_021">51</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Envigo&rsquo;s Management&rsquo;s Discussion And Analysis Of Financial Condition And Results Of Operations</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_022">53</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement and Plan of Merger</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_023">62</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp0007_a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders Agreement</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp0007_a_001">64</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp0007_a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Background of the Merger</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp0007_a_002">65</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp0007_a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Board&rsquo;s Reasons for the Approval of the Merger and the Merger
Share Issuance</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp0007_a_003">69</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp0007_a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Inotiv&rsquo;s Financial Advisor</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp0007_a_004">70</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Shares of Common Stock to be Issued in the Merger</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_024">79</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Treatment</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_025">79</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_026"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Why Inotiv Needs Shareholder Approval</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_026">79</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_027"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposals Effect on Inotiv&rsquo;s Current Shareholders</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_027">79</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_028"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vote Required for Approval</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_028">80</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_029"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recommendation of the Board of Directors</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_029">80</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_030"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROPOSAL 3 &ndash; APPROVAL OF THE EIP AMENDMENT PROPOSAL</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_030">81</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_031"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overview</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_031">81</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_032"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key Terms of the Amended Plan</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_032">81</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_033"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal Income Tax Consequences to Participants</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_033">85</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_034"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vote Required for Approval</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_034">86</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_035"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recommendation of the Board of Directors</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_035">86</A></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#sp9_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROPOSAL 4 -- APPROVAL OF THE NOTES SHARE ISSUANCE PROPOSAL</FONT></A></TD>
    <TD STYLE="text-align: right; width: 10%"><A HREF="#sp9_001">87</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overview</FONT></TD>
    <TD STYLE="text-align: right">83</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp9_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Considerations for Issuing the
    Convertible Notes</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp9_002">90</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp9_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ Listing Rule&nbsp;5635(a)</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp9_003">91</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp9_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vote Required for Approval</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp9_004">91</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp9_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recommendation of the Board of Directors</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp9_005">91</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp9_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROPOSAL 5&mdash;THE ADJOURNMENT PROPOSAL</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp9_006">91</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp9_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overview</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp9_007">91</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp9_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consequences if the Adjournment Proposal is not Approved</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp9_008">92</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp9_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vote Required for Approval</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp9_009">92</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp9_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recommendation of the Board of Directors</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp9_010">92</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp9_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMPENSATION OF EXECUTIVE OFFICERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp9_011">93</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp9_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation Committee and Compensation Methodology</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp9_012">93</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp9_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation Risks</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp9_013">93</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp9_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreements</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp9_014">94</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sp9_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal 2020 Summary Compensation Table</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp9_015">96</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_036"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding Equity Awards at Fiscal Year-End Table</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_036">97</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_038"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BENEFICIAL OWNERSHIP OF SECURITIES OF INOTIV</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_038">99</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_039"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRICE RANGE OF SECURITIES AND DIVIDENDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_039">99</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_040"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend Policy of Inotiv</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_040">100</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_041"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Envigo</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_041">100</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_042"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEPENDENT REGISTERED ACCOUNTING FIRM</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_042">100</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_043"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HOUSEHOLDING INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_043">100</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_044"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRANSFER AGENT AND REGISTRAR</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_044">100</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_045"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBMISSION OF SHAREHOLDER PROPOSALS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_045">100</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_046"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FUTURE SHAREHOLDER PROPOSALS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_046">100</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#Kalai_047"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#Kalai_047">101</A></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INOTIV,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SPECIAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[November 4], 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This proxy statement is furnished by Inotiv,&nbsp;Inc., (&ldquo;Inotiv,&rdquo;
the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; or &ldquo;our&rdquo;) in connection with the solicitation by the Board
of Directors of the Company of proxies to be voted at the Special Meeting of Shareholders to be held at 10:00 a.m. (ET) on [Thursday,
November 4], 2021 and at any adjournment thereof. The meeting will be held at the Courtyard Marriott Lafayette, 150 Fairington Avenue,
Lafayette,&nbsp;Indiana 47905. We are also offering our shareholders the opportunity to view the Special Meeting virtually by visiting&nbsp;<U>https://www.inotivco.com/investors/investor-information/</U>&nbsp;and
following the instructions on that webpage. Note that shareholders who view the Special Meeting virtually will not be able to vote via
that broadcast.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or about [October 8], 2021, we will be mailing a notice to shareholders
with instructions for accessing the proxy materials and voting via the Internet (the &ldquo;Notice of Internet Availability&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the Special Meeting, you will be asked to consider and vote upon
(i) a proposal to approve an amendment to the Second Amended and Restated Articles of Incorporation to increase the number of authorized
Common Shares of the Company to 75,000,000 shares, consisting of 74,000,000 Common Shares and 1,000,000 Preferred Shares (such amendment,
the &ldquo;Articles Amendment,&rdquo; and such proposal, the &ldquo;Authorized Share Increase Proposal&rdquo;); (ii) a proposal to approve
the issuance of Common Shares pursuant to the Merger Agreement (the &ldquo;Merger Share Issuance Proposal&rdquo;), pursuant to NASDAQ
Rule 5635(a); (iii) a proposal to approve an amendment to the 2018 Equity Incentive Plan to increase the number of Common Shares available
for awards thereunder by 1,500,000 shares and to make corresponding changes to certain limitations in the Plan (the &ldquo;EIP Amendment
Proposal&rdquo;); (iv) a proposal to approve the issuance of Common Shares issuable upon conversion of the 3.25% Convertible Senior Notes
due 2027 (the &ldquo;Notes Share Issuance Proposal&rdquo;), pursuant to NASDAQ Rule 5635(a); and (v) a proposal to approve one or more
adjournments of the Special Meeting, if necessary or appropriate, to permit solicitation of additional votes if there are insufficient
votes to approve the Authorized Share Increase Proposal, or the Merger Share Issuance Proposal (the &ldquo;Adjournment Proposal&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A shareholder signing and returning a proxy may revoke it at any time
before it is exercised by delivering written notice to the Secretary of the Company, by filing a properly executed proxy bearing a later
date or by attending the Special Meeting and voting in person. The signing of a proxy does not preclude a shareholder from attending the
Special Meeting in person. All proxies returned prior to the Special Meeting, and not revoked, will be voted in accordance with the instructions
contained therein. Any proxy not specifying to the contrary will be voted &quot;FOR&quot; the Authorized Share Increase Proposal, &ldquo;FOR&rdquo;
the Merger Share Issuance Proposal, &ldquo;FOR&rdquo; the EIP Amendment Proposal, &quot;FOR&quot; the Notes Share Issuance Proposal, &ldquo;FOR&rdquo;
the Adjournment Proposal and in accordance with the recommendation of the Board of Directors on any other matter that is properly brought
before the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of the close of business on [October&nbsp;4], 2021, the record date
for the Special Meeting, there were [Number] common shares of the Company outstanding. Each outstanding common share owned as of [October&nbsp;4],
2021 entitles its holder to one vote. The Company has no other voting securities outstanding. Shareholders do not have cumulative voting
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">A copy of
the Company&rsquo;s Annual Report on Form&nbsp;10-K, including audited financial statements and a description of operations for the fiscal
year ended September&nbsp;30, 2020, are available in the &ldquo;Investors&rdquo; section of our website at&nbsp;<U>www.inotivco.com</U>.
Each shareholder will receive a Notice of Internet Availability containing instructions on how to access our Proxy Statement and our
Annual Report to Shareholders and to vote. The Notice of Internet Availability also contains instructions on how you can receive a paper
copy of the proxy statement and annual report. Each shareholder will receive a copy of the Notice of Internet Availability whether or
not sharing an address with another shareholder. The solicitation of proxies is being made by the Company and all expenses in connection
with the solicitation of proxies will be borne by the Company. The Company expects to solicit proxies primarily by mail, but directors,
officers and other employees of the Company may also solicit proxies in person or by telephone. The Company will pay any costs so incurred,
but the directors, officers and other employees involved in such solicitations will not receive any additional compensation for such
actions.</FONT>&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How to Vote Your Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are pleased to offer you four options for voting your shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;</FONT></TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You may vote via the Internet by following the instructions provided by the Company<BR>
 &nbsp;until ___________ on ___________, 2021;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You may vote via telephone by following the instructions provided by the Company<BR>
 &nbsp;until ______________&nbsp;&nbsp;on _______________, 2021;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You may attend the Special Meeting and cast your vote in person; or</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you have requested a paper copy of the proxy materials, you may complete, sign, date and return a proxy card by mail or hand delivery.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We encourage you to register your vote via the Internet, via telephone
or by returning the proxy card. If you attend the meeting in person, you may also submit your vote in person and any votes that you previously
submitted &mdash; whether via the Internet, by phone, by mail or by hand delivery &mdash; will be superseded by the vote that you cast
at the meeting. Whether your proxy is submitted by the Internet, by phone, by mail or by hand delivery, if it is properly submitted and
if you do not revoke it prior to the meeting, your shares will be voted at the meeting in the manner you indicate. To vote at the meeting,
beneficial owners who are not also the record holder of their shares will need to contact the broker, trustee or nominee that holds their
shares to obtain a &quot;legal proxy&quot; to bring to the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Kalai_001"></A>SUMMARY TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This summary term sheet, together with the section entitled &ldquo;Summary
of the Proxy Statement,&rdquo; summarizes certain information contained in this proxy statement, but does not contain all of the information
that is important to you. You should carefully read this entire proxy statement, including the attached Annexes, for a more complete understanding
of the matters to be considered at the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inotiv
is a contract research organization (&quot;CRO&quot;) that provides drug discovery and development services to the pharmaceutical, chemical,
and medical device industries, and sells analytical instruments to the pharmaceutical development and contract research industries. Our
mission is to provide drug and product developers with superior scientific research and innovative analytical instrumentation in order
to bring revolutionary new drugs and products to market quickly and safely. Our strategy is to provide services that will generate high-quality
and timely data in support of new drug and product approval or expand their use. Our clients and partners include pharmaceutical, biotechnology,
biomedical device, academic and government organizations. We provide innovative technologies and products and a commitment to quality
to help clients and partners accelerate the development of safe and effective drugs and products and maximize the returns on their research
and development investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envigo
is primarily a products business that provides research-quality animals for use in laboratory tests, as well as standard and custom laboratory
animal diets and bedding and other associated services for contract research organizations, biopharmaceutical companies, universities,
governments and other research organizations. It provides customers with laboratory animals used in basic research and product development
and non-clinical testing of compounds to support the development and approval of new medicines. Utilizing its portfolio of products,
Envigo enables its customers to create a more flexible product development model and reduce their costs, enhance their productivity,
and increase speed to market. Envigo&rsquo;s vision, working together to build a healthier and safer world, includes helping its customers
meet certain regulatory requirements in order to bring life-saving and life-enhancing new medicines to patients. For more information
about Envigo, please see the sections entitled &ldquo;Proposal No. 2&mdash;Approval of the Merger Share Issuance Proposal&mdash;Envigo
Overview&rdquo; and &ldquo;&mdash;Envigo&rsquo;s Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September 21, 2021, we entered into the Merger Agreement with Envigo,
pursuant to which we will acquire all of the outstanding capital stock of Envigo in exchange for the consideration described below. For
more information about the Merger Agreement, please see the section entitled &ldquo;Proposal No. 2&mdash;Approval of the Merger Share
Issuance Proposal&mdash;Agreement and Plan of Merger.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms and conditions of the Merger Agreement, the aggregate consideration to be paid to the stockholders of Envigo in the Merger
will consist of the $200.0 million in cash and the 9,365,173 Common Shares, </FONT>subject to adjustment as set forth in the Merger Agreement,
which shares had an aggregate market value of approximately $285.0 million based on the volume weighted average sales price of the Common
Shares as reported by the NASDAQ Capital Market calculated for the 20-trading-day period ending on September 20, 2021. For more information
about the Merger Agreement, please see the section entitled &ldquo;Proposal No. 2&mdash;Approval of the Merger Share Issuance Proposal&mdash;Agreement
and Plan of Merger.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is anticipated
that, upon completion of the Merger,&nbsp;Inotiv&rsquo;s current shareholders will own approximately 64% of Inotiv and the former Envigo
shareholders and option holders will own or have the right to acquire, in the aggregate, approximately 36% of Inotiv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board and Inotiv&rsquo;s management considered various factors in determining whether to approve the Merger Agreement and the transactions
contemplated thereby, including the Merger, which factors included (i) the Board&rsquo;s knowledge of Inotiv&rsquo;s business, operations,
financial condition, earnings and prospects and of Envigo&rsquo;s business, operations, financial condition, earnings and prospects,
taking into account the results of Inotiv&rsquo;s due diligence review of Envigo; (ii) the fact that the Merger is expected to be accretive
to key financial metrics, including per share metrics; (iii) the Board&rsquo;s belief that the Merger presents the combined organization
with the opportunity to enhance returns and create long-term value for shareholders, enhance free cash flow, further strengthen its balance
sheet, increase scale and diversification, and create synergies in annual cost savings by capturing savings in general and administrative
expenses; (v) the recommendation of the Merger by Inotiv&rsquo;s senior management team; (iv) the terms of the Merger Agreement, taken
as a whole, including the parties&rsquo; representations, warranties and covenants and the circumstances under which each party may terminate
the Merger Agreement; (v) the requirement that Inotiv&rsquo;s shareholders approve the Authorized Share Increase Proposal and the Merger
Share Issuance Proposal as a condition to and in connection with the Merger; (vi) the Board&rsquo;s belief that there is a reasonable
likelihood that the Merger will be completed based on, among other things, the conditions to the Merger and the fact that the outside
date of June 30, 2022 under the Merger Agreement allows for sufficient time to complete the Merger; (vii) the Board&rsquo;s belief that
the terms of the Shareholder Agreement are reasonable; and (viii) the Board&rsquo;s consideration of certain other factors, including
historical information concerning Inotiv&rsquo;s and Envigo&rsquo;s respective businesses, financial conditions, results of operations,
earnings, management, competitive positions and prospects on a projected combined basis and the current and prospective business environment
in which Inotiv and Envigo operate, including economic conditions, the competitive and regulatory environment and the likely effect of
these factors on Inotiv. For more information about the Board&rsquo;s reasons for approving the Merger, see the section entitled &ldquo;Proposal
No. 2&mdash;Approval of the Merger Share Issuance Proposal&mdash;The Merger&mdash;Background of the Merger&mdash;The Board&rsquo;s Reasons
for the Approval of the Merger and the Share Issuance.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Special Meeting, Inotiv&rsquo;s shareholders will be asked to consider and vote upon the Authorized Share Increase Proposal, the
Merger Share Issuance Proposal, the EIP Amendment Proposal, the Notes Share Issuance Proposal and, to the extent necessary, the Adjournment
Proposal. Please see the sections entitled &ldquo;Proposal No. 1&mdash;Approval of the Authorized Share Increase Proposal,&rdquo; &ldquo;Proposal
No. 2&mdash; Approval of the Merger Share Issuance Proposal,&rdquo; &ldquo;Proposal No. 3&mdash;Proposal to Amend the 2018 Equity Incentive
Plan,&rdquo; &ldquo;Proposal No. 4 &ndash; &ldquo;Approval of the Notes Share Issuance Proposal&quot; and &ldquo;Proposal No. 5&mdash;The
Adjournment Proposal.&rdquo; The Merger is conditioned on, among other things, the approval of the Authorized Share Increase Proposal
and the Share Issuance Proposal at the Special Meeting. The Merger is not conditioned on the approval of the EIP Amendment Proposal or
the Notes Share Issuance Proposal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
waived by Inotiv and/or Envigo, as applicable, and subject to applicable law, the closing of the Merger is subject to a number of conditions
set forth in the Merger Agreement, including, among others, (a) the accuracy of the representations and warranties of each party (subject
to specified materiality standards), (b) compliance by each party in all material respects with its respective covenants and (c) approval
of the Authorized Share Increase Proposal and the Merger Share Issuance Proposal. For more information about the closing conditions to
the Merger pursuant to the Merger Agreement, please see the section entitled &ldquo;Proposal No. 2&mdash;Approval of the Merger Share
Issuance Proposal&mdash;The Merger Agreement&mdash;Conditions to Closing of the Merger.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Merger Agreement also provides for certain termination rights for both Envigo and Inotiv, including if the Merger is not consummated
on or before March 31, 2022, except that such date may be extended to June 30, 2022 in certain circumstances. For more information about
the termination rights under the Merger Agreement, please see the section entitled &ldquo;Proposal No. 1&mdash;Approval of the Merger
Share Issuance Proposal&mdash;Agreement and Plan of Merger&mdash;Termination.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proposed
Merger involves numerous risks. For more information about these risks, please see the section entitled &ldquo;Risk Factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of [October 4], 2021, the record date for the Special Meeting, there were [Number] Common Shares issued and outstanding, and there were
no preferred shares of Inotiv issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_002"></A>QUESTIONS AND ANSWERS ABOUT THE PROPOSALS FOR THE SPECIAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Why
am I receiving this proxy statement?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inotiv has entered into
the Merger Agreement providing for the acquisition of all of the outstanding shares of capital stock of Envigo, for aggregate consideration
consisting of $200.0 million in cash, subject to adjustment as provided in the Merger Agreement, and the issuance of 9,365,173 Inotiv
Common Shares having an aggregate market value of approximately $285.0 million based on the volume weighted average sales price of the
Common Shares as reported by the NASDAQ Capital Market calculated for the 20-trading-day period ending on September 20, 2021. While you
are not required to vote on the Merger or the Merger Agreement, you are being asked to consider and vote upon:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a proposal to approve an amendment to the Second Amended and Restated Articles of Incorporation to increase the number of authorized
Common Shares of the Company to 75,000,000 shares, consisting of 74,000,000 Common Shares and 1,000,000 Preferred Shares (such amendment,
the &ldquo;Articles Amendment,&rdquo; and such proposal, the &ldquo;Authorized Share Increase Proposal&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a proposal to approve the issuance of Common Shares pursuant to the Merger Agreement (the &ldquo;Merger Share Issuance Proposal&rdquo;),
pursuant to NASDAQ Rule 5635(a);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a proposal to approve an amendment to the 2018 Equity Incentive Plan to increase the number of Common Shares available for awards
thereunder by 1,500,000 shares and to make corresponding changes to certain limitations in the Plan (the &ldquo;EIP Amendment Proposal&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a proposal to approve the issuance of Common Shares issuable upon conversion of the 3.25% Convertible Senior Notes due 2027 (the &ldquo;Notes
Share Issuance Proposal&rdquo;), pursuant to NASDAQ Rule 5635(a); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a proposal to approve one or more adjournments of the Special Meeting, if necessary or appropriate, to permit solicitation of additional
votes if there are insufficient votes to approve the Authorized Share Increase Proposal, or the Merger Share Issuance Proposal (the &ldquo;Adjournment
Proposal&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consummation of the Merger is conditioned upon the approval by
the Inotiv shareholders of the Authorized Share Increase Proposal and the Merger Share Issuance Proposal. This proxy statement and its
Annexes contain important information about the proposed Merger and the other matters to be acted upon at the Special Meeting. You should
read this proxy statement and its Annexes carefully and in their entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your vote is important. You are encouraged to submit your proxy as
soon as possible after carefully reviewing this proxy statement and its Annexes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>What
are the Board&rsquo;s voting recommendations on each proposal?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board recommends that you vote&quot; FOR&quot; the Authorized Share Increase Proposal, &quot;FOR&quot; the Merger Share Issuance Proposal,
 &quot;FOR&quot; the EIP Amendment Proposal, &quot;FOR&quot; the Notes Share Issuance Proposal and &quot;FOR&quot; the Adjournment Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>What
will happen in the Merger?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Merger Agreement, upon the terms and subject to the conditions set forth therein, Inotiv will acquire all of the issued and outstanding
equity interests of Envigo by means of a merger of a newly formed, wholly owned subsidiary of Inotiv into Envigo, and Envigo will become
a wholly-owned subsidiary of Inotiv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>How
has the announcement of the Merger affected the trading price of the Common Stock?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September 20, 2021, the trading day immediately before the public announcement of the Merger, the closing price of the Common Shares on
the NASDAQ Capital Market was $36.81. On September 21, 2021, the date the transaction was publicly announced, the closing price of the
Common Shares on the NASDAQ Capital Market was $49.93. On September 23, 2021, the date we announced the offering of the Convertible Notes,
the closing price of the Common Shares on the NASDAQ Capital Market was $34.11. During the five-day trading period after the public announcement
of the Merger, the average closing price of the Common Shares on the NASDAQ Capital Market was $______. On [October 7], 2021, the last
practicable trading date prior to the mailing of this proxy statement, the closing price of the Common Shares on the NASDAQ Capital Market
was $_______.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>How
will the Merger impact the Common Shares outstanding after the Merger?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the Merger, assuming no adjustments are made to the Merger consideration pursuant to the Merger Agreement, the number of
Common Shares outstanding will increase by approximately 58.8% to approximately 25,294,225 Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Will
the management of Inotiv or the Board change upon consummation of the Merger?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes.
The Merger Agreement provides that, as of the effective time of the merger, the size of our board of directors will be increased from
five members to seven members. One of the new board seats will be filled by a person designated by Jermyn Street Associates LLC, (&quot;
Jermyn Street&quot;), and the other new board seat will be filled by a person designated by Savanna Holdings, LLC, (&quot;Savanna Holdings&quot;).
In addition, one of our current independent directors will resign as of the Effective Time of the First Merger and a new director nominated
by our Nominating and Corporate Governance Committee and approved by Jermyn Street and Savanna Holdings will be elected to the vacancy
created by that resignation. Following the consummation of the Envigo acquisition, nominees to our board will be nominated as provided
in a shareholders agreement among us, Jermyn Street and Savanna Holdings. See &quot; &ndash; Summary of Shareholders Agreement.&quot;
Our current management, including without limitation our Chief Executive Officer, Chief Financial Officer, Chief Strategy Officer and
Vice President of Human Resources, will continue to manage Inotiv, although certain executives of Envigo may become officers of Inotiv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>What
conditions must be satisfied to complete the Merger?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are a number of closing conditions set forth in the Merger Agreement, including the expiration of the applicable waiting period under
the HSR Act, the receipt of required regulatory approvals and the required approval by our shareholders of the Authorized Share Increase
Proposal and the Merger Share Issuance Proposal. For a summary of the conditions that must be satisfied or waived prior to completion
of the Merger, please see the section entitled &ldquo;Proposal No. 2&mdash;Approval of the Merger Share Issuance Proposal&mdash;Agreement
and Plan of Merger&mdash;Conditions to Closing of Merger.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>What
is a proxy?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
proxy is a person you appoint to vote on your behalf. When you vote by completing and returning the enclosed proxy card, you will be
designating Robert Leasure, Jr. and Beth A. Taylor as your proxies, with power of substitution. Inotiv solicits proxies so that as many
Common Shares as possible may be voted at the Special Meeting. You must complete and return the enclosed proxy card or vote by phone
or Internet to have your shares voted by proxy as contemplated by this proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>How
will my proxy vote my shares?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your
proxies will be voted in accordance with your instructions. If you complete and return your proxy card but do not provide instructions
on how to vote, your proxies will vote FOR the Authorized Share Increase Proposal, FOR the Merger Share Issuance Proposal, FOR the EIP
Amendment Proposal, FOR the Notes Share Issuance Proposal, and FOR the Adjournment Proposal. Also, your proxy card or your vote via phone
or internet will give your proxies authority to vote, using their best judgment, on any other business that properly comes before the
meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>When
and where will the Special Meeting be held?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Meeting will be held at Courtyard Marriott Lafayette, 150 Fairington Avenue, Lafayette,&nbsp;IN 47905 on November 4, 2021 at
10:00 a.m. Eastern Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>When
were the enclosed solicitation materials first given to the holders of Common Shares?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
proxy statement and the accompanying proxy card are first being mailed, given or made available to holders of Common Shares, on or about
[October 8], 2021. Inotiv is also making its proxy materials available to our shareholders on the Internet. You may read, print and download
this proxy statement at www.inotivco.com and www.proxyvote.com. On an ongoing basis, holders of Common Shares may request to receive proxy
materials in printed form by mail or electronically by email.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Who
is entitled to vote, and how many votes do I have?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may vote if you held Common Shares at the close of business on [October 4], 2021, which is referred to as the record date for the Special
Meeting. For each item presented for voting, you have one vote for each share you owned at the close of business on the record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>What
constitutes a quorum, and what vote is required to approve each proposal at the Special Meeting?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
quorum is the presence at the Special Meeting in person or by proxy of shareholders entitled to cast a majority of all the votes entitled
to be cast as of [October 4], 2021, the record date for the Special Meeting. Because there were _________________ Common Shares outstanding
on the record date for the Special Meeting, the quorum for the Special Meeting requires the presence at the meeting in person or by proxy
of holders of Common Stock entitled to vote at least ___________________ shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a quorum is present at the Special Meeting, each proposal presented to the Special Meeting will be approved if </FONT>the number of votes
cast for approval of the proposal exceeds the number of votes cast against approval of the proposal at the Special Meeting. Abstentions
and broker non-votes are not votes cast in favor of or against approval of a proposal and, therefore, are not counted for purposes of
determining whether a proposal has been approved. Additionally, if a holder of Common Shares instructs its bank, broker or other nominee
regarding one or more, but not all, of the proposals to be considered at the Special Meeting, except with respect to &quot;routine&quot;
matters on which brokers are permitted to vote by the rules of the New York Stock Exchange, the broker non-vote on the proposals for
which direction is not given will not be counted for purposes of determining whether such proposals are approved. The Authorized Share
Increase Proposal is considered a &quot;routine&quot; matter; the Merger Share Issuance Proposal, the EIP Amendment Proposal, the Notes
Share Issuance Proposal and the Adjournment Proposal are considered &quot;non-routine&quot; matters. The failure to instruct your bank,
broker or other nominee how you wish to vote your shares with respect to the Authorized Share Increase Proposal or the Adjournment Proposal
will permit such bank, broker or other nominee to exercise its authority to vote in its discretion on those proposals. The failure to
instruct your bank, broker or other nominee how you wish to vote your shares with respect to the Merger Share Issuance Proposal, the
EIP Amendment Proposal or the Notes Share Issuance Proposal will result in the bank, broker or other nominee being unable to vote your
shares on those proposals, and your shares will not count as having been voted on those proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>What
is the difference between a shareholder of record and a shareholder who holds stock in street name?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
of Record. If your shares are registered in your name with Computershare, you are a shareholder of record with respect to those shares
and the proxy materials were sent directly to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Street Name Holders. If you hold your shares in an account at a bank
or broker, then you are the beneficial owner of shares held in &ldquo;street name.&rdquo; The proxy materials were forwarded to you by
your bank or broker, who is considered the shareholder of record for purposes of voting at the Special Meeting. As a beneficial owner,
you have the right to direct your bank or broker on how to vote the shares held in your account for the shares to be voted at the Special
Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>How can I vote my shares and
participate at the Special Meeting?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or about [October 8], 2021, Inotiv mailed a notice to the holders of Common Shares containing instructions on how to access our proxy
materials and vote online at www.proxyvote.com. Because many of Inotiv&rsquo;s shareholders are unable or choose not to attend the meeting
in person and may have limited access to the Internet, Inotiv also sends proxy cards and offers electronic and telephonic voting to all
of its shareholders who hold their shares in their own names (that is, whose shares are not held by a broker in &ldquo;street name&rdquo;)
to enable them to direct the voting of their shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are the record holder of your shares, you may vote your shares
(i)&nbsp;using your proxy card (see the next question), (ii)&nbsp;via the Internet, (iii)&nbsp;by phone, or (iv)&nbsp;in person at the
Special Meeting by proxy. If your shares are held by your broker in &ldquo;street name,&rdquo; your broker is required to provide you
with instructions for voting your shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Internet Access: Record holders with Internet access may submit proxies
by following the &ldquo;Vote by Internet&rdquo; instructions on their proxy cards. Shareholders who hold shares beneficially in &ldquo;street
name&rdquo; may vote by accessing the website specified on the voting instruction cards provided by their brokers, trustee or nominees.
Please check the voting instruction card for Internet voting availability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By Phone: Record holders may submit proxies by following the &ldquo;Vote
by Phone&rdquo; instructions on their proxy cards. Shareholders who hold shares beneficially in &ldquo;street name&rdquo; may vote by
phone by calling the number specified on the voting instruction card provided by their brokers, trustee or nominees. Please check the
voting instruction card for telephonic voting availability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>How
do I vote by mail using my proxy card?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Step
1: To vote for a proposal, check the box marked &ldquo;FOR.&rdquo; If you are opposed to a proposal, check the box, &ldquo;AGAINST.&rdquo;
If you do not wish to vote, mark the box &ldquo;ABSTAIN.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Step 2: Sign and date your proxy card. IF YOU DO NOT SIGN AND DATE
YOUR PROXY CARD, YOUR VOTES WILL NOT BE COUNTED. EACH PROPERLY EXECUTED PROXY WILL BE VOTED IN THE MANNER DIRECTED. IF NO DIRECTION IS
MADE, EACH SUCH PROXY WILL BE VOTED IN ACCORDANCE WITH THE BOARD&rsquo;S RECOMMENDATIONS AS SET FORTH IN THIS PROXY STATEMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Step 3: Mail your proxy card in the pre-addressed, postage-paid envelope.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>How
do I vote if I am a beneficial holder of shares held in &ldquo;street name&rdquo;?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
your shares are held by a bank, broker or other holder of record in &ldquo;street name,&rdquo; you should receive a a voting instruction
form (&ldquo;VIF&rdquo;), along with a copy of this proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your bank, broker or other holder of record (or designee thereof) will
vote your shares in accordance with the instructions on your returned VIF. You may instruct the holder of record to vote your shares by
completing the VIF as outlined in the instructions on the form and signing, dating and returning the VIF in the prepaid envelope provided.
You may also submit your vote by phone or on the Internet if those options are made available to you by your bank, broker or other holder
of record. Although most banks, brokers and other nominees offer these voting alternatives, availability and specific procedures vary.
Please instruct your bank, broker or other holder of record how to vote your shares so that your vote can be counted. Please review your
VIF for the date by which your instructions must be received in order for your shares to be voted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>If
my Common Shares are held in &ldquo;street name&rdquo; by my bank, broker or other nominee, will my bank, broker or other nominee automatically
vote those shares for me?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No.
Your bank, broker or other nominee will only be permitted to vote your Common Shares with respect to &ldquo;routine&rdquo; matters without
instruction from you. Your bank, broker or other nominee may vote your Common Shares with respect to &ldquo;non-routine&rdquo; matters
only if you instruct your bank, broker or other nominee how to vote. The Merger Share Issuance Proposal, the EIP Amendment Proposal,
the Notes Share Issuance Proposal and the Adjournment Proposal are &ldquo;non-routine&rdquo; matters. The Authorized Share Increase Proposal
is a &ldquo;routine&rdquo; matter. As a result, if you fail to provide voting instructions to your bank, broker or other nominee, and
if such bank, broker or other nominee exercises its authority to vote in its discretion on the Authorized Share Increase Proposal, your
shares will be counted as present at the Special Meeting for purposes of determining a quorum. Additionally, your shares will be counted
as present for the purposes of determining a quorum if you provide voting instructions to your bank, broker or other nominee on one or
more of the proposals. To make sure that your shares are voted with respect to each of the proposals, you should instruct your bank,
broker or other nominee how you wish to vote your shares in accordance with the procedures provided by your bank, broker or other nominee
regarding the voting of your shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The effect of not instructing your bank, broker or other nominee how
you wish to vote your shares with respect to the Authorized Share Increase Proposal will permit such bank, broker or other nominee to
exercise its authority to vote in its discretion on the Authorized Share Increase Proposal. Failing to instruct your bank, broker or
other nominee how you wish to vote your shares with respect to the Merger Share Issuance Proposal, the EIP Amendment Proposal, the Notes
Share Issuance Proposal and the Adjournment Proposal will result in your shares not being counted in the determination of whether any
of these proposals is approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>If I hold my shares in &ldquo;street
name,&rdquo; can I change my voting instructions after I have submitted voting instructions to my bank, broker or other nominee?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If your shares are held in the
name of a bank, broker or other nominee and you previously provided voting instructions to your bank, broker or other nominee, you should
follow the instructions provided by your bank, broker or other nominee to revoke or change your voting instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>What
if I receive more than one proxy card, direction card or VIF?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
means that you have multiple accounts holding Common Shares. These may include accounts with Computershare or accounts with a bank, broker
or other holder of record shares. In order to vote all of the Common Shares held by you in multiple accounts, you will need to vote separately
the Common Shares held in each account. Please follow the voting instructions provided on each proxy card, direction card or VIF to ensure
that all of your shares are voted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You are encouraged to have all accounts registered in the same name
and address whenever possible. You can do this by contacting Computershare at P.O.&nbsp;Box 505000, Louisville, Kentucky 40233, at its
toll-free number (1-800-446-2617) or on its website at http://www.computershare.com/investor. If you receive more than one VIF, please
contact the bank, broker or other holder of record holding your shares to determine whether you can consolidate your accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>What is householding?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inotiv
has adopted a procedure approved by the SEC called &ldquo;householding,&rdquo; which reduces Inotiv&rsquo;s printing costs and postage
fees. Under this procedure, shareholders of record who have the same address and last name may receive only one copy of this proxy statement
unless one or more of these shareholders notify Inotiv that they wish to continue receiving individual copies. Shareholders who participate
in householding will continue to receive separate proxy cards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a shareholder of record residing at a household to which Inotiv
sent only one copy of this proxy statement wishes to receive an additional copy for the Special Meeting, he or she may contact Inotiv&rsquo;s
Secretary. See &ldquo;How do I contact Inotiv&rsquo;s Secretary?&rdquo; below. Inotiv will promptly deliver, upon written or oral request,
a separate copy of this proxy statement to a shareholder at a shared address to which a single copy of the documents was delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a shareholder of record residing at a household to which Inotiv
sent only one copy of this proxy statement wishes to receive separate documents in the future, he or she may discontinue householding
by contacting Computershare at P.O.&nbsp;Box 505000, Louisville, Kentucky 40233, at its toll-free number (1-800-446-2617) or on its website
at http://www.computershare.com/investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are an eligible shareholder of record receiving multiple copies
of this proxy statement, you can request householding in the future by contacting Inotiv&rsquo;s Secretary. See &ldquo;How do I contact
Inotiv&rsquo;s Secretary?&rdquo; below. If you own your shares through a bank, broker or other holder of record, you can request householding
by contacting the applicable holder of record.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Is
my vote important and how are the votes counted?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your
vote is very important. Each share of Common Stock that you owned at the close of business on [October 4], 2021, the record date for the
Special Meeting, represents one vote. If you do not vote your shares, you will not have a say on the important issues to be voted on at
the Special Meeting. If many of Inotiv&rsquo;s shareholders do not vote, the shareholders who do vote may influence the outcome of the
proposals in greater proportion than their percentage ownership of Inotiv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>What will happen to my Common
Shares?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing.
You will continue to own the same Common Shares that you own prior to the Effective Time. As a result of the Merger Share Issuance Proposal,
however, the overall ownership percentage of the current holders of Common Shares in Inotiv will be diluted if the Merger is consummated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>What
happens if the Special Meeting is postponed or adjourned?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Special Meeting is postponed or adjourned, your proxy will still be valid and may be voted at the postponed or adjourned meeting.
You will still be able to change or revoke your proxy until it is voted. See &ldquo;May&nbsp;I change my vote?&rdquo; above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Who
pays for the solicitation of proxies by Inotiv?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will pay for the solicitation of proxies. We are soliciting proxies primarily by use of mail. However, we may also solicit proxies in
person, by phone, by facsimile, by courier or by electronic means. To the extent that our directors, officers or other employees participate
in this solicitation, such persons will not receive any compensation for their participation, other than their normal compensation. Inotiv
will also reimburse brokerage firms and other custodians, nominees and fiduciaries for their reasonable out-of-pocket expenses for sending
proxy materials to shareholders and obtaining their proxies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>How
do I contact Inotiv&rsquo;s Secretary?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may contact Inotiv&rsquo;s Secretary by sending correspondence to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv, Inc.<BR>
Attention: Secretary<BR>
2701 Kent Avenue<BR>
West Lafayette,&nbsp;IN 47906<BR>
(765) 463-4527</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>How
may I revoke my proxy after I have delivered it?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
proxy may be revoked at any time before it is voted by sending written notice of revocation to the Secretary of Inotiv, by delivering
a later dated proxy (by one of the methods described above) or by voting in person at the Special Meeting. The Secretary may be contacted
at the following address: Inotiv, Inc., 2701 Kent Avenue, West Lafayette, Indiana 47906, Attention: Secretary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>What
happens if I transfer my Common Shares after the record date for the Special Meeting but before the Special Meeting?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The record date for the Special
Meeting is earlier than the date of the Special Meeting. If you transfer your Common Shares after the record date for the Special Meeting
but before the Special Meeting, you will, unless special arrangements are made, retain your right to vote at the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>As a holder of Common Stock,
are there any risks that I should consider in deciding whether to vote for the approval of the proposals to be presented at the Special
Meeting?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes.
You should read and carefully consider the risk factors set forth in &ldquo;Risk Factors.&rdquo; You also should read and carefully consider
the risk factors contained in the reports we file with the SEC, which are incorporated by reference into this proxy statement. See &quot;
</FONT>Where You Can Find More Information; Incorporation of Certain Documents by Reference &quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Where
can I find the voting results of the Special Meeting?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will announce preliminary voting results at the Special Meeting. Voting results will also be disclosed on a current report on Form 8-K
filed with the SEC within four business days after the Special Meeting. Once filed, this Form 8-K will be available on our and the SEC&rsquo;s
websites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>What
should I do now?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should read this proxy statement
carefully and, in its entirety, including the annexes, and return your completed, signed and dated proxy card by mail in the enclosed
postage-paid envelope, or you may submit your voting instructions by phone or over the Internet as soon as possible so that your shares
will be voted in accordance with your instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Who
can help answer my questions?</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you have questions about the proposals or if you need additional copies of this proxy statement or the enclosed proxy card you should
contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_________________________________<BR>
_________________________________<BR>
_________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To obtain timely delivery, Inotiv shareholders must request the materials
no later than five business days prior to the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may also obtain additional information about Inotiv from documents
filed with the SEC by following the instructions in the section entitled &ldquo;Where You Can Find More Information; Incorporation of
Certain Documents by Reference.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SEC has an informational website that provides shareholders with
general information about how to cast their vote and why voting should be an important consideration for shareholders. You may access
that information at www.sec.gov/spotlight/proxymatters.shtml or at www.investor.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp3a_001"></A><B>SUMMARY OF THE PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_002"></A><B>The Merger Agreement and Related Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On September 21, 2021, we&nbsp;entered into
a definitive agreement and plan of Merger (the &ldquo;Merger Agreement&rdquo;) pursuant to which we agreed, subject to certain closing
conditions, to acquire Envigo RMS Holding Corp. by Merger of Envigo with a newly formed, wholly owned subsidiary of ours (the &ldquo;Merger&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Under the terms and conditions of the Merger
Agreement, the aggregate consideration to be paid to the holders of outstanding equity interests in Envigo in the Merger will consist
of cash consideration of $200.0 million, subject to adjustment as set forth in the Merger Agreement, and 9,365,173&nbsp;Inotiv Common
Shares, subject to adjustment as set forth in the Merger Agreement,, which shares had an aggregate market value of approximately $285.0.0
million based on the volume weighted average sales price of such shares as traded on the NASDAQ Capital Market calculated for the 20-trading
day period ending on September 20, 2021. The cash and Inotiv Common Shares to be paid by Inotiv in the First Merger are collectively referred
to as the &ldquo;Merger Consideration.&rdquo; The mix of cash and share consideration is subject to adjustment as provided in the Merger
Agreement. It is anticipated that, upon completion of the Envigo Acquisition, our current shareholders will own approximately 64% of our
outstanding common shares and the former stockholders of Envigo will own, in the aggregate, approximately 36% of our outstanding common
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Consummation of the Envigo Acquisition is
subject to certain conditions set forth in the Merger Agreement, including the approval of the Merger Agreement and the Merger by the
Envigo stockholders (which was obtained on September 21. 2021), certain approvals by our shareholders, as described in this proxy statement,
performance by the parties of their material covenants under the Merger Agreement, accuracy of representations and warranties set forth
in the Merger Agreement (subject to certain materiality provisions), the absence of a material adverse effect (as defined in the Merger
Agreement) with respect to either party, the expiration of applicable waiting periods under applicable antitrust laws, and other customary
closing conditions. Because the number of common shares to be issued in the Envigo Acquisition would exceed 20% of our outstanding common
shares, NASDAQ Listing Standard 5635(a) requires that we obtain shareholder approval prior to issuing the shares in the Merger. In addition,
the number of shares to be issued in the Envigo Acquisition would exceed the number of authorized shares we have available for issuance
under our articles of incorporation. The Merger Agreement requires us to call a special meeting of our shareholders and to submit to our
shareholders at the special meeting proposals to (i) amend our articles of incorporation to increase the number of our authorized shares
to an amount that would be sufficient to allow the consummation of the Merger and (ii) approve the issuance of the common shares to be
issued pursuant to the Merger Agreement. The consummation of the Merger is conditioned on the approval of both of these proposals by our
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Merger Agreement provides that, at the effective time of the Merger, our board of directors will be expanded from five to seven members
and will consist of our Chief Executive Officer, our Chief Strategy Officer, two of our existing independent directors, one director designated
by each of Jermyn Street Associates LLC and Savanna Holdings LLC (collectively, the &quot;Nominating Holders&quot;) and one director nominated
by us and approved by the Nominating Holders. After consummation of the Merger, if it is consummated, pursuant to the terms of a shareholders
agreement to be entered into at closing among us, the Nominating Holders and certain other Envigo shareholders, each Nominating Holder
will have the right to designate one member of our Board and to approve the director who succeeds the mutually approved director (who
may be the same mutually approved director) for as long as they continue to hold 5% or more of our outstanding common shares. The parties
to the shareholders agreement will also agree to certain voting provisions and restrictions on transfer of the shares they receive in
the Merger and receive certain registration rights with respect thereto.</FONT> See &quot; &ndash; Summary of Shareholders Agreement.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Merger Agreement may be terminated prior
to the consummation of the Envigo Acquisition by mutual agreement of the parties, by either party if the other party breaches its obligations
under the Merger Agreement, or by either party if the transaction has not been consummated on or prior to March 31, 2022 (which date is
subject to extension to June 30, 2022, as provided in the Merger Agreement), or any governmental authority has issued an order making
the transaction illegal or otherwise prohibiting its consummation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">This description of the Merger Agreement is
qualified in its entirety by reference to the terms of the Merger Agreement, the form of which is attached as Exhibit 2.1 to our first
Current Report on Form 8-K filed with the SEC on September 21, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have received commitments from a group
of lenders and from Jefferies LLC to provide $275 million of secured and unsecured financing to pay the cash portion of the Merger consideration
and related transaction expenses and to provide us with additional liquidity following the completion of the Envigo Acquisition. The commitments
are subject to certain conditions set forth therein, including the accuracy of certain representations and warranties made by Envigo in
the Merger Agreement and to be made by us in the documents governing the financing, the execution of definitive agreements, consummation
of the Envigo Acquisition, delivery of customary closing documents and the absence of any material adverse effect (as defined in the Merger
Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the date we signed the Envigo Merger agreement, we entered into
a commitment letter(the &quot;Senior Debt Commitment Letter&rdquo;) with certain financial institutions, arranged by Jefferies Finance
LLC; the commitment we received is for a new senior secured term loan facility in an aggregate principal amount of $165.0 million, which
we call the &quot;senior term loan&quot;, a senior secured delayed draw term loan facility in an aggregate principal amount of $35.0 million
and a senior secured revolving credit facility in an aggregate principal amount of $15.0 million, which is to be provided on the terms
and subject to the conditions set forth in the senior debt commitment letter. We refer to the credit facilities to be provided pursuant
to the senior debt commitment letter as the &quot;senior credit facility&quot;. On the same date, we entered into a commitment letter
with Jefferies LLC, which we call the &quot;notes commitment letter&quot;, to purchase $110.0 million of our unsecured Convertible notes
on the terms and subject to the conditions set forth in the notes commitment letter. We intend to use borrowings under the senior term
loan and the net proceeds from this offering to pay the cash portion of the Merger consideration and fees, commissions and expenses related
to the Envigo acquisition and these financings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This description of the Envigo Merger agreement is qualified in its
entirety by reference to the terms of the Envigo Merger agreement, a copy of which was included as an exhibit to our first Current Report
on Form 8-K filed with the SEC on September 21, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_003"></A><B>Summary of Shareholders Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consummation of the Merger is conditioned upon our entering into
a shareholders agreement with certain stockholders of Envigo, including Jermyn Street and Savanna Holdings, who we sometimes refer to
collectively as the &quot;major holders&quot;. The major holders own, in the aggregate, approximately 72.6% of the outstanding voting
stock of Envigo. The shareholders agreement provides that, at the effective time of the Merger, our board will consist of our CEO, our
Chief Strategy Officer, two of our current independent directors, one person to be designated by Jermyn Street, one person to be designated
by Savanna Holdings and one person designated by our nominating committee and approved by the major holders, who we call the &quot;approved
director&quot;. After the consummation of the Merger and for so long as a major holder beneficially owns five percent or more of our outstanding
voting shares, the major holder will have the right to designate one nominee for election to our board upon the expiration of the term
of the initial designee or any subsequent designee of that major holder and to approve our nominee for the board seat held by the approved
director or any subsequent approved director upon expiration of the approved director's term. Pursuant to the shareholders agreement,
we agreed that we will include the nominees designated by the major holders and the approved director in management's slate of directors
for the applicable meeting, solicit proxies to approve the election of those persons to the board and recommend to our shareholders that
those persons be elected as directors. Board vacancies occurring due to the death, resignation, retirement, disqualification or removal
from office as a member of the board of a director designated by a major holder are to be filled by a person designated by that major
holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shareholders agreement requires the shareholders who are parties
thereto to refrain from selling or otherwise transferring the shares they receive in the Merger, subject to certain exceptions set forth
in the shareholders agreement, for a period of 180 days after the effective time of the Merger. The shareholders agreement also restricts
each major holder, until such major holder no longer holds 5% or more of our outstanding common shares, a change of control transaction,
a material breach of the shareholders agreement by us, or any winding up, dissolution or liquidation or bankruptcy (subject to certain
permitted exceptions) from (i) transferring shares to our competitors or to persons who, after the transfer, would own more than 10%
of our outstanding common shares, subject to certain permitted exceptions; (ii) making any public announcement, proposal or offer, with
respect to (a) acquisitions of additional common shares, (b) any restructuring, recapitalization, liquidation or similar transaction,
(c) the election of directors other than the major holders&rsquo; designees or (d) changes to our board and calling of special meetings;
(iii) publicly seeking a change in the composition or size of our board; (iv) acquiring beneficial ownership of additional voting securities
of ours; (v) call for, or initiate propose or requisition a call for any general or special meeting of our shareholders, (vi) publicly
state an intention, plan or arrangement to do any of the foregoing or assist, instigate, encourage or facilitate any third party to do
any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shareholders agreement requires the shareholders who are parties
thereto to cause all voting securities owned by them to be present at any annual or special meeting at which directors are to be elected,
to vote such securities either as recommended by our board, or in the same proportions as votes cast by other voting securities with respect
to director nominees or other nominees and in favor of any director nominee of the major holders, and not to vote in favor of a change
of control transaction pursuant to which the major holders would receive consideration that is different in amount or form from other
stockholders unless approved by our board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shareholders agreement requires us to file with the SEC, and use
our commercially reasonable efforts to cause to become effective no later than 180 days after the effective time of the Merger, a registration
statement to register for resale the common shares received by the shareholders in the Merger and any other securities issued by or issuable
with respect to such common shares by way of a stock split, stock dividend, reclassification, subdivision or reorganization, recapitalization
or similar event. The shareholders agreement also entitles the shareholders to require us to file additional registration statements after
we become eligible to use Form S-3 for such registrations. The shareholders agreement sets forth certain customary procedures to be followed
and provides for customary rights and obligations of us and the holders in connection with the registration of the shareholders' shares
and provides that we may delay filing of such registration statements in certain circumstances set forth in the shareholders agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This description of the shareholders agreement is qualified in its
entirety by reference to the terms of the shareholders agreement, the form of which is attached to the Envigo Merger agreement included
as Exhibit 2.1 to our first Current Report on Form 8-K filed with the SEC on September 21, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposed Envigo acquisition involves numerous risks. For more information
about these risks, please see the information under the caption &ldquo;Risk Factors.&rdquo; The foregoing description of the Merger Agreement
does not purport to be complete and is subject to, and qualified in its entirety by, the full text thereof. The Merger Agreement is included
as Annex B of this proxy statement. Shareholders and other interested parties are urged to read this agreement in its entirety prior to
voting on the proposals presented at the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_004"></A><B>Proposal No.&nbsp; 1: The Authorized Share Increase Proposal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are asking you to vote on a proposal to approve the Articles Amendment
and the Authorized Share Increase Proposal for purposes of authorizing a sufficient number of Common Shares to allow us to issue the shares
required by the Merger Agreement and required upon conversion of the Convertible Notes and to provide us with additional shares that we
may issue from time to time to raise capital, make acquisitions and incent our employees. The Merger is conditioned upon, among other
things, the approval of the Authorized Share Increase Proposal and the Merger Share Issuance Proposal at the Special Meeting or any adjournment
thereof. For more information about the Authorized Share Increase Proposal, please see the section entitled &ldquo;Proposal No. 1&mdash;The
Authorized Share Increase Proposal.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_005"></A><B>Proposal No.&nbsp;2: The Merger Share Issuance Proposal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Merger Agreement, we are asking you to approve, for
purposes of complying with NASDAQ Rule 5635(a), the issuance of Common Shares pursuant to the Merger Agreement. For more information
about the issuance contemplated by the Merger Agreement, please see the section entitled &ldquo;Proposal No. 2&mdash;Approval of the
Merger Share Issuance Proposal.&rdquo; The Merger is conditioned upon, among other things, the approval of the Authorized Share Increase
Proposal and the Merger Share Issuance Proposal at the Special Meeting or any adjournment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_006"></A><B>Proposal No.&nbsp;3: The EIP Amendment Proposal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are asking you to vote on a proposal to amend our 2018 Equity Incentive
Plan to increase the number of authorized Common Shares under the Plan by 1,500,000 and to make corresponding changes to certain limits
on awards under the Plan. For more information about the EIP Amendment Proposal, please see the section entitled &ldquo;Proposal No.
3&mdash;Approval of the EIP Amendment Proposal.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_007"></A><B>Proposal No.&nbsp;4: The Notes Share Issuance Proposal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are asking you to approve, for purposes of complying with Rule
5635(a), the issuance of the maximum number Common Shares issuable upon conversion of the Convertible Notes. For more information about
the issuance contemplated by the Merger Agreement, please see the section entitled &ldquo;Proposal No. 4&mdash;Approval of the Notes
Share Issuance Proposal.&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_008"></A><B>Proposal No.&nbsp;5: The Adjournment Proposal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are asking you to vote on a proposal to approve one or more adjournments
of the Special Meeting, if necessary or appropriate, to permit solicitation of additional votes if there are insufficient votes to approve
the Authorized Share Increase Proposal or the Merger Share Issuance Proposal. Please see the section entitled &ldquo;Proposal No. 5&mdash;The
Adjournment Proposal&rdquo; for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_009"></A><B>Date, Time and Place of Special Meeting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Special Meeting will be held at Courtyard Marriott Lafayette,
150 Fairington Avenue, Lafayette,&nbsp;IN 47905 on [November 4], 2021 at 10:00 a.m. Eastern Time, or at such other date, time and place
to which such meeting may be adjourned or postponed, to consider and vote upon the proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_010"></A><B>Voting Power; Record Date</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Only holders
of Common Shares of record at the close of business on [October&nbsp;4], 2021, the record date for the Special Meeting, will be entitled
to vote at the Special Meeting. You are entitled to one vote for each share of Common Stock that you owned at the close of business on
the record date. If your shares are held in &ldquo;street name&rdquo; or are in a margin or similar account, you should contact your
bank, broker or other holder of record to ensure that votes related to the shares you beneficially own are properly counted. On the record
date, there were [number]</FONT> &nbsp;Common Shares outstanding and entitled to vote.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_011"></A><B>Accounting Treatment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Merger will be accounted for using the acquisition method of accounting
for business combinations. The allocation of the preliminary estimated merger consideration will be based upon management&rsquo;s estimates
of and assumptions related to the fair value of assets to be acquired and liabilities to be assumed. We expects to finalize the allocation
of the purchase consideration as soon as practicable after completion of the Merger, but we are not required to finalize such allocation
for one year from the closing date of the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_012"></A><B>Proxy Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are soliciting proxies on behalf of the Board. This proxy solicitation
is being made by mail, but also may be made by phone or in person. Inotiv and its directors, officers and employees may also solicit proxies
in person. Inotiv will ask banks, brokers and other institutions, nominees and fiduciaries to forward the proxy materials to their principals
and to obtain their authority to execute proxies and voting instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv will bear the entire cost of the proxy solicitation, including
the preparation, assembly, printing, mailing and distribution of the proxy materials. Inotiv will reimburse brokerage firms and other
custodians for their reasonable out-of-pocket expenses for forwarding the proxy materials to Inotiv&rsquo;s shareholders. Directors, officers
and employees of Inotiv who solicit proxies will not be paid any additional compensation for soliciting proxies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a shareholder grants a proxy, it may still vote its shares in person
if it revokes its proxy before the Special Meeting. A shareholder may also change its vote by submitting a later-dated proxy, as described
in the section entitled &ldquo;Questions and Answers About the Proposals for the Special Meeting&mdash;May I change my vote?&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_013"></A><B>Reasons for the Approval of the Merger Share Issuance Proposal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are seeking shareholder approval in order to issue the shares required
by the Merger Agreement pursuant to which we propose to acquire Envigo. The acquisition was the result of the ongoing and disciplined
execution by our executive team to continue its expansion of services and further vertical integration of the Pre-clinical CRO services
and products business. The Envigo acquisition is in line with our framework for evaluating potential strategic combinations considering
current and expected business and economic conditions, developments in the discovery and development of drugs and medical devices, and
our position in the industry. Among other things, the framework focuses on generating long-term value by looking for accretive opportunities,
adding and capturing the benefits of scale to create efficiencies, to grow free cash flow and to maintain strength of the balance sheet,
and ultimately, create a preferred destination for people to advance their careers, provide the best service and value for our clients,
and provide a meaningful return to shareholders. With the assistance of our legal and financial advisors, our management conducted its
evaluation of Envigo. For a more detailed description of the reasons for the Merger, please see the section entitled &ldquo;Proposal No.
2&mdash;Approval of the Merger Share Issuance Proposal&mdash; Background of the Merger&rdquo; and &quot;&mdash;The Board's Reasons for
the Approval of the Merger and the Share Issuance.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_014"></A><B>Conditions to Closing of the Merger</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consummation of the Envigo Acquisition is subject to certain conditions
set forth in the Merger Agreement, including the approval of the Merger Agreement and the Merger by the Envigo stockholders (which was
obtained on September 21, 2021), approval by our shareholders of the Authorized Share Issuance Proposal and the Merger Share Issuance
Propsal, as described herein, performance by the parties of their material covenants under the Merger Agreement, accuracy of representations
and warranties set forth in the Merger Agreement (subject to a material adverse effect qualification), the absence of a material adverse
effect (as defined in the Merger Agreement) with respect to either party, receipt of approvals or clearances or the expiration of applicable
waiting periods under applicable antitrust, competition and foreign direct investment laws, and other customary closing conditions. For
a more detailed description of the closing conditions, please see the section entitled &ldquo;Proposal No. 2&mdash;Approval of the Merger
Share Issuance Proposal&mdash;Agreement and Plan of Merger.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_015"></A><B>Quorum and Required Vote for Proposals for the Special Meeting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A quorum of Inotiv&rsquo;s shareholders is necessary to hold a valid
meeting. A quorum will be present at the Special Meeting if the holders of a majority of the outstanding shares entitled to vote as of
the close of business on the record date are present in person or represented by proxy at the Special Meeting. Abstentions will count
as present for the purposes of establishing a quorum. Broker non-votes will be counted for the purposes of determining the existence of
a quorum at the Special Meeting if a shareholder instructs its bank, broker or other nominee to vote its shares on any proposal. If a
shareholder fails to instruct its bank, broker or nominee to vote its shares on any proposal, and such bank, broker or nominee exercises
its authority to vote in its discretion on the Authorized Share Increase Proposal, then the shares voted by such bank, broker or nominee
on the Authorized Share Increase Proposal will be counted for the purposes of determining the existence of a quorum at the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a quorum is present at the Special Meeting, each proposal presented to the Special Meeting will be approved if </FONT>the number of votes
cast for approval of the proposal exceeds the number of votes cast against approval of the proposal at the Special Meeting. Abstentions
and broker non-votes are not votes cast in favor of or against approval of a proposal and, therefore, are not counted for purposes of
determining whether a proposal has been approved. Additionally, if a holder of Common Shares instructs its bank, broker or other nominee
regarding one or more, but not all, of the proposals to be considered at the Special Meeting, except with respect to &quot;routine&quot;
matters on which brokers are permitted to vote by the rules of the New York Stock Exchange, the broker non-vote on the proposals for
which direction is not given will not be counted for purposes of determining whether such proposals are approved. The Authorized Share
Increase Proposal is considered a &quot;routine&quot; matter; the Merger Share Issuance Proposal, the EIP Amendment Proposal, the Notes
Share Issuance Proposal and the Adjournment Proposal are considered &quot;non-routine&quot; matters. The failure to instruct your bank,
broker or other nominee how you wish to vote your shares with respect to the Authorized Share Increase Proposal or the Adjournment Proposal
will permit such bank, broker or other nominee to exercise its authority to vote in its discretion on those proposals. The failure to
instruct your bank, broker or other nominee how you wish to vote your shares with respect to the Merger Share Issuance Proposal, the
EIP Amendment Proposal or the Notes Share Issuance Proposal will result in the bank, broker or other nominee being unable to vote your
shares on those proposals, and your shares will not count as having been voted on those proposals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Merger is conditioned upon, among other things, the approval of
the Authorized Share Increase Proposal and the Merger Share Issuance Proposal at the Special Meeting. The Merger is not conditioned on
the approval of the other proposals to be considered at the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is important for you to note that, in the event that both the Authorized
Share Increase Proposal and the Share Issuance Proposal do not receive the requisite vote for approval, Inotiv will not consummate the
Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_016"></A><B>Opinion of Inotiv&rsquo;s Financial Advisor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv retained Jefferies LLC (&ldquo;Jefferies&rdquo;) as its financial
advisor in connection with a possible acquisition of Envigo. In connection with this engagement, the board of directors requested that
Jefferies evaluate the fairness, from a financial point of view, to Inotiv of the Merger Consideration (which for purposes of Jefferies&rsquo;
analysis and opinion means $200.0 million in cash and 9,365,173 Inotiv Common Shares) to be paid by Inotiv in the First Merger pursuant
to the Merger Agreement. At a meeting of the board of directors held on September&nbsp;21, 2021, Jefferies rendered its opinion to the
board of directors to the effect that, as of that date and based on and subject to various assumptions made, procedures followed, matters
considered and limitations and qualifications on the review undertaken as described in its opinion, the Merger Consideration to be paid
by Inotiv in the First Merger pursuant to the Merger Agreement was fair, from a financial point of view, to Inotiv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The full
text of Jefferies&rsquo; opinion, which describes the various assumptions made, procedures followed, matters considered and limitations
and qualifications on the review undertaken by Jefferies, is attached as Annex B to this proxy statement and is incorporated herein by
reference. Inotiv encourages you to read the opinion carefully and in its entirety. Jefferies&rsquo; opinion was provided for the use
and benefit of the board of directors (in its capacity as such) in its evaluation of the Merger Consideration from a financial point of
view and did not address any other aspect of the Mergers or any other matter. Jefferies&rsquo; opinion did not address the relative merits
of the Mergers or other transactions contemplated by the Merger Agreement as compared to any alternative transaction or opportunity that
might be available to Inotiv, nor did it address the underlying business decision by Inotiv to engage in the Mergers or any term, aspect
or implication of any other agreement (or amendment thereto or related arrangements) entered into in connection with, or contemplated
by or resulting from, the Mergers or otherwise. The Merger Consideration is subject to adjustments as set forth in the Merger Agreement,
as to which Jefferies expressed no opinion. Jefferies&rsquo; opinion did not constitute a recommendation as to how the board of directors
or any securityholder should vote or act with respect to the Mergers or any other matter. </B></FONT>See &ldquo;<I>The Merger - Opinion
of Inotiv&rsquo;s Financial Advisor.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_017"></A><B>Board Recommendation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Board believes that each of the Authorized Share Increase Proposal,
the Merger Share Issuance Proposal, the EIP Amendment Proposal, the Notes Share Issuance Proposal and the Adjournment Proposal is in
the best interests of Inotiv and its shareholders and unanimously recommends that the shareholders vote &ldquo;FOR&rdquo; the Authorized
Share Increase Proposal, &ldquo;FOR&rdquo; the Merger Share Issuance Proposal, &ldquo;FOR&rdquo; the EIP Amendment Proposal, &ldquo;FOR&rdquo;
the Notes Share Issuance Proposal and &ldquo;FOR&rdquo; the Adjournment Proposal.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp3a_018"></A><B>Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In evaluating the proposals to be considered and voted on at the Special
Meeting, you should carefully review and consider the risk factors set forth under the section entitled &ldquo;Risk Factors&rdquo; beginning
on page _______ of this proxy statement. The occurrence of one or more of the events or circumstances described in that section, alone
or in combination with other events or circumstances, may have a material adverse effect on (i) the ability of Inotiv and Envigo to complete
the Merger and (ii) the business, cash flows, financial condition and results of operations of Inotiv or Envigo prior to and following
the consummation of the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp3a_019"></A><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All statements, other than historical fact or present financial information,
may be deemed to be forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act, and Section&nbsp;21E of the
Exchange Act. All statements that address activities, outcomes and other matters that should or may occur in the future, including, without
limitation, statements regarding the financial position, business strategy, production and reserve growth and other plans and objectives
for Inotiv&rsquo;s future operations, are forward-looking statements. Although Inotiv believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not guarantees of future performance. Inotiv has no obligation and
makes no undertaking to publicly update or revise any forward-looking statements, except as may be required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The words &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo;
 &ldquo;plan,&rdquo; &ldquo;intend,&rdquo; &ldquo;foresee,&rdquo; &ldquo;should,&rdquo; &ldquo;would,&rdquo; &ldquo;could,&rdquo; &ldquo;attempt,&rdquo;
 &ldquo;appears,&rdquo; &ldquo;forecast,&rdquo; &ldquo;outlook,&rdquo; &ldquo;estimate,&rdquo; &ldquo;project,&rdquo; &ldquo;potential,&rdquo;
 &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;are likely,&rdquo; &ldquo;guidance,&rdquo; &ldquo;goal,&rdquo; &ldquo;model,&rdquo; &ldquo;target,&rdquo;
 &ldquo;budget&rdquo; and other similar expressions are intended to identify forward-looking statements, which are generally not historical
in nature. Statements may be forward looking even in the absence of these particular words. Examples of forward-looking statements include,
but are not limited to, statements regarding financial position, business strategy, production, reserve growth and other plans and objectives
for Inotiv&rsquo;s future operations, and generation of free cash flow. These forward-looking statements are based on Inotiv&rsquo;s current
expectations and beliefs concerning future developments and their potential effect on Inotiv. The forward-looking statements contained
in this document are largely based on our expectations for the future, which reflect certain estimates and assumptions made by Inotiv&rsquo;s
management. These estimates and assumptions reflect Inotiv&rsquo;s best judgment based on currently known market conditions, operating
trends, and other factors. Although Inotiv believes such estimates and assumptions to be reasonable, they are inherently uncertain and
involve a number of risks and uncertainties that are beyond Inotiv&rsquo;s control. As such, management&rsquo;s assumptions about future
events may prove to be inaccurate. Inotiv does not intend to publicly update or revise any forward-looking statements as a result of new
information, future events, changes in circumstances, or otherwise. These cautionary statements qualify all forward-looking statements
attributable to Inotiv, or persons acting on our behalf. Inotiv management cautions you that the forward-looking statements contained
herein are not guarantees of future performance, and Inotiv cannot assure you that such statements will be realized or that the events
and circumstances they describe will occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">These and
other risks and uncertainties are described under the &ldquo;Risk Factors&rdquo; section of this proxy statement, under Part&nbsp;I,&nbsp;Item
1A., &ldquo;Risk Factors&rdquo; and elsewhere in Inotiv&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended September&nbsp;30,
2020 (the &ldquo;Annual Report&rdquo;), Inotiv&rsquo;s Quarterly Report on Form&nbsp;10-Q for the nine month period ended June&nbsp;30,
2021 (the &ldquo;Quarterly Report&rdquo;) </FONT>and in Exhibit 99.5 to our Current Report on Form 8-K filed with the SEC on September
21, 2021. In addition,&nbsp;Inotiv may be subject to currently unforeseen risks that may have a materially adverse impact on it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should one or more of the risks or uncertainties described above or
elsewhere in this proxy statement occur, or should underlying assumptions prove incorrect,&nbsp;Inotiv&rsquo;s actual results and plans
could differ materially from those expressed in any forward-looking statements. Inotiv specifically disclaims all responsibility to update
publicly any information contained in a forward-looking statement or any forward-looking statement in its entirety and therefore disclaim
any resulting liability for potentially related damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp3a_020"></A><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You should carefully review and consider the following risk factors
and the other information contained in this proxy statement, including the financial statements and notes to the financial statements
included herein, in evaluating the Merger and the proposals to be voted on at the Special Meeting. The occurrence of one or more of the
events or circumstances described in these risk factors, alone or in combination with other events or circumstances, may have an adverse
effect on the business, cash flows, financial condition and results of operations of Inotiv. You should also carefully consider the following
risk factors in addition to the other information included in this proxy statement, including matters addressed in the section entitled
 &ldquo;<I>Cautionary Statement Regarding Forward-Looking Statements</I>.&rdquo; Inotiv or Envigo may face additional risks and uncertainties
that are not presently known to Inotiv or Envigo, or that Inotiv or Envigo currently deem immaterial, which may also impair Inotiv&rsquo;s
or Envigo&rsquo;s business or financial condition. The following discussion should be read in conjunction with the financial statements
and notes to the financial statements included herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risk Factors Relating to the Merger</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>There can be no assurances when or if the Merger will be completed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although Inotiv expects to complete the Merger by the end of the fourth
quarter of 2021, there can be no assurances as to the exact timing of completion of the Merger or that the Merger will be completed at
all. The completion of the Merger is subject to numerous conditions, including, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the absence of any law, order or injunction prohibiting the Merger;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the accuracy of each party&rsquo;s representations and warranties;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each party&rsquo;s compliance with its covenants and agreements contained in the Merger Agreement; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">approval of the Authorized Share Increase Proposal and the Merger Share Issuance Proposal by our shareholders.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There can be no assurance that the conditions required to complete
the Merger, some of which are beyond the control of Inotiv and Envigo, will be satisfied or waived on the anticipated schedule, or at
all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, the Merger Agreement also provides for certain termination
rights for both Inotiv and Envigo, including if the Merger is not consummated on or before March 31, 2022, subject to extension to June
30, 2022, as provided in the Merger Agreement, if our shareholders fail to approve the Authorized Share Increase Proposal or the Share
Issuance Proposal or by either party if the other party breaches the Merger Agreement, subject to the cure rights set forth in the Merger
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Obtaining required approvals and satisfying closing conditions
may prevent or delay completion of the Merger.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Merger is subject to a number of conditions to closing as specified
in the Merger Agreement. These closing conditions include, among others, obtaining shareholder approval of the Authorized Share Increase
Proposal and the Share Issuance Proposal, approval for listing on the NASDAQ Capital Market of the Common Shares issuable in accordance
with the Merger Agreement, the absence of governmental restraints or prohibitions preventing the consummation of the Merger. The obligation
of each of Inotiv and Envigo to consummate the Merger is also conditioned on, among other things, (i)&nbsp;the accuracy of the representations
and warranties as set forth by the other party in the Merger Agreement, (ii)&nbsp;the performance by the other party, in all material
respects, of its obligations under the Merger Agreement required to be performed at or prior to the Effective Time and (iii)&nbsp;the
delivery by the other party of a certificate of an authorized officer certifying that the required conditions have been satisfied. The
required shareholder consents and approvals may not be obtained and the required conditions to closing may not be satisfied, and, if all
required consents and approvals are obtained and the conditions are satisfied, no assurance can be given as to the terms, conditions and
timing of such consents and approvals. Any delay in completing the Merger could cause Inotiv and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo not to realize, or to be delayed in realizing, some or all of
the benefits that Inotiv and Envigo expect to achieve if the Merger is successfully completed within its expected time frame. For a more
complete summary of the conditions that must be satisfied or waived prior to completion of the Merger, please see &ldquo;<I>The Merger
Agreement&mdash;Conditions to the Completion of the Merger.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The market price for Common Shares following the completion of
the Merger may be affected by factors different from, or in addition to, those that historically have affected or currently affect the
market prices of Common Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv&rsquo;s businesses differ in some regards from those of Envigo
and, accordingly, the results of operations of Inotiv following completion of the Merger will be affected by some factors that are different
from those currently or historically affecting the results of operations of Inotiv. The results of operations of Inotiv following completion
of the Merger may also be affected by factors different from those that currently affect or have historically affected Inotiv. In addition,
following completion of the Merger,&nbsp;Inotiv may seek to raise additional equity financing through one or more underwritten offerings,
private placements and/or rights offerings, or issue stock in connection with acquisitions, which may result in downward pressure on the
share price of the Common Stock. For a discussion of the businesses of each of Inotiv and Envigo and some important factors to consider
in connection with those businesses, please see &ldquo;<I>The Parties to the Merger</I>&rdquo; and the documents and information included
elsewhere in, or incorporated by reference into, this proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Inotiv may be adversely affected by negative publicity related
to the proposed Merger and in connection with other matters.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">From time to time, political and public sentiment in connection with
the proposed Merger and in connection with other matters could result in a significant amount of adverse press coverage and other adverse
public statements affecting Inotiv. Adverse press coverage and other adverse statements, whether or not driven by political or public
sentiment, may also result in investigations by regulators, legislators and law enforcement officials or in legal claims. Responding to
these investigations and lawsuits, regardless of the ultimate outcome of the proceeding, can divert the time and effort of senior management
from the management of Inotiv&rsquo;s and Envigo&rsquo;s respective businesses. Addressing any adverse publicity, governmental scrutiny
or enforcement or other legal proceedings is time consuming and expensive and, regardless of the factual basis for the assertions being
made, can have a negative impact on the reputation of Inotiv and Envigo, on the morale and performance of their employees and on their
relationships with their respective regulators. It may also have a negative impact on their ability to take timely advantage of various
business and market opportunities. The direct and indirect effects of negative publicity, and the demands of responding to and addressing
it, may have a material adverse effect on Inotiv&rsquo;s and Envigo&rsquo;s respective businesses, financial condition, results of operations
and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Merger is subject to conditions, including certain conditions
that may not be satisfied or completed on a timely basis or at all. Failure to complete the Merger could have material and adverse effects
on Inotiv.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Completion of the Merger is subject to a number of conditions, including,
among other things, obtaining the approval of the Share Issuance Proposal and the expiration of the applicable waiting period under the
HSR Act. Such conditions, some of which are beyond Inotiv&rsquo;s control, may not be satisfied or waived in a timely manner or at all
and therefore make the completion and timing of the completion of the Merger uncertain. In addition, the Merger Agreement contains certain
termination rights for both Inotiv and Envigo, which if exercised, will also result in the Merger not being consummated. Furthermore,
the governmental authorities from which the regulatory approvals are required may impose conditions on the completion of the Merger or
require changes to the terms thereof. Such conditions or changes and the process of obtaining regulatory approvals could have the effect
of delaying or impeding consummation of the transactions or of imposing additional costs or limitations on Inotiv or Envigo following
completion of the Merger, any of which might have an adverse effect on Inotiv following completion of the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Merger is not completed,&nbsp;Inotiv&rsquo;s ongoing business
may be adversely affected and, without realizing any of the benefits of having completed the Merger,&nbsp;Inotiv will be subject to a
number of risks, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inotiv will be required to pay its costs relating to the Merger, such as legal, accounting and financial advisory, whether or not the Merger is completed;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: lightgrey"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">time and resources committed by Inotiv&rsquo;s management to matters relating to the Merger could otherwise have been devoted to pursuing other beneficial opportunities; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the market price of the Common Stock could decline to the extent that the current market price reflects a market assumption that the Merger will be completed.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the above risks, if the Merger Agreement is terminated
and the Board seeks another acquisition,&nbsp;Inotiv&rsquo;s shareholders cannot be certain that Inotiv will be able to find a party willing
to enter into a transaction as attractive to Inotiv as Envigo. Also, if the Merger Agreement is terminated under certain specified circumstances,&nbsp;Inotiv
may be required to pay Envigo a termination fee of $81&nbsp;million or reimburse certain of Envigo&rsquo;s expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Inotiv may waive one or more of the closing conditions without&nbsp;re-soliciting&nbsp;shareholder
approval.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv may determine to waive, in whole or part, one or more of the
conditions to closing the Merger prior to Inotiv being obligated to consummate the Merger. Inotiv currently expects to evaluate the materiality
of any waiver and its effect on Inotiv shareholders in light of the facts and circumstances at the time, to determine whether any amendment
of this proxy statement or any&nbsp;re-solicitation&nbsp;of proxies is required in light of such waiver. Any determination whether to
waive any condition to the Merger or to&nbsp;re-solicit&nbsp;shareholder approval or amending or supplementing this proxy statement as
a result of a waiver will be made by Inotiv at the time of such waiver based on the facts and circumstances as they exist at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Inotiv and Envigo will be subject to business uncertainties while
the Merger is pending, which could adversely affect Inotiv&rsquo;s business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the pendency of the Merger, it is possible that
certain persons with whom Inotiv or Envigo have a business relationship may delay or defer certain business decisions or might decide
to seek to terminate, change or renegotiate their relationships with Inotiv or Envigo, as the case may be, as a result of the Merger,
which could negatively affect Inotiv&rsquo;s or Envigo&rsquo;s revenues, earnings and cash flows as well as the market price of the Common
Stock, regardless of whether the Merger is completed. Also,&nbsp;Inotiv&rsquo;s and Envigo&rsquo;s ability to attract, retain and motivate
employees may be impaired until the Merger is completed, and Inotiv&rsquo;s ability to do so may be impaired for a period of time thereafter,
as current and prospective employees may experience uncertainty about their roles within the combined company following the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the terms of the Merger Agreement,&nbsp;Inotiv and Envigo are
subject to certain restrictions on the conduct of business prior to the consummation of the Merger, which may adversely affect Inotiv&rsquo;s
and Envigo&rsquo;s ability to execute certain of Inotiv&rsquo;s and Envigo&rsquo;s business strategies, including the ability in certain
cases to modify or enter into certain contracts, acquire or dispose of certain assets, incur or prepay certain indebtedness, incur encumbrances,
make capital expenditures or settle claims. Such limitations could negatively affect Inotiv&rsquo;s and Envigo&rsquo;s businesses and
operations prior to the completion of the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Inotiv will incur significant transaction costs in connection
with the Merger.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv has incurred and is expected to continue to incur a number of&nbsp;non-recurring&nbsp;costs
associated with the Merger, combining the operations of Envigo with Inotiv&rsquo;s and achieving desired synergies. These costs have been,
and will continue to be, substantial and, in many cases, will be borne by Inotiv whether or not the Merger is completed. A substantial
majority of&nbsp;non-recurring&nbsp;expenses will consist of transaction costs and include, among others, fees paid to financial, legal,
accounting and other advisors and employee retention, severance, and benefit costs. Inotiv will also incur costs related to formulating
and implementing integration plans. Although Inotiv expects that the elimination of duplicative costs, as well as the realization of synergies
and efficiencies related to the integration of the assets and operations of Envigo, should allow Inotiv to offset these transaction costs
over time, this net benefit may not be achieved in the near term or at all. Moreover, if the Merger is not completed,&nbsp;Inotiv will
have incurred substantial expenses for which no ultimate benefit will have been received. Inotiv has incurred&nbsp;out-of-pocket&nbsp;expenses
in connection with the Merger for investment banking, legal and accounting fees and financial printing and other costs and expenses, much
of which will be incurred even if the Merger is not completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Termination of the Merger Agreement or failure to otherwise complete
the Merger could negatively impact Inotiv&rsquo;s business and financial results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Termination of the Merger Agreement or any failure to otherwise complete
the Merger may result in various consequences, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inotiv&rsquo;s business may have been adversely impacted by the failure to pursue other beneficial opportunities due to the focus of management on the Merger, without realizing any of the anticipated benefits of completing the Merger;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in certain instances, payment by Inotiv of a termination fee or reimbursement of certain expenses to Envigo;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">under certain circumstances, the Merger Agreement requires that Inotiv advance, or pay to Envigo the amount of loss in respect of, certain hedge contracts entered into by Envigo subsequent to the execution of the Merger Agreement; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">negative reactions from the financial markets and customers may occur if the anticipated benefits of the Merger are not able to be realized. Such anticipated benefits may include, among others, operational efficiencies, cost savings, and synergies.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Merger is not consummated,&nbsp;Inotiv cannot assure you that
the risks described above will not negatively impact the business, financial results, and ability to repay its outstanding indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Until the completion of the Merger or the termination of the
Merger Agreement in accordance with its terms,&nbsp;Inotiv and Envigo are each prohibited from entering into certain transactions and
taking certain actions that might otherwise be beneficial to Inotiv or Envigo and their respective shareholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">From and after the date of the Merger Agreement and prior to completion
of the Merger, the Merger Agreement restricts Inotiv and Envigo from taking specified actions without the consent of the other party and
generally requires that the business of each company and its respective subsidiaries be conducted in all material respects in the ordinary
course of business consistent with past practice. These restrictions may prevent Inotiv or Envigo from making appropriate changes to their
respective businesses or organizational structures or from pursuing attractive business opportunities that may arise prior to the completion
of the Merger, and could have the effect of delaying or preventing other strategic transactions. Adverse effects arising from the pendency
of the Merger could be exacerbated by any delays in consummation of the Merger or termination of the Merger Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The announcement and pendency of the Merger could have an adverse
effect on Inotiv&rsquo;s and/or Envigo&rsquo;s business, financial condition, results of operations or business prospects.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The announcement and pendency of the Merger could disrupt Inotiv&rsquo;s
and/or Envigo&rsquo;s businesses in the following ways, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inotiv&rsquo;s and/or Envigo&rsquo;s employees may experience uncertainty regarding their future roles in the combined company, which might adversely affect Inotiv&rsquo;s and/or Envigo&rsquo;s ability to retain, recruit and motivate key personnel;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the attention of Inotiv&rsquo;s and/or Envigo&rsquo;s management may be directed toward the completion of the Mergers and other transaction-related considerations and may be diverted from the&nbsp;day-to-day&nbsp;business operations of Inotiv and/or Envigo, as applicable, and matters related to the Mergers may require commitments of time and resources that could otherwise have been devoted to other opportunities that might have been beneficial to Inotiv and/or Envigo, as applicable; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">customers, suppliers and other third parties with business relationships with Inotiv and/or Envigo may decide not to renew or may decide to seek to terminate, change and/or renegotiate their relationships with Inotiv and/or Envigo as a result of the Merger, whether pursuant to the terms of their existing agreements with Inotiv and/or Envigo or otherwise.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: lightgrey"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any of these matters could adversely affect the businesses of, or harm
the financial condition, results of operations or business prospects of,&nbsp;Inotiv and/or Envigo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Securities class action and derivative lawsuits may be brought
against Inotiv in connection with the Merger, which could result in substantial costs and may delay or prevent the Merger from being completed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities class action lawsuits and derivative lawsuits are often
brought against public companies that have entered into acquisition, merger or other business combination agreements that could prevent
or delay the completion of the Merger and result in significant costs to Inotiv, including any costs associated with the indemnification
of directors and officers. Even if such a lawsuit is without merit, defending against these claims can result in substantial costs and
divert management time and resources. An adverse judgment could result in monetary damages, which could have a negative impact on Inotiv&rsquo;s
liquidity and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lawsuits that may be brought against Inotiv, Envigo or Inotiv&rsquo;s
or Envigo&rsquo;s directors could also seek, among other things, injunctive relief or other equitable relief, including a request to enjoin
Inotiv from consummating the Merger. One of the conditions to the closing of the Merger is that no injunction by any court or other tribunal
of competent jurisdiction has been entered and continues to be in effect and no law has been adopted or is effective, in either case that
prohibits or makes illegal the closing of the Merger. Consequently, if a plaintiff is successful in obtaining an injunction prohibiting
completion of the Merger, that injunction may delay or prevent the Merger from being completed within the expected timeframe or at all,
which may adversely affect Inotiv&rsquo;s business, financial position and results of operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Completion of the Merger may trigger change in control or other
provisions in certain agreements to which Envigo is a party, which may have an adverse impact on the combined company&rsquo;s business
and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The completion of the Merger may trigger change in control and other
provisions in certain agreements to which Envigo is a party. For those agreements for which Inotiv and Envigo are unable to negotiate
waivers of those provisions, the counterparties may exercise their rights and remedies under the agreements, potentially terminating the
agreements or seeking monetary damages. Inotiv intends to repay the Envigo Revolving Credit Facility in full and also may determine to,
or may be required to, take certain other actions with respect to the Envigo Notes, including to redeem, purchase, exchange, discharge,
defease or otherwise retire the Envigo Notes, and may pay a premium to do so. For example, in the event that the rating of the Envigo
Notes is downgraded within a specified period of time following the announcement of the Merger and such downgrade is a result of the proposed
Merger, then, following the closing of the Merger, each holder of the Envigo Notes may require Envigo to repurchase all or a portion of
its Envigo Notes for cash at a price equal to 101% of the aggregate principal amount,&nbsp;<I>plus</I>&nbsp;accrued and unpaid interest,
if any, to the date of repurchase. Inotiv could require a significant amount of funds to make these repurchases and repayments. The foregoing
or similar developments may have an adverse impact on the combined company&rsquo;s business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The combined company may record goodwill and other intangible
assets that could become impaired and result in material&nbsp;non-cash&nbsp;charges to the results of operations of the combined company
in the future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv will account for the Merger as an acquisition of a business
in accordance with GAAP. Under the acquisition method of accounting, the assets and liabilities of Envigo and its subsidiaries will be
recorded, as of completion, at their respective fair values and added to Inotiv&rsquo;s. Inotiv&rsquo;s reported financial condition and
results of operations for periods after completion of the Merger will reflect Envigo&rsquo;s balances and results after completion of
the Merger but will not be restated retroactively to reflect the historical financial position or results of operations of Envigo and
its subsidiaries for periods prior to the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the acquisition method of accounting, the total purchase
price will be allocated to Envigo&rsquo;s tangible assets and liabilities and identifiable intangible assets based on their fair
values as of the date of completion of the Merger. The excess of the purchase price over those fair values, if any, will be recorded
as goodwill. To the extent the value of goodwill or intangibles, if any, becomes impaired in the future, the combined company may be
required to incur material&nbsp;non-cash&nbsp;charges relating to such impairment. The combined company&rsquo;s operating results
may be significantly impacted from both the impairment and the underlying trends in the business that triggered the impairment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The unaudited pro forma condensed combined financial information
and the pro forma reserves information in this proxy statement is presented for illustrative purposes only and may not be reflective of
Inotiv&rsquo;s operating results, financial condition or reserves following completion of the Merger.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The unaudited pro forma condensed combined financial information in
this proxy statement is presented for illustrative purposes only and is not necessarily indicative of what Inotiv&rsquo;s actual financial
position or results of operations would have been had the Merger been completed on the dates indicated. Similarly, the pro forma reserves
information in this proxy statement is presented for illustrative purposes only and is not necessarily indicative of what Inotiv&rsquo;s
reserves would have been had the Merger been completed on the dates indicated. Further,&nbsp;Inotiv&rsquo;s actual results and financial
position after the Merger may differ materially and adversely from the pro forma information that is included in this proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The unaudited pro forma condensed combined financial information has
been prepared with the assumption that Inotiv will be identified as the acquirer under GAAP and reflects adjustments based upon preliminary
estimates of the fair value of assets to be acquired and liabilities to be assumed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Factors Relating to Inotiv Following the Merger</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If the Merger is consummated,&nbsp;Inotiv may be unable to successfully
integrate Envigo&rsquo;s business into its business or achieve the anticipated benefits of the Merger.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The success of the Merger will depend, in part,&nbsp;Inotiv&rsquo;s
ability to realize the anticipated benefits and cost savings from combining Inotiv&rsquo;s and Envigo&rsquo;s businesses, and there can
be no assurance that Inotiv will be able to successfully integrate or otherwise realize the anticipated benefits of the Merger. Difficulties
in integrating Inotiv and Envigo may result in the combined company performing differently than expected, in operational challenges, or
in the failure to realize anticipated expense-related efficiencies. Potential difficulties that may be encountered in the integration
process include, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the inability to successfully integrate Envigo in a manner that permits the achievement of full revenue, expected cash flows and cost savings anticipated from the Merger;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">not realizing anticipated operating synergies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">integrating personnel from Envigo and the loss of key employees;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential unknown liabilities and unforeseen expenses or delays associated with and following the completion of the Merger;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">integrating relationships with customers, vendors and business partners;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">performance shortfalls as a result of the diversion of management&rsquo;s attention caused by completing the Merger and integrating Envigo&rsquo;s operations; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the disruption of, or the loss of momentum in,&nbsp;Inotiv&rsquo;s ongoing business or inconsistencies in standards, controls, procedures and policies.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv&rsquo;s ability to achieve the anticipated benefits of the
Merger will depend in part upon whether it can integrate Envigo&rsquo;s business into Inotiv&rsquo;s existing business in an efficient
and effective manner. Inotiv may not be able to accomplish this integration process successfully.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Inotiv&rsquo;s results may suffer if it does not effectively
manage its expanded operations following the Merger.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following completion of the Merger, the size of the Company&rsquo;s
business will increase significantly beyond its current size. Inotiv&rsquo;s future success will depend, in part, on Inotiv&rsquo;s ability
to manage this expanded business, which poses numerous risks and uncertainties, including the need to integrate the operations and business
of Envigo into Inotiv&rsquo;s existing business in an efficient and timely manner, to combine systems and management controls and to integrate
relationships with customers, vendors and business partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Inotiv&rsquo;s current shareholders will have a reduced ownership
and voting interest after the Merger compared to their current ownership and will exercise less influence over management.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the number of outstanding Common Shares as of _________, 2021,
immediately after the Merger is completed, it is expected that, on a fully diluted basis,&nbsp;Inotiv&rsquo;s current shareholders will
collectively own approximately 64% and the former Envigo shareholders will own, in the aggregate, approximately 36% of the outstanding
Common Shares. As a result of the Merger,&nbsp;Inotiv&rsquo;s current shareholders will own a smaller percentage of Inotiv than they currently
own, and as a result will have less influence on Inotiv&rsquo;s management and policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Sales of substantial amounts of the Common Stock in the open
market by the Envigo Holders could depress Inotiv&rsquo;s stock price.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain Common Shares that are issued to the Envigo Holders in
the Merger will become freely tradable once registered pursuant to the Shareholders Agreement or sold in compliance with
Rule&nbsp;144 promulgated under the Securities Act. The Envigo holders may wish to dispose of some or all of their interests in
Inotiv, and as a result may seek to sell their Common Shares. These sales (or the perception that these sales may occur), coupled
with the increase in the outstanding number of Common Shares, may affect the market for, and the market price of, the Common Stock
in an adverse manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Merger is completed and Inotiv&rsquo;s shareholders, including
the Envigo holders, sell substantial amounts of Common Stock in the public market following the closing of the Merger, the market price
of the Common Stock may decrease. These sales might also make it more difficult for Inotiv to raise capital by selling equity or equity-related
securities at a time and price that it otherwise would deem appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The trading price and volume of the Common Stock may be volatile
following the Merger.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The trading price and volume of the Common Stock may be volatile following
completion of the Merger. The stock markets in general have experienced extreme volatility that has often been unrelated to the operating
performance of particular companies. These broad market fluctuations may adversely affect the trading price of the Common Stock. As a
result, you may suffer a loss on your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The market for the Common Stock will depend on a number of conditions,
most of which the combined company cannot control, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic conditions within the U.S. and internationally, including changes in interest rates;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general market conditions, including fluctuations in commodity prices;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">domestic and international economic, legal and regulatory factors unrelated to the combined company&rsquo;s performance;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">volatility in the financial markets or other global economic factors, including the impact of&nbsp;COVID-19;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated fluctuations in the combined company&rsquo;s quarterly and annual results and those of its competitors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">quarterly variations in the rate of growth of the combined company&rsquo;s financial indicators, such as revenue, EBITDA, net income and net income per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the businesses, operations, results and prospects of the combined company;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the operating and financial performance of the combined company;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">future mergers and strategic alliances;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">market conditions in CRO or research model industries;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in government regulation, taxes, legal proceedings or other developments;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shortfalls in the combined company&rsquo;s operating results from levels forecasted by securities analysts;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">investor sentiment toward
    the stock of animal breeding companies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in revenue or earnings estimates, or changes in recommendations by equity research analysts;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure of the combined company to achieve the perceived benefits of the Merger, including financial results and anticipated synergies, as rapidly as or to the extent anticipated by financial or industry analysts;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">speculation in the press or investment community;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the failure of research analysts to cover the combined company&rsquo;s common stock;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales of the Common Stock by the combined company, large shareholders or management, or the perception that such sales may occur;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in accounting principles, policies, guidance, interpretations or standards;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements concerning the combined company or its competitors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">public reaction to the combined company&rsquo;s press releases, other public announcements and filings with the SEC;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">strategic actions taken by competitors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actions taken by the combined company shareholders;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions or departures of key management personnel;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintenance of acceptable credit ratings or credit quality;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the general state of the securities markets; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the risk factors described in this proxy statement and the documents incorporated by reference into this proxy statement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These and other factors may impair the market for the Common Stock
and the ability of investors to sell shares at an attractive price. These factors also could cause the market price and demand for the
Common Stock to fluctuate substantially, which may negatively affect the price and liquidity of the Common Stock. Many of these factors
and conditions are beyond the control of the combined company or the combined company shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities class action litigation has often been instituted against
companies following periods of volatility in the overall market and in the market price of a company&rsquo;s securities. Such litigation,
if instituted against the combined company, could result in very substantial costs, divert management&rsquo;s attention and resources
and harm the combined company&rsquo;s business, operating results and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Risks Relating to Inotiv&rsquo;s Business</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You should read and consider risk factors specific to Inotiv&rsquo;s
businesses that will continue to apply to Inotiv after the completion of the Merger. These risks are described in the Annual Report and
the Quarterly Report, which are incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Risks Related to Envigo&rsquo;s Business</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Solely for purposes the disclosures below under this &ldquo;&mdash;Risks
Related to Envigo&rdquo; caption, &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; refer to Envigo RMS Holding Corp.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business and Operational Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>We depend on the biopharmaceutical industry.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo&rsquo;s business depends greatly on the expenditures made by
the biopharmaceutical industry in research and development, either directly or indirectly via their outsourcing development to CROs. During
the 2020 period, over 20% of Envigo&rsquo;s revenue has come from biopharmaceutical customers directly and 40% from CROs indirectly. Accordingly,
economic factors and industry trends that affect our customers in these industries also affect our business. As well, if payers were to
change their practices with respect to reimbursements for pharmaceutical products, our customers may spend less, or reduce their growth
in spending on research and development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Several of our product and service offerings are dependent
on a limited source of supply, which, if interrupted, could adversely affect our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo depends on a limited international source of supply for certain
products, such as non-human primates, which we sometimes call &ldquo;NHPs.&rdquo; Disruptions to their continued supply may arise from
health problems, export or import laws/restrictions or embargoes, international trade regulations, foreign government or economic instability,
severe weather conditions, increased competition amongst suppliers for models, disruptions to the air travel system, commercial disputes,
supplier insolvency, activist intervention, or other normal-course or unanticipated events. Any disruption of supply could harm our business
if we cannot address the disruption or are unable to secure an alternative or secondary supply source on comparable commercial terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In December&nbsp;2019, a novel strain of coronavirus (&ldquo;COVID-19&rdquo;)
emerged in Wuhan, Hubei Province, China. We receive a portion of our NHPs from China. Due to restrictions enacted in China to mitigate
the transmission of COVID-19, our supply of these NHPs was and continues to be disrupted. While we have been able to secure NHPs from
other sources in Asia and Africa, the prolonged disruption has impacted our ability to fill our customer&rsquo;s orders. Envigo may be
able to substitute another NHP, but not in all cases. This disruption has had an adverse effect on our financial results, which is expected
to continue during 2021. We will continue to seek alternative NHP sourcing options to meet our customer&rsquo;s needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Changes in aggregate spending, research and development
budgets and outsourcing trends in the biopharmaceutical industry could adversely affect our operating results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our ability to continue to grow and win new business is dependent in
large part upon the ability and willingness of the biopharmaceutical industry to continue to spend on compounds in the non-clinical phase
of research and development. Fluctuations in the expenditure amounts in each phase of the research and development (&ldquo;R&amp;D&rdquo;)
budgets of these industries could have a significant effect on the demand for our products and services. R&amp;D budgets fluctuate due
to changes in available resources, mergers of biopharmaceutical companies, spending priorities, general economic conditions and budgetary
policies. Our business could be adversely affected by any significant decrease in non-clinical research and development expenditures by
biopharmaceutical companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Envigo operates in a highly competitive market.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The RMS industry is highly competitive. Competition ranges from academics
and large biopharmaceutical companies, that derive and maintain their own rodent colonies, to commercial competitors that may offer a
similar or overlapping range of products and/or services. Some of these competitors have greater capital, technical and other resources
than we have, while other competitors that are smaller specialized companies might compete effectively against us based on price and their
concentrated size and focus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Providers of outsourced research models and services compete on the
basis of many factors, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">reputation for on-time quality performance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">reputation for regulatory compliance; expertise, experience and operational stability;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">quality of facilities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">quality and stability of the animal models and laboratory animals;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">assurance of supply;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">technical and scientific support;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">strength in various geographic markets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">geographic proximity to customer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">price; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">financial stability.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>New technologies may be developed, validated and increasingly
used in biomedical research that could reduce demand for some of our products and services.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For many years, groups within the scientific and research communities
have attempted to develop models, methods and systems that would replace or supplement the use of living animals as test subjects in biomedical
research. In addition, technological improvements to existing or new processes, such as imaging and biomarker technology, could result
in a refinement in the number of animal research models necessary to conduct the required research. Alternative research methods could
decrease the need for research models, and we may not be able to develop new products effectively or in a timely manner to replace any
lost sales. In addition, other companies or entities may develop research models with characteristics different than the ones that we
produce, and which may be viewed as more desirable by our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is industry policy to adopt and implement the 3R&rsquo;s of Replacement,
Reduction and Refinement, which could decrease the number of animals used in biomedical research.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>The U.S. economy remains unstable for a significant
amount of time.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The outbreak of COVID-19 is a global pandemic that is significantly
affecting our employees, communities and business operations, as well as the U.S. economy and financial markets. As the COVID-19 pandemic
continues, our results of operations, financial condition and cash flows have been materially adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">From an operational perspective, Envigo is focused on providing the
safest possible environment for our employees and our animals. Although we implemented considerable safety measures, as a front-line provider
to the life sciences sector, we are deeply exposed to the health and economic effects of COVID-19, many of which could have a material
adverse impact on our employees, as well as our business, results of operations, financial condition and cash flows that we are not currently
able to fully quantify. Throughout 2020, we did not have to furlough employees as production activities have continued. Although the prospect
of furloughs will remain under review during the duration of the COVID-19 pandemic, we do not currently anticipate furloughing any employees
in 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Broad economic factors resulting from the current COVID-19 pandemic
impacting our customers, could also affect our revenue mix and volumes, as well as our ability to collect outstanding receivables. Any
increase in the amount or deterioration in the collectability of accounts receivable will adversely affect our results of operations,
financial condition and cash flows, requiring an increased level of working capital. If general economic conditions continue to deteriorate
or remain uncertain for an extended period of time, our business, results of operations, financial condition and cash flows will be adversely
affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, our results of operations, financial position and cash
flows have been adversely affected by federal or state laws, regulations, orders, or other governmental or regulatory actions addressing
the current COVID-19 pandemic or the U.S. healthcare system, which have resulted in direct and indirect restrictions to our business.
While we have taken COVID-19 specific safety precautions to provide safe work conditions for our employees and visitors to our facilities,
with the exception of Michigan and Indiana there are currently no liability protections afforded the company for employees exposed within
our facilities. Therefore, we may be subject to lawsuits from employees and others exposed to COVID-19 at our facilities. Such actions
may involve large demands, as well as substantial defense costs, though there is no certainty at this time whether any such lawsuits will
be filed or the outcome of such lawsuits if filed. Our professional and general liability insurance may not cover all claims against us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing and other continued disruptions to our business as a
result of COVID-19 could result in a material adverse effect on our business, results of operations, financial condition and cash flows.
Furthermore, the COVID-19 pandemic could heighten the risks in certain of the other risk factors described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Termination of or delays in a customer&rsquo;s study
or product could impact the level of our research models and laboratory animals order from us, which could adversely affect our revenue
and profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In general, our customers order research models and laboratory animals
on an as-needed basis. The size and frequency of these orders may be reduced or eliminated with little or no notice. Customer orders may
be impacted for various reasons, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">unexpected or undesired study results;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the loss of funding for the particular research study or program;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the failure of products to satisfy technical or safety requirements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">production problems resulting in shortages of the product being tested;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">adverse reactions to the product being tested;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">regulatory restrictions placed on the product being tested; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the customer&rsquo;s decision to forego or terminate a particular study or compound.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The loss, reduction in scope or delay of customer orders could materially
adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As discussed above, the COVID-19 pandemic, while resulting in increased
demand for NHPs, has also resulted in the delay or termination of customer study&rsquo;s or orders. Certain of our customers due to government
mandated lockdown and restrictions have had to temporarily suspend or scale back research activities at times during the pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>A cyber-attack against our computer systems could adversely
affect our operating results and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We operate large and complex computer systems that contain confidential
customer information. Our information technology systems also contain proprietary and other confidential information related to our business,
such as business plans and employee information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We maintain insurance coverage that covers certain cyber risks. Nevertheless,
this insurance coverage is subject to a retention amount and, depending on the incident, the insurance coverage may not be sufficient
to cover all of our losses beyond any retention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We take measures to protect the data on our computer systems from unauthorized
access or intrusion, including through our information technology systems, and where we consider it to be appropriate, through the implementation
of security measures at our research facilities and by entering into confidentiality agreements with employees and consultants. However,
any systems and processes that are designed to protect confidential information and prevent data loss and other security attacks cannot
provide absolute security. Our computer systems have been subject to cyber-attacks in the past and may be subject to such attacks in the
future. Failure to prevent or mitigate data loss or future security incidents could expose us or our customers to a risk of loss or misuse
of such information, cause customers to lose confidence in our data protection measures, damage our reputation, adversely affect our operating
results or result in litigation or potential liability. While we continue to monitor, and to improve and enhance where appropriate, our
systems in this regard, in the event that our efforts are unsuccessful and the confidentiality of any information is compromised, we could
suffer significant harm. In addition, as with all information technology, our systems could become vulnerable to potential damage or interruptions
from fires, blackouts, telecommunications failures and other unexpected events, as well as to break-ins, sabotage or intentional acts
of vandalism.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any substantial disruption or resulting loss of data that is not avoided
or corrected by backup measures could adversely affect our business and operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Envigo&rsquo;s animal populations may suffer diseases
that can damage our inventory, harm our reputation or result in other liability to us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is important that our animal production facilities be free of diseases,
including infectious diseases, and remain free of contamination. The presence of diseases or infectious agents has the potential to cause
substantial loss of animals in our inventory, to result in harm to humans or the public if the disease cannot be contained to animals
in inventory and/or to negatively impact the quality of our customers&rsquo; research results. These risks may differ substantially according
to species. In rodents, most infections are without any apparent clinical signs and therefore pose a risk to the scientific quality of
the research performed on the animals rather than to humans. We seek to minimize the risk of these species being infected by stringent
biohazard management protocols and health monitoring programs in place in our RMS facilities. The same applies to primates, where all
animals are serologically tested for specific diseases in our facilities and at our suppliers. The main concern in this species is the
potential for zoonotic infectious disease causing harm to humans. Diseases in dogs bear less risk to us as efficient vaccination programs
are available and followed in this species. Nevertheless, we have in the past suffered disease in our animal population and may suffer
outbreaks in the future. Any significant disease outbreak at Envigo has the potential to harm our reputation or have a material adverse
effect on our financial condition, results of operations, and cash flows. There is also the risk that disease from research models we
produce may affect our customers&rsquo; facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If disease or contamination occurs in our animal population, it typically
requires remediation and cleanup activities that could be costly and time consuming. In certain circumstances, it can require the temporary
or permanent closure of an affected facility. We have experienced such closures in the past. The possibility for genetic mutations also
exists and may adversely affect our relationship with customers affected by such mutations and may result in an affected customer requesting
compensation for damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we endeavor to include provisions in our contracts which entitle
us to be indemnified or entitle us to a limitation of liability, these provisions do not uniformly protect us against liability arising
from certain of our own actions, such as negligence or misconduct. Moreover, in certain circumstances, we may agree to use contracts drafted
by our customers, which may not contain clauses that indemnify us or limit our liability. We could be materially adversely affected if
we were required to pay damages or bear the costs of defending any claim which is not covered by a contractual indemnification provision
or in the event that a party who must indemnify us does not fulfill our indemnification obligations or which is beyond the level of our
insurance coverage or for which insurance coverage is not available. There can be no assurance that we will be able to maintain such insurance
coverage on terms acceptable to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>If we are unable to identify and successfully complete
acquisitions, our business could be adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may seek to expand our business through acquisitions. However, business
and technologies may not be available on terms and conditions we find acceptable. Our credit agreement may impose restrictions on our
ability to make acquisitions. We may devote time and resources investigating and negotiating with potential acquisition or alliance partners,
but not consummate the transactions. Even if consummated, factors which may affect our ability to grow successfully through acquisitions
include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">difficulties and expenses in connection with integrating the acquired companies and achieving the expected
benefits;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">diversion of management&rsquo;s attention from current operations;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">the possibility that we may be adversely affected by risk factors facing the acquired companies;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">potential losses resulting from undiscovered liabilities of acquired companies not covered by the indemnification
we may obtain from the seller;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">difficulties in retaining customers of the acquired business;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">risks of not being able to overcome differences in business practices, language and other cultural barriers
in connection with the acquisition; and</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">loss of key employees of the acquired companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that an acquired business or technology does not meet
our expectations, our results of operations may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Our non-U.S. locations account for a significant percentage
of our revenues, exposing us to risks associated with operating internationally.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2020, 25% of our net revenues from continuing operations were generated
by our facilities outside the United States. As a result of these foreign sales and facilities, our operations are subject to a variety
of risks unique to international operations, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">exposure to local economic conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">currency exchange rate and interest rate fluctuations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">changes in tax law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">potential restrictions on the transfer of funds;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">unexpected changes in regulatory requirements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">exposure to liabilities under the U.S. Foreign Corrupt Practices Act or the U.K. Antibribery Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">government imposed investment and other restrictions or requirements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">failure to comply with new regulations, such as the EU General Data Protection Regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">exposure to local social unrest, including any resultant acts of war, terrorism or similar events;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">exposure to local public health issues and the resultant impact on economic and political conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">difficulty enforcing agreements and collecting receivables through certain legal systems;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">more expansive legal rights of employees, including specifically those applicable to our European operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">variations in protection of intellectual property and other legal rights; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">export and import and trade restrictions (such as antidumping duties, tariffs or embargoes).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>We are exposed to exchange rate fluctuations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We operate on a worldwide basis and generally invoice our customers
in the currency of the country in which the customer operates. Management does not hedge against this exposure. While exposure to exchange
rate fluctuations may be limited since our sales are generally denominated in the same currency as our costs, trading exposures to currency
fluctuations may nonetheless occur as a result of certain revenues being denominated in a currency different from the production site&rsquo;s
currency. There can be no assurance we will not suffer adverse impacts from currency fluctuations in the future. Moreover, since we operate
on an international basis, movements in exchange rates can have an impact on our price competitiveness. Exchange rate fluctuations against
the British pound have shown increased volatility since Brexit. Our indebtedness is in U.S. dollars whereas we earn significant revenues
(approximately 25% of total net revenues from continuing operations in 2020) in other currencies. This may adversely impact our ability
to meet our debt obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Unfavorable global economic conditions could negatively
impact our operating results and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unfavorable global economic conditions could negatively affect our
business. While it is difficult for us to predict the impact of general economic conditions on our business, these conditions could reduce
customer demand for some of our services, which could cause our revenue to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Envigo relies on its facilities and any disruption
in their operation could materially adversely impact Envigo.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We rely on our facilities. In particular, our facilities are highly
specialized and would be difficult to replace in a short period of time. Any event that causes a disruption of the operation of these
facilities might impact our ability to provide products to our customers and therefore could have a material adverse effect on our financial
condition, results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Some of our customers depend on government funding
of research and development and a reduction in that funding may adversely affect our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A significant portion of sales in our RMS business are derived from
customers at academic institutions and research laboratories whose funding is partially dependent on funding from government sources,
including the U.S. National Institutes of Health (&ldquo;NIH&rdquo;) and U.K./EU equivalents. Such funding can be difficult to forecast
as it may be subject to the political process. Our sales may be adversely affected if our customers delay purchases as a result of uncertainties
surrounding the approval of government budget proposals. A reduction in government funding for the NIH or other government research agencies
could adversely affect our business and our financial results. There can be no certainty that government research funding will be directed
towards projects and studies that require use of our products and services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Public health epidemics or outbreaks could
adversely impact our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In December&nbsp;2019, a novel strain of coronavirus (&ldquo;COVID-19&rdquo;)
emerged in Wuhan, Hubei Province, China. While initially the outbreak was largely concentrated in China and caused significant disruptions
to its economy, it quickly became a world-wide pandemic. With the exception of some abatement during the Summer 2020 months, the coronavirus
continued to spread with precipitous increase during the Fall 2020 and early Winter 2020/2021. During December&nbsp;2020, two vaccines
were approved in the United States and the United Kingdom for distribution and others have been and continue to be approved in the first
quarter of 2021. Inoculations began in December&nbsp;2020 and will continue throughout 2021 in a phased rollout to focus on front-line
caregivers, elderly, individuals with preexisting conditions and essential workers, and later to the general public. Despite the beginning
and continued ramp up of inoculations, the coronavirus is expected to spread during the inoculation period as new and more contagious
variants are identified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We saw a significant negative impact on our business in the second
quarter of 2020 with a lesser impact on the third and fourth quarters of 2020. We anticipated some level of negative impact to continue
during the first half of 2021. The extent to which the coronavirus impacts our 2021 operations will depend on future developments, which
are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, vaccine distribution and inoculation
ramp up, identification of new variants of the coronavirus, and the vaccination protection from these new variants, continued actions
to contain the coronavirus or treat its impact, among others. In particular, the continued spread of the coronavirus globally could adversely
impact our operations and could have an adverse impact on our business and our financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Actions of animal rights activists may affect
our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our RMS business provides animal research models to our customers.
Such activities are required for the registration of products under regulatory regimes in the United States, Europe and other countries.
Many CROs, biopharmaceutical companies and other research organizations have been targeted by animal rights activists who oppose all testing
on animals, for whatever purpose, including the animal testing activities in support of safety and efficacy testing for drug development.
These groups, which include groups directed at the industry and us, have publicly stated that the goal of their campaign is to stop animal
testing. Acts of vandalism and other acts by animal rights activists who object to the use of animals in product development could have
a material adverse effect on our business. These groups have historically targeted CROs, academic institutions and biopharmaceutical companies,
but also third parties that do business with CROs, academic institutions and biopharmaceutical companies, including customers, suppliers,
advisors, financial advisors, lenders and investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal and Regulatory Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Failure to comply with applicable governmental regulations
could harm our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo is subject to a variety of governmental regulations, particularly
in the United States, Europe, and the United Kingdom, relating to animal welfare and the conduct of our business, including the U.K. Animals
(Scientific Procedures) Act 1986 Amendment Regulations 2012 and U.S. USDA Animal Welfare Regulations. Our facilities are therefore subject
to routine formal inspections by regulatory and supervisory authorities, including the U.S. FDA, the U.S. USDA and the U.K. Home Office,
as well as by representatives from customer companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo expends significant resources on compliance efforts. Regulations
and guidance worldwide concerning the production and use of laboratory animals for research purposes continue to be updated. For example,
the European Directive 2010/63/EU established new standards for animal housing and accommodations that required implementation by 2017;
we previously incurred significant capital expenditure to comply with the Directive. Similarly, guidance has been and continues to be
developed for other areas that impact the biomedical research community on both a national and international basis, including transportation,
import and export requirements of biological materials, and animal housing and welfare. Certain of our customers may require us to comply
with any new guidance in advance of our implementation as a condition to being awarded contracts. Conforming to new guidelines may result
in increased costs attributable to adding or upgrading facilities, the addition of personnel to address new processes and increased administrative
burden.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Envigo is subject to environmental, health and safety
requirements and risks as a result of which we may incur significant costs, liabilities and obligations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo is subject to a variety of federal, state, local and foreign
environmental laws, regulations, initiatives and permits that govern, among other things: the emission and discharge of materials, including
greenhouse gases, in air, land and water; the remediation of soil, surface water and groundwater contamination; the generation, storage,
handling, use, disposal and transportation of regulated materials and wastes, including biomedical and radioactive wastes; and health
and safety. Failure to comply with these laws, regulations or permits could result in fines or sanctions, obligations to investigate or
remediate existing or potential contamination, third-party property damage claims, personal injury claims, natural resource damages claims,
or modification or revocation of operating permits and may lead to temporary or permanent business interruptions. Pursuant to certain
environmental laws, we may be held strictly, and under certain circumstances jointly and severally liable for costs of investigation and
remediation of contaminated sites which we currently own or operate, or sites we or our predecessors have owned or operated in the past.
Further, we could be held liable at sites where we have sent waste for disposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Environmental laws, regulations and permits, and the enforcement thereof,
change frequently and have tended to become more stringent over time. Compliance with the requirements of laws and regulations may increase
capital costs and operating expenses, or necessitate changes to our production processes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We endeavor to conduct our operations according to all legal requirements,
but we may not be in complete compliance with such laws and regulations at all times. We use, and in the past have used, hazardous materials
and generate, and in the past have generated, hazardous wastes. We cannot eliminate the risk of accidental contamination or injury from
these materials. In the event of such an accident, we could be held liable for any resulting damages and incur liabilities which could
exceed our resources. Our costs, liabilities and obligations relating to environmental matters may have a material adverse effect on our
business, financial condition, prospects, results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Envigo may not be able to successfully develop and
market or acquire new products and services.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo may seek to develop and market new products and services that
complement or expand our existing business or expand our offerings through acquisition. If we are unable to develop new products and services
and/or create demand for those newly developed products and services, or expand our offerings through acquisition, our future business,
results of operations, prospects, financial condition, and cash flows could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Labor and Employment Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Envigo depends heavily on our senior management team,
and the loss of any member may adversely affect us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo believes its success depends on the continued availability of
our senior management team, including Dr.&nbsp;Adrian Hardy (CEO) and Stephen Symonds (CFO). If one or more members of the senior management
team were unable or unwilling to continue in their present positions, those persons would likely be difficult to replace and our business
would likely be harmed. If any of our key employees were to join a competitor or to form a competing company, some of our customers might
choose to use the services of that competitor or new company instead of us. Furthermore, customers or other companies seeking to develop
in-house capabilities may hire away some of our senior management or key employees. The loss of one or more of these key employees could
adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Envigo must recruit and retain qualified
personnel.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because of the specialized scientific nature of our business, we are
highly dependent upon qualified scientific, technical and managerial personnel. There is intense competition for qualified personnel in
the biopharmaceutical field. The shortage of qualified scientific, technical and managerial personnel, or other factors, might lead to
increased recruiting, relocation and compensation costs for these professionals. These increased costs might reduce our profit margins
or make hiring new personnel impracticable. In the future, we may not be able to attract and retain the qualified personnel necessary
for the conduct and further development of our business. The loss of the services of existing personnel, as well as the failure to recruit
additional key scientific, technical and managerial personnel in a timely manner, could have a material adverse effect on our ability
to expand our businesses and remain competitive in the segments in which it participates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Envigo is subject to ongoing employment related
litigation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo is the defendant in a class action complaint by a former Envigo
employee alleging various California Labor Code violations as well as a count of a violation of the Fair Credit Reporting Act (&ldquo;FCRA&rdquo;).
The plaintiff&rsquo;s allegations include an alleged failure to pay minimum wage for all hours worked, failure to timely pay wages, failure
to reimburse for business expenses, wage statements and recordkeeping violations, and a failure to provide required disclosures pursuant
to the FCRA prior to procuring a consumer report or investigate consumer reports. Although this outcome of this complaint is uncertain,
it could adversely affect Envigo&rsquo;s financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial and Accounting Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Envigo&rsquo;s level of outstanding indebtedness could
adversely affect our financial condition, limit our ability to react to changes in the economy or our industry and prevent us from meeting
our debt obligations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of June&nbsp;30, 2021, Envigo had $134,650 of indebtedness, net
of unamortized financing costs. Envigo&rsquo;s gross indebtedness is comprised of a $68,866 Seller Note due 2022, a $50,756 Main Street
Lending Plan Term Loan, $11,026 of Paycheck Protection Plan (&ldquo;PPP&rdquo;) Loans (which was subsequently forgiven), and a $6,423
Second Lien Credit Agreement Note. In addition, our consolidated VIE has an Economic Income Disaster Loan of $141. The PPP Loan of $346
of our consolidated VIE was forgiven on March&nbsp;5, 2021. In letters dated August 18, 2021 and September 10, 2021, Envigo was notified
by the lender of the $2,924 EGSI PPP Loan and the $8,102 Envigo RMS PPP loan, respectively, that the loans had been forgiven by the SBA.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our indebtedness could have other important consequences to you and
significant effects on our business, including:</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">increasing our vulnerability to adverse changes in general economic, industry and competitive conditions;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">requiring a substantial portion of cash flow from operations to be dedicated to the payment of principal
and interest on our indebtedness, thereby reducing our ability to use our cash flow to fund our operations, capital expenditures and future
business opportunities;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">making it more difficult for us to satisfy our obligations with respect to our indebtedness, and any failure
to comply with the obligations of any of our debt instruments, including financial or restrictive covenants and borrowing conditions,
could result in an event of default under the indentures governing the notes or the agreements governing other indebtedness and result
in the acceleration of our outstanding debt;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">require us to repatriate cash for debt service from our foreign subsidiaries resulting in dividend tax
costs or require us to adopt other disadvantageous tax structures to accommodate debt service payments;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">restricting us from making strategic acquisitions or causing us to make non-strategic divestitures;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">limiting our ability to obtain additional financing for working capital, capital expenditures, product
development, debt service requirements, acquisitions and general corporate or other purposes, including to repurchase the Seller Note
from the holders upon a change of control; and</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">limiting our flexibility in planning for, or reacting to, changes in our business or market conditions
and placing us at a competitive disadvantage compared to our competitors who have less debt and who, therefore, may be able to take advantage
of opportunities that our leverage prevents us from pursuing.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Our liquidity needs could
vary significantly and may be affected by general economic conditions, industry trends, performance and many other factors not within
our control. If we are unable to generate sufficient cash flow from operations in the future to service our debt, we may be required
to refinance all or a portion of our existing debt. However, we may not be able to refinance our debt or obtain any new or additional
debt on favorable terms or at all.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Envigo&rsquo;s debt agreements contain or future debt
agreements may contain restrictions that will limit our flexibility in operating our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo&rsquo;s debt agreements contain, and future debt agreements
may contain, various covenants that limit our ability to engage in specified types of transactions. These covenants limit Envigo&rsquo;s
ability to, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">incur or guarantee additional indebtedness;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">make other restricted payments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">enter into agreements restricting the payment of dividends or other distributions from our restricted
subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">create or incur liens;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">make investments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">transfer or sell assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">engage in transactions with affiliates; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">merge or consolidate with other companies or transfer all or substantially all of our or their assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Envigo is exposed to changes in interest
rates.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo is exposed to changes in interest rates while conducting normal
business operations as a result of ongoing financing activities. The majority of Envigo&rsquo;s debt, as of June 30, 2021, is comprised
of floating interest rate borrowings linked to London Interbank Offered Rate (&ldquo;LIBOR&rdquo;). As of June 30, 2021, a 100-basis
point increase in LIBOR would increase our annual pre-tax interest expense by approximately $1,200.0.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2017, the Financial Conduct Authority (FCA) in the United Kingdom
announced that it would phase out LIBOR as a benchmark by the end of 2021. It is unclear whether new methods of calculating LIBOR will
be established such that it continues to exist after 2021, or whether different benchmark rates used to price indebtedness will develop.
If LIBOR ceases to exist, the method and rate used to calculate our interest rates and/or payments on our debt in the future may result
in interest rates and/or payments that are higher than, or that do not otherwise correlate over time with, the interest rates and/or payments
that would have been applicable to our obligations if LIBOR was available in its current form, which could have a material adverse effect
on our financial position, results of operations and liquidity. In addition, the overall financial market may be disrupted as a result
of the phase-out or replacement of LIBOR. Disruption in the financial market could also have a material adverse effect on our financial
position, results of operations and liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Our pension plans are underfunded and may
require increased contribution payments.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We provide defined benefit plans for certain of our past or current
U.K. employees. While these plans have been closed to future participants, the plans are underfunded as of June&nbsp;30, 2021 by $3,055
to meet prospective obligations to plan participants. Obligations under these plans reflect certain actuarial and other assumptions. The
funding requirements and cost of these plans are dependent upon these assumptions and various other factors, including the actual return
on plan assets, discount rates, participant demographics and changes in pension regulations. Our future costs and funding obligations
can increase or decrease significantly depending upon these factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Impairment of goodwill or other intangible assets may
adversely impact future results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo has intangible assets, including goodwill on our balance sheet
due to acquisitions of businesses. The initial identification and valuation of these intangible assets and the determination of the estimated
useful lives at the time of acquisition involve use of management judgment and estimates. The estimates are based on input from accredited
valuation consultants and reviews of projected future income cash flows. The use of alternative estimates and assumptions might have increased
or decreased the estimated fair value of our intangible assets. If the future growth and operating results of the business are not as
strong as anticipated this could impact the assumptions in calculating the fair value of intangible assets. To the extent that intangible
assets are impaired, their carrying value will be written down to their implied fair value and a charge made to the income from continuing
operations that could materially affect our operating results. During 2020, in large part due to the impact of COVID-19 on our business
and results of operations, we recorded an impairment charge of $39,679, which fully impaired our goodwill. In addition, impairment tests
on recoverability triggered by the impact of COVID-19 indicated a partial impairment of our intellectual property resulting in a charge
of $9,827. As of June&nbsp;30, 2021, the carrying amount of other intangible assets was $21,087 on our consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>The COVID-19 pandemic&rsquo;s impact on global markets
could affect our future access to liquidity and materially adversely affect our results of operations and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">COVID-19 has spread throughout much of the world after initially surfacing
in Wuhan, China in December&nbsp;2019. The future impact of the outbreak of COVID-19 on our business is unknown. Global stock markets,
which initially reacted very negatively, have recovered for the most part, but remain subject to volatility due to the continued impact
of the pandemic. High unemployment, a partially idled workforce and restrictions on approved activities and travel continue to create
economic uncertainty in global markets. While the economic impact brought by COVID-19 continues to be difficult to assess or predict,
the COVID-19 pandemic could result in significant disruption of global financial markets, reducing our ability to access capital in the
future, which could negatively affect our liquidity in the future. The situation is constantly evolving, however, so the extent to which
the COVID-19 outbreak will impact businesses and the economy is highly uncertain and cannot be predicted. Accordingly, we cannot predict
the extent to which our results of operations, financial condition and cash flows will be affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Kalai_003"></A>COMPARATIVE SHARE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The following tables set forth:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">historical per share information of Inotiv for the year ended December&nbsp;31, 2020 and for the nine months ended June&nbsp;30, 2021;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">historical per share information of Envigo for the year ended December&nbsp;31, 2020 and for the nine months ended June&nbsp;30, 2021; and</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unaudited pro forma per share information of the post-acquisition company for the fiscal year ended December&nbsp;31, 2020 and the nine months ended June&nbsp;30, 2021, after giving effect to the Merger.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">This information is based on, and should be
read together with, the selected historical consolidated financial information, the unaudited pro forma condensed combined financial information
and the historical consolidated financial information of Inotiv and Envigo, and the accompanying notes to such financial statements, that
has been presented in Inotiv&rsquo;s filings with the SEC that are included or incorporated herein by reference in this proxy statement
or that are otherwise included in this proxy statement. The unaudited pro forma condensed combined per share data are presented for illustrative
purposes only and are not necessarily indicative of actual or future financial position or results of operations that would have been
realized if the Merger had been completed as of the dates indicated or will be realized upon the completion of the Merger. Uncertainties
that could impact Inotiv&rsquo;s financial condition include risks that affect Envigo&rsquo;s operations and outlook such as economic
recessions, inflation, fluctuations in commodity prices or interest or currency exchange rates, and changes in the fiscal or monetary
policies of the United States government. For more information on the risks, please see the section entitled&nbsp;<I>&ldquo;Risk Factors.</I>&rdquo;
You are also urged to read the section entitled &ldquo;<I>Unaudited Pro Forma Condensed Combined Financial Information.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Inotiv<BR> Year&nbsp;Ended<BR> September&nbsp;30,<BR> 2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Inotiv<BR>
Nine&nbsp;Months<BR> Ended<BR> June&nbsp;30,<BR> 2021</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; text-align: left">Basic earnings (loss) per common share</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.43</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.27</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Diluted earnings (loss) per common share</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.43</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Envigo share information not applicable because it is a privately held company.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Unaudited Pro Forma</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year&nbsp;Ended<BR> September&nbsp;30,</B></FONT><B> <FONT STYLE="font-size: 10pt"><BR>
2020</FONT></B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nine&nbsp;Months<BR>
Ended <BR>
June&nbsp;30,<BR>
2021&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic earnings (loss) per common share</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4.56</FONT></TD>
    <TD STYLE="width: 1%">)</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.38</FONT></TD>
    <TD STYLE="width: 1%">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted earnings (loss) per common share</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4.56</FONT></TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.38</FONT></TD>
    <TD>)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Kalai_004"></A>SPECIAL MEETING OF INOTIV&rsquo;S SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This proxy statement is being provided to Inotiv&rsquo;s shareholders
as part of a solicitation of proxies by the Board for use at the Special Meeting to be held on [November 4], 2021, and at any adjournment
or postponement thereof. This proxy statement contains important information regarding the Special Meeting, the proposals on which you
are being asked to vote and information you may find useful in determining how to vote and voting procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This proxy statement is being first mailed on or about [October 8],
2021 to all shareholders of record of Inotiv as of [October 4], 2021, the record date for the Special Meeting. Shareholders of record
who owned Common Stock at the close of business on the record date are entitled to receive notice of, attend and vote at the Special Meeting.
On the record date, there were [Number] Common Shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_005"></A>Date, Time and Place of Special Meeting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Special Meeting will be held at _________________________, on [Date]
at [Time], or at such other date, time and place to which such meeting may be adjourned or postponed, to consider and vote upon the proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_006"></A>Voting Power; Record Date</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Only holders of Common Shares of record at the close of business on
[October 4], 2021, the record date for the Special Meeting, will be entitled to vote at the Special Meeting. You are entitled to one vote
for each share of Common Stock that you owned at the close of business on the record date. If your shares are held in &ldquo;street name&rdquo;
or are in a margin or similar account, you should contact your bank, broker or other holder of record to ensure that votes related to
the shares you beneficially own are properly counted. On the record date, there were _________________ Common Shares outstanding and entitled
to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_007"></A>Proposals at the Special Meeting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the Special Meeting, the Inotiv shareholders will vote on the following
proposals:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: left">to approve an amendment to the Articles to increase the number of authorized Common Shares from 19,000,000 shares to 74,000,000 shares;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">&bull;</TD><TD STYLE="text-align: left">to approve the issuance of Common Shares pursuant to the Merger Agreement;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">&bull;</TD><TD STYLE="text-align: left">to approve an increase in the number of Common Shares that may be issued under the Inotiv equity incentive plan; and</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">&bull;</TD><TD STYLE="text-align: left">to approve the issuance of Common Shares underlying the 3.25% Convertible Senior Notes due 2027; and</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">&bull;</TD><TD STYLE="text-align: left">to approve one or more adjournments of the Special Meeting, if necessary or appropriate, to permit solicitation of additional votes
if there are insufficient votes to approve the Share Issuance Proposal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_008"></A>Quorum and Required Vote for Proposals for the Special Meeting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A quorum of Inotiv&rsquo;s shareholders is necessary to hold a valid
meeting. A quorum will be present at the Special Meeting if the holders of a majority of the outstanding shares entitled to vote as of
the close of business on the record date are present in person or represented by proxy at the Special Meeting. Abstentions will count
as present for the purposes of establishing a quorum. Broker non-votes will be counted for the purposes of determining the existence of
a quorum at the Special Meeting if a shareholder instructs its bank, broker or other nominee to vote its shares on any proposal. If a
shareholder fails to instruct its bank, broker or nominee to vote its shares on any proposal, and such bank, broker or nominee exercises
its authority to vote in its discretion on the Authorized Share Increase Proposal, then the shares voted by such bank, broker, or nominee
on the Authorized Share Increase Proposal will be counted for the purposes of determining the existence of a quorum at the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Assuming a quorum is present, approval of the Share Issuance Proposal
requires the affirmative vote of the holders of a majority of the Common Shares present in person or represented by proxy at the Special
Meeting and entitled to vote thereat. Accordingly, with respect to a holder of Common Shares who is present in person or represented by
proxy at the Special Meeting, such shareholder&rsquo;s abstention from voting or the failure of a holder of Common Shares to vote will
have the same effect as a vote &ldquo;AGAINST&rdquo; the Share Issuance Proposal. The failure of a holder of Common Shares who holds shares
in &ldquo;street name&rdquo; through a bank, broker or other nominee to give voting instructions to the bank, broker or other nominee
also will have the same effect as a vote &ldquo;AGAINST&rdquo; the Share Issuance Proposal if such bank, broker or other nominee exercises
its authority to vote in its discretion on the Authorized Share Increase Proposal. Additionally, if a holder of Common Shares instructs
its bank, broker or other nominee regarding the Authorized Share Increase Proposal or the Adjournment Proposal but not the Share Issuance
Proposal, such broker non-vote will have the same effect as voting &ldquo;AGAINST&rdquo; the Share Issuance Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Approval of the Authorized Share Increase Proposal requires the affirmative
vote of the holders of a majority of the outstanding Common Shares entitled to vote on the proposal. Accordingly, an abstention from a
holder of Common Shares will have the same effect as a vote &ldquo;AGAINST&rdquo; the Authorized Share Increase Proposal. The failure
to instruct your bank, broker or other nominee how you wish to vote your shares with respect to the Authorized Share Increase Proposal
will permit such bank, broker or other nominee to exercise its authority to vote in its discretion on the Authorized Share Increase Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Approval of the Adjournment Proposal requires the affirmative vote
of the holders of a majority of the Common Shares present in person or represented by proxy at the Special Meeting and entitled to vote
thereat. Accordingly, with respect to a holder of Common Shares who is present in person or represented by proxy at the Special Meeting,
such shareholder&rsquo;s abstention from voting or the failure of a holder of Common Shares to vote will have the same effect as a vote
 &ldquo;AGAINST&rdquo; the Adjournment Proposal. The failure of a holder of Common Shares who holds shares in &ldquo;street name&rdquo;
through a bank, broker or other nominee to give voting instructions to the bank, broker or other nominee also will have the same effect
as a vote &ldquo;AGAINST&rdquo; the Adjournment Proposal if such bank, broker or other nominee exercises its authority to vote in its
discretion on the Authorized Share Increase Proposal. Additionally, if a holder of Common Shares instructs its bank, broker or other nominee
regarding the Share Issuance Proposal or the Authorized Share Increase Proposal, but not the Adjournment Proposal, such broker non-vote
will have the same effect as voting &ldquo;AGAINST&rdquo; the Adjournment Proposal. Unless there is a quorum, the presiding officer of
the Special Meeting may also adjourn the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Merger is conditioned on, among other things, the approval of the
Authorized Share Increase Proposal and the Share Issuance Proposal at the Special Meeting. The Merger is not conditioned on the approval
of the EIP Amendment Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is important for you to note that, in the event that either the
Authorized Share Increase Proposal or the Share Issuance Proposal does not receive the requisite vote for approval,&nbsp;Inotiv will not
be able to consummate the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_009"></A>Recommendation to the Inotiv Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board believes that each of the Authorized Share Increase Proposal,
the Share Issuance Proposal, the EIP Amendment Proposal and the Adjournment Proposal to be presented at the Special Meeting is in the
best interests of Inotiv and Inotiv&rsquo;s shareholders and unanimously recommends that its shareholders vote &ldquo;FOR&rdquo; the Authorized
Share Increase Proposal, &ldquo;FOR&rdquo; the Merger Share Issuance Proposal, &ldquo;FOR&rdquo; the EIP Amendment Proposal, &ldquo;FOR&rdquo;
the Notes Share Issuance Proposal and &ldquo;FOR&rdquo; the Adjournment Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_010"></A>Voting Your Shares&mdash;Shareholders of Record</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are a holder of Common Shares of record, you may vote by mail,
in person at the Special Meeting, by phone using the toll-free phone number on your proxy card or through the Internet using the instructions
described on the proxy card. Each share of Common Stock that you own in your name entitles you to one vote on each of the proposals for
the Special Meeting. Your one or more proxy cards show the number of Common Shares that you own.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Voting
by Mail</I>. You can vote your shares by completing, signing, dating and returning the enclosed proxy card in the postage-paid envelope
provided. By signing the proxy card and returning it in the enclosed prepaid and addressed envelope, you are authorizing the individuals
named on the proxy card to vote your shares at the Special Meeting in the manner you indicate. We encourage you to sign and return the
proxy card even if you plan to attend the Special Meeting so that your shares will be voted if you are unable to attend the Special Meeting.
If you receive more than one proxy card, it is an indication that your shares are held in multiple accounts. Please sign and return all
proxy cards to ensure that all of your shares are voted. If you sign and return the proxy card but do not give instructions on how to
vote your shares, your Common Shares will be voted as recommended by the Board. The Board recommends voting &ldquo;FOR&rdquo; the Share
Issuance Proposal, &ldquo;FOR&rdquo; the Authorized Share Increase Proposal and &ldquo;FOR&rdquo; the Adjournment Proposal. Votes submitted
by mail must be received by the deadline specified on the accompanying proxy card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Voting
By Phone or Internet</I>. All shareholders of record can vote by phone from the United States and Canada, using the toll-free phone number
on the proxy card, or through the Internet using the procedures and instructions described on the proxy card. Street name holders may
vote by Internet or telephone if their bank or broker makes those methods available, in which case the bank or broker will enclose the
instructions with the proxy materials. The Internet and phone voting procedures are designed to authenticate shareholders&rsquo; identities,
allow shareholders to vote their shares and to confirm that their instructions have been properly recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Voting
at the Special Meeting</I>. You can vote in person at the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_011"></A>Revocation of Proxies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You can change or revoke your proxy at any time before the final vote
at the Special Meeting. If you are the shareholder of record of your shares, you may revoke your proxy by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;submitting
another proxy over the Internet or by phone prior to [Time], on ____________, 2021;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;timely
delivering a written notice that you are revoking your proxy to Inotiv&rsquo;s Secretary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;timely
delivering a valid, later-dated proxy;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;attending
the Special Meeting and voting in person. Your attendance at the Special Meeting will not revoke your proxy unless you give written notice
of revocation to Inotiv&rsquo;s Secretary before your proxy is exercised or unless you vote your shares in person at the Special Meeting;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if you
are the beneficial owner of shares held in &ldquo;street name,&rdquo; you should contact your bank, broker or other nominee with questions
about how to change or revoke your voting instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_012"></A>No Additional Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Special Meeting has been called only to consider the approval of
the Authorized Share Increase Proposal, the Share Issuance Proposal, and the Adjournment Proposal. Under the Amended and Restated Bylaws
of Inotiv (the &ldquo;Bylaws&rdquo;), other than procedural matters incident to the conduct of the Special Meeting, no other matters may
be considered at the Special Meeting if they are not included in this proxy statement, which serves as the notice of the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_013"></A>[Who Can Answer Your Questions About Voting?]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have any questions about how to vote or direct a vote in respect
of your Common Shares, you may call ___________,&nbsp;Inotiv&rsquo;s proxy solicitor, at (___) ___-____ (toll free).]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_014"></A>Proxy Solicitation Costs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv is soliciting proxies on behalf of its Board. This proxy solicitation
is being made by mail, but also may be made by phone or in person. Inotiv and its directors, officers and employees may also solicit proxies
in person. Inotiv will ask banks, brokers and other institutions, nominees and fiduciaries to forward the proxy materials to their principals
and to obtain their authority to execute proxies and voting instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv will bear the entire cost of the proxy solicitation, including
the preparation, assembly, printing, mailing and distribution of the proxy materials. Inotiv will reimburse brokerage firms and other
custodians for their reasonable out-of-pocket expenses for forwarding the proxy materials to the Inotiv shareholders. Directors, officers
and employees of Inotiv who solicit proxies will not be paid any additional compensation for soliciting proxies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Kalai_015"></A>PROPOSAL 1&mdash;THE AUTHORIZED SHARE INCREASE
PROPOSAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="Kalai_016"></A>Overview </B></FONT>Inotiv
is asking its shareholders to approve an amendment to the Third Amended and Restated Articles of Incorporation to increase the
number of authorized Common Shares from 19,000,000 shares to 74,000,000 shares. A copy of the Articles Amendment to effect the
authorized share count increase is attached to this proxy statement as Annex A. Holders of Common Shares should read the Articles
Amendment in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of the close of business on [October&nbsp;4], 2021, the record date
for the Special Meeting, there were [&bull;] Common Shares issued and outstanding. In connection with the Merger,&nbsp;Inotiv expects
to issue approximately [&bull;] Common Shares to the Envigo Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board considers the proposed increase in the number of authorized
shares advisable because it will provide Inotiv with greater flexibility in the capital structure of the combined company following the
Merger by allowing it to raise capital that may be necessary to further develop its business, to fund potential acquisitions, to have
shares available for use in connection with stock plans and to pursue other corporate purposes that may be identified by the board of
directors of the combined company in the future. After careful consideration, the Board, by a unanimous vote of all directors, determined
that the Articles Amendment is advisable and in the best interests of Inotiv and approved the Articles Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Common Share authorized for issuance has the same rights as, and
is identical in all respects with, each other Common Share currently outstanding. The newly authorized Common Shares will not affect the
rights, such as voting and liquidation rights, of the Common Shares currently outstanding. Under the Articles, shareholders of Inotiv
do not have preemptive rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, should the Board elect to issue additional Common Shares,
other than on a pro rata basis to all current Inotiv shareholders, existing Inotiv shareholders would not have any preferential rights
to purchase those shares, and such issuance could have a dilutive effect on earnings per share, book value per share, and the voting power
and shareholdings of current Inotiv shareholders, depending on the particular circumstances in which the additional Common Shares are
issued. The Board continually considers Inotiv&rsquo;s capital structure and will determine the terms and timing of any future issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Articles Amendment will become effective immediately prior to the
effective time, subject to the completion of the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing description of the Articles Amendment does not purport
to be complete and is qualified in its entirety by reference to the full text of the Articles Amendment, which is attached as Annex A
to this proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_017"></A>Vote Required for Approval</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a quorum is present at the Special Meeting, the Authorized Share
Increase Proposal will be approved if the number of votes cast for approval of the proposal exceeds the number of votes cast against approval
of the proposal at the Special Meeting. Abstentions and broker non-votes are not counted for purposes of determining whether these proposals
have been approved. Additionally, if a holder of Common Shares fails to instruct its bank, broker or other nominee regarding the Authorized
Share Increase Proposal, such broker will be able to exercise its discretion to vote on the proposal and, if so, the vote will be counted
for purposes of determining whether the Adjournment Proposal is approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_018"></A>Recommendation of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE &ldquo;FOR&rdquo;
THE AUTHORIZED SHARE INCREASE PROPOSAL. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Kalai_019"></A>PROPOSAL 2&mdash;APPROVAL OF THE ISSUANCE OF
COMMON STOCK<BR>
IN CONNECTION WITH THE MERGER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_020"></A>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 21, 2021, we and two of our newly formed, wholly owned
subsidiaries entered into the Envigo merger agreement with Envigo RMS Holding Corp, which we call &quot;Envigo&quot;, and Shareholder
Representative Services LLC, pursuant to which we agreed to acquire Envigo through the merger of one of our newly formed subsidiaries
with and into Envigo, with Envigo continuing as the surviving corporation of the merger. We call this transaction the &quot;merger&quot;.
The merger consideration to be paid by us pursuant to the Envigo merger agreement consists of approximately $200.0.0 million in cash,
subject to adjustment as set forth in the Merger Agreement, and 9,365,173&nbsp;of our common shares, subject to adjustment as set forth
in the Merger Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the date we signed the Envigo merger agreement, we entered into
a commitment letter(the &rdquo;Senior Debt Commitment Letter&rdquo;) with financial institutions, arranged by Jefferies Finance LLC. The
commitment we received is for a new senior secured term loan facility in an aggregate principal amount of $165.0 million, which we call
the &quot;senior term loan&quot;, a senior secured delayed draw term loan facility in an aggregate principal amount of $35.0 million and
a senior secured revolving credit facility in an aggregate principal amount of $15.0 million, which is to be provided on the terms and
subject to the conditions set forth in the senior debt commitment letter. We refer to the credit facilities to be provided pursuant to
the senior debt commitment letter as the &quot;senior credit facility&quot;. On the same date, we entered into a commitment letter with
Jefferies, which we call the &quot;notes commitment letter&quot;, to purchase $110.0 million of our unsecured Convertible Notes on the
terms and subject to the conditions set forth in the notes commitment letter. We intend to use borrowings under the senior term loan and
the net proceeds from this offering to pay the cash portion of the merger consideration and fees, commissions and expenses related to
the Envigo acquisition and these financings. Under the terms and conditions of the Envigo merger agreement, the aggregate consideration
to be paid to the holders of outstanding equity interests in Envigo in the merger will consist of cash consideration of $200.0 million,
subject to adjustment as provided in the Envigo merger agreement and 9,365,173&nbsp;of our common shares, subject to adjustment as set
forth in the Merger Agreement, which shares had an aggregate market value of approximately $285.0 million based on the volume weighted
average sales price of such shares as traded on the NASDAQ Capital Market calculated for the 20-trading day period ending on September
20, 2021. It is anticipated that, upon completion of the merger, our current shareholders will own approximately 64% of our outstanding
common shares and the former stockholders of Envigo will own, in the aggregate, approximately 36% of our outstanding Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_021"></A>Envigo Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo is primarily a products business that provides research-quality
animals for use in laboratory tests, as well as standard and custom laboratory animal diets and bedding and other associated services
for contract research organizations, biopharmaceutical companies, universities, governments and other research organizations. It provides
customers with laboratory animals used in basic research and product development and non-clinical testing of compounds to support the
development and approval of new medicines. Utilizing its portfolio of products, Envigo enables its customers to create a more flexible
product development model and reduce their costs, enhance their productivity, and increase speed to market. Envigo&rsquo;s vision, working
together to build a healthier and safer world, includes helping its customers meet certain regulatory requirements in order to bring life-saving
and life-enhancing new medicines to patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo is a leading commercial provider of RMS products and services
globally and has been supplying research models since 1931. With over 130 different strains, Envigo is a global leader in the production
and sale of the most widely used rodent research model strains, and is able to offer a broad range of species in its sector. Envigo also
manufactures and sells premium Teklad brand diets for laboratory animals and provides a variety of related services that are designed
to assist clients in the use of animal models in research and development. Envigo maintains production centers, including barrier and
isolator facilities, in the U.S., U.K., mainland Europe, and Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo's RMS business is comprised of (1)&nbsp;Research Models, (2)&nbsp;Diets
and Bedding, and (3)&nbsp;Research Model Services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Research Models. The research models business is comprised of the commercial
production and sale of laboratory animals and research models, principally purpose-bred rats and mice and large animal models (NHPs, canines
and rabbits) for use by researchers. Envigo provides models to numerous customers around the world, including many academic institutions,
government agencies, biopharmaceutical companies, and contract research organizations. Envigo has a global footprint with production facilities
strategically located in six countries. Its operations are located in close proximity to its customers, enabling Envigo to provide consistent
customer service with a high degree of focus on animal welfare.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo's research models include standard stocks and strains, immunocompromised
models (which are useful for oncology research), disease models (which are in demand as early-stage research tools) and genetically-engineered
models (&ldquo;GEMs&rdquo;, which are often created for specific research projects). The FDA and other regulatory agencies require that
the safety and efficacy of new drug candidates be tested on research models like ours prior to product registration. As a result, Envigo's
research models are an essential part of the drug research and development process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Small Animal Research Models. Envigo's rodent species have been, and
continue to be, some of the most extensively used research models in the world, largely as a result of Envigo's geographic footprint and
commitment to quality and customer service. Envigo's products create high customer loyalty, due to the strong preference of customers
to avoid variability in their data and to work with an industry founder with more than 85 years of experience. Envigo's small animal research
models are bred and maintained in controlled environments, which are designed to ensure that the models are free of specific viral and
bacterial agents, and other contaminants that can disrupt research operations and distort research results. With Envigo's production capabilities,
we strive to consistently deliver high-quality research models worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Envigo's rodent research models include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">&middot;</TD><TD STYLE="text-align: justify">outbred, which are purposefully bred for heterogeneity;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&middot;</TD><TD STYLE="text-align: justify">inbred, which are bred to be genetically identical;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&middot;</TD><TD STYLE="text-align: justify">spontaneous mutant, which contain a naturally occurring genetic
mutation (such as immune deficiency);</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&middot;</TD><TD STYLE="text-align: justify">hybrid, which are the offspring of two different inbred parents;
and</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&middot;</TD><TD STYLE="text-align: justify">GEMs.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain of Envigo's models are proprietary, disease-specific rodent
models used to research treatments for diseases such as diabetes, obesity, cardiovascular and kidney disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Large Research Models. Envigo's large animal portfolio includes non-human
primates, which we call &quot;NHPs&quot;, canines and rabbits. NHPs are generally imported into the U.S. from Asia and Africa, with very
limited breeding in the U.S. Envigo operates a large quarantine facility in the U.S. to house and clear these imported animals, ensuring
they have high health status before onward shipment to customers. NHPs are used by Envigo's customers primarily for the safety testing
of new biological therapies. Canines are purpose-bred in the U.S. and used primarily for the safety testing of new chemical therapies.
Rabbits are bred in both the U.K. and U.S. and utilized primarily for the reproductive safety testing of potential new therapies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Diets and Bedding. Through Envigo's Teklad product line, Envigo produces
and sells laboratory animal diets, bedding, and enrichment products. With primary manufacturing operations in the U.S. and a primarily
company-owned and/or managed distribution network throughout the U.S., U.K. and Europe, Envigo distributes Teklad products globally. Envigo
also maintains contract-manufacturing relationships with companies in the U.K. and Italy. In October&nbsp;2019, Envigo RMS, LLC (&ldquo;Envigo
U.S.&rdquo;) entered into a master services agreement with Vanguard Supply Chain Solutions LLC, which we call &quot;Vanguard,&quot; to
provide transportation and warehousing services for Envigo's operations in the U.S. and Canada for research models and Teklad products.
Prior to this agreement, we had utilized internal resources to transport its research models and large laboratory animals, and transport
and warehouse its Teklad products in those geographies. The master services agreement transitions these services from internal to Vanguard
over 9 phases beginning in December&nbsp;2019 and anticipated to conclude in late-2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Teklad has been manufacturing animal diets for over 40 years and offers
a full line of off-the-shelf formulations as well as custom diets to meet our customers&rsquo; specific research needs. A team of nutritionists,
including several PhD&rsquo;s, works with customers to determine the best diet for their research objectives. If a custom diet is required,
Envigo's nutritionists define the appropriate formula and its custom diet manufacturing line produces the feed. Envigo's manufacturing
facilities are ISO 9001:200.08 certified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Teklad diets are manufactured from natural ingredients and use fixed
formulas. In conjunction with strict quality standards for raw materials, this approach ensures quality and consistency by minimizing
variability of both nutrients and certain natural chemicals in the diet which might affect a research study. Teklad offers a variety of
bedding and enrichment products to support model breeding, weaning, and holding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Research Model Services. Envigo also offers a variety of services designed
to support our customers' use of research models in basic research and product development. These services include specialized surgical
modifications such as cannulation, implants, and the creation of surgically derived disease state models. Envigo also provides contract
breeding, contract colony management, health monitoring, quarantine, cryopreservation, rederivation and revitalization services, as well
as antibody development and production. In addition, Envigo offers care and boarding services for customer-owned animals at its facilities.
Lastly, through the GEMS business, Envigo is able to offer the creation of new transgenic research models specific to individual customers&rsquo;
needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Envigo RMS
Holding Corp. (the &ldquo;Parent&rdquo;) was formed on April&nbsp;9, 2019 as a wholly owned subsidiary of Envigo Holdings,&nbsp;Inc. (&ldquo;Holdings&rdquo;)
for the sole purpose of owning Holdings&rsquo; research models and services businesses (&ldquo;RMS&rdquo;) and certain other assets. On
June 3, 2019, in anticipation of the acquisition of the majority of Holdings&rsquo; contract research services (&ldquo;CRS&rdquo;) operating
segment by Laboratory Corporation of America Holdings&rsquo; (&ldquo;LabCorp&rdquo;) Covance Drug Development segment (&ldquo;Covance&rdquo;),
Holdings executed a group restructuring and spin-off whereby Holdings&rsquo; RMS operating subsidiaries were contributed to the Parent.</FONT>
The group restructuring was completed by entities under common control with the shareholder group of the Parent remaining substantially
the same. Concurrent with the spin-off, Envigo RMS LLC, a wholly owned subsidiary of the Parent, acquired Covance Research Products, Inc.
(&ldquo;CRP&rdquo;) (later renamed Envigo Global Services Inc. or &ldquo;EGSI&rdquo;). The sale of the CRS business to LabCorp and the
purchase of the EGSI business from LabCorp are referred to collectively as the LabCorp Transaction. Envigo RMS Holding Corp.&rsquo;s principal
offices are located at 8520 Allison Pointe, Suite&nbsp;400,&nbsp;Indianapolis,&nbsp;IN 46250. Envigo's telephone number is (317) 806-6080.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_022"></A>Envigo&rsquo;s Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Results of Operations for the Year Ended December
31, 2020 and the Period June 3, 2019 to December 31, 2019 and Direct Revenue and Direct Expenses for the Period January 1, 2019 to June
2, 2019 and for the Year Ended December 31, 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The statement of operations information presented for the year ended
December&nbsp;31, 2020 and the period June&nbsp;3, 2019 to December&nbsp;31, 2019 are derived from Envigo&rsquo;s audited financial statements
for the year ended December&nbsp;31, 2020. The direct revenue and direct expenses for the period January&nbsp;1, 2019 to June&nbsp;2,
2019 and for the year ended December&nbsp;31, 2018 are derived from the unaudited Special Purpose Combined Financial Statements provided
in Annex D of this filing. The unaudited Special Purposes Financial Statements may not include data for all revenue and expense lines.
In addition, direct revenue and direct expenses exclude certain corporate selling, general and administrative expenses that are determined
to not be directly linked to the revenue generation and collection process. The exclusion of certain selling, general and administrative
expenses will affect the year-over-year comparison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For purposes of a comparative Results of Operations
discussion, Envigo&rsquo;s audited historical results of operations for the period June&nbsp;3, 2019 to December&nbsp;31, 2019 is being
combined with direct revenue and direct expenses for the period January&nbsp;1, 2019 to June&nbsp;2, 2019 provided in Special Purpose
Combined Financial Statements. The combination of these periods will be referred to as Combined 2019 in the results discussion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Year Ended December&nbsp;31, 2020 compared
to Combined 2019</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Year
    Ended<BR>
    December&nbsp;31, 2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Period
    June&nbsp;3, 2019 to<BR>
    December&nbsp;31, 2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Period
    January&nbsp;1, 2019 to<BR>
    June&nbsp;2, 2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Combined
    2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">$
    Change</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">%
    Change</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; width: 22%; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Net
    revenue</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">246,369</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">139,661</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">66,847</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">206,508</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">39,861</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">19.3</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Operating
    costs</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Cost
    of sales</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(192,360</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(111,594</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(47,393</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(158,987</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(33,373</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">21.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Selling,
    general and administrative expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(40,610</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(22,225</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(7,597</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(29,822</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(10,788</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">36.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Amortization
    of intangible assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(2,549</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(1,422</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(743</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(2,165</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(384</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">17.7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 8pt">Loss
    on impairment of property, plant and equipment, goodwill and intangible assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(49,806</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Gain on
    sale of animal colony</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">12,386</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Other
    operating expense</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(5,440</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(11,263</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(11,263</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Operating (loss) income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(32,010</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(6,843</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">11,114</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">4,271</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Interest
    expense, net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(9,331</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(6,195</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(6,195</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Interest
    expense, net - related parties</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(47</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Gain on
    bargain purchase of business</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,137</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,137</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Gain on
    extinguishment of debt</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">633</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Foreign
    exchange (losses) gains</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(1,574</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">441</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">441</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Other
    income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">83</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">626</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">626</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: left">(<FONT STYLE="font-size: 8pt">Loss)
    income from continuing operations, before income taxes</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(42,246</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(9,834</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">11,114</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,280</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Income
    tax (expense) benefit</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(11,262</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,371</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,371</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: left">(<FONT STYLE="font-size: 8pt">Loss)
    income from continuing operations</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(53,508</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(7,463</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">11,114</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">3,651</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Income
    (loss) from discontinued operations, net of tax</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">268</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(408</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(408</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Consolidated
    net ( loss) income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(53,240</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(7,871</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">11,114</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">3,243</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Net Revenue</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Year Ended</TD><TD STYLE="text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">June&nbsp;3 2019 to</TD><TD STYLE="text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">January&nbsp;1, 2019 to</TD><TD STYLE="text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Combined Year Ended</TD><TD STYLE="text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Change</TD><TD STYLE="text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">December&nbsp;31, 2020</TD><TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">December&nbsp;31, 2019</TD><TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">June&nbsp;2, 2019</TD><TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">December&nbsp;31, 2019</TD><TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">$</TD><TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">%</TD><TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; text-align: justify">Products</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">223,959</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">128,865</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">62,731</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">191,596</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">32,363</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">16.9</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Services</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">22,410</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,796</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,116</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">14,912</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,498</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">50.3</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">246,369</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">139,661</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">66,847</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">206,508</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">39,861</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">19.3</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net revenue for the year ended December&nbsp;31, 2020 was $246.4 million,
an increase of 19.3% from net revenue of $206.5 million for Combined 2019. The products revenue increase includes a $47.0 million increase
in large animal revenue primarily due to having a full year of revenue from the EGSI business acquired in June&nbsp;2019 and higher demand
and selling price in 2020. Product revenues for our small animal product revenues and diet and bedding revenues were both negatively impacted
by COVID-19 in 2020 and decreased by $13.1 million and $1.5 million, respectively. Net revenue from services increased $7.5 million primarily
due to having a full year of revenues from the EGSI business acquired in June&nbsp;2019 and the GEMS business acquired in December&nbsp;2019,
partially offset by lower contract breeding services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cost of Sales</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cost of sales for the year ended December&nbsp;31, 2020 were $192.4
million (78.1% of net revenue), an increase of 21.0% from cost of sales of $159.0 million (77.0% of net revenue) for Combined 2019. The
increase was primarily driven by a full year of costs in 2020 for the EGSI business acquired in June&nbsp;2019 and the GEMS business acquired
in December&nbsp;2019. Cost category increases included $13.2 million in direct costs primarily driven by EGSI transportation and direct
material costs, $8.0 million in inventory costs (in line with the volume impacts discussed in revenue above), $6.4 million in higher compensation
and benefit costs driven by a full year of EGSI, $4.1 million in other costs including EGSI related boarding and insurance costs and $2.1
million in higher facility costs related to higher rent, utilities and depreciation from the EGSI sites acquired in June&nbsp;2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Selling, General and Administrative expenses (&ldquo;SG&amp;A&rdquo;)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG&amp;A for the year ended December&nbsp;31, 2020 was $40.6 million
(16.5% of net revenue), an increase of 36.2% compared to $29.8 million (14.4% of net revenue) during Combined 2019. SG&amp;A for the year
ended December&nbsp;2020 was higher due to 2020 include a full year of the EGSI business in 2020. Year ended December&nbsp;31, 2020 saw
increases in employee compensation and benefit costs, higher professional fees and higher IT equipment costs. These increases were primarily
driven by a full year of costs incurred by Envigo that were recorded at the parent company level prior to the LabCorp Transaction in June&nbsp;2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Amortization of Intangible Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Amortization of intangible assets was $2.5 million
during the year ended December&nbsp;31, 2020 compared to $2.2 million for Combined 2019. The increase is primarily due to a full year
of amortization of the EGSI intangibles in the year ended December&nbsp;31, 2020 and reduction of useful lives in 2020, partially offset
by amortization reductions from the impairment of certain intangibles in 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Loss on Impairment of Goodwill and Intangible
Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">During the year ended December&nbsp;31, 2020,
we recorded impairment losses of $39.7 million and $9.8 million on our goodwill and intellectual property intangible assets, respectively.
During 2020, due to the negative impact that COVID-19 was having on our business, we performed quantitative impairment tests using a discounted
cash flow model to compare the fair value of our goodwill and customer relationships and intellectual property intangible assets to their
carrying values. The analysis resulted in the full impairment of our goodwill and impairment of certain intellectual property intangible
assets. In addition, we recorded an impairment of $0.3 million on the land at our Haslett facility in conjunction with a plan to close
and relocate the Haslett operations into existing sites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Gain on Sale of Animal Colony</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December&nbsp;31, 2020,
we recorded a gain of $12.4 million on the sale of our Indian Origin Rhesus colony.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Operating Expense</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Other operating expense for the year ended December&nbsp;31,
2020 was $5.4 million including $2.8 million for restructuring activities, $2.3 million for costs incurred related to the integration
of EGSI into the Envigo systems and processes and $0.3 million for COVID-19 related costs. The restructuring expenses include $0.9 million
for costs associated with the closure and relocation of the Bresso,&nbsp;Italy facility to an existing locations, $0.9 million for audit,
tax and consulting costs with accounting for the LabCorp transaction and tax compliance filings, $0.4 million for employee related cost
incurred as we continue the transition of our North America transportation service to our consolidated VIE, and $0.3 million in costs
associated with legal entity restructuring and spin-off just prior to the LabCorp Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Other operating expense for Combined 2019 (related
to the period June&nbsp;3, 2019 to December&nbsp;31, 2019) was $11.3 million including $6.0 million for costs associated with the LabCorp
Transaction, $3.4 million for costs incurred related to the integration of EGSI into Envigo and $1.8 million for restructuring activities.
The restructuring expenses represent severance and other costs associated with reorganizing Envigo post the LabCorp Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Net Interest Expense</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Net interest expense (including related party
interest) was $9.4 million for the year ended December&nbsp;31, 2020. Interest expense includes $8.4 million in interest and debt issuance
cost amortization associated with the Seller Note, $0.7 million for the financing component of certain product revenue transactions, $0.2
million in interest and debt issuance cost and original issuance discount amortization associated with the Main Street Term Loan, and
$0.1 million in interest and debt issuance cost and original issuance discount amortization associated with the Second Lien Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
interest expense (including related party interest) for Combined 2019 </FONT>(related to the period June&nbsp;3, 2019 to December&nbsp;31,
2019) was $6.2 million related to interest and debt issuance cost amortization on the Seller Note issued as part of the LabCorp Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Gain on Bargain Purchase of Business</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
on bargain purchase of business of $2.1 million in Combined 2019 </FONT>(related to the period June&nbsp;3, 2019 to December&nbsp;31,
2019) represents the gain on the bargain purchase of Envigo GEMS business from Horizon Discovery Group plc for one dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Gain on Extinguishment of Debt</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Gain on the extinguishment of debt for the year
ended December&nbsp;31, 2020 of $0.6 million represents the write-off of accrued interest and unamortized debt issuance costs related
to the voluntary prepayment of $40.0 million of the outstanding balance of the Seller Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Foreign Exchange Gains (Losses)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Foreign exchange losses for the year ended December&nbsp;31, 2020 of
$1.6 million represent realized and unrealized foreign exchange losses primarily associated with the remeasurement of intercompany loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
exchange gains for Combined 2019 </FONT>(related to the period June&nbsp;3, 2019 to December&nbsp;31, 2019) of $0.4 million represent
realized and unrealized foreign exchange losses primarily associated with the remeasurement of intercompany loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Income Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the year ended December&nbsp;31, 2020, we recorded income tax
expense of $11.3 million (or -26.7%) was recorded on the net loss from continuing operations before income taxes of $42.2 million. The
tax rate differs from the federal statutory rate primarily due to <FONT STYLE="background-color: white">the valuation allowance recorded
in 2020 on the Company&rsquo;s net deferred tax assets and non-deductible items primarily related to goodwill impairment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
Combined 2019 (related to the period June&nbsp;3, 2019 to December&nbsp;31, 2019), we recorded income tax benefit of $2.4 million. The
tax rate differs from the federal statutory rate primarily due to foreign rate differentials, offset by</FONT> <FONT STYLE="background-color: white">non-deductible
items primarily associated with losses on the sale of our Spain CRS business</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Income (Loss) from Discontinued Operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December&nbsp;31, 2020,
the income from discontinued operations of $0.3 million related to our CRS Israel business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">During Combined 2019 (related to the period June&nbsp;3,
2019 to December&nbsp;31, 2019), the loss from discontinued operations of $0.4 million related to our CRS business including $3.3 million
in losses from operations, $0.8 million for a loss on the sale of the CRS Germany business in July&nbsp;2019 and $0.2 million for impairment
of the CRS Israel assets held for sale, partially offset by $3.6 million for a gain on the sale of the CRS Spain business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Combined 2019 compared to Direct Revenue and
Direct Expenses for the Year Ended December&nbsp;31, 2018</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Period
    June 3, 2019 to<BR>
December 31, 2019</FONT></TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Period
    January 1, 2019 to<BR>
June 2, 2019</FONT></TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Combined
    2019</FONT></TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Year
    Ended<BR>
December 31, 2018</FONT></TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">$
    Change</FONT></TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">%
    Change</FONT></TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; width: 22%; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Net revenue</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">139,661</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">66,847</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">206,508</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">157,782</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">48,726</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">30.9</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Operating costs</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Cost of sales</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(111,594</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(47,393</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(158,987</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(115,198</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(43,789</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">38.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Selling, general and administrative
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(22,225</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(7,597</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(29,822</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(16,176</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(13,646</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">84.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Amortization of intangible assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(1,422</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(743</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(2,165</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(1,826</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(339</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">18.6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Other operating
    expense</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(11,263</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(11,263</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Operating
    (loss) income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(6,843</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">11,114</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">4,271</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">24,582</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Interest expense, net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(6,195</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(6,195</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Gain on bargain purchase of business</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,137</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,137</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Foreign exchange gains</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">441</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">441</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Other income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">626</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">626</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">(Loss) income from continuing
    operations, before income taxes</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(9,834</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">11,114</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,280</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">24,582</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Income tax
    benefit</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,371</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,371</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">(Loss) income from continuing
    operations</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(7,463</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">11,114</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">3,651</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">24,582</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Loss from
    discontinued operations, net of tax</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(408</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(408</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Consolidated
    net  (loss) income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(7,871</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">11,114</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">3,243</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">24,582</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Net Revenue</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">June&nbsp;3 2019 to</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">January&nbsp;1, 2019 to</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">Year Ended</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">Change</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">December&nbsp;31, 2019</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">June&nbsp;2, 2019</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">Combined 2019</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">December&nbsp;31, 2018</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">$</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">%</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; text-align: justify">Products</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">128,865</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">62,731</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">191,596</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">146,973</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">44,623</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">30.4</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Services</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,796</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,116</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">14,912</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,809</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,103</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">38.0</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">139,661</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">66,847</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">206,508</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">157,782</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">48,726</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">30.9</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
revenue for Combined 2019 was $206.5 million, an increase of 30.9% from net revenue of $157.8 million for the year ended December&nbsp;31,
2018. </FONT>The increase in products revenue includes a $50.2 million increase in large animal models from the EGSI business acquired
in June&nbsp;2019. In addition, products revenue from our diets and bedding products increased $1.9 million, or 4.2%. Products revenue
from our small animal models decreased $7.6 million due to lower volumes. Services revenue increased $4.1 million primarily due to boarding
revenues from the EGSI business acquired in June&nbsp;2019, offset in part by lower contract breeding services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cost of Sales</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cost of sales for Combined 2019 were $159.0 million (77.0% of net revenue),
an increase of 38.0% from cost of sales of $115.2 million (73.0% of net revenue) for the year ended December&nbsp;31, 2018. The increase
was primarily driven by a full year of costs in 2020 for the EGSI business acquired in June&nbsp;2019 and the GEMS business acquired in
December&nbsp;2019. Cost category increases included $22.5 million in inventory costs (in line with the volume impacts discussed in revenue
above), $7.1 million in higher compensation and benefit costs, $6.9 million in direct costs driven by higher transportation and direct
material costs, $2.7 million in higher facility costs driven by higher rent and depreciation from the EGSI sites acquired in June&nbsp;2019,
$1.7 million for inventory step-up cost amortization from the acquisition of the EGSI business and $1.7 million in other costs primarily
related to boarding costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Selling, General and Administrative expenses (&ldquo;SG&amp;A&rdquo;)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG&amp;A for Combined 2019 was $29.8 million (14.4% of net revenue),
an increase of 84.4% compared to $16.2 million (10.3% of net revenue) during the year ended December&nbsp;31, 2018. The period June&nbsp;3,
2019 to December&nbsp;31, 2019 included in Combined 2019 includes corporate costs excluded by definition from direct expenses. Combined
2019 saw higher employee compensation and benefit costs driven by staffing needs post LabCorp Transaction, higher professional fees incurred
at Envigo that were previously carried at parent level prior to LabCorp Transaction and higher IT equipment costs now incurred by Envigo
previous posted at parent prior to the LabCorp Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Amortization of Intangible Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amortization of intangible assets was $2.2 million during Combined
2019 compared to $1.8 million for the year ended December&nbsp;31, 2018. The increase is primarily due to amortization of the intangibles
associated with the EGSI business acquired in June&nbsp;2019, offset in part by impairment of the customer relationship intangible of
our Italian subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Operating Expense</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Other operating expense for Combined 2019 (related
to the period June&nbsp;3, 2019 to December&nbsp;31, 2019) was $11.3 million including $6.0 million for costs associated with the LabCorp
Transaction, $3.4 million for costs incurred related to the integration of EGSI into the Envigo and $1.8 million for other restructuring
activities. The restructuring expenses represent severance and other costs associated with reorganizing Envigo post the LabCorp Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Net Interest Expense</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net interest expense for Combined 2019 (related to the period June&nbsp;3,
2019 to December&nbsp;31, 2019) was $6.2 million related to interest and debt issuance cost amortization on the Seller Note issued as
part of the LabCorp Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Gain on Bargain Purchase of Business</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
on bargain purchase of business of $2.1 million in Combined 2019 </FONT>(related to the period June&nbsp;3, 2019 to December&nbsp;31,
2019) represents the gain on the bargain purchase of Envigo GEMS business from Horizon Discovery Group plc for one dollar.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Foreign Exchange Gains (Losses)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
exchange gains for Combined 2019 </FONT>(related to the period June&nbsp;3, 2019 to December&nbsp;31, 2019) of $0.4 million represent
realized and unrealized foreign exchange losses primarily associated with the remeasurement of intercompany loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Income Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
Combined 2019 (related to the period June&nbsp;3, 2019 to December&nbsp;31, 2019), we recorded income tax benefit of $2.4 million. The
tax rate differs from the federal statutory rate primarily due to foreign rate differentials, offset by</FONT> <FONT STYLE="background-color: white">non-deductible
items primarily associated with losses related to the sale of our Spain CRS business</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Income (Loss) from Discontinued Operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">During Combined 2019 (related to the period June&nbsp;3,
2019 to December&nbsp;31, 2019), the loss from discontinued operations of $0.4 million related to our CRS business including $3.3 million
in losses from operations, $0.8 million for a loss on the sale of the CRS Germany business in July&nbsp;2019 and $0.2 million for impairment
of CRS Israel assets held for sale, partially offset by $3.6 million for a gain on the sale related to the CRS Spain business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Results of Operations for the Three and Six
Months Ended June 30, 2021 and June 30, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Six Months Ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; width: 48%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">Net revenue</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">71,416</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">54,449</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">141,095</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">115,309</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">Operating costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 0 0.125in; text-indent: 0">Cost of sales</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(53,764</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(47,017</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(105,751</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(94,403</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 0 0.125in; text-align: left; text-indent: 0">Selling, general and administrative expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(11,151</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(10,217</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(22,837</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(20,703</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 0 0.125in; text-align: left; text-indent: 0">Amortization of intangible assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(650</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(672</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,300</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,262</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 0 0.125in; text-align: left; text-indent: 0">Loss on impairment of goodwill and intangible assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(49,506</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 0 0.125in; text-align: left; text-indent: 0">Other operating expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,389</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,115</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,069</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,916</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">Operating income (loss)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,462</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,572</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,138</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(53,481</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">Interest expense, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,728</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,391</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,633</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,838</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">Interest expense, net - related parties</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(277</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(440</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">Gain on forgiveness of debt</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">346</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">Foreign exchange (losses) gains</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(282</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">519</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,936</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">Other income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">88</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">115</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">20</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">217</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">Income (loss) from continuing operations, before income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,263</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(6,948</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,950</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(60,038</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">Income tax (expense) benefit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(582</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">271</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,501</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,326</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">Income (loss) from continuing operations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,681</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(6,677</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,449</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(54,712</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">(Loss) income from discontinued operations, net of tax</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(82</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(44</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(25</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">49</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0 0 2.5pt; text-align: left; text-indent: 0">Consolidated net income (loss)</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,599</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(6,721</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,424</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(54,663</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Three
months ended June 30, 2021</I></FONT><I> compared with three months ended June 30, 2020</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Revenue</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended&nbsp;June&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; width: 54%; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Products</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: right">63,257</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: right">49,437</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Services</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,159</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,012</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">71,416</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">54,449</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net revenues for the three months ended June 30,
2021 were $71.4 million, an increase of 31.2% from net revenues of $54.4 million for the three months ended June 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The increase includes a $13.8 million increase
in product revenues and an increase of $3.1 million in services revenue. The increase in product revenues was primarily driven by volume
increases across all product lines, as volumes in the three months ended June 30, 2020 were negatively impacted by the global shutdowns
as a result of COVID-19. The increase in service revenue is driven by higher boarding revenue from additional animal colonies including
the animal colony sold in December 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cost of Sales</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost of sales for the three months ended June
30, 2021 were $53.8 million (75.3% of net revenue), an increase of 14.4% from cost of sales of $47.0 million (86.4% of net revenue) for
the three months ended June 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The increase was driven by $3.5 million in higher direct costs due
to $3.5 million in higher transportation costs, $1.0 million in higher direct material costs, partially offset by $1.0 million in lower
boarding costs, $1.0 million in higher inventory costs (in line with the volume impacts discussed in revenue above), $0.9 million in higher
compensation and benefit costs, $0.8 million in higher facility costs and $0.3 million in higher sales tax and $0.1 million in higher
travel costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Selling, General and Administrative expenses (&ldquo;SG&amp;A&rdquo;)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">SG&amp;A
for the three months ended June 30, 2021 was $11.2 million </FONT>(15.6% of net revenue), an increase of 9.1% compared to $10.2 million
(18.8% of net revenue) during the three months ended June 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main variances were $0.8 million in higher
compensation and benefit costs and $0.4 million in loss on disposal of fixed assets, partially offset by $0.1 million in lower depreciation
expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Amortization of Intangible Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amortization of intangible assets was $0.7 million
during both the three months ended June 30, 2021 and 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Operating Expense</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other operating expense of $1.4 million for the
three months ended June 30, 2021 includes $0.8 million for the ERP system upgrade, $0.5 million for restructuring activities and $0.1
million related to the Company&rsquo;s response to the coronavirus pandemic. The ERP system upgrade expenses include $0.6 million for
IT service contracts and licenses and $0.2 million for external labor and consulting fees incurred as we prepare the system for upgrade,
which is expected to take place during the third quarter of 2021. The restructuring expenses include $0.4 million for employee related
cost incurred as we continue the transition of our North America transportation service to our consolidated VIE, along with costs associated
with the closure and relocation of the Bresso, Italy facility to an existing locations, and the relocation of our small animals operations
from our Haslett, Michigan site to other U.S. sites. Other operating expense of $1.1 million for the three months ended June 30, 2020
includes $0.6 million related to costs incurred to integrate EGSI into the Envigo systems and processes, $0.4 million in restructuring
costs primarily related to the professional fees incurred as a result of the LabCorp Transaction, and $0.1 million related to the Company&rsquo;s
response to the coronavirus pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Net Interest Expense</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net interest expense (including related party
interest) was $2.0 million for the three months ended June 30, 2021 compared to $2.4 million for the three months ended June 30, 2020.
The decrease of $0.4 million was primarily due to the lower interest rate on the Main Street Term Loan, the proceeds of which were used
to reduce the higher interest rate bearing Seller Note, partially offset by increased debt levels under the Main Street Loan, higher rate
borrowings under the Second Lien Loan and higher debt issuance cost and original issuance discount amortization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Foreign Exchange Gains (Losses)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Foreign
exchange losses for the </FONT>three months ended June 30, 2021 were $0.3 million compared to foreign exchange losses&nbsp;for the three
months ended June 30, 2020 of $0.1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Income Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
the three months ended June 30, 2021, we recorded income tax expense of $0.6 million (or 25.7%) on net income from continuing operations
before income taxes of $2.3 million. The tax rate differs from the federal statutory rate primarily due to the </FONT><FONT STYLE="background-color: white">mix
of income before income taxes between the U.S. and foreign countries and the valuation allowance recorded on the Company&rsquo;s net deferred
tax assets</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended June 30, 2020, the
Company recorded income tax benefit of $271 (or 3.9%) on net losses from continuing operations of $6,948. The tax rate differs from the
federal statutory rate primarily due to cumulative impact of the adjustment of the full-year forecasted tax rate, partially offset by
benefit from a carryback refund of $809.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Income (Loss) from Discontinued Operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended June 30, 2021 loss
from discontinued operations was $0.1 million from our CRS Israel business compared to loss from discontinued operations of less than
$0.1 million during the three months ended June 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Six
months ended June 30, 2021</I></FONT><I> compared with six months ended June 30, 2020</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Revenue</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Six&nbsp;Months&nbsp;Ended&nbsp;June&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; width: 54%; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Products</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: right">123,851</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: right">102,985</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">Services</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,244</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,324</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">141,095</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">115,309</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net revenues for the six months ended June 30,
2021 were $141.1 million, an increase of 22.4% from net revenues of $115.3 million for the six months ended June 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The increase includes a $20.9 million increase
in product revenues and an increase of $4.9 million in services revenue. The increase in product revenues was primarily driven by volume
increases across all product lines, as volumes in the six months ended June 30, 2020 were negatively impacted by the global shutdowns
as a result of COVID-19. The increase in service revenue is driven by higher boarding revenue from additional animal colonies including
the animal colony sold in December 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cost of Sales</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost of sales for the six months ended June 30,
2021 were $105.8 million (75.0% of net revenue), an increase of 12.0% from cost of sales of $94.4 million (81.9% of net revenue) for the
six months ended June 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The increase was driven by $6.3 million in higher direct costs due
to $5.5 million in higher transportation costs and $1.5 million in higher direct material costs (in line with the volume impacts discussed
in revenue above), $3.2 million in higher inventory costs, $0.6 million in higher sales tax, $0.3 million in facility costs, partially
offset by $0.2 million in lower labor costs and $0.1 million in lower insurance costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Selling, General and Administrative expenses
(&ldquo;SG&amp;A&rdquo;)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">SG&amp;A
for the six months ended June 30, 2021 was $22.8 million </FONT>(16.2% of net revenue), an increase of 10.3% compared to $20.7 million
(18.0% of net revenue) during the six months ended June 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main variances were $1.8 million in higher
compensation and benefit costs and $0.4 million in loss on disposal of fixed assets, partially offset by $0.4 million in lower travel
costs due to COVID-19 restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Loss on Impairment of Goodwill and Intangible
Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the six months ended June 30, 2020, we
recorded impairment losses of $39.7 million and $9.8 million on our goodwill and intellectual property intangible assets, respectively.
At March 31, 2020, due to the negative impact that COVID-19 was having on our business, we performed quantitative impairment tests using
a discounted cash flow model to compare the fair value of our goodwill and customer relationships and intellectual property intangible
assets to their carrying values. The analysis resulted in the full impairment of our goodwill and impairment of certain intellectual property
intangible assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Amortization of Intangible Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amortization of intangible assets was $1.3 million
during both the six months ended June 30, 2021 and 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Operating Expense</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other operating expense of $2.1 million for the six months ended June
30, 2021 includes $1.0 million for restructuring activities, $0.8 million for the ERP system upgrade and $0.2 million related to the Company&rsquo;s
response to the coronavirus pandemic. The restructuring expenses are employee related costs incurred as we continue the transition of
our North America transportation service to our consolidated VIE, along with costs associated with the closure and relocation of the Bresso,
Italy facility to an existing location and the relocation of our small animals operations from our Haslett, Michigan site to other U.S.
sites. The ERP system upgrade expenses include $0.6 million for IT service contracts and licenses and $0.2 million for external labor
and consulting fees incurred as we prepare the system for upgrade, which is expected to take place during the third quarter of 2021. Other
operating expense of $2.9 million for the six months ended June 30, 2020 includes $2.1 million for integration expenses incurred to integrate
EGSI and GEMS into the Envigo systems and processes, $0.7 million for restructuring activities including $0.4 million related to the professional
fees incurred as a result of the LabCorp Transaction and $0.3 million in employee-related costs as a result of the LabCorp Transaction
and $0.1 million related to the Company&rsquo;s response to the coronavirus pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Net Interest Expense</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net interest expense (including related party
interest) was $4.1 million for the six months ended June 30, 2021 compared to $4.8 million for the six months ended June 30, 2020. The
decrease of $0.7 million was primarily due to the lower interest rate on the Main Street Term Loan, the proceeds of which were used to
reduce the higher interest rate bearing Seller Note, partially offset by increased debt levels under the Main Street Loan, higher rate
borrowings under the Second Lien Loan and higher debt issuance cost and original issuance discount amortization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Gain on Forgiveness of Debt</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the six months ended June 30, 2021, we
recorded a gain of $0.4 million related to the forgiveness of the PPP loan of our consolidated VIE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Foreign Exchange Gains</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Foreign
exchange gains for the </FONT>six months ended June 30, 2021 were $0.5 million compared to foreign exchange losses&nbsp;for the six months
ended June 30, 2020 of $1.9 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Income Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During
the six months ended June 30, 2021, we recorded income tax expense of $1.5 million (or 25.2%) on net income from continuing operations
before income taxes of $6.0 million. The tax rate differs from the federal statutory rate primarily due to the </FONT><FONT STYLE="background-color: white">mix
of income before income taxes between the U.S. and foreign countries and the valuation allowance recorded on the Company&rsquo;s net deferred
tax assets</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the six months ended June 30, 2020, we
recorded income tax benefit of $5,326 (or 8.9%) on net losses from continuing operations of $60,038. The tax rate differs from the federal
statutory rate primarily due to the tax impact of non-deductible goodwill impairment, valuation allowance against the ability to realize
net operating losses in certain of our foreign operations, foreign tax-rate differentials, partially offset by benefit from a carryback
refund of $809 and state income taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Income (Loss) from Discontinued Operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the six months ended June 30, 2021, income
from discontinued operations was less than $0.1 million from our CRS Israel business, compared to losses from discontinued operations
of less than $0.1 million during the six months ended June 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_023"></A>Agreement and Plan of Merger</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">On September 21, 2021,
we&nbsp;entered into the Merger Agreement with Envigo pursuant to which we agreed, subject to certain conditions, to acquire Envigo by
Merger of Envigo with a newly formed, wholly owned subsidiary of ours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Under the terms and conditions
of the Merger Agreement, the aggregate consideration to be paid to the holders of outstanding equity interests in Envigo in the Merger
will consist of cash consideration of $200.0 million, subject to adjustment as set forth in the Merger Agreement, and 9,365,173&nbsp;Inotiv
common shares, subject to adjustment as set forth in the Merger Agreement, which shares had an aggregate market value of approximately
$285.0 million based on the volume weighted average sales price of such shares as traded on the NASDAQ Capital Market calculated for the
20-trading day period ending on September 20, 2021. The mix of cash and stock consideration is subject to adjustment as provided in the
Merger Agreement. It is anticipated that, upon completion of the Envigo Acquisition, our current shareholders will own approximately 64%
of our outstanding common shares and the former stockholders of Envigo will own, in the aggregate, approximately 36% of our outstanding
common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Consummation of the Envigo
Acquisition is subject to certain conditions set forth in the Merger Agreement, including the approval of the Merger Agreement and the
Merger by the Envigo stockholders, certain approvals by our shareholders, as described below, performance by the parties of their material
covenants under the Merger Agreement, accuracy of representations and warranties set forth in the Merger Agreement, the absence of a material
adverse effect (as defined in the Merger Agreement) with respect to either party, the expiration of applicable waiting periods under applicable
antitrust laws, and other customary closing conditions. Because the number of common shares to be issued in the Envigo Acquisition would
exceed 20% of our outstanding common shares, NASDAQ Listing Standard 5635(a) requires that we obtain shareholder approval prior to issuing
the shares in the Merger. In addition, the number of shares to be issued in the Envigo Acquisition would exceed the number of authorized
shares we have available for issuance under our articles of incorporation. The Merger Agreement requires us to call a special meeting
of our shareholders and to submit to our shareholders at the special meeting proposals to (i) amend our articles of incorporation to increase
the number of our authorized shares to an amount that would be sufficient to allow the consummation of the Merger and (ii) approve the
issuance of the common shares to be issued pursuant to the Merger Agreement. The consummation of the Merger is conditioned on the approval
of both of these proposals by our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">The Merger Agreement
provides that, at the effective time of the Merger, our Board will be expanded from five to seven members and will consist of our Chief
Executive Officer, our Chief Strategy Officer, two of our existing independent directors, one director designated by each of Jermyn Street
and Savanna Holdings (collectively, the &quot;Nominating Holders&quot;) and one director nominated by us and approved by the Nominating
Holders. After consummation of the Merger, if it is consummated, pursuant to the terms of a shareholders agreement among us, the Nominating
Holders and certain other Envigo shareholders, each Nominating Holder will have the right to designate one member of our Board and to
approve the director who succeeds the mutually approved director (who may be the same mutually approved director) for as long as they
continue to hold 5% or more of our outstanding common shares. The parties to the shareholders agreement will also agree to certain voting
provisions and restrictions on transfer of the shares they receive in the Merger and receive certain registration rights with respect
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">The Merger Agreement
may be terminated prior to the consummation of the Envigo Acquisition by mutual agreement of the parties, by either party if the other
party breaches its obligations under the Merger Agreement, or by either party if the transaction has not been consummated on or prior
to the end date set forth in the Merger Agreement (which date is subject to extension as described therein), or any governmental authority
has issued an order making the transaction illegal or otherwise prohibiting its consummation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">This description of the
Merger Agreement is qualified in its entirety by reference to the terms of the Merger Agreement, the form of which is attached as Exhibit&nbsp;2.1
to this current report on Form&nbsp;8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">We have received commitments
from a group of lenders and from Jefferies to provide $275.0 million of secured and unsecured financing to pay a portion of the cash
portion of the Merger consideration and related transaction expenses and to provide us with additional liquidity following the completion
of the Envigo Acquisition. The commitments are subject to certain conditions set forth therein, including the accuracy of certain representations
and warranties made by Envigo in the Merger Agreement and to be made by us in the documents governing the financing, the execution of
definitive agreements, consummation of the Envigo Acquisition, delivery of customary closing documents and the absence of any material
adverse effect (as defined in the Merger Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consummation of the Envigo acquisition is subject to certain conditions
set forth in the Merger Agreement, including the approval of the Merger Agreement and the Merger by the Envigo stockholders (which approval
was obtained on September 21, 2021), the approval by our shareholders of proposals to increase the number of our authorized shares to
an amount that will allow us to satisfy our obligation to issue the Common Shares required by the Merger Agreement and to approve the
issuance of the Common Shares to be issued upon consummation of the Merger as required by applicable NASDAQ rules, the expiration of
any applicable waiting period under U.S. and applicable foreign antitrust, competition and foreign direct investment laws, performance
by the parties of their material covenants under the Merger Agreement, accuracy of representations and warranties set forth in the Merger
Agreement, the absence of a material adverse effect (as defined in the Merger Agreement) with respect to either party, and other customary
closing conditions. Because the number of common shares to be issued in the Merger would exceed 20% of our outstanding common shares,
NASDAQ Listing Standard 5635(a) requires that we obtain shareholder approval prior to issuing the shares in the Merger. In addition,
the number of shares to be issued in the Merger would exceed the number of authorized shares we have available for issuance under our
articles of incorporation. The Merger Agreement requires us to call a special meeting of our shareholders and to submit to our shareholders
at the special meeting proposals to (i) amend our articles of incorporation to increase the number of our authorized shares to an amount
that would be sufficient to allow the consummation of the Merger and (ii) approve the issuance of the common shares to be issued pursuant
to the Merger Agreement. The consummation of the Merger is conditioned on the approval of both of these proposals by our shareholders,
and the Merger will not be consummated if our shareholders fail to approve either one of these proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposed Merger involves numerous risks. For more information
about these risks, please see the information under the caption &ldquo;Risk Factors.&rdquo; The foregoing description of the Merger Agreement
does not purport to be complete and is subject to, and qualified in its entirety by, the full text thereof. The Merger Agreement is filed
as Exhibit 2.1 to our Current Report on Form 8-K filed with the SEC on September 21, 2021, which Current Report is incorporated herein
by reference. Shareholders and other interested parties are urged to read this agreement in its entirety prior to voting on the proposals
presented at the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="sp0007_a_001"></A></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholders Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consummation of the merger is conditioned upon our entering into
a shareholders agreement with certain stockholders of Envigo, including Jermyn Street and Savanna Holdings, who we sometimes refer to
collectively as the &quot;Nominating Holders&quot;. The Nominating Holders own, in the aggregate, approximately 72.6% of the outstanding
voting stock of Envigo. The shareholders agreement provides that, at the effective time of the merger, our board will consist of our
CEO, our Chief Strategy Officer, two of our current independent directors, one person to be designated by Jermyn Street, one person to
be designated by Savanna Holdings and one person designated by our nominating committee and approved by the Nominating Holders, who we
call the &quot;approved director&quot;. After the consummation of the merger and for so long as a major holder beneficially owns five
percent or more of our outstanding voting shares, the major holder will have the right to designate one nominee for election to our board
upon the expiration of the term of the initial designee or any subsequent designee of that major holder and to approve our nominee for
the board seat held by the approved director or any subsequent approved director upon expiration of the approved director's term. Pursuant
to the shareholders agreement, we agreed that we will include the nominees designated by the Nominating Holders and the approved director
in management's slate of directors for the applicable meeting, solicit proxies to approve the election of those persons to the board
and recommend to our shareholders that those persons be elected as directors. Board vacancies occurring due to the death, resignation,
retirement, disqualification or removal from office as a member of the board of a director designated by a major holder are to be filled
by a person designated by that major holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shareholders agreement requires the shareholders who are parties
thereto to refrain from selling or otherwise transferring the shares they receive in the merger, subject to certain exceptions set forth
in the shareholders agreement, for a period of 180 days after the effective time of the merger. The shareholders agreement also restricts
each major holder, until such major holder no longer holds 5% or more of our outstanding common shares, a change of control transaction,
a material breach of the shareholders agreement by us, or any winding up, dissolution or liquidation or bankruptcy (subject to certain
permitted exceptions) from (i) transferring shares to our competitors or to persons who, after the transfer, would own more than 10%
of our outstanding common shares, subject to certain permitted exceptions; (ii) making any public announcement, proposal or offer, with
respect to (a) acquisitions of additional common shares, (b) any restructuring, recapitalization, liquidation or similar transaction,
(c) the election of directors other than the Nominating Holders&rsquo; designees or (d) changes to our board and calling of special meetings;
(iii) publicly seeking a change in the composition or size of our board; (iv) acquiring beneficial ownership of additional voting securities
of ours; (v) call for, or initiate propose or requisition a call for any general or special meeting of our shareholders, (vi) publicly
state an intention, plan or arrangement to do any of the foregoing or assist, instigate, encourage or facilitate any third party to do
any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shareholders agreement requires the shareholders who are parties
thereto to cause all voting securities owned by them to be present at any annual or special meeting at which directors are to be elected,
to vote such securities either as recommended by our board, or in the same proportions as votes cast by other voting securities with
respect to director nominees or other nominees and in favor of any director nominee of the Nominating Holders, and not to vote in favor
of a change of control transaction pursuant to which the Nominating Holders would receive consideration that is different in amount or
form from other stockholders unless approved by our board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shareholders agreement requires us to file with the SEC, and use
our commercially reasonable efforts to cause to become effective no later than 180 days after the effective time of the merger, a registration
statement to register for resale the common shares received by the shareholders in the merger and any other securities issued by or issuable
with respect to such common shares by way of a stock split, stock dividend, reclassification, subdivision or reorganization, recapitalization
or similar event. The shareholders agreement also entitles the shareholders to require us to file additional registration statements after
we become eligible to use Form&nbsp;S-3 for such registrations. The shareholders agreement sets forth certain customary procedures to
be followed and provides for customary rights and obligations of us and the holders in connection with the registration of the shareholders'
shares and provides that we may delay filing of such registration statements in certain circumstances set forth in the shareholders agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="sp0007_a_002"></A>Background of the Merger</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 21, 2021, we announced that we had entered into the Merger
Agreement and would acquire Envigo. The proposed Envigo acquisition was the result of the ongoing and disciplined execution by our executive
team to continue its expansion of services and further vertical integration of the Pre-clinical CRO services and products business. The
Envigo acquisition is in line with our framework for evaluating potential strategic combinations considering current and expected business
and economic conditions, developments in the discovery and development of drugs and medical devices, and our position in the industry.
Among other things, the framework focuses on generating long-term value by looking for accretive opportunities, adding and capturing the
benefits of scale to create efficiencies, to grow free cash flow and to maintain strength of the balance sheet, and ultimately, create
a preferred destination for people to advance their careers, provide the best service and value for our clients, and provide a meaningful
return to shareholders. With the assistance of our legal and financial advisors, our management conducted its evaluation of Envigo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management is continually engaged in discussions with other companies
to identify potential business combinations, joint ventures, and other transactions that meet Inotiv&rsquo;s strategic framework, further
its strategic objectives and enhance shareholder value. Senior management regularly briefs the Board on these discussions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On November 19, 2019, Robert Leasure, Jr., Inotiv&rsquo;s President
and CEO, first met Scott Cragg of Jermyn Street Associates, and a Director of Envigo, at Mr. Cragg's office in New York City as part of
an ongoing effort to meet leaders in the industry and ongoing efforts to evaluate strategic opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On April 23, 2021, Mr. Leasure received an email (on which Mr. Cragg
was copied) from a Managing Director of Bank of America Securities, which offered to set up a phone call between Mr. Cragg and Mr. Leasure
to discuss each other&rsquo;s business and determine ways in which the two companies could potentially work together.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On April 28, 2021, the representative from Bank of America, Mr. Cragg
and Mr. Leasure had a conference call and re-introduction and discussed current potential strategic business combination benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On April 30, 2021, Mr. Cragg made an e-mail introduction for Mr. Leasure
to Adrian Hardy, the CEO of Envigo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 5, 2021, Mr. Leasure and Mr. Hardy had a phone call to discuss
business opportunities related to combining the Companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 16, 2021, Mr. Leasure and Mr. Cragg had a telephone call with
a representative of Bank of America Securities to review discussion materials which outlined preliminary considerations for a business
combination between Inotiv and Envigo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 21, 2021, Envigo and Inotiv entered into a Mutual Non-Disclosure
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 24, 2021, Mr. Leasure received an Envigo Corporate Overview
from Mr. Hardy which provided more details about the Envigo business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During June, July, August and September, Mr. Cragg and Mr. Hardy and
other members of the Envigo Management team had consistent calls every week and followed up regarding business matters, due diligence,
agreements, closing issues and post-closing operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During June, July and August, Mr. Leasure had calls with Bank of America
Securities to discuss potential engagement and financing structures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 15, 2021, Mr. Leasure received a &ldquo;Combination analysis&rdquo;
from Bank of America Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 16, 2021, Mr. Leasure received an updated &ldquo;Combination
Analysis&rdquo; from Bank of America Securities. This presentation was shared with Board members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 17, 2021, Mr. Cragg, Mr. Hardy, Jim Harkness, Envigos's Chief
Operating Officer, Mr. Leasure and John Sagartz (Inotiv's Chief Strategy Officer) met in New York City to discuss Inotiv's strategic vision,
Envigo revenue and growth opportunities, and the logic for combining the two companies. Messrs. Cragg, Hardy and Harkness provided a corporate
overview of Envigo that covered multiple aspects of Envigo, including assets, strategy, operations, financial positions, marketing and
business development, and commercial agreements. Mr. Leasure and Mr. Sagartz provided a similar overview of Inotiv based on publicly available
information. At this meeting, Mr. Cragg and Mr. Leasure discussed a range of valuations and potential deal structures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 27 and 28, 2021, the senior executives from both Inotiv and
Envigo, including Mr. Leasure, Mr. Hardy met in Indianapolis to review business opportunities, organization opportunities, outline strategic
opportunities and synergies for a combined company. The Inotiv team left the meeting with additional due diligence related follow-up questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 2, 2021, Mr. Leasure updated Board members on status of due
diligence and potential deal structure for Envigo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or about July 2, 2021, Inotiv contacted its regular outside counsel,
Ice Miller LLP, to represent Inotiv in connection with the potential combination between Inotiv and Envigo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On Jul 3, 2021, Mr. Leasure received an email from Bank of America
Securities with some due diligence recommendations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 7, 2021, Inotiv held a Board call in which Mr. Leasure updated
the Board members on recent mergers and acquisition discussions and strategy, including developments in the discussions with Envigo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 7, 2021, Mr. Leasure received a draft agreement from Bank of
America Securities with proposed engagement terms, but without a fee proposal or financing proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 8, 2021, Mr. Leasure and Beth Taylor, Vice President of Finance
and Chief Financial Officer of Inotiv, met with representatives of Colliers Securities in Indianapolis to discuss the potential acquisition
of Envigo and potential transaction structures and financing opportunities with Colliers. After this meeting, Colliers Securities responded
with thoughts on financings and structure but did not submit any proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 10, 2021, Mr. Leasure provided the Board members with an update
on the discussions with Envigo and the interactions with the investment banks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 12, 2021, Mr. Leasure emailed an initial non-binding indication
of interest letter and a draft of a proposed exclusivity agreement to Mr. Cragg. The non-binding indication of interest proposed a transaction
in which Inotiv would acquire Envigo in a merger transaction with a proposed purchase price of $485.0 million, consisting of $225.0 million
in cash and $260.0 million in Inotiv Common Shares, subject to a working capital adjustment. The letter also proposed that each of the
two largest shareholders of Envigo would have the right to appoint one person for election to the Inotiv Board and to approve one additional
member nominated by Inotiv for as long as it held at least 10% of Inotiv's fully diluted shares. The letter included a financing contingency
and included a description of certain assumptions and conditions related to the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 13, 2021, Mr. Leasure received a revised draft engagement letter
from Bank of America for financial advisory services which included fee proposals, but no financing proposal. Mr. Leasure shared the indication
of interest letter and exclusivity agreement with Bank of America Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 14, 2021, Mr. Leasure received an email from Bank of America
Securities with comments on the indication of interest letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 14, 2021, Mr. Leasure met with Mr. Cragg and Mr. Hardy in New
York to discuss strategic issues related to the proposed transaction, organizational issues, additional due diligence issues, and further
deal structuring issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 16, 2021, Mr. Leasure discussed the potential acquisition and
potential proposal for financial advisory services, and advice on potential transaction structures for financing the transaction with
a representative of Jefferies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 18, 2021, Mr. Leasure received comments on the indication
of interest letter and exclusivity agreement from Mr. Cragg. The revised letter proposed a purchase price of $500.0 million, consisting
of $240.0 million in cash and $260.0 million in Inotiv Common Shares, proposed to eliminate the working capital adjustment, proposed
to reduce the ownership threshold for maintaining board nomination rights from 10% to 5% of the fully diluted shares and added a second
test based on an undefined percentage of the shares acquired in the proposed transaction, included a requirement for committed financing
at the time of signing a definitive agreement, and proposed the deletion of certain conditions specified by Inotiv in the original letter.
The response also included significant comments on the exclusivity agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 19, 2021, Mr. Leasure provided Board members with another update
on the status of the Company's mergers and acquisitions activities, including the proposed Envigo transaction, and provided the Board
members with the comments on the draft indication of interest and exclusivity agreement received from Envigo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 20, 2021, Mr. Leasure, Mr. Sagartz, Mr. Harkness, and Carmen
Wilborn, Envigo's Vice President of North American Operations, began a due diligence tour to visit multiple Inotiv and Envigo sites. In
addition, during this time, Mr. Leasure began talking to Michael Garret, Envigo's Senior Vice President, Commercial, and members of Inotiv
senior management met in Indianapolis with members of Envgo's senior management to continue discussions with counterparts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Between July 20, 2021 and August 20, 2021, Mr. Leasure and Mr. Sagartz
visited Envigo locations in Missouri, Virginia, Maryland, Pennsylvania, Texas, San Francisco, Indiana, Wisconsin, The Netherlands and
England.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 26, representatives of Jefferies delivered draft engagement
letters for financial advisory and financing services to Inotiv. Mr. Leasure provided copies of these materials to certain Board members
and to Ice Miller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 28, 2021, after working with representatives of Jefferies and
Ice Miller on a response to Envigo&rsquo;s proposed terms, Mr. Leasure sent revised drafts of the indication of interest and exclusivity
agreement to Envigo. These drafts proposed a purchase price of $500.0 million consisting of between $190.0 million and $210.0 million
in cash and between $290.0 million and $310.0 million in Common Shares, re-inserted the working capital adjustment, increased the threshold
to retain nominating rights to 10% from 5% or 50% of the shares acquired by the Nominating Holder in the proposed transaction, and agreed
to providing committed capital at the signing of the definitive agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July&nbsp;30, 2021, Envigo responded with its comments to the July&nbsp;28,
2021 draft Indication of Interest and Exclusivity Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 1, 2021, Mr. Leasure provided Board members with another
update.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 2, 2021, Mr. Cragg and Mr. Leasure had further discussions
regarding the indication of interest and exclusivity agreement and the proposed terms for the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 2, 2021, Inotiv further amended the non-binding indication
of interest and exclusivity agreement and shared it with the Board members. The Board members approved the non-binding terms of the indication
of interest and exclusivity agreement. Mr. Leasure sent the revised non-binding executed indication of interest and exclusivity agreement
to Mr. Cragg. The price outlined in the indication of interest consisted of an aggregate price of $500.0 million, consisting of (i) cash
to be paid at closing in an amount between the range of $200.0 million and $230.0 million; and (ii) a number of Inotiv common shares to
be delivered at closing, having a value between the range of $270.0 million and $300.0 million, and calculated based on the volume weighted
average price (&quot;vwap&quot;) of Inotiv common shares as reported by NASDAQ for a time period (to be mutually agreed) ending prior
to signing of a definitive agreement. The exact amount of cash to be paid at closing and the value of the Inotiv shares were to be determined
as Inotiv finalized its financing arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 11, 2021, the Board members discussed the alternative discussions
and proposals reviewed by management, the proposed transaction structure, the timing of a transaction and the status of the financing
contingencies as part of the transaction, and the related fees and pricing, as well as the terms of Jefferies&rsquo; proposed engagement.
At the end of the meeting, the Board unanimously approved moving forward with the proposed transaction and proceeding with the engagement
of Jefferies to provide financial advisory and financing services to Inotiv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 16, 2021, Inotiv received the counter signed/executed Exclusivity
Agreement from Envigo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 18, 2021, Ice Miller delivered a draft Agreement and Plan
of Merger to Envigo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 20, 2021, Mr. Leasure and Mr. Sagartz completed the initial
due diligence site tour, having visited 17 of 22 Envigo locations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 20, 2021, Mr. Leasure updated the Board members regarding
the status of the transaction and due diligence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 22, 2021, Inotiv entered into an engagement letter with Jefferies
to provide financial advisory services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 3, 2021, the Board had a telephonic meeting at which representatives
from Ice Miller were in attendance to discuss status of Envigo merger agreement, due diligence and other merger and acquisition activity
along with other matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 10, 2021, the Board had a telephonic meeting, which also
included representatives from Ice Miller and Jefferies, to outline the status of the transaction and financing and further updates on
due diligence. At this meeting, Ice Miller explained the terms of the transaction and discussed key negotiating points with the Board
and provided a presentation to the Board regarding the duties of directors in Indiana corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 17, 2021, Inotiv had a board call which included representatives
from Ice Miller and Jefferies in order to review the transaction. Management updated the Board on the due diligence conducted to date,
as well as the status of the negotiations with Envigo. Inotiv management and the representatives of Ice Miller and Jefferies answered
questions from the Board about various legal, financial, technical and operational issues related to the potential transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 17, 2020, Mr. Leasure and Mr. Cragg had a discussion regarding
remaining open business issues related to the merger agreement and discussed a proposal to reduce the aggregate purchase price from $500.0
million to $475.0 million and the elimination of the buyer's representation and warranty insurance policy as a pre-condition to the signing
of the definitive agreement. Through subsequent discussions and negotiations, the parties proposed to reduce the aggregate purchase price
from $500.0 million to $485.0 million and to eliminate the representation and warranty condition to signing the definitive agreement,
subject to their respective boards' approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 17, 2021, the Board met with management and representatives
of Jefferies and Ice Miller to discuss the proposed resolution of open business issues., including the proposed purchase price reduction
and elimination of the representation and warranty insurance policy condition. After the Board meeting, Mr. Leasure and Mr. Cragg completed
the negotiation of the open business issues, subject to their respective boards&rsquo; approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 19, 2021, Ice Miller provided the Board with written due
diligence reports prepared by Ice Miller and Allen &amp; Overy related to their respective due diligence investigations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 20, 2021 at approximately 12:00 p.m. EDT, the Board met
with management and representatives of Ice Miller to discuss the information in the due diligence reports and the due diligence process
generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 20, 2021 at approximately 4:45 p.m. EDT, the Board met
with management and representatives of Ice Miller and Jefferies to discuss the terms of the transaction documents and the status of the
negotiations with Envigo and its counsel. At this meeting, representatives of Jefferies reviewed with the Board the proposed financing
and Jefferies preliminary financial analysis of the Merger Consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September&nbsp;21, 2021 at approximately 7:00 a.m. EDT, the Board
held a special meeting to consider the Merger, with representatives of Ice Miller and Jefferies in attendance. Representatives of Jefferies
reviewed with the Board Jefferies&rsquo; financial analysis of the Merger Consideration. After discussion of the financial analysis among
members of the Board and representatives of Jefferies, Jefferies rendered its opinion to the Board to the effect that, as of September&nbsp;21,
2021 and based on and subject to various assumptions made, procedures followed, matters considered and limitations and qualifications
on the review undertaken as described in its opinion, the Merger Consideration to be paid by Inotiv in the First Merger pursuant to the
Merger Agreement was fair, from a financial point of view, to Inotiv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following the Board meeting on September&nbsp;21, 2021, the parties
finalized (1)&nbsp;the Merger Agreement, (2)&nbsp;the disclosure schedules to the Merger Agreement, (3)&nbsp;the Shareholders Agreement,
and (4)&nbsp;other ancillary documents to the Merger Agreement, and Inotiv and Envigo executed the Merger Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the morning of September&nbsp;21, 2021,&nbsp;Inotiv issued a press
release announcing the transactions contemplated by the Merger Agreement, and Inotiv hosted a telephonic conference meeting of the investor
community to explain additional details and the strategic importance of the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="sp0007_a_003"></A>The Board&rsquo;s Reasons for the Approval of the Merger and the
Stock Issuance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This section summarizes the principal potential strategic and financial
benefits that Inotiv expects to realize in the Merger. For a discussion of various factors that could prevent or limit Inotiv from realizing
some or all of these benefits, see &ldquo;Risk Factors&rdquo; beginning on page&nbsp;28. In evaluating the Merger, the Board consulted
with Inotiv management, as well as Inotiv&rsquo;s legal and financial advisors, and, in reaching its conclusion, considered a variety
of factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board&rsquo;s
knowledge of Inotiv&rsquo;s business, operations, financial condition, earnings and prospects and of Envigo&rsquo;s business, operations,
financial condition, earnings and prospects, taking into account the results of Inotiv&rsquo;s due diligence review of Envigo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fact
that the Merger will create one of the largest vertically integrated, full service, Pre-Clinical products and service providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fact
that the Merger is expected to be accretive to key financial metrics, including per share metrics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board&rsquo;s
belief that the Merger presents the combined organization with the opportunity to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;enhance returns
and create long-term value for shareholders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;enhance free
cash flow with expanded margins;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;further strengthen
its balance sheet;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;increase
scale and diversification;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;expand its
infrastructure and support services; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;combine experienced
management teams.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recommendation
of the Merger by Inotiv&rsquo;s senior management team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms
of the Merger Agreement, taken as a whole, including the parties&rsquo; representations, warranties and covenants, and the circumstances
under which each party may terminate the Merger Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
requirement that Inotiv&rsquo;s shareholders approve the Merger Share Issuance Proposal as a condition to and in connection with the
Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board&rsquo;s belief of the reasonable likelihood that the Merger will be completed based on, among other things, the conditions to the
Merger and that the outside date of March 31, 2022 (as may be extended to June 30, 2021 as provided in the Merger Agreement) allows for
sufficient time to complete the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board&rsquo;s
belief that the terms of the ancillary agreements to be entered into upon consummation of the Merger, including the Shareholder Agreement
and the lockup provisions contained therein, are reasonable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board&rsquo;s
consideration of certain other factors, including historical information concerning Inotiv&rsquo;s and Envigo&rsquo;s respective businesses,
financial conditions, results of operations, earnings, management, competitive positions and prospects on a projected combined basis and
the current and prospective business environment in which Inotiv and Envigo operate, including price levels and volatility, economic conditions,
the competitive and regulatory environment and the likely effect of these factors on Inotiv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
financial analysis of the Merger Consideration reviewed by Jefferies with the Board as well as the opinion of Jefferies rendered to the
Board on September&nbsp;21, 2021 as to the fairness, from a financial point of view, to Inotiv of the Merger Consideration to be paid
by Inotiv in the First Merger pursuant to the Merger Agreement. See &ldquo;<I>The Merger&mdash;Opinion of Inotiv&rsquo;s Financial Advisor.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board also considered potential risks and potentially negative
factors concerning the Merger in connection with its deliberations of the proposed transaction, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The possibility
that the Merger may not be completed, or that completion may be unduly delayed, for reasons beyond the control of Inotiv and Envigo, which
could result in significant costs and disruption to Inotiv&rsquo;s normal business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
potential for diversion of management and employee attention and for increased employee attrition during the period prior to completion
of the Merger and the potential effect of the Merger on Inotiv&rsquo;s business and relations with customers, suppliers and regulators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The substantial
costs to be incurred in connection with the Merger, including the costs of integrating the businesses of Inotiv and Envigo and the transaction
expenses arising from the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The risk
of not capturing all of the anticipated synergies and the risk that other anticipated benefits might not be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The restrictions
on the conduct of Inotiv&rsquo;s business during the period between the signing of the Merger Agreement and completion of the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The potential
impact on the market price of the Common Stock as a result of the issuance of Common Shares in the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fact
that the Merger Agreement does not contain a financing condition, and the risk that the financing and any refinancing that may be undertaken
in connection with the Merger may not ultimately be available at all or on the terms anticipated by Inotiv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing discussion of the information and factors considered
by the Board is not exhaustive. In view of the Board&rsquo;s consideration of a wide variety of factors in connection with its evaluation
of the Merger Agreement and the transactions contemplated thereby, including the Merger, and the complexity of these matters, the Board
did not consider it practical to, nor did it attempt to, quantify, rank or otherwise assign relative weights to the specific factors that
it considered in reaching its decision. The actual benefits from the Merger could be different from the foregoing estimates and those
differences could be material. Accordingly, there can be no assurance that any of the potential benefits described above or included in
the factors considered by the Board will be realized. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;28.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing discussion of the information and factors considered
by the Board is forward-looking in nature and should be read in light of the factors described in the section entitled &ldquo;Cautionary
Statement Regarding Forward-Looking Statements&rdquo; beginning on page&nbsp;27.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="sp0007_a_004"></A>Opinion of Inotiv&rsquo;s Financial Advisor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv retained Jefferies as its financial advisor in connection with
a possible acquisition of Envigo. In connection with this engagement, the board of directors requested that Jefferies evaluate the fairness,
from a financial point of view, to Inotiv of the Merger Consideration (which for purposes of Jefferies&rsquo; analysis and opinion means
$200.0 million in cash and 9,365,173 Inotiv Common Shares) to be paid by Inotiv in the First Merger pursuant to the Merger Agreement.
At a meeting of the board of directors held on September&nbsp;21, 2021, Jefferies rendered its opinion to the board of directors to the
effect that, as of that date and based on and subject to various assumptions made, procedures followed, matters considered and limitations
and qualifications on the review undertaken as described in its opinion, the Merger Consideration to be paid by Inotiv in the First Merger
pursuant to the Merger Agreement was fair, from a financial point of view, to Inotiv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
full text of Jefferies&rsquo; opinion, which describes the various assumptions made, procedures followed, matters considered and limitations
and qualifications on the review undertaken by Jefferies, is attached as Annex B to this proxy statement and is incorporated here by reference.
Inotiv encourages you to read the opinion carefully and in its entirety. Jefferies&rsquo; opinion was provided for the use and benefit
of the board of directors (in its capacity as such) in its evaluation of the Merger Consideration from a financial point of view and did
not address any other aspect of the Mergers or any other matter. Jefferies&rsquo; opinion did not address the relative merits of the Mergers
or other transactions contemplated by the Merger Agreement as compared to any alternative transaction or opportunity that might be available
to Inotiv, nor did it address the underlying business decision by Inotiv to engage in the Mergers or any term, aspect or implication of
any other agreement (or amendment thereto or related arrangements) entered into in connection with, or contemplated by or resulting from,
the Mergers or otherwise. The Merger Consideration is subject to adjustments as set forth in the Merger Agreement, as to which adjustments
Jefferies expressed no opinion. Jefferies&rsquo; opinion did not constitute a recommendation as to how the board of directors or any securityholder
should vote or act with respect to the Mergers or any other matter. </B></FONT>The following summary is qualified in its entirety by reference
to the full text of Jefferies&rsquo; opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In arriving at its opinion, Jefferies, among other
things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.65pt"></TD><TD STYLE="width: 16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">reviewed a draft dated September&nbsp;21, 2021 of the Merger Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.65pt"></TD><TD STYLE="width: 16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">reviewed certain information furnished to Jefferies by the management of Envigo relating to the business,
operations and prospects of Envigo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.65pt"></TD><TD STYLE="width: 16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">reviewed certain information furnished to Jefferies by the management of Inotiv relating to (a)&nbsp;the
business, operations and prospects of Envigo, including financial forecasts and estimates prepared by and approved for Jefferies&rsquo;
use by the management of Inotiv (the &ldquo;Inotiv Envigo Forecasts&rdquo;), and (b)&nbsp;the business, operations and prospects of Inotiv,
including financial forecasts and estimates prepared by and approved for Jefferies&rsquo; use by the management of Inotiv (the &ldquo;Inotiv
Forecasts&rdquo; and, together with the Inotiv Envigo Forecasts, the &ldquo;Forecasts&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.65pt"></TD><TD STYLE="width: 16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">held discussions with members of the senior management of Envigo concerning the matters described in second
bullet above, and held discussions with members of the senior management of Inotiv concerning the matters described in the second and
third bullets above;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.65pt"></TD><TD STYLE="width: 16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">reviewed certain financial information of Envigo and compared it to the financial information and valuation
multiples of certain publicly traded companies that Jefferies deemed relevant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.65pt"></TD><TD STYLE="width: 16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">reviewed the share trading price history and valuation multiples for the Inotiv Common Shares and compared
them with those of certain publicly traded companies that Jefferies deemed relevant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.65pt"></TD><TD STYLE="width: 16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">compared the proposed financial terms of the Mergers with the financial terms of certain other transactions
that Jefferies deemed relevant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.65pt"></TD><TD STYLE="width: 16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">considered the potential pro forma impact of the Mergers; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.65pt"></TD><TD STYLE="width: 16.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">conducted such other financial studies, analyses and investigations as Jefferies deemed appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In its review and analysis and in rendering its
opinion, Jefferies assumed and relied upon, but did not assume any responsibility to independently investigate or verify, the accuracy
and completeness of all financial and other information that was supplied or otherwise made available to Jefferies by Envigo or Inotiv
or that was publicly available to Jefferies (including, without limitation, the information described above) or that was otherwise reviewed
by Jefferies. Jefferies relied on assurances of the management and other representatives of Inotiv that they were not aware of any facts
or circumstances that would make such information incomplete, inaccurate or misleading. In Jefferies review, it did not obtain any independent
evaluation or appraisal of any of the assets or liabilities (contingent, accrued, derivative, off-balance sheet or otherwise), nor did
it conduct a physical inspection of any of the properties or facilities, of Envigo,&nbsp;Inotiv or any other entity, and Jefferies was
not furnished with, and assumed no responsibility to obtain, any such evaluations, appraisals or physical inspections. Jefferies did not
evaluate the solvency or fair value of Envigo,&nbsp;Inotiv or any other entity under any laws relating to bankruptcy, insolvency or similar
matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">With respect to the Forecasts provided to and
reviewed by Jefferies, Jefferies noted that projecting future results of any company is inherently subject to uncertainty. However, Jefferies
was advised, and assumed, that the Forecasts were reasonably prepared on bases reflecting the best currently available estimates and good
faith judgments of the management of Inotiv as to the future financial performance of Envigo and Inotiv, as applicable, and the other
matters covered thereby. Jefferies expressed no opinion as to the Forecasts or the assumptions on which they were based.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Jefferies relied upon the assessments of the management
of Inotiv as to, among other things, Envigo&rsquo;s existing and future agreements and other arrangements involving, and ability to attract,
retain and/or replace, key employees, customers, service providers and other commercial relationships. Jefferies assumed that there would
not be any developments with respect to any such matters that would be material in any respect to its analyses or opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Jefferies&rsquo; opinion was based on economic,
monetary, regulatory, market and other conditions existing and which could be evaluated as of the date thereof. Jefferies expressly disclaimed
any undertaking or obligation to advise any person of any change in any fact or matter affecting its opinion of which Jefferies became
aware after the date thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Jefferies made no independent investigation of,
and expressed no view or opinion as to, any legal, regulatory, accounting or tax matters affecting or relating to Envigo,&nbsp;Inotiv
or the Mergers and Jefferies assumed the correctness of all legal, regulatory, accounting and tax advice given to Inotiv and/or the board
of directors, including, without limitation, with respect to changes in, or the impact of, accounting standards or tax and other laws,
regulations and governmental and legislative policies affecting Envigo,&nbsp;Inotiv or the Mergers and legal, regulatory, accounting and
tax consequences to Inotiv of the terms of, and transactions contemplated by, the Merger Agreement and related documents. Jefferies was
advised that the parties intend that the Mergers will qualify as a tax-free reorganization for federal income tax purposes. Jefferies
assumed that the Mergers would be consummated in accordance with its terms without waiver, modification or amendment of any material term,
condition or agreement and in compliance with all applicable laws, documents and other requirements and that the final form of the Merger
Agreement would be substantially similar to the last draft reviewed by Jefferies. Jefferies also assumed that, in the course of obtaining
the necessary governmental, regulatory or third-party approvals, consents, waivers and releases for the Mergers or otherwise, including
with respect to any divestitures or other requirements, no delay, limitation, restriction or condition would be imposed or occur that
would have an adverse effect on Envigo,&nbsp;Inotiv or the contemplated benefits of the Mergers or that otherwise would be material in
any respect to Jefferies&rsquo; analyses or opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Jefferies&rsquo; opinion did not address the relative
merits of the transactions contemplated by the Merger Agreement as compared to any alternative transaction or opportunity that might be
available to Inotiv, nor did it address the underlying business decision by Inotiv to engage in the Mergers or the terms of the Merger
Agreement (including, without limitation, any adjustments to the Merger Consideration under the Merger Agreement) or the documents referred
to therein, including the form or structure of the Mergers or any term, aspect or implication of any agreements, arrangements or understandings
entered into in connection with, or contemplated by or resulting from, the Mergers or otherwise. Jefferies&rsquo; opinion did not constitute
a recommendation as to how any holder of Inotiv Common Shares should vote on the Mergers or any matter related thereto. Jefferies&rsquo;
opinion was limited to the fairness, from a financial point of view, of the Merger Consideration to be paid by Inotiv in the First Merger
pursuant to the Merger Agreement (to the extent expressly specified herein). Jefferies was not asked to, and its opinion did not, address
the fairness, financial or otherwise, of any consideration to the holders of any class of securities, creditors or other constituencies
of Inotiv or any other party. Jefferies expressed no view or opinion as to the price at which shares of Inotiv Common Shares may trade
or otherwise be transferable at any time. Furthermore, Jefferies did not express any view or opinion as to the fairness, financial or
otherwise, of the amount or nature of any compensation or other consideration payable to or to be received by any of the officers, directors
or employees of any party, or any class of such persons, in connection with the Mergers relative to the Merger Consideration or otherwise.
The issuance of Jefferies&rsquo; opinion was authorized by the fairness committee of Jefferies LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In connection with rendering its opinion to the
board of directors, Jefferies performed certain financial and comparative analyses, including those described below. The following summary
is not a complete description of all analyses performed and factors considered by Jefferies in connection with its opinion. The preparation
of a financial opinion is a complex process involving subjective judgments and is not necessarily susceptible to partial analysis or summary
description. With respect to the selected public companies and selected transactions analyses summarized below, no company or transaction
used as a comparison was identical or directly comparable to Inotiv, Envigo or the Mergers. These analyses necessarily involved complex
considerations and judgments concerning financial and operating characteristics and other factors that could affect the public trading,
acquisition or other values of the companies or transactions concerned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Jefferies believes that its analyses and the summary
below must be considered as a whole and in context and that selecting portions of its analyses and factors or focusing on information
presented in tabular format, without considering all analyses and factors or the narrative description of the analyses, could create a
misleading or incomplete view of the processes underlying Jefferies&rsquo; analyses and opinion. Jefferies did not draw, in isolation,
conclusions from or with regard to any one factor or method of analysis for purposes of its opinion, but rather arrived at its ultimate
opinion based on the results of all analyses undertaken by it and assessed as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The estimates of the future performance of Inotiv
and Envigo in or underlying Jefferies&rsquo; analyses are not necessarily indicative of future results or values, which may be significantly
more or less favorable than those estimates. In performing its analyses, Jefferies considered industry performance, general business and
economic conditions and other matters, many of which are beyond the control of Inotiv and Envigo. Estimates of the financial value of
companies or businesses do not purport to be appraisals or necessarily reflect the prices at which companies, businesses or securities
actually may be sold or acquired. Accordingly, the estimates used in, and the implied reference ranges resulting from, any particular
analysis described below are inherently subject to substantial uncertainty and should not be taken as Jefferies&rsquo; view of the actual
value of Inotiv, Envigo or their respective businesses or securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The terms of the Mergers were determined through
negotiations between Inotiv and Envigo, and the decision by Inotiv to enter into the Merger Agreement was solely that of the board of
directors. Jefferies&rsquo; opinion and financial analyses were only one of many factors considered by the board of directors in its evaluation
of the Merger Consideration and should not be viewed as determinative of the views of the board of directors or Inotiv management with
respect to the Mergers or the Merger Consideration payable in the Mergers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Financial Analyses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The summary of the financial analyses described
in this section is a summary of the material financial analyses reviewed with the board of directors and performed by Jefferies in connection
with its analyses and opinion. The financial analyses summarized below include information presented in tabular format. In order to fully
understand Jefferies&rsquo; financial analyses, the tables must be read together with the text of each summary. The tables alone do not
constitute a complete description of the financial analyses. Considering the data below without considering the full narrative description
of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete
view of Jefferies&rsquo; financial analyses. The order in which the financial analyses summarized below appear does not necessarily reflect
the relative importance or weight given to such analyses. The following quantitative information, to the extent that it is based on market
data, is based on market data as it existed on or before September&nbsp;20, 2021 and is not necessarily indicative of current or future
market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Implied Value of the Merger Consideration</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For purposes of the financial analyses described
below, the term &ldquo;implied value of the Merger Consideration&rdquo; means the aggregate consideration paid by Inotiv in the First
Merger of $485 million, consisting of (i) cash consideration of $200.0 million, and (ii) stock consideration valued at $285.0 million,
consisting of 9,365,173 Inotiv Common Shares valued at $30.43 per share, based on the 20-trading day volume weighted average price, or
VWAP, of Inotiv Common Shares as of September 20, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Envigo Financial Analyses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Selected
Public Companies Analysis</I></FONT>. Jefferies reviewed publicly available financial, stock market and operating information of Envigo
and the following six selected publicly traded companies that are contract research organizations providing either preclinical (early
stage) research services or clinical (late stage) research services that Jefferies considered generally relevant for purposes of analysis,
which are collectively referred to as the &ldquo;Envigo selected companies.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 7 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The selected public companies reviewed included
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Early Stage</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Inotiv</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Charles River Laboratories International,&nbsp;Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Late Stage</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">ICON plc</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">IQVIA Holdings Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Medpace Holdings,&nbsp;Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Syneos Health,&nbsp;Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jefferies reviewed, among other information and
to the extent publicly available, enterprise values of the Envigo selected companies, calculated as fully diluted equity values based
on closing stock prices on September&nbsp;20, 2021, plus total debt, preferred equity and non-controlling interests, minus cash and cash
equivalents, as a multiple of such company&rsquo;s estimated adjusted earnings before interest, taxes, depreciation and amortization,
and, where applicable, stock-based compensation expense and non-recurring charges (&ldquo;Adjusted EBITDA&rdquo;), for calendar years
2022 and 2023, which we refer to as CY&nbsp;2022E and CY 2023E, respectively. Financial data of the Envigo selected companies (including
Inotiv) were based on publicly available research analysts&rsquo; estimates, public filings and other publicly available information,
and financial data of Envigo were based on the Inotiv Envigo Forecast.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mean and median multiples for the Envigo selected
companies were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Selected Public Companies Analysis &ndash;
Early Stage</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Financial Metric</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Mean</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Median</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">CY 2022E Adjusted EBITDA</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">23x</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">23x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">CY 2023E Adjusted EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">18x</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">18x</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Selected Public Companies Analysis &ndash; Late
Stage</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Financial Metric</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Mean</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Median</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">CY 2022E Adjusted EBITDA</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">20x</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">20x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">CY 2023E Adjusted EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">18x</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">18x</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Selected Public Companies Analysis - Overall</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Financial Metric</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Mean</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Median</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">CY 2022E Adjusted EBITDA</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">21x</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">21x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">CY 2023E Adjusted EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">18x</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">18x</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jefferies applied a selected range of enterprise
value to estimated Adjusted EBITDA multiples set forth in the table below to corresponding data of Envigo based on the Inotiv Envigo Forecasts
for Adjusted EBITDA for CY 2022E and CY 2023E, respectively, to determine a range of implied enterprise values for Envigo. This analysis
indicated the ranges of approximate implied enterprise value for Envigo set forth in the table below, as compared to the implied value
of the Merger Consideration of $485 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Selected Public Companies Analysis &ndash; Envigo</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; padding-left: 5.4pt">Financial Metric</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Multiple Range</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Implied Enterprise Value<BR> Reference Range<BR> ($ millions)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 71%">CY 2022E Adjusted EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 12%">19x - 21x</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 12%">$973 - $1,075</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">CY 2023E Adjusted EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">16x - 18x</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$984 - $1,106</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No company utilized in the selected public companies
analysis is identical to Envigo. In evaluating the Envigo selected public companies, Jefferies made judgments and assumptions with regard
to industry performance, general business, economic, market and financial conditions and other matters, many of which are beyond Inotiv&rsquo;s,
Envigo&rsquo;s and Jefferies&rsquo; control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Selected
Transactions Analysis. </I></FONT>Jefferies reviewed, among other things, financial information, to the extent available, for the following
thirteen selected transactions, collectively referred to as the &ldquo;selected transactions&rdquo;, involving contract research organizations
that Jefferies considered generally relevant for purposes of analysis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The selected transactions reviewed included the
following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Selected Transactions Analysis</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: bold 10pt Times New Roman, Times, Serif; width: 32%; text-align: center; padding-left: 5.4pt">Announcement Date</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Acquiror</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Target</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">July
    2, 2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">EQT IX Fund / Goldman Sachs Asset Management</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parexel International Corporation<B><SUP>*</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">April
    15, 2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Thermo Fisher Scientific Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">PPD,&nbsp;Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">February
    24, 2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">ICON plc</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">PRA Health Sciences,&nbsp;Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">November
    20, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Blackstone</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Precision Medicine Group<B><SUP>*</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">October
    28, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Syneos Health,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Synteract<B><SUP>*</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">September
    1, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">ArchiMed</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAMSA<B><SUP>*</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">April
    17, 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">LabCorp (Covance)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Envigo CRS<B><SUP>*</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">February
    13, 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Charles River Laboratories International,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Citoxlab</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">February
    13, 2018</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Charles River Laboratories International,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">MPI Research</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">July
    31, 2017</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">LabCorp (Covance)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chiltern<B><SUP>*</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">June
    20, 2017</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Pamplona Capital Management, LLP</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Parexel International Corporation</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">January
    7, 2016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Charles River Laboratories International,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">WIL Research</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">July
    9, 2015</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Charles River Laboratories International,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Celsis International Ltd.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">* Transaction data is confidential
but is included in the calculation of mean and median statistics below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jefferies reviewed the transaction values of the
selected transactions, calculated, as applicable, as the consideration paid or proposed to be paid or the enterprise values implied based
on the consideration paid or proposed to be paid in the selected transactions, as a multiple of the target companies&rsquo; or assets&rsquo;
last 12 months, or LTM, and next 12 months, or NTM, Adjusted EBITDA as reported prior to or as of the applicable announcement dates of
such transactions. Financial data of the selected transactions and Envigo were based on public filings and other available information,
and the Inotiv Envigo Forecasts, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mean and median multiples for the selected
transactions were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Selected Transactions Analysis</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Financial Metric</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Mean</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Median</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">EV / LTM Adjusted EBITDA</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">17x</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">14x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">EV / NTM Adjusted EBITDA*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">16x</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">16x</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">* Note: Figures from the selected transactions
involving MPI Research, WIL Research and Celsis International Ltd. were excluded because NTM Adjusted EBITDA figures for such transactions
were not available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jefferies applied a selected range of transaction
value to LTM and NTM EBITDA multiples derived from the selected transactions set forth in the table below to Envigo&rsquo;s LTM Adjusted
EBITDA and NTM Adjusted EBITDA, respectively, based on the Inotiv Envigo Forecasts and in each case as of September&nbsp;30, 2021. This
analysis indicated the ranges of approximate implied enterprise values for Envigo set forth in the table below, as compared to the implied
value of the Merger Consideration of $485 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Selected Transactions Analysis &ndash; Envigo</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">Financial Metric</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Multiple Range</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Implied Enterprise Value<BR> Reference Range<BR> ($ millions)</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 71%">LTM Adjusted EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 12%">13x - 16x</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 12%">$520 - $640</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">NTM Adjusted EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">12x - 14x</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$583 - $680</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No transaction utilized as a comparison in the
selected transactions analysis is identical to the Mergers. In evaluating the Mergers, Jefferies made numerous judgments and assumptions
with regard to industry performance, general business, economic, market, and financial conditions and other matters, many of which are
beyond Inotiv&rsquo;s, Envigo&rsquo;s and Jefferies&rsquo; control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Discounted
Cash Flow Analysis</I></FONT>. Jefferies performed a discounted cash flow analysis of Envigo by calculating the estimated present value
of the stand-alone unlevered, after-tax free cash flows that Envigo was forecasted to generate during the fiscal years ending September&nbsp;30,
2022 through September&nbsp;30, 2026 based on the Inotiv Envigo Forecasts. The terminal values of Envigo were calculated by applying a
selected range of Adjusted EBITDA multiples of 9.0x to 11.0x to Envigo&rsquo;s estimated Adjusted EBITDA for the fiscal year ending September&nbsp;30,
2026. The present values (as of September&nbsp;30, 2021) of the cash flows and terminal values were then calculated using a selected discount
rate range of 10.5% to 11.5%, based on an estimate of Envigo&rsquo;s weighted average cost of capital. This analysis indicated a range
of implied enterprise values for Envigo of approximately $619 million to $757 million, as compared to the implied value of the Merger
Consideration of $485 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Inotiv Financial Analyses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Selected
Public Companies Analysis</I></FONT>. Jefferies reviewed publicly available financial, stock market and operating information of Inotiv
and the Envigo selected companies, excluding Inotiv, that Jefferies considered generally relevant for purposes of analysis, which are
collectively referred to as the &ldquo;Inotiv selected companies.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jefferies reviewed, among other information and
to the extent publicly available, enterprise values of the Inotiv selected companies as a multiple of such company&rsquo;s Adjusted EBITDA
for CY 2022E and CY 2023E. Financial data of the Inotiv selected companies were based on public filings and other publicly available information,
and financial data of Inotiv were based on the Inotiv Forecasts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mean and median multiples for the Inotiv selected
companies were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Selected Public Companies Analysis</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Financial Metric</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Mean</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Median</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">CY 2022E Adjusted EBITDA</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: center">21x</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: center">21x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">CY 2023E Adjusted EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">19x</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">19x</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jefferies applied a selected range of enterprise
value to Adjusted EBITDA multiples set forth in the table below to corresponding data of Inotiv based on the Inotiv Forecasts Adjusted
EBITDA for CY 2022E and CY 2023E, respectively, to determine a range of implied enterprise values for Inotiv. Jefferies then subtracted
Inotiv&rsquo;s projected net debt as of September&nbsp;30, 2021 to calculate a range of implied equity values, and divided by the number
of fully diluted Inotiv Common Shares outstanding to calculate a range of implied per share equity values for Inotiv. This analysis indicated
the ranges of approximate implied per share equity values for Inotiv set forth in the table below, as compared to the 20-day VWAP for
Inotiv Common Shares of $30.43 as of September&nbsp;20, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Selected Public Companies Analysis &ndash; Inotiv</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">Financial Metric</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Multiple Range</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><B>Implied
    Per Share Equity Value<BR> Reference Range&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 71%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CY 2022E Adjusted EBITDA</Font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20x - 24x</Font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 12%">$<FONT STYLE="font: 10pt Times New Roman, Times, Serif">22.33 - $27.17</Font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CY 2023E Adjusted EBITDA</Font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">18x - 22x</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$29.58 - $36.57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No company utilized in the selected public companies
analysis is identical to Inotiv. In evaluating the Inotiv selected public companies, Jefferies made judgments and assumptions with regard
to industry performance, general business, economic, market and financial conditions and other matters, many of which are beyond Inotiv&rsquo;s,
Envigo&rsquo;s and Jefferies&rsquo; control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Discounted
Cash Flow Analysis</I></FONT>. Jefferies performed a discounted cash flow analysis of Inotiv by calculating the estimated present value
of the stand-alone unlevered, after-tax free cash flows that Inotiv was forecasted to generate during the fiscal years ending September&nbsp;30,
2022 through September&nbsp;30, 2026 based on the Inotiv Forecasts. The terminal values of Inotiv were calculated by applying a selected
range of Adjusted EBITDA multiples of 12x to 14x to Inotiv&rsquo;s estimated Adjusted EBITDA for the fiscal year ending September&nbsp;30,
2026, based on the Inotiv Forecasts. The present values (as of September&nbsp;30, 2021) of the cash flows and terminal values were then
calculated using a selected discount rate range of 10.5% to 11.5%, based on an estimate of Inotiv&rsquo;s weighted average cost of capital,
to determine a range of implied enterprise values for Inotiv. Jefferies then subtracted Inotiv&rsquo;s projected net debt as of September&nbsp;30,
2021 to calculate a range of implied equity values, and divided by the number of fully diluted Inotiv Common Shares outstanding to calculate
a range of implied per share equity values for Inotiv. This analysis indicated a reference range of implied per share equity values for
Inotiv of approximately $24.57 to $30.14, as compared to the 20-day VWAP for Inotiv Common Shares of $30.43 as of September&nbsp;20, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Factors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jefferies observed certain additional information
that was not considered part of Jefferies&rsquo; financial analysis with respect to its opinion but was noted for informational purposes,
including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the price targets per share for Inotiv Common Shares in publicly available Wall Street research analyst
reports, which indicated a reference range of $38.00 to $45.00 per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the historical trading prices of Inotiv Common Shares during the 52-week period ended September&nbsp;20,
2021, which reflected low and high per share prices during such period of approximately $4.61 on September&nbsp;24, 2020 and $37.40 on
September&nbsp;20, 2021, respectively; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the illustrative potential pro forma financial impact of the Mergers on Inotiv&rsquo;s estimated adjusted
earnings per share for fiscal years 2022 through 2024 based on the Inotiv Forecasts and the Inotiv Envigo Forecasts, without giving effect
to any potential cost savings or synergies. Assuming the Merger Consideration consists of a combination of $200.0 million in cash and
9,365,173 Inotiv Common Shares, this illustrative analysis indicated that the Mergers could be accretive to Inotiv&rsquo;s estimated adjusted
earnings per share in fiscal years 2022, 2023 and 2024 by approximately 185%, 113% and 76%, respectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Miscellaneous</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inotiv has agreed to pay Jefferies for its financial
advisory services in connection with the Mergers an aggregate fee of $5 million, of which $1 million became payable upon delivery of
Jefferies&rsquo; opinion to the board of directors and the remainder or which is payable contingent upon the closing of the Mergers.
In addition,&nbsp;Inotiv agreed to reimburse Jefferies for expenses, including fees and expenses of counsel, incurred in connection with
Jefferies&rsquo; engagement and to indemnify Jefferies and related parties against liabilities, including liabilities under federal securities
laws, arising out of or in connection with the services rendered and to be rendered by Jefferies under its engagement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jefferies and its affiliates did not provide financial
advisory or financing services to Inotiv or Envigo during the two-year period prior to the date of Jefferies&rsquo; opinion for which
Jefferies or its affiliates received compensation. Jefferies and its affiliates may provide financial advisory and/or financing services
to Inotiv, Envigo and/or their respective affiliates in the future, for which services Jefferies and its affiliates would expect to receive
compensation. Jefferies and its affiliates are participating in the financing for the Mergers, for which services Inotiv has agreed to
pay Jefferies and its affiliates aggregate fees in the amount of approximately $8 million, including acting as (i)&nbsp;sole lead arranger,
sole bookrunner and administrative agent in connection with certain term loan and revolving credit facilities of Inotiv, and (ii)&nbsp;sole
manager in connection with the offering of senior unsecured notes of Inotiv. In the ordinary course of business, Jefferies and its affiliates
may trade or hold securities or financial instruments (including loans and other obligations) of Inotiv, Envigo and their respective affiliates
for Jefferies&rsquo; own account and for the accounts of Jefferies&rsquo; customers and, accordingly, may at any time hold long or short
positions in those securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jefferies was selected as Inotiv&rsquo;s financial
advisor in connection with the Mergers because, among other things, Jefferies is an internationally recognized investment banking firm
with substantial experience in mergers and acquisition transactions and based on its familiarity with Inotiv&rsquo;s business and industry.
Jefferies is regularly engaged in the valuation of businesses and their securities in connection with mergers and acquisitions, leveraged
buyouts, negotiated underwritings, competitive bids, secondary distributions of listed and unlisted securities and private placements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_024"></A>Total Common Shares to be Issued in the Merger</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
completion of the Merger, </FONT>9,365,173&nbsp;Common Shares will be issued to the shareholders and option holders of Envigo as partial
consideration for Envigo&rsquo;s shares of common stock to be acquired by Inotiv and certain in-the-money options to purchase Envigo
common stock, assuming no adjustments are made pursuant to the Merger Agreement. As such, it is anticipated that, if the merger is consummated,
Inotiv&rsquo;s current shareholders will own approximately 64% of Inotiv's outstanding shares and the former Envigo shareholders will
own, in the aggregate, approximately 34% of Inotiv's outstanding shares. The Merger Agreement provides that certain options to purchase
Envigo common stock will be converted into options to purchase 898,652 Inotiv Common Shares having an exercise price that preserves the
value of such options for the holder. The shares to be subject to the options are part of, and not in addition to, the shares to be issued
in the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_025"></A>Accounting Treatment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Merger will be accounted for using the acquisition method of accounting
for business combinations. The allocation of the preliminary estimated merger consideration is based upon management&rsquo;s estimates
of and assumptions related to the fair value of assets to be acquired and liabilities to be assumed. Inotiv expects to finalize its allocation
of the purchase consideration as soon as practicable after completion of the Merger, but Inotiv is not required to finalize such allocation
for one year from the closing date of the Merger. For U.S. federal income tax purposes, the Merger will be treated as an asset purchase
(such that the tax basis in the Envigo assets will generally reflect the allocated fair value at closing) and direct liability assumption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_026"></A>Why Inotiv Needs Shareholder Approval</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are seeking shareholder approval in order to comply with Rule 5635(a).
Under Rule 5635(a), shareholder approval is required prior to the issuance of the Common Stock or other securities convertible into or
exercisable for Common Stock, in connection with certain transactions (such as the Merger) or series of related transactions if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Common
Stock has, or will have upon issuance, voting power equal to or in excess of 20% of the voting power outstanding before the issuance of
such stock or of securities convertible into or exercisable for Common Stock; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the number
of Common Shares to be issued is or will be equal to or in excess of 20% of the number of Common Shares outstanding before the issuance
of the Common Stock or of securities convertible into or exercisable for Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As part of the consideration for the Merger, Envigo shareholders and
option holders will receive Common Shares representing 58.8% of our outstanding shares as of [October 4], 2021, assuming no adjustments
are made pursuant to the Merger Agreement. For more information on the closing adjustments with respect to the Merger consideration, please
see the section entitled &ldquo;Proposal No. 2&mdash;Approval of the Merger Share Issuance Proposal&mdash;Agreement and Plan of Merger.&rdquo;
Because the Share Consideration constitutes voting power of our shares that exceeds 20% of the voting power outstanding before the Merger
and includes a number of shares to be issued that exceeds 20% of the number of Common Shares outstanding before the Merger, NASDAQ Rule
5635(a) requires us to obtain shareholder approval before completing the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_027"></A>Proposals Effect on Inotiv&rsquo;s Current Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Merger Share Issuance Proposal is adopted, approximately 9,365,173
Common Shares will be issued to the shareholders and option holders of Envigo, assuming no adjustments are made pursuant to the Merger
Agreement. The issuance of such shares would result in significant dilution to our shareholders, and would result in our shareholders
holding a smaller percentage interest in the voting power, liquidation value and aggregate book value of Inotiv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_028"></A>Vote Required for Approval</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a quorum is present at the Special Meeting, the Merger Share Issuance Proposal will be approved if </FONT>the number of votes cast for
approval of the proposal exceeds the number of votes cast against approval of the proposal at the Special Meeting. Abstentions and broker
non-votes are not counted for purposes of determining whether these proposals have been approved. Additionally, if a holder of Common
Shares instructs its bank, broker or other nominee regarding the Authorized Share Increase Proposal, the EIP Amendment Proposal, the
Notes Share Issuance Proposal or the Adjournment Proposal, but not the Merger Share Issuance Proposal, such broker non-vote with respect
to the Merger Share Issuance Proposal will not be counted for purposes of determining whether the Merger Share Issuance Proposal is approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_029"></A>Recommendation of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT INOTIV&rsquo;S
SHAREHOLDERS VOTE &ldquo;FOR&rdquo; THE MERGER SHARE ISSUANCE PROPOSAL.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Kalai_030"></A>PROPOSAL 3&mdash;<B>APPROVAL OF THE EIP AMENDMENT PROPOSAL</B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_031"></A>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January&nbsp;24, 2018, the Board approved the amendment and restatement
of the Company&rsquo;s 2008 Stock Option Plan in the form of the Bioanalytical Systems,&nbsp;Inc. 2018 Equity Incentive Plan (the &ldquo;Plan&rdquo;).
The Plan was approved by the shareholders at the 2018 annual meeting. On December&nbsp;4, 2019, the Board approved an amendment to the
Plan to increase the number of Common Shares issuable under the plan and correspondingly adjust the number of shares issuable as incentive
options and as restricted stock or pursuant to restricted stock units following the effective date of the amendment of the Plan. The amendment
to the Plan was approved by the shareholders at the 2020 annual meeting. On September&nbsp;21, 2021, the Board approved an amendment to
the Plan to increase the number of shares issuable under the plan by 1,500,000 shares and to make corresponding changes to the number
of shares issuable as incentive options and as restricted stock or pursuant to restricted stock units following the effective date of
the amendment of the Plan. If approved by the shareholders at this Special Meeting, the amendment will become effective as of the Board&rsquo;s
approval, on September&nbsp;21, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that the amendment is necessary in order to ensure a sufficient
number of issuable shares to allow the Company to best utilize equity awards and performance awards to retain and attract the services
of key individuals essential to the Company&rsquo;s long-term growth and financial success and to further align their interests with those
of the Company&rsquo;s shareholders. The Company relies on equity awards to retain and attract key employees and non-employee Board members
and the flexibility to grant equity incentive awards is necessary for the Company to remain competitive with regard to retaining and attracting
highly qualified individuals upon whom, in large measure, the future growth and success of the Company depends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following factors, among others, were taken into account by the
Board in approving the amendment: (i), the Company&rsquo;s historical burn rate under the Plan and other shareholder approved equity plans,
(ii)&nbsp;the limited number of shares remaining available under the Plan for future awards and the number of outstanding stock options,
(iii)&nbsp;the potential significant increase in the number of employees who may be eligible for awards under the Plan if the Envigo acquisition
is consummated; (iv)&nbsp;potential dilution resulting from the proposed increase in authorized shares, and (v)&nbsp;the potential shareholder
value transfer resulting from the proposed increase in authorized shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amendment is more fully described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Increases
the Number of Shares Authorized for Issuance Under the Plan</I>. The amendment increases the total number of Common Shares of the Company
issuable under the Plan by 1,500,000 shares and correspondingly adjusts the number of shares issuable as incentive options and as restricted
stock or pursuant to restricted stock units following the effective date of the amendment of the Plan in 2020 to 3,400,000 and 3,400,000,
respectively. Upon approval by the shareholders, the Plan would have a total of 1,896,047 shares available for equity awards (including
the 396,047 shares remaining available for equity awards currently under the Plan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_032"></A>Key Terms of the Amended Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with the SEC&rsquo;s rules, a description of the Plan,
as amended by the amendment proposed herein (the &ldquo;Amended Plan&rdquo;), follows. The only proposed changes to the Plan are as specified
above. We have attached a copy of the Amended Plan to this proxy statement as Annex A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><I>Amended
Plan Limits</I>. Following approval of the Amended Plan by the shareholders, the total number of Common Shares available for issuance
under the Amended Plan would consist of the 1,900,000 shares authorized under the Plan (of which 852,910 shares were subject to outstanding
options and 396,047 shares currently remained available for equity awards, in each case as of the record date) and an additional 1,500,000
shares proposed to be added to the Amended Plan. The Amended Plan designates 3,400,000 shares as the maximum number of shares as to which
incentive options may be granted after the effective date of the amendment and restatement of the Plan in 2018 and 3,400,000 shares as
the maximum aggregate number of shares that may be issued after the effective date of the amendment and restatement of the Plan in 2018
as restricted stock or pursuant to restricted stock units, in each case subject to adjustment as described in the Amended Plan. No employee
may be granted stock options and/or stock appreciation rights with respect to more than 100,000 shares in any fiscal year and no employee
may be granted restricted stock and/or restricted stock units awards with respect to more than 50,000 shares in any fiscal year, subject
to adjustment. In addition, no non-employee director may be granted stock options and/or stock appreciation rights with respect to more
than 25,000 shares in any fiscal year, and no non-employee director may be granted restricted stock and/or restricted stock units with
respect to more than 12,500 shares in any fiscal year, subject to adjustment. Certain shares, including those subject to awards that
are forfeited, amended, terminated, or settled in cash, and other shares, will be eligible for reissuance under the Amended Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Eligibility</I>. All employees, officers, consultants and directors
of the Company and its subsidiaries are eligible to receive equity awards under the Amended Plan, except that incentive options may not
be granted to non-employee directors or consultants. Currently, there are approximately 585 employees (including our executive officers)
and three non-employee directors eligible to participate in the Amended Plan. If the Merger is consummated, there are expected to be
approximately 1800 employees (including our executive officers) and five non-employee directors eligible to participate in the Amended
Plan. The Committee is authorized to make awards to employees and consultants as selected in its discretion, and the Board has authority
to make awards to non-employee directors of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Administration</I>. The Committee has the authority and responsibility to administer the Amended Plan, except for awards to non-employee
directors, which are administered by the Board. The Committee consists solely of not less than two members intended to be &ldquo;non-employee
directors&rdquo; within the meaning of Rule&nbsp;16b-3 of the Securities Exchange Act of 1934, as amended, &ldquo;outside directors&rdquo;
under regulations promulgated under Section&nbsp;162(m), and &ldquo;independent directors&rdquo; under NASDAQ rules. The Committee may
exercise broad discretionary authority in the administration of the Amended Plan, including the authority to determine the treatment of
awards upon an employee&rsquo;s retirement, disability, death, or during a leave of absence. In addition, the Committee is authorized
to delegate some or all of its ministerial duties to one or more of its members or to one or more employees or agents of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Amendments and Termination</I>. The Amended Plan terminates on January&nbsp;24, 2028. The Amended Plan may be terminated at any
time prior to that date by the Board, in its sole discretion, and the Board may also amend the Amended Plan at any time, provided that
shareholder approval is required for any amendment to the extent necessary to comply with applicable law and the rules, regulations, or
requirements of NASDAQ or any other stock exchange on which the Common Shares are listed or traded. Currently, NASDAQ rules&nbsp;would
require shareholder approval for a material revision of the Amended Plan, which would include (i)&nbsp;any material increase in the number
of shares to be issued under the Amended Plan (other than to reflect a reorganization, stock split, merger, spinoff or similar transaction),
(ii)&nbsp;any material increase in benefits to participants, including any material change to: (a)&nbsp;permit a repricing (or decrease
in exercise price) of outstanding options, (b)&nbsp;reduce the price at which shares or options to purchase shares may be offered, or
(c)&nbsp;extend the duration of the Amended Plan, (iii)&nbsp;any material expansion of the class of participants eligible to participate
in the Amended Plan and (iv)&nbsp;any expansion in the types of options or awards provided under the Amended Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Types of Awards</I>. Four different types of equity awards may be granted under the Amended Plan, which awards may be free-standing
or granted in tandem. They are as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><I>Stock Options</I>. Stock options entitle the holder of the options to elect to purchase up to a specified number of the Company&rsquo;s
Common Shares at a specified price (the exercise price). The exercise price cannot be less than the fair market value of the Common Shares
when the options are granted. Under the Amended Plan, stock options may be incentive options or &ldquo;non-qualified options&rdquo; under
the Code. Stock options may not be exercised more than ten years from the date of grant, unless the Committee determines otherwise on
an individual basis. The applicable option exercise price is payable at the time of exercise in any of the following methods, to the extent
permitted by the Committee: (i)&nbsp;cash, (ii)&nbsp;delivery of Common Shares owned by the optionee having a value at the time of exercise
equal to the exercise price, (iii)&nbsp;broker-assisted cashless exercise, (iv)&nbsp;subject to the approval of the Committee, any other
manner permitted by law, or (v)&nbsp;any combination of the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><I>Stock Appreciation Rights</I>. A stock appreciation right entitles the holder to receive, for each share as to which the award
is granted, payment of an amount, in cash, in Common Shares, or in a combination, as determined by the Committee, equal in value to the
excess of the fair market value of a Common Share on the date of exercise over the fair market value of a Common Share on the day such
stock appreciation right was granted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><I>Restricted Stock</I>. Restricted stock means Common Shares that are actually issued to the recipient of the award, but the recipient
has no right to sell them, pledge them, or otherwise transfer any interest in them until it is determined in the future how many shares
the recipient is entitled to retain (free of such restrictions) and how many shares must be forfeited to the Company. Such determination
will be based on the conditions the Committee attaches to the award, which may include performance-based conditions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD><I>Restricted Stock Unit (&ldquo;RSU&rdquo;)</I>. An RSU award is a promise by the Company to issue up to a fixed number of Common
Shares to the award recipient at some point in the future, with the number of such shares that are actually issued being determined by
the conditions attached to the award by the Committee (which may include performance-based conditions).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Vesting and Forfeiture of Awards</I>. The exercisability of stock options, and the vesting or forfeiture of all other equity awards
under the Amended Plan, may be conditioned in any manner that the Committee chooses. The Amended Plan grants broad discretion to the Committee
to determine the terms and conditions applicable to awards made under the Amended Plan. For example, time-based equity awards may be granted
with the condition that they will become earned (vested) ratably over a period of years as long as the recipient remains employed. Performance-based
equity awards may be granted with the condition that they will become earned (vested) or be forfeited in accordance with the attainment
of specified financial or other performance objectives.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Treatment Upon a Separation from Service</I>. Unless otherwise specifically provided by the Committee in the award agreement or
any amendment thereto, awards terminate as provided below:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD>All unvested portions of awards held by the participant on the date of the participant&rsquo;s death or Separation from Service, as
the case may be, shall immediately be forfeited by such participant as of such date; all vested portions of awards (other than vested
portions of stock options) held by the participant on the date of the participant&rsquo;s death or Separation from Service, as the case
may be, shall be paid in accordance with the payout schedule applicable to vested awards; and all vested portions of stock options held
by the participant on the date of the participant&rsquo;s death or Separation from Service (for reasons other than Cause), as the case
may be, shall remain exercisable for thirty (30) days following such Separation from Service (but not beyond the expiration of the term
of the Stock Option) except as otherwise provided below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD>If the participant&rsquo;s Separation from Service (for reasons other than Cause) occurs by reason of Retirement or Disability, the
participant may exercise all outstanding options with respect to shares for which it could have been exercised on the effective date of
the participant&rsquo;s retirement within the period of three (3)&nbsp;months immediately succeeding the participant&rsquo;s retirement
(but not beyond the expiration of the term of the stock option), or if by reason of Disability, within twelve (12) months after such disability
(but not beyond the expiration of the term of the stock option).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD>In the event the participant&rsquo;s Separation from Service is due to death, the participant&rsquo;s beneficiary or estate, if no
beneficiary, may exercise outstanding options to the extent that the participant was entitled to exercise the options at the date of his
death, but only until the date which is twelve (12) months from the date of the participant&rsquo;s death (but not beyond the expiration
of the term of the Stock Option).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD>Unless otherwise provided pursuant to any written agreement, if a participant incurs a Separation from Service for Cause, all awards
held by a participant on the date of such Separation from Service for Cause, whether vested or unvested, shall immediately be forfeited
by such participant as of such date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Performance-Based Awards</I>. The Committee has the right under the Amended Plan to grant awards that will become earned (vested)
or be forfeited based on the level of achievement of relevant performance objectives.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Transferability of Certain Awards</I>. Unless otherwise provided by the Committee, stock options and stock appreciation rights
granted under the Amended Plan will not be transferable by a participant other than by will or the laws of descent and distribution, and
restricted stock and RSU awards may not be sold, assigned, transferred, pledged, or otherwise encumbered during the Vesting Period (as
defined in the Amended Plan).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: left"><I>Dividends and Voting</I>. The Committee has discretion to either permit or deny the holder of an award of shares under the Amended
Plan the right to dividends (or a cash equivalent for shares not actually issued), and the Committee may permit or deny voting rights
to the holder of an award of restricted stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Change in Control</I>. Unless an award is granted with contrary provisions or the participant has an agreement with the Company
with contrary provisions, in the event of a &ldquo;Change in Control&rdquo; of the Company (as defined in the Amended Plan) (i)&nbsp;with
respect to any outstanding Full Value Awards (any award other than a stock option or stock appreciation right), restrictions and vesting
conditions applicable to the Full Value Award that are based upon one or more performance factors shall lapse with respect to a pro-rata
portion (based on the number of days from the beginning of the applicable performance period to and including the date of the Change in
Control) of the number of shares subject to such Full Value Award that would have been earned by the award holder (a)&nbsp;with respect
to market-based goals, determined as the greater of the target goal or the transaction price with respect to the Company&rsquo;s common
shares on the effective date of the Change in Control, and (ii)&nbsp;with respect to performance-based goals, determined as the greater
of the target goal or as determined by actual performance in accordance with the underlying plan formula as of the date of the Change
in Control and (ii)&nbsp;the Committee may, in its sole discretion, accelerate the payment date of all RSU awards. In addition, upon a
Change in Control the result of which is that the Company is not the surviving corporation (or survives as a wholly-owned subsidiary of
another corporation), or upon a sale of substantially all the assets of the Company, the Board of Directors may, after considering any
accounting impact to the Company, take such action as it in its discretion deems appropriate to (i)&nbsp;cash out outstanding vested stock
options and/or other awards at or immediately prior to the date of such event that will not otherwise be assumed or substituted, (ii)&nbsp;provide
for the assumption or substitution of outstanding stock options or other awards by surviving, successor or transferee entities, (iii)&nbsp;provide
that in lieu of Common Shares of the Company, the award recipient shall be entitled to receive the consideration he or she would have
received in such transaction in exchange for such Common Shares (or the Fair Market Value thereof in cash), and/or (iv)&nbsp;provide that
stock options shall be exercisable for a period of at least ten business days from the date of receipt of a notice from the Company of
such proposed event, following the expiration of which period any unexercised stock options shall terminate. Furthermore, for any change
in corporate structure affecting the Common Shares subject to an outstanding award, the number and kind of Common Shares or other securities
which are subject to the Amended Plan or subject to any awards theretofore granted, and the exercise prices, may be appropriately and
equitably adjusted by the Board of Directors so as to maintain the proportionate number of shares or other securities without changing
the aggregate exercise price, if any.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Waiver of Conditions</I>. The authority of the Committee under the Amended Plan generally includes the right to waive the satisfaction
of any or all conditions in an award as to the vesting of the shares awarded.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Awards under the Plan. Awards made under the Plan remain subject to the terms and conditions of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_033"></A>Federal Income Tax Consequences to Participants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following discussion is limited to a summary of certain U.S. federal
income tax consequences of the grant, exercise, and vesting of awards under the Amended Plan. The tax consequences of the grant, exercise,
or vesting of awards may vary depending upon the particular circumstances, and it should be noted that income tax laws, regulations, and
interpretations change frequently. Participants should rely upon their own tax advisors for advice concerning the specific tax consequences
applicable to them, including the applicability and effect of state, local, and foreign tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-Qualified
Stock Options</I></FONT>. In general, (i)&nbsp;a participant will not recognize income at the time a non-qualified option is granted,
(ii)&nbsp;a participant will recognize ordinary income at the time of exercise in an amount equal to the excess of the fair market value
of the shares on the date of exercise over the option exercise price paid for the shares and (iii)&nbsp;at the time of sale of shares
acquired pursuant to the exercise of the non-qualified option, appreciation (or depreciation) in value of the shares after the date of
exercise will be treated as either short-term or long-term capital gain (or loss) depending on how long the shares have been held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Incentive
Stock Options</I></FONT>. A participant will not recognize income at the time an incentive option is granted or exercised. However, the
excess of the fair market value of the shares on the date of exercise over the option exercise price paid may constitute a preference
item for the alternative minimum tax. If shares are issued to the optionee pursuant to the exercise of an incentive option, and if no
disqualifying disposition of such shares is made by such optionee within two years after the date of the grant or within one year after
the issuance of such shares to the optionee, then upon sale of such shares, any amount realized in excess of the option price will be
taxed to the optionee as a long-term capital gain and any loss sustained will be a long-term capital loss. If shares acquired upon the
exercise of an incentive option are disposed of prior to the expiration of either holding period described above, the optionee generally
will recognize ordinary income in the year of disposition in an amount equal to the excess (if any) of the fair market value of such shares
as of the time of exercise (or, if less, the amount realized on the disposition of such shares if a sale or exchange) over the option
price paid for such shares. Any further gain (or loss) realized by the participant generally will be taxed as short-term or long-term
capital gain (or loss) depending on the holding period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Stock
Appreciation Rights</I></FONT>. A participant will not recognize income upon the grant of stock appreciation rights. The participant generally
will recognize ordinary income when the stock appreciation rights are exercised in an amount equal to the cash and the fair market value
of any unrestricted shares received on the exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Restricted
Stock</I></FONT>. A participant will not be subject to tax until the shares of restricted stock are no longer subject to forfeiture or
restrictions on transfer for purposes of Section&nbsp;83 of the Code. At that time, the participant will be subject to tax at ordinary
income rates on the fair market value of the restricted shares (reduced by any amount paid by the participant for such restricted shares).
However, a participant who so elects under Section&nbsp;83(b)&nbsp;of the Code within 30 days of the date of award of the shares will
have taxable ordinary income on the date of award of the shares equal to the excess of the fair market value of such shares (determined
without regard to the restrictions) over the purchase price, if any, of such restricted shares. Any appreciation (or depreciation) realized
upon a later disposition of such shares will be treated as long-term or short-term capital gain depending upon how long the shares have
been held. If a Section&nbsp;83(b)&nbsp;election has not been made, any dividends received with respect to restricted shares that are
subject to forfeiture and transfer restrictions generally will be treated as compensation that is taxable as ordinary income to the participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>RSUs</I></FONT>.
A participant will not recognize income upon the grant of an RSU award. Upon payment of the awards, the participant generally will recognize
ordinary income in an amount equal to the cash and the fair market value of any unrestricted shares received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Dividends
or Dividend Equivalents</I></FONT>. Any dividend or dividend equivalents awarded with respect to awards granted under the Amended Plan
and paid in cash or unrestricted shares will be taxed to the participant at ordinary income rates when such cash or unrestricted shares
are received by the participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Section&nbsp;409A</I></FONT>.
The Amended Plan permits the grant of various types of awards that may or may not be exempt from Section&nbsp;409A of the Code. If an
award is subject to Section&nbsp;409A, and if the requirements of Section&nbsp;409A are not met, the award could be subject to tax at
an earlier time than described above and could be subject to additional taxes and penalties. Awards granted under the Amended Plan generally
will be designed either to be exempt from, or to comply with the requirements of, Section&nbsp;409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Federal
Income Tax Consequences to the Company</I></FONT>. To the extent that a participant recognizes ordinary income in the circumstances described
above, the Company will be entitled to a corresponding deduction provided that, among other things, the income meets the test of reasonableness,
is an ordinary and necessary business expense, and is not an &ldquo;excess parachute payment&rdquo; within the meaning of Section&nbsp;280G
of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No benefits or amounts have been granted, awarded, or received under
the Amended Plan. Future awards under the Amended Plan will be granted by the Committee, in its discretion, and the amounts payable to
the Company&rsquo;s employees and directors under the Amended Plan are not currently determinable. Such amounts will depend on the performance
objectives selected by the Committee, the established targets, and the extent to which such targets are achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_034"></A>Vote Required for Approval</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a quorum is present at the Special Meeting, the Adjournment Proposal will be approved if </FONT>the number of votes cast for approval
of the proposal exceeds the number of votes cast against approval of the proposal at the Special Meeting. Abstentions and broker non-votes
are not counted for purposes of determining whether these proposals have been approved. Additionally, if a holder of Common Shares instructs
its bank, broker or other nominee regarding the Authorized Share Increase Proposal, the Merger Share Issuance Proposal, the EIP Amendment
Proposal or the Notes Share Issuance Proposal, but not the Adjournment Proposal, such broker non-vote will not be counted for purposes
of determining whether the Adjournment Proposal is approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_035"></A>Recommendation of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE &ldquo;FOR&rdquo;
THE APPROVAL OF THE EIP AMENDMENT PROPOSAL.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp9_001"></A>PROPOSAL 4 - APPROVAL OF THE NOTES SHARE ISSUANCE
PROPOSAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are asking our shareholders to approve the issuance&nbsp;of the
maximum number of our Common Stock issuable in connection with the potential future conversion the Convertible Notes issued pursuant to
the Purchase Agreement as disclosed in this Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September&nbsp;[27], 2021, we issued $140.0 million aggregate principal
amount of 3.25% Convertible Senior Notes due 2027 in a private offering to qualified institutional buyers pursuant to Rule&nbsp;144A under
the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). The Convertible Notes are fully and unconditionally guaranteed,
on a senior, unsecured basis, by BAS Evansville,&nbsp;Inc., one of our wholly owned subsidiaries (the &ldquo;Guarantor&rdquo;). We received
net proceeds from the offering of the Convertible Notes of approximately $120.5 million after discounts and commissions and related offering
expenses. We intend to use the net proceeds from the offering of the Convertible Notes, together with borrowings under a new senior secured
term loan facility, to fund the cash purchase price of the Envigo Acquisition, if it is consummated, and to pay related fees and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Convertible Notes are senior, unsecured obligations of Inotiv,
accrue interest payable semi-annually in arrears and will mature on October 15, 2027, unless earlier repurchased, redeemed or converted.
Noteholders will have the right to convert their Convertible Notes in certain circumstances and during specified periods. We will settle
conversions by paying or delivering, as applicable, cash, Common Shares or a combination of cash and Common Shares, at our election. However,
until we obtain the shareholder approval required by the listing standards of The NASDAQ Capital Market, if at all, and we have increased
the number of our authorized Common Shares and reserved a sufficient number of Common Shares solely for issuance upon conversion of the
Convertible Notes, we will settle all conversions entirely in cash. The Board approved the reservation of 4,104,366 Common Shares for
issuance upon conversion of the Convertible Notes on September 22, 2021, upon and subject to the approval of the Authorized Share Increase
Proposal and the amendment of our articles of incorporation to effect the share increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Noteholders may convert their Convertible Notes at their option only
in the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2022, if the
last reported sale price per common share exceeds 130% of the conversion price for each of at least 20 trading days during the 30 consecutive
trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive
business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the &ldquo;measurement
period&rdquo;) that ends on or after March 31, 2022 if the trading price per $1,000 principal amount of Convertible Notes for each trading
day of the measurement period was less than 98% of the product of the last reported sale price per common share on such trading day and
the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on our common shares, as
described in this offering memorandum; (4) if we call the Convertible Notes for redemption; and (5) at any time from, and including, April
15, 2027 until the close of business on the scheduled trading day immediately before the maturity date. We will settle conversions by
paying or delivering, as applicable, cash, our common shares or a combination of cash and our common shares, at our election, based on
the applicable conversion rate(s). However, until we obtain the shareholder approval required by the listing standards of The NASDAQ Capital
Market, if at all, and we have increased the number of our authorized common shares and reserved a sufficient number of common shares
solely for issuance upon conversion of the Convertible Notes we are offering, we will settle all conversions entirely in cash. The initial
conversion rate is 21.7162 common shares per $1,000 principal amount of Convertible Notes, which represents an initial conversion price
of approximately $46.05 per share, and is subject to adjustment as provided in the indenture related to the Convertible Notes. If a &ldquo;make-whole
fundamental change&rdquo; occurs, then we will in certain circumstances increase the conversion rate for a specified period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">A make-whole
fundamental change includes </FONT>any of the following events (determined after giving effect to the proviso immediately after clause
(iv), but without regard to the proviso to clause (ii)(2)):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a &ldquo;person&rdquo; or &ldquo;group&rdquo; (within the meaning of Section 13(d)(3) of the Exchange Act), other than us or our
wholly owned subsidiaries, or any employee benefit plans of ours or our wholly owned subsidiaries, files any report with the SEC indicating
that such person or group has become the direct or indirect &ldquo;beneficial owner&rdquo; (as defined below) of our common shares representing
more than 50% of the voting power of all of our common shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the consummation of: (1) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially
all of the assets of us and our subsidiaries, taken as a whole, to any person, other than solely to one or more of our wholly owned subsidiaries;
or (2) any transaction or series of related transactions in connection with which (whether by means of merger, consolidation, share exchange,
combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of our common shares are exchanged for, converted
into, acquired for, or constitute solely the right to receive, other securities, cash or other property; <I>provided</I>, <I>however</I>,
that any merger, consolidation, share exchange or combination of us pursuant to which the persons that directly or indirectly &ldquo;beneficially
owned&rdquo; (as defined below) all classes of our common equity immediately before such transaction directly or indirectly &ldquo;beneficially
own,&rdquo; immediately after such transaction, more than 50% of all classes of common equity of the surviving, continuing or acquiring
company or other transferee, as applicable, or the parent thereof, in substantially the same proportions vis-&agrave;-vis each other as
immediately before such transaction will be deemed not to be a fundamental change pursuant to this clause (ii);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our shareholders approve any plan or proposal for our liquidation or dissolution; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our common shares cease to be listed on any of The New York Stock Exchange The NASDAQ Capital Market, The NASDAQ Global Market
or The NASDAQ Global Select Market (or any of their respective successors);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>provided</I></FONT>,
<I>however</I>, that a transaction or event described in clause (i) or (ii) above will not constitute a make-whole fundamental change
if at least 90% of the consideration received or to be received by the holders of our Common Shares (excluding cash payments for fractional
shares or pursuant to dissenters rights), in connection with such transaction or event, consists of shares of common stock or other corporate
common equity interests listed on any of The New York Stock Exchange, The NASDAQ Capital Market, The NASDAQ Global Market or The NASDAQ
Global Select Market (or any of their respective successors), or that will be so listed when issued or exchanged in connection with such
transaction or event, and such transaction or event constitutes a common share change event whose reference property consists of such
consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">For the purposes
of this definition, (x) any transaction or event described in both clause </FONT>(i) and in clause (ii)(1) or (2) above (without regard
to the proviso in clause (ii)) will be deemed to occur solely pursuant to clause (ii) above (subject to such proviso); and (y) whether
a person is a &ldquo;beneficial owner&rdquo; and whether shares are &ldquo;beneficially owned&rdquo; will be determined in accordance
with Rule 13d-3 under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A common share change event is any:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">recapitalization, reclassification or change of our common shares, other than (x) changes solely resulting
from a subdivision or combination of our common shares, (y) a change only in par value or from par value to no par value or no par value
to par value or (z) share splits and share combinations that do not involve the issuance of any other series or class of securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">consolidation, merger, combination or binding or statutory share exchange involving us;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">sale, lease or other transfer of all or substantially all of the assets of us and our subsidiaries, taken
as a whole, to any person; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other similar event,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">and, as a
result of which, </FONT>our Common Shares are converted into, or are exchanged for, or represent solely the right to receive, other securities,
cash or other property, or any combination of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a make-whole fundamental change occurs, then, subject to the provisions
described below, the conversion rate for the Convertible Notes will be increased by a number of shares (the &ldquo;additional shares&rdquo;)
set forth in the table below corresponding (after interpolation as described below) for a period of time specified in the Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; font-size: 8pt; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="38" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt"><B>Share Price</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 20%; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt"><B>Make-Whole Fundamental Change Effective Date</B></FONT></P></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">34.11</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">40.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">46.05</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">53.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">59.86</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">70.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">90.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">120.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">160.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">210.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font: 8pt Times New Roman, Times, Serif; text-indent: 0">September 27, 2021&#9;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">7.6007</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">6.6738</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">5.2271</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">4.0800</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">3.2775</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">2.4609</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">1.5271</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.8613</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.4532</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.2186</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font: 8pt Times New Roman, Times, Serif; text-indent: 0">October 15, 2022&#9;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">7.6007</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">6.5613</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">5.0642</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">3.8895</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">3.0820</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">2.2752</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">1.3771</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.7596</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.3932</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.1857</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font: 8pt Times New Roman, Times, Serif; text-indent: 0">October 15, 2023&#9;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">7.6007</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">6.3813</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">4.8232</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">3.6234</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">2.8148</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">2.0281</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">1.1860</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.6363</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.3232</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.1495</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font: 8pt Times New Roman, Times, Serif; text-indent: 0">October 15, 2024&#9;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">7.6007</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">6.0988</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">4.4692</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">3.2461</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">2.4472</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">1.6967</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.9427</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.4905</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.2457</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.1114</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font: 8pt Times New Roman, Times, Serif; text-indent: 0">October 15, 2025&#9;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">7.6007</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">5.6313</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">3.9133</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">2.6781</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">1.9127</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">1.2424</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.6371</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.3230</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.1638</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.0738</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font: 8pt Times New Roman, Times, Serif; text-indent: 0">October 15, 2026&#9;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">7.6007</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">4.7988</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">2.9621</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">1.7593</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">1.1025</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.6181</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.2838</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.1546</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.0838</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.0367</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font: 8pt Times New Roman, Times, Serif; text-indent: 0">October 15, 2027&#9;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">7.6007</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">3.2837</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If </FONT>effective
date of the make-whole fundamental change or share price is not set forth in the table above, then:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if such share price is between two share prices in the table above or the effective date is between two
dates in the table above, then the number of additional shares will be determined by straight-line interpolation between the numbers of
additional shares set forth for the higher and lower share prices in the table above or the earlier and later dates in the table above,
based on a 365- or 366-day year, as applicable; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if the share price is greater than $210.00 (subject to adjustment as provided in the Indenture) or less
than $34.11 (subject to adjustment in the same manner), per share, then no additional shares will be added to the conversion rate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The conversion
rate will not be increased to an amount that exceeds </FONT>29.3169 common shares per $1,000 principal amount of Convertible Notes, which
amount is subject to adjustment in the same manner as, and at the same time and for the same events for which, the conversion rate is
required to be adjusted pursuant to the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The conversion rate will be adjusted if we do any of the following:
(i) issue a dividend payable in our Common Shares or effect a share split or a share combination of our common shares (in each case excluding
an issuance solely pursuant to a common share change event; (ii) distribute, to all or substantially all holders of our common shares,
rights, options or warrants (other than rights issued or otherwise distributed pursuant to a shareholder rights plan; (iii) distribute
our &ldquo;capital shares&rdquo; (as defined in the Indenture), evidences of our indebtedness or other assets or property of ours, or
rights, options or warrants to acquire our capital shares or other securities, to all or substantially all holders of our common shares,
subject to certain exceptions provided for in the Indenture; (iv) distribute or dividend capital shares of any class or series, or similar
equity interests, of or relating to an &ldquo;affiliate&rdquo; or &ldquo;subsidiary&rdquo; (as those terms are defined in the Indenture)
or other business unit of ours to all or substantially all holders of our common shares (other than solely pursuant to (x) a common share
change event, or (y) a tender offer or exchange offer for our Common Shares), and such capital shares or equity interests are listed or
quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities exchange; (v) pay any cash
dividend or distribution to all or substantially all holders of our Common Shares; and (vi) make a payment in respect of a tender offer
or exchange offer for our Common Shares (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the
Exchange Act), and the value (determined as of the expiration time by us in good faith and in a commercially reasonable manner) of the
cash and other consideration paid per Common Share in such tender or exchange offer exceeds the last reported sale price per common share
on the trading day immediately after the last date (the &ldquo;expiration date&rdquo;) on which tenders or exchanges may be made pursuant
to such tender or exchange offer (as it may be amended). However, we are not required to adjust the conversion rate for these events (other
than a share split or combination or a tender or exchange offer) if each noteholder participates, at the same time and on the same terms
as holders of our Common Shares, and solely by virtue of being a holder of Convertible Notes, in such transaction or event without having
to convert such noteholder&rsquo;s Convertible Notes and as if such noteholder held a number of our Common Shares equal to the product
of (i) the conversion rate in effect on the related record date; and (ii) the aggregate principal amount (expressed in thousands) of Convertible
Notes held by such noteholder on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Convertible Notes will be redeemable, in whole and not in part,
for cash at our option at any time on or after October&nbsp;15, 2024 and on or before the 40th scheduled trading day immediately before
the maturity date, but only if the last reported sale price per Common Share exceeds 130% of the conversion price for a specified period
of time. The redemption price will be equal to the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest,
if any, to, but excluding, the redemption date. In addition, if the Envigo Acquisition has not closed as of the close of business on June&nbsp;30,
2022, or if, before such time, the related Envigo merger agreement is terminated in accordance with its terms or our board of directors
determines, in its good faith judgment, that the Envigo Acquisition will not occur, then the Convertible Notes will be redeemable, in
whole and not in part, at our option, on a redemption date occurring on or before October&nbsp;3, 2022, at a cash redemption price equal
to 101% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, plus a make-whole premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a &ldquo;fundamental change&rdquo; (as defined in the indenture
for the Convertible Notes) occurs, then noteholders may require us to repurchase their Convertible Notes for cash. The repurchase price
will be equal to the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding,
the applicable repurchase date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><A NAME="sp9_002"></A>Considerations for Issuing the
Convertible Notes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to entering into the
Purchase Agreement and the Indenture, our Board of Directors considered, among other things, the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">the amount of cash required to pay the Cash Consideration in the Envigo Acquisition and the amount, terms
and availability of senior secured financing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">the amount, terms and availability of other financing options, including the issuance of other forms of
long-term, unsecured indebtedness, preferred shares and Common Shares and the impact of each on our financial condition and liquidity
and on our shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">the current financial and operating condition of the Company and the enhanced liquidity that the Company
would receive from issuing the Securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">the
conversion terms with respect to Convertible Notes, including but not limited to the initial conversion price of the Convertible Notes,
which is greater than the closing price of our Common Shares on the NASDAQ Capital market as of September&nbsp;22, 2021, the day on which
the Company entered into the Purchase Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After considering each of the foregoing, the Board concluded that the
issuance of the Convertible Notes on the terms set forth in the Indenture, including the conversion and redemption terms thereof, were
in the best interests of Inotiv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><A NAME="sp9_003"></A>NASDAQ Listing Rule&nbsp;5635<B><I>(a)</I></B></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Nasdaq Rule 5635(a), stockholder approval is required prior
to the issuance of securities in connection with the acquisition of the stock or assets of another company, other than a public offering
for cash, where the sale, issuance or potential issuance by the Company of common stock (or securities convertible into or exercisable
for common stock) equals 20% or more of the common stock or 20% or more of the voting power outstanding before the issuance.<B><I>&nbsp;</I></B>Because
the conversion of the Convertible Notes may result in the issuance of a number of our Common Shares equal to more than 20% of the issued
and outstanding Common Shares we are seeking shareholder approval of the issuance of our Common Shares upon conversion of the Convertible
Notes under Rule 5635(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="sp9_004"></A>Vote Required for Approval</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a quorum is present at the Special Meeting, the Notes Share Issuance Proposal will be approved if </FONT>the number of votes cast for
approval of the proposal exceeds the number of votes cast against approval of the proposal at the Special Meeting. Abstentions and broker
non-votes are not counted for purposes of determining whether these proposals have been approved. Additionally, if a holder of Common
Shares instructs its bank, broker or other nominee regarding the Authorized Share Increase Proposal, the Merger Share Issuance Proposal,
the EIP Amendment Proposal or the Adjournment Proposal, but not the Notes Share Issuance Proposal, such broker non-vote with respect
to the Notes Share Issuance Proposal will not be counted for purposes of determining whether the Notes Share Issuance Proposal is approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="sp9_005"></A>Recommendation of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT INOTIV&rsquo;S
SHAREHOLDERS VOTE &ldquo;FOR&rdquo; THE NOTE SHARE ISSUANCE PROPOSAL.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp9_006"></A>PROPOSAL 5&mdash;THE ADJOURNMENT PROPOSAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="sp9_007"></A>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Adjournment Proposal will only be presented to our shareholders
at the Special Meeting in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Authorized
Share Increase Proposal, the Share Issuance Proposal or the EIP Amendment Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our shareholders approve the Adjournment Proposal, the presiding
officer of the Special Meeting, at the direction of the Board, may adjourn the Special Meeting, and any adjourned session of the Special
Meeting, and use the additional time to solicit additional votes, including from our shareholders that have previously submitted proxies,
to approve the Authorized Share Increase Proposal, the Share Issuance Proposal or the EIP Amendment Proposal. If the Adjournment Proposal
is approved, the Special Meeting may be adjourned in the absence of a quorum by the affirmative vote of a majority of the votes cast
thereat by the holders of Common Shares. Even if a quorum is present, the Special Meeting could be adjourned in order to provide more
time to solicit additional votes in favor of approval of the Authorized Share Increase Proposal, the Share Issuance Proposal or the EIP
Amendment Proposal if a majority of votes cast thereat are in favor of the Adjournment Proposal. Among other things, approval of the
Adjournment Proposal could mean that, even if Inotiv receives proxies representing a sufficient number of votes to defeat the Authorized
Share Increase Proposal, the Share Issuance Proposal or the EIP Amendment Proposal, Inotiv may adjourn the Special Meeting without a
vote on any of these proposals and seek to convince the Inotiv shareholders to change their proxies in favor of all or any of such proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Special Meeting is adjourned, no notice of the adjourned meeting
is required to be given to our shareholders, other than an announcement at the Special Meeting of the time and place to which the Special
Meeting is adjourned. If the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned
meeting, notice of the adjourned meeting in accordance with the requirements of the Bylaws must be given to each shareholder of record
entitled to notice of and to vote at the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="sp9_008"></A>Consequences if the Adjournment Proposal is not Approved</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Assuming a quorum is present, and if the Adjournment Proposal is presented
at the Special Meeting and is not approved by our shareholders, the presiding officer of the Special Meeting will not be able to adjourn
the Special Meeting to a later date in the event that there are insufficient votes to approve the Authorized Share Increase Proposal,
the Share Issuance Proposal or the EIP Amendment Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="sp9_009"></A>Vote Required for Approval</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a quorum is present at the Special Meeting, the Adjournment Proposal will be approved if </FONT>the number of votes cast for approval
of the proposal exceeds the number of votes cast against approval of the proposal at the Special Meeting. Abstentions and broker non-votes
are not counted for purposes of determining whether these proposals have been approved. Additionally, if a holder of Common Shares instructs
its bank, broker or other nominee regarding the Authorized Share Increase Proposal, the Merger Share Issuance Proposal, the EIP Amendment
Proposal or the Notes Share Issuance Proposal, but not the Adjournment Proposal, such broker non-vote with respect to the Adjournment
Proposal will not be counted for purposes of determining whether the Adjournment Proposal is approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="sp9_010"></A>Recommendation of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT INOTIV&rsquo;S
SHAREHOLDERS VOTE &ldquo;FOR&rdquo; THE ADJOURNMENT PROPOSAL.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp9_011"></A>COMPENSATION OF EXECUTIVE OFFICERS</B></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="sp9_012"></A>Compensation Committee and Compensation Methodology</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During fiscal 2020, the Compensation Committee of the Board was responsible
for administering the compensation and benefit programs for the Company's team members, including its executive officers. The Compensation
Committee annually reviews and evaluates cash compensation and stock option and other equity award recommendations from management along
with the rationale for such recommendations, as well as summary information regarding the aggregate compensation provided to the Company's
executive officers. The Compensation Committee examines these recommendations in relation to the Company's overall objectives and makes
compensation recommendations to the Board for final approval. The Compensation Committee also sends to the Board for approval its recommendations
on compensation for the President and Chief Executive Officer. No officer participates in the decisions of the Board as to his or her
compensation package.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company's executive compensation practices are affected by the
highly competitive nature of the biotechnology industry. The Company has historically developed compensation packages for the Company's
executive officers that meet each of the following three criteria: (1)&nbsp;market compensation&nbsp;levels competitive with companies
of similar size, geographic characteristics and performance to the Company; (2)&nbsp;performance-based &quot;at risk&quot; pay; and (3)&nbsp;shareholder-aligned
incentives that are structured to create alignment between the shareholders and executives with respect to short-term and long-term objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company facilitates an Annual Incentive Bonus Plan (&ldquo;AIBP&rdquo;)
for salaried and hourly employees of the Company, including the Company&rsquo;s Named Executive Officers or &ldquo;NEOs&rdquo; whose annual
incentive compensation opportunity is not otherwise set via employment agreement. The AIBP was established in order to align all participants
with the annual goals and objectives of the Company and to create a direct link between compensation and the annual financial and operational
performance of the Company. Under the terms of the AIBP, salaried and hourly employees, including the relevant NEOs, were eligible to
receive performance-based incentive bonuses based on the Company&rsquo;s achievement of specific EBITDA levels for the fiscal years ended
September&nbsp;30, 2020 and 2019, respectively, as well as the individual&rsquo;s accomplishment of specific performance goals. In fiscal
2020 and fiscal 2019, Dr.&nbsp;Sagartz and Mr.&nbsp;Flynn earned annual performance awards under the AIBP as specified in the Summary
Compensation Table below, while the terms of Mr.&nbsp;Leasure&rsquo;s awards were governed by his employment agreement then in effect.
In fiscal 2020, Dr.&nbsp;Sagartz&rsquo;s specific performance goals related to expansion of scientific capabilities and service offerings
and Mr.&nbsp;Flynn&rsquo;s related to expansion of the client base and increased sales of additional services to existing client base,
establishment of the new trade name and brand Inotiv for our combined service business, and further enhancements to client services and
improving the client experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="sp9_013"></A>Compensation Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has considered the components of the Company's compensation
policies and practices. We believe that risks arising from our compensation policies and practices for our employees, including our executive
officers, are not likely to have a material adverse effect on us. In addition, the committee believes that the mix and design of the elements
of executive compensation do not encourage management to assume excessive risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has reviewed the elements of executive compensation to
determine whether any portion of executive compensation encouraged excessive risk taking. It concluded that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The combination of base salary and incentive compensation, including annual incentive compensation and long-term incentive compensation, reduces the significance of any one particular compensation element.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vesting periods for equity compensation awards, which historically have consisted of option grants and restricted stock awards, encourages long-term perspectives among award recipients.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company's performance goals are appropriately set in order to avoid targets that, if not met, result in a large percentage loss of compensation.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our system of internal control over financial reporting, among other controls, reduce the likelihood of manipulation of our financial performance to enhance payments under incentive compensation plans.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the foregoing, we have concluded that our compensation policies
and practices do not create risks that are reasonably likely to have a material adverse effect on the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><A NAME="sp9_014"></A>Employment Agreements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During fiscal 2020, the Company had employment agreements with Mr.&nbsp;Leasure
and Dr.&nbsp;Sagartz.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Employment Agreement with Mr.&nbsp;Leasure</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Effective January&nbsp;12, 2019, Mr.&nbsp;Leasure was elected President
and Chief Executive Officer and as a director of the Company. After his election, Mr.&nbsp;Leasure&rsquo;s compensation in fiscal 2019
and part of fiscal 2020 was determined in accordance with an Employment Agreement (the &ldquo;2019 Leasure Employment Agreement&rdquo;)
with the Company. Pursuant to the 2019 Leasure Employment Agreement, Mr.&nbsp;Leasure agreed to serve as the President and Chief Executive
Officer of the Company for a term ending on December&nbsp;31, 2019, subject to extension for successive one-year periods thereafter upon
the mutual agreement of the parties. Under the 2019 Leasure Employment Agreement, Mr.&nbsp;Leasure was entitled to (a)&nbsp;receive an
initial base salary at a rate of $270,000 per year, (b)&nbsp;have an annual incentive opportunity of up to 33% of his base salary for
the year, (c)&nbsp;receive a cash bonus in the annual amount of $45,000, payable quarterly based upon the achievement of Board-approved
Company goals, and (d)&nbsp;vacation in accordance with Company policy and reimbursement for ordinary and necessary business expenses.
Mr.&nbsp;Leasure was also entitled to participate in the Company&rsquo;s benefit plans and programs provided to Company executives generally,
subject to eligibility requirements and other terms and conditions of those plans. Also under the terms of the 2019 Leasure Employment
Agreement and under the Company&rsquo;s 2018 Equity Incentive Plan (the &ldquo;Plan&rdquo;), on the first day of his employment, Mr.&nbsp;Leasure
received (i)&nbsp;an inducement grant of 34,615 common shares of the Company, (ii)&nbsp;10,000 restricted common shares of the Company
and (iii)&nbsp;options to purchase 55,000 of the Company&rsquo;s common shares. The restricted common shares and stock options were subject
to vesting and forfeiture, including in the event of Mr.&nbsp;Leasure&rsquo;s termination by the Company for cause or Mr.&nbsp;Leasure&rsquo;s
resignation other than for good reason (each as defined in the 2019 Leasure Employment Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 2019 Leasure Employment Agreement provided for certain non-competition,
non-solicitation and confidentiality undertakings. Should Mr.&nbsp;Leasure&rsquo;s employment have been terminated by reason of Mr.&nbsp;Leasure&rsquo;s
death, by the Company without cause or in the event of Mr.&nbsp;Leasure&rsquo;s disability (as defined in the 2019 Leasure Employment
Agreement), or by Mr.&nbsp;Leasure for good reason, Mr.&nbsp;Leasure or his estate would have been entitled to his base salary and a prorated
portion of his annual incentive award for the year in which termination occurs, in each case through the effective date of the termination
of his employment. If Mr.&nbsp;Leasure&rsquo;s employment had been terminated by the Company other than for cause, or by Mr.&nbsp;Leasure
for good reason, in either case within 12 months after a change in control (as defined in the Plan) (i)&nbsp;the Company would have paid
to Mr.&nbsp;Leasure in a lump sum, as severance compensation, an amount equal to one times his base salary then in effect plus one times
his annual incentive compensation paid for the Company&rsquo;s last calendar year, (ii)&nbsp;all unvested outstanding options to purchase
the Company&rsquo;s common shares, unvested awards of restricted stock and unvested awards of restricted stock units held by Mr.&nbsp;Leasure
would have vested immediately prior to the termination and, in the case of any such options, remained exercisable for a period of 30 days
following the effective date of the termination, and (iii)&nbsp;Mr.&nbsp;Leasure would have been entitled to receive, a pro-rata portion
of the number of performance shares that would have been earned by Mr.&nbsp;Leasure if the performance conditions related thereto were
satisfied at the target level for such awards and Mr.&nbsp;Leasure had been employed on the date required to earn such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January&nbsp;27, 2020 Mr.&nbsp;Leasure entered into a new employment
agreement with the Company (the &ldquo;2020 Leasure Employment Agreement&rdquo;). The 2020 Leasure Employment Agreement replaced the 2019
Leasure Employment Agreement, which expired on December&nbsp;31, 2019, and extended the term of Mr.&nbsp;Leasure&rsquo;s service as our
President and Chief Executive Officer through December&nbsp;31, 2020, subject to extension for successive one-year periods thereafter
upon the mutual agreement of the parties. Under the 2020 Leasure Employment Agreement, Mr.&nbsp;Leasure was entitled to (a)&nbsp;receive
an annual base salary of $370,000, (b)&nbsp;have an annual incentive opportunity of up to 50% of his base salary for the year and (c)&nbsp;vacation
in accordance with Company policy and reimbursement for ordinary and necessary business expenses. Mr.&nbsp;Leasure remained entitled to
participate in the Company&rsquo;s benefit plans and programs provided to Company executives generally, subject to eligibility requirements
and other terms and conditions of those plans. Also under the terms of the 2020 Leasure Employment Agreement and under the Plan, on the
effective date of the 2020 Leasure Employment Agreement, Mr.&nbsp;Leasure received (i)&nbsp;13,000 restricted common shares of the Company
and (ii)&nbsp;options to purchase 45,000 of the Company&rsquo;s common shares, each subject to vesting and forfeiture, including in the
event of Mr.&nbsp;Leasure&rsquo;s termination by the Company for cause or Mr.&nbsp;Leasure&rsquo;s resignation other than for good reason
(each as defined in the 2020 Leasure Employment Agreement). The non-competition, non-solicitation and confidentiality undertakings and
the termination benefits under the 2020 Leasure Employment Agreement were consistent with those described above for the 2019 Leasure Employment
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December&nbsp;29, 2020 the Company entered into an Amended and Restated
Employment Agreement (the &ldquo;2021 Leasure Employment Agreement&rdquo;) with Mr.&nbsp;Leasure. The 2021 Leasure Employment Agreement
amended and restated the 2020 Leasure Employment Agreement. Pursuant to the 2021 Leasure Employment Agreement, Mr.&nbsp;Leasure agrees
to continue to serve as the President and Chief Executive Officer of the Company for a term ending on December&nbsp;31, 2022; provided
that the term of the 2021 Leasure Employment Agreement will be automatically extended for successive one year terms after the expiration
of the initial term unless either party gives notice of termination of Mr.&nbsp;Leasure's employment at least 90 days prior to the end
of the then-current term. Mr.&nbsp;Leasure will (i)&nbsp;be entitled to receive an annual base salary of $480,000, (ii)&nbsp;have an annual
incentive opportunity of up to 50% of his base salary and (iii)&nbsp;be entitled to vacation in accordance with Company policy and reimbursement
for ordinary and necessary business expenses. Mr.&nbsp;Leasure will also be entitled to participate in the Company&rsquo;s benefit plans
and programs provided to Company executives generally, subject to eligibility requirements and other terms and conditions of those plans.
Also under the terms of the 2021 Leasure Employment Agreement and under the Plan, on the effective date of the 2021 Leasure Employment
Agreement, Mr.&nbsp;Leasure received 40,000 restricted stock units, subject to vesting and forfeiture, including in the event of Mr.&nbsp;Leasure&rsquo;s
termination by the Company for cause or Mr.&nbsp;Leasure&rsquo;s resignation other than for good reason (each as defined in the 2021 Leasure
Employment Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 2021 Leasure Employment Agreement provides for certain non-competition,
non-solicitation and confidentiality undertakings. Should Mr.&nbsp;Leasure&rsquo;s employment be terminated by reason of Mr.&nbsp;Leasure&rsquo;s
death, by the Company without cause or in the event of Mr.&nbsp;Leasure&rsquo;s disability (as defined in the 2021 Leasure Employment
Agreement), or by Mr.&nbsp;Leasure for good reason, Mr.&nbsp;Leasure or his estate would be entitled to his base salary and a prorated
portion of his annual incentive award for the year in which termination occurs, in each case through the effective date of the termination
of his employment. If Mr.&nbsp;Leasure&rsquo;s employment is terminated by the Company other than for cause, or by Mr.&nbsp;Leasure for
good reason, in either case within 12 months after a change in control (as defined in the Plan) (i)&nbsp;the Company would pay to Mr.&nbsp;Leasure
in a lump sum, as severance compensation, an amount equal to two times his base salary then in effect plus two times his annual incentive
compensation paid for the Company&rsquo;s last calendar year, (ii)&nbsp;all unvested outstanding options to purchase the Company&rsquo;s
common shares, unvested awards of restricted shares and unvested awards of restricted share units held by Mr.&nbsp;Leasure would vest
immediately prior to the termination and, in the case of any such options, remain exercisable for a period of 30 days following the effective
date of the termination, and (iii)&nbsp;Mr.&nbsp;Leasure would be entitled to receive, a pro-rata portion of the number of performance
shares that would have been earned by Mr.&nbsp;Leasure if the performance conditions related thereto were satisfied at the target level
for such awards and Mr.&nbsp;Leasure had been employed on the date required to earn such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the terms of Mr.&nbsp;Leasure&rsquo;s employment, Mr.&nbsp;Leasure
earned the annual incentive compensation for fiscal 2020 specified in the summary compensation table based on performance with respect
to goals, which included:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing to attract talent to build the management team</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Integration of acquisitions</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Completing rebranding initiatives</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluation of internal and external growth opportunities</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing to build banking relationships</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing to build infrastructure to support growth initiatives</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing to grow the Company&rsquo;s sales and backlog</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Employment Agreement with Dr.&nbsp;Sagartz</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr.&nbsp;Sagartz&rsquo;s employment agreement with the Company (the
 &ldquo;Sagartz Employment Agreement&rdquo;) renews for successive one year terms ending July&nbsp;1<SUP>st</SUP>&nbsp;unless otherwise
terminated by either party with prior written notice. The Sagartz Employment Agreement specifies a $250,000 annual salary, which may be
increased from time to time by the Company. For fiscal 2020, the Board set Dr.&nbsp;Sagartz&rsquo;s salary at $320,000 effective March&nbsp;30,
2020. Dr.&nbsp;Sagartz is entitled to vacation in accordance with Company policy and reimbursement for ordinary and necessary business
expenses and is also entitled to participate in the Company&rsquo;s benefit plans and programs provided to Company executives generally,
including as pertaining to incentive compensation, subject to eligibility requirements and other terms and conditions of those plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sagartz Employment Agreement provides for certain non-competition,
non-solicitation and confidentiality undertakings. If Dr.&nbsp;Sagartz is terminated by the Company without cause or Dr.&nbsp;Sagartz
resigns for good reason (in each case, as defined in the Sagartz Employment Agreement) in addition to payment of earned or accrued compensation
and benefits and reimbursement of accrued expense, he would be entitled to (i)&nbsp;reimbursement of an amount equal to his monthly COBRA
premiums for a period of 12 months after his termination, provided such payments would cease upon his becoming entitled to other health
insurance, (ii)&nbsp;payment of an amount equal to his annual salary for 12 months in equal bi-weekly installments over the 12 month period
following the termination and (iii)&nbsp;a pro-rated portion of the annual bonus he was eligible for, if any, for the completed portion
of any fiscal year in which the termination occurs based on the relevant portion of the bonus that would have been earned, if any, had
he remained employed through the fiscal year and payable at the time payable were he to have remained employed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="sp9_015"></A>Fiscal 2020 Summary Compensation Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For fiscal 2020, our Named Executive Officers or &ldquo;NEOs&rdquo;
were Mr.&nbsp;Leasure, Dr.&nbsp;Sagartz and Mr.&nbsp;Joseph E. Flynn. The following narrative, tables and footnotes describe the &quot;total
compensation&quot; earned by the Company&rsquo;s NEOs during fiscal 2020 and fiscal 2019. Mr.&nbsp;Flynn did not serve as a Named Executive
Officer of the Company during fiscal 2019. Individual components of the total compensation calculation reflected in the Summary Compensation
Table are broken out below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Salary.</I></FONT>&nbsp;Base
salary earned during fiscal 2020 and 2019. The terms of Mr.&nbsp;Leasure and Dr.&nbsp;Sagartz&rsquo;s employment agreements governed their
base salaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Bonus</I></FONT>.
The amounts presented under the Nonequity incentive plan compensation column represent accrued bonuses (i)&nbsp;related to the Company&rsquo;s
AIBP for fiscal 2020 and fiscal 2019 with respect to Mr.&nbsp;Flynn and Dr.&nbsp;Sagartz, respectively, and (ii)&nbsp;in the case of Mr.&nbsp;Leasure,
related to his employment agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Equity
Awards.</I></FONT>&nbsp;The awards disclosed under the headings &quot;Stock Awards&quot; and &quot;Option Awards&quot; consist of the
aggregate grant date fair value of the restricted stock or stock option awards, as applicable, granted in fiscal 2020 and 2019 computed
in accordance with FASB ASC Topic 718. The grant date fair value of the option awards may vary from the actual amount ultimately realized
by the NEO based on a number of factors. The factors include the Company's actual operating performance, common share price fluctuations,
differences from the valuation assumptions used, the limited liquidity in the trading of the Company&rsquo;s shares and the timing of
exercise or applicable vesting. Assumptions used in the calculation of the grant date fair value are included in Note 9 in the Notes to
Consolidated Financial Statements in the Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>All
Other Compensation.</I></FONT>&nbsp;There was no compensation reportable as &ldquo;All Other Compensation&rdquo; in fiscal 2020 and 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="31" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">SUMMARY COMPENSATION TABLE</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Name</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">Principal Position</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">Year</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">Salary<BR> ($)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">Nonequity Incentive<BR> Plan Compensation<BR> ($)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">Stock<BR> Awards<BR> ($) (1)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">Options ($) (1)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">All Other<BR> Compensation<BR> ($)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">Total ($)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 24%">Robert W. Leasure, Jr</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: left">President and Chief Executive</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">2020</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">344,225</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">185,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">(2)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">69,420</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">(3)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">171,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">(5)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">769,645</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Officer</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">191,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">97,491</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">57,107</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(4)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">51,700</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(6)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">397,548</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John E. Sagartz, DVM</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Chief Strategy</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">289,821</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">34,729</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(7)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">324,550</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Ph.D., DACVP</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Officer</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(8)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">265,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Joseph E. Flynn</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Chief Commercial</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">60,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(9)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,923</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(10)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">319,923</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Officer</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the aggregate grant date fair value of the stock option and restricted stock awards granted in fiscal 2020 or 2019 in accordance with FASB ASC Topic 718.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bonus related to Mr.&nbsp;Leasure&rsquo;s employment agreement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant date fair value of one grant. Restricted stock grant for 13,000 common shares vesting 100% on January&nbsp;27, 2022.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant date fair value of two grants. Inducement grant on January&nbsp;14, 2019 for 34,615 common shares. Restricted stock grant for 10,000 common shares vesting 100% on January&nbsp;14, 2021.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant date fair value of option grant on January&nbsp;27, 2020 for 45,000 options on common shares, vesting 40% on January&nbsp;27, 2021, 30% on January&nbsp;27, 2022 and 30% on January&nbsp;27, 2023.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant date fair value of option grant on January&nbsp;14, 2019 for 55,000 options on common shares, vesting 33% on January&nbsp;14, 2020, 33% on January&nbsp;14, 2021 and 34% on January&nbsp;14, 2022.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant date fair value of one grant. Restricted stock grant for 8,974 common shares vesting 100% on November&nbsp;21, 2021.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bonus related to the AIBP for fiscal 2019.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bonus related to the AIBP for fiscal 2020.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant date fair value of one grant. Restricted stock grant for 2,564 common shares vesting 100% on November&nbsp;21, 2021.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="Kalai_036"></A>Outstanding Equity Awards at Fiscal Year-End
Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">In addition to restricted stock awards, the Company
has awarded stock options to members of its senior management and other Company team members. The terms of these awards typically provide
for vesting over a defined period of time; however, the Compensation Committee and the Board generally have the ability to alter, and
occasionally do alter, the vesting schedule to meet specific objectives. The options expire if not exercised within ten years from the
date of grant. The following table shows the equity awards granted to the Company's NEOs that were outstanding as of the end of the Company's
2020 fiscal year. Dr.&nbsp;John Sagartz had no options outstanding at the end of fiscal 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">OUTSTANDING EQUITY AWARDS AT FISCAL 2020 YEAR-END</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">OPTION AWARDS</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of Securities Underlying<BR> Unexercised Options</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">(#)<BR> Exercisable</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">(#)<BR> Unexercisable</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Option Exercise<BR> Price ($)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Option Expiration<BR>
 Date</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left">Robert W. Leasure,&nbsp;Jr.</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">18,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">27,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">(1)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">5.03</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: center">January&nbsp;26, 2030</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">36,667</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">18,333</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">(2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1.30</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">January&nbsp;13, 2029</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">54,667</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">45,333</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Joseph E. Flynn</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">February&nbsp;7, 2029</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options on 13,500 shares vest on January&nbsp;27, 2022 and 13,500 shares vest on January&nbsp;27, 2023.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options on 18,333 shares vest on January&nbsp;14, 2022.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options on 3,000 shares vest on February&nbsp;8, 2021 and 3,000 shares vest on February&nbsp;8, 2022.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">RESTRICTED STOCK AWARDS</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Name</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of Shares<BR> that Have Not<BR> Vested</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Market Value of<BR> Shares That Have<BR> Not Vested (1)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">Robert W. Leasure,&nbsp;Jr.</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">23,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">(2)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">109,940</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John E. Sagartz, DVM, Ph. D., DACVP</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,974</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">42,896</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Joseph E. Flynn</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,564</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,256</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market value as of September&nbsp;30, 2020</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000 shares vest on January&nbsp;14, 2021 and 13,000 shares vest on January&nbsp;27, 2022.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares vest on November&nbsp;21, 2021.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Equity Compensation Plan Information</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company maintains the Bioanalytical Systems,&nbsp;Inc.
2018 Equity Incentive Plan (the &ldquo;Plan&rdquo;), which amended and restated the Company&rsquo;s 200.08 Stock Option Plan. The following
table gives information about equity awards under the Plan as of the end of fiscal 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Plan Category</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of<BR> Securities to be<BR> Issued upon<BR> Exercise of<BR> Outstanding<BR> Options</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Weighted<BR> Average<BR> Exercise<BR> Price of<BR> Outstanding<BR> Options</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of Securities<BR> Remaining Available<BR> for Future Issuance<BR> under the Equity<BR> Compensation Plan *</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Equity compensation plans approved by security holders</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">711,760</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2.21</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">813,548</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*Excluding securities reflected in first column.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For additional information regarding the Plan,
please see Note 9 in the Notes to Consolidated Financial Statements in the Company&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal
year ended September&nbsp;30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company&rsquo;s insider trading policy prohibits
executive officers, directors and certain accounting personnel and employees from purchasing securities or other financial instruments,
or to otherwise engage in transactions, that hedge or offset, or are designed to hedge or offset, any decrease in the market value of
equity securities granted as compensation, or held directly or indirectly by the employee or director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Kalai_038"></A>BENEFICIAL OWNERSHIP OF SECURITIES OF INOTIV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows, as of September 24,
2021, the number of common shares owned by our directors, executive officers named in the Summary Compensation Table above, our current
directors and executive officers as a group, and beneficial owners known to us to hold more than 5% of our outstanding common shares.
As of September 24, 2021, there were 15,929,052 common shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Shares <BR> Owned</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; text-align: left">Peter T. Kissinger (1)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,285,767</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">8.1</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Candice B. Kissinger(2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,285,767</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John E. Sagartz&nbsp;&nbsp;(4)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">648,524</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Estate of Seth W. Hamot (3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">636,621</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Kimberly L. Sagartz (4)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">634,759</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Robert Leasure,&nbsp;Jr. (4)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">289,883</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(5)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">R. Matthew&nbsp;&nbsp;Neff (4)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">78,113</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(6)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Richard A. Johnson, Ph.D. (4)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">74,683</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(7)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Gregory C. Davis, Ph.D. (4)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">49,683</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(8)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">9 Executive Officers and Directors as a group</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,340,741</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Less than 1%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify">Dr.&nbsp;Kissinger&rsquo;s shares owned beneficially include 437,547 shares over which he has sole
voting and dispositive power, 595,910 shares over which he shares voting and dispositive power with his spouse and 252,310 shares over
which his spouse has sole voting and dispositive power, including 1,354 shares indirectly held by Ms.&nbsp;Kissinger as custodian for
the benefit of their children. The address for Dr.&nbsp;Kissinger is 111 Lorene Place, West Lafayette,&nbsp;Indiana 47906. The information
is based on a Form&nbsp;13D/A filed with the Securities and Exchange Committee on January&nbsp;29, 2010.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify">Ms.&nbsp;Kissinger&rsquo;s shares owned beneficially include 252,310 shares over which she has sole
voting and dispositive power, including 1,354 shares indirectly held by Ms.&nbsp;Kissinger as custodian for the benefit of their children,
595,910 shares over which she shares voting and dispositive power with her spouse and 437,547 shares over which her spouse has sole voting
and dispositive power. The address for the Ms.&nbsp;Kissinger is 111 Lorene Place, West Lafayette,&nbsp;Indiana 47906. The information
is based on a Form&nbsp;13D/A filed with the Securities and Exchange Committee on January&nbsp;29, 2010.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify">The last reported address for Mr.&nbsp;Hamot was 222 Berkeley Street, 17th floor, Boston, Massachusetts,
02116</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify">Addresses are in care of Inotiv at 2701 Kent Avenue, West Lafayette,&nbsp;Indiana 47906.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify">Shares owned include 54,667 shares underlying exercisable stock options as of September 24, 2021.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="text-align: justify">Shares owned include 17,000 shares underlying exercisable stock options as of September 24, 2021.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="text-align: justify">Shares owned include 32,000 shares underlying exercisable stock options as of September 24, 2021.</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="text-align: justify">Shares owned include 17,000 shares underlying exercisable stock options
as of September 24, 2021.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Kalai_039"></A>PRICE RANGE OF SECURITIES AND DIVIDENDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Inotiv,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv Common Shares trade on the NASDAQ Capital Market under the symbol
 &ldquo;NOTV.&rdquo; Historical market price information is publicly available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any declaration and payment of future dividends to holders of the Common
Stock may be limited by the provisions of the Indiana Business Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_040"></A>Dividend Policy of Inotiv</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv currently does not pay dividends on the Common Stock, and Inotiv
does not anticipate paying any cash dividends in the foreseeable future. All decisions regarding the declaration and payment of dividends
and stock repurchases are at the discretion of the Board and will be evaluated regularly in light of Inotiv&rsquo;s financial condition,
earnings, growth prospects, funding requirements, applicable law and any other factors that the Board deems relevant. Inotiv&rsquo;s current
credit arrangements with First Internet Bank of Indiana prohibit and the senior credit facility to be entered into by Inotiv in connection
with the Merger will prohibit the payment of dividends by Inotiv.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="Kalai_041"></A>Envigo</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Historical market price information regarding Envigo is not provided
because there is no public market for its securities. For information about distributions paid by Envigo to its equity holders, please
see the section entitled &ldquo;Envigo&rsquo;s Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Kalai_042"></A>INDEPENDENT REGISTERED ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Representatives of Inotiv&rsquo;s independent registered accounting
firm, RSM US LLP, will be present at the Special Meeting. The representatives will have the opportunity to make a statement if they so
desire and they are expected to be available to respond to appropriate questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Kalai_043"></A>HOUSEHOLDING INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless Inotiv has received contrary instructions, it may send a single
copy of this proxy statement to any household at which two or more shareholders reside if Inotiv believes the shareholders are members
of the same family. This process, known as &ldquo;householding,&rdquo; reduces the volume of duplicate information received at any one
household and helps to reduce Inotiv&rsquo;s expenses. However, if shareholders prefer to receive multiple sets of Inotiv&rsquo;s disclosure
documents at the same address this year or in future years, they should follow the instructions described below. Similarly, if an address
is shared with another shareholder and together both of the shareholders would like to receive only a single set of Inotiv&rsquo;s disclosure
documents, they should follow these instructions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the shares are registered in the name of the shareholder, the shareholder should contact Inotiv at its offices at 2701 Kent Avenue, West Lafayette,&nbsp;IN 47906 or by phone at (800) 845-4246,&nbsp;to inform it of his or her request; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a bank, broker or other holder of record holds the shares, the shareholder should contact the bank, broker or other holder of record directly.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Kalai_044"></A>TRANSFER AGENT AND REGISTRAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The transfer agent for Inotiv&rsquo;s securities is Computershare Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Kalai_045"></A>SUBMISSION OF SHAREHOLDER PROPOSALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board is aware of no other matter that may be brought before the
Special Meeting. Under Indiana law, only business that is specified in the notice of Special Meeting to shareholders may be transacted
at the Special Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Kalai_046"></A>FUTURE SHAREHOLDER PROPOSALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders desiring to submit proposals to be included in the Proxy
Statement for the 2022 Annual Meeting pursuant to Rule&nbsp;14a-8 of the Securities Exchange Act of 1934, as amended (the &quot;Exchange
Act&quot;), will be required to submit them to the Company in writing on or before October&nbsp;6, 2021 provided however, that if the
date of the 2022 Annual Meeting has been changed by more than 30 days from the date of the previous year's meeting, then the deadline
is a reasonable time before we begin to print and send our proxy materials. Any such shareholder proposal must also be in proper in form
and substance, as determined in accordance with the Exchange Act and the rules&nbsp;and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The mailing address of the principal offices of Inotiv is 2701 Kent
Avenue, West Lafayette,&nbsp;Indiana 47906.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="Kalai_047"></A>WHERE YOU CAN FIND MORE INFORMATION;<BR>
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inotiv files annual, quarterly and current reports, proxy statements
and other information with the SEC. Inotiv&rsquo;s SEC filings are available to the public on the SEC&rsquo;s website at www.sec.gov.
Inotiv&rsquo;s SEC filings can also be found on Inotiv&rsquo;s website at www.inotivco.com. Except for Inotiv&rsquo;s filings with the
SEC that are incorporated by reference into this proxy statement, the information on or accessible through Inotiv&rsquo;s website is not
a part of this proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SEC allows Inotiv to &ldquo;incorporate by reference&rdquo; information
into this proxy statement, which means that Inotiv can disclose important information about Inotiv by referring you to another document
filed separately with the SEC. The information incorporated by reference is considered to be a part of this proxy statement. This proxy
statement incorporates by reference the documents and reports listed below (other than portions of these documents that are deemed to
have been furnished and not filed):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465920138651/tm2038337d1_10k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></A></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465920138651/tm2038337d1_10k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inotiv&rsquo;s Annual Report on Form&nbsp;10-K&nbsp;for the year ended September&nbsp;30, 2020, filed with the SEC on December 22, 2020;</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the information specifically incorporated by reference into Inotiv&rsquo;s <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465920138651/tm2038337d1_10k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K&nbsp;for the year ended September&nbsp;30, 2020</A> from Inotiv&rsquo;s <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465921008837/tm213245d2_def14a.htm" STYLE="-sec-extract: exhibit">Definitive Proxy Statement on Schedule 14A for Inotiv&rsquo;s 2021 annual meeting of shareholders, filed with the SEC on January 28, 2021</A>;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inotiv&rsquo;s Quarterly Reports on Form&nbsp;10-Q&nbsp;for the fiscal
quarters ended December 31, 2020, March 31, 2021 and June 30, 2021, filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465921019841/tm214786d1_10q.htm">February, 10, 2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465921066714/tm2113986d1_10q.htm">May 14, 2021</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/720154/000155837021011664/notv-20210630x10q.htm">August 13, 2021</A>, respectively; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inotiv&rsquo;s Current
    Reports on Form&nbsp;8-K&nbsp;(in all cases other than information furnished rather than filed pursuant to any Form&nbsp;8-K)&nbsp;filed
    with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465920105595/tm2030956d1_8k.htm">September 16, 2020</A>,
    <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465920106565/tm2031236d1_8k.htm">September 18, 2020</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465920138135/tm2039097d1_8k.htm">December
    21, 2020</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465921000363/tm211447d1_8k.htm">January 4, 2021</A>,
    <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465921016667/tm215829d1_8k.htm">February 9, 2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465921024274/tm216961d1_8k.htm">February
    16, 2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465921033482/tm219034d1_8k.htm">March 9, 2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465921039112/tm2110293d1_8k.htm">March
    19, 2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465921051999/tm2113349d1_8k.htm">April 19, 2021</A>,
    <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465921052631/tm2113490d1_8k.htm">April 20,2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465921053251/tm2113668d1_8k.htm">April
    21, 2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465921061716/tm2115321d1_8k.htm">May 5, 2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465921062456/tm2115487d1_8k.htm">May
    6, 2021</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/720154/000110465921075777/tm2118253d1_8k.htm">June 2, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/720154/000155837021011170/notv-20210430x8ka.htm">August
    10, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/720154/000155837021011287/notv-20210811x8k.htm">August 11,
    2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/720154/000155837021012479/notv-20210908x8k.htm" STYLE="-sec-extract: exhibit">September
    14, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/720154/000110465921117686/tm2128115d1_8k.htm">two</A> filed
    on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/720154/000155837021012656/notv-20210921x8k.htm">September 21, 2021</A>
    and a Form 8-K/A filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/720154/000155837021012635/notv-20210430x8ka.htm">September
    21, 2021</A>.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any statement contained in a document incorporated or deemed to be
incorporated by reference in this proxy statement will be deemed to be modified or superseded to the extent that a statement contained
herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference in this proxy statement
modifies or supersedes that statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded,
to constitute a part of this proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you would like additional copies of this proxy statement or if you
have questions about the Merger or the proposals to be presented at the Special Meeting, you should contact Inotiv at the following address
and phone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Inotiv,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attn: Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2701 Kent Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">West Lafayette,&nbsp;IN 47906 USA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(800) 845-4246</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are a shareholder of Inotiv and would like to request documents,
please do so by October 28, 2021 in order to receive them before the Special Meeting. If you request any documents from Inotiv, Inotiv
will mail them to you by first class mail, or another equally prompt means.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All information contained in this proxy statement relating to Inotiv
has been supplied by Inotiv, and all such information relating to Envigo has been supplied by Envigo. Information provided by either Inotiv
or Envigo does not constitute any representation, estimate or projection of any other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This document is a proxy statement of Inotiv for the Special Meeting.
Inotiv has not authorized anyone to give any information or make any representation about the Merger,&nbsp;Inotiv or Envigo that is different
from, or in addition to, that contained in this proxy statement. Therefore, if anyone does give you information of this sort, you should
not rely on it. The information contained in this proxy statement speaks only as of the date of this proxy statement, unless the information
specifically indicates that another date applies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANNEX A&mdash; ARTICLES AMENDMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANNEX B&mdash;OPINION OF JEFFERIES LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANNEX C&mdash;AMENDED AND RESTATED INOTIV,&nbsp;INC. 2018 EQUITY
INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><B>ANNEX D &ndash; UNAUDITED SPECIAL
PURPOSE COMBINED STATEMENTS OF DIRECT REVENUES AND DIRECT EXPENSES OF ENVIGO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANNEX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLES AMENDMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">RESOLVED, that Sections 2.1 and 2.2 of Article&nbsp;II
of the Second Amended and Restated Articles of Incorporation of Inotiv,&nbsp;Inc. be amended to read in their entirety as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;2.1.</u>&nbsp;<u>
Number</U></B></FONT>. The total number of shares which the Corporation is authorized to issue is 75,000,000 shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;2.2.</u>&nbsp;<u>
Classes</U></B></FONT>. There shall be two classes of shares of the Corporation. One class shall be designated as &quot;Common Shares&quot;
and shall consist of 74,000,000 of the authorized shares, and the other class shall be designated as &quot;Preferred Shares&quot;, and
shall consist of one million of the authorized shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;<B><BR STYLE="clear: both"></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANNEX B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OPINION OF JEFFERIES LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">September&nbsp;21, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Inotiv,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">2701 Kent Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">West Lafayette,&nbsp;Indiana 47906</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Members of the Board:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">We understand that Inotiv,
Inc. (&ldquo;Parent&rdquo;) proposes to enter into an Agreement and Plan of Merger (the &ldquo;Agreement&rdquo;) with Dolphin Merger Sub,
LLC, a wholly owned subsidiary of Parent (&ldquo;Merger Sub LLC&rdquo;), Dolphin MergeCo, Inc., a wholly owned subsidiary of Parent (&ldquo;Merger
Sub&rdquo;), Envigo RMS Holding Corp. (the &ldquo;Company&rdquo;), and the Securityholder Representative named therein, pursuant to which,
among other things, (i)&nbsp;Merger Sub will merge with and into the Company, with the Company continuing as the surviving entity and
as a wholly owned subsidiary of Parent (the &ldquo;First Merger&rdquo;), and (ii)&nbsp;immediately following the First Merger, the Company
will merge with and into Merger Sub LLC, with Merger Sub LLC continuing as the surviving entity and as a wholly owned subsidiary of Parent
(the &ldquo;Second Merger&rdquo; and, together with the First Merger, the &ldquo;Mergers&rdquo;). In the First Merger, each outstanding
share of the Class A and Class B common stock, par value $0.01 per share, of the Company (the &ldquo;Company Common Stock&rdquo;) (other
than any shares of Company Common Stock held in the treasury of the Company or owned by the Company or any of its direct or indirect subsidiaries,
all of which shares will be cancelled, or as to which dissenters rights have been properly exercised) will be converted into the right
to receive aggregate consideration (the &ldquo;Consideration&rdquo;) consisting of a combination of $200 million in cash and 9,365,173
common shares, no par value, of Parent (the &ldquo;Parent Common Shares&rdquo;). The Consideration is subject to adjustments as set forth
in the Agreement, as to which we express no opinion. The terms and conditions of the Mergers are more fully set forth in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">You have asked for our
opinion as to whether the Consideration to be paid by Parent in the First Merger pursuant to the Agreement is fair, from a financial point
of view, to Parent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">In arriving at our opinion,
we have, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>reviewed a draft dated September&nbsp;21, 2021 of the Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>reviewed certain information furnished to us by the management of the Company relating to the business, operations and prospects of
the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>reviewed certain information furnished to us by the management of Parent relating to (a)&nbsp;the business, operations and prospects
of the Company, including financial forecasts and estimates prepared by and approved for our use by the management of Parent (the &ldquo;Parent
Company Forecasts&rdquo;), and (b)&nbsp;the business, operations and prospects of Parent, including financial forecasts and estimates
prepared by and approved for our use by the management of Parent (the &ldquo;Parent Forecasts&rdquo; and, together with the Parent Company
Forecasts, the &ldquo;Forecasts&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD>held discussions with members of the senior management of the Company concerning the matters described in clause (ii)&nbsp;above,
and held discussions with members of the senior management of Parent concerning the matters described in clauses (ii)&nbsp;through (iii)&nbsp;above;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD>reviewed certain financial information of the Company and compared it to the financial information and valuation multiples of certain
publicly traded companies that we deemed relevant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD>reviewed the share trading price history and valuation multiples for the Parent Common Shares and compared them with those of certain
publicly traded companies that we deemed relevant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD>compared the proposed financial terms of the Mergers with the financial terms of certain other transactions that we deemed relevant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD>considered the potential pro forma impact of the Mergers; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT></TD><TD>conducted such other financial studies, analyses and investigations as we deemed appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our review and analysis and in rendering this
opinion, we have assumed and relied upon, but have not assumed any responsibility to independently investigate or verify, the accuracy
and completeness of all financial and other information that was supplied or otherwise made available to us by the Company or Parent or
that was publicly available to us (including, without limitation, the information described above) or that was otherwise reviewed by us.
We have relied on assurances of the management and other representatives of Parent that they are not aware of any facts or circumstances
that would make such information incomplete, inaccurate or misleading. In our review, we did not obtain any independent evaluation or
appraisal of any of the assets or liabilities (contingent, accrued, derivative,&nbsp;off-balance&nbsp;sheet or otherwise), nor did we
conduct a physical inspection of any of the properties or facilities, of the Company, Parent or any other entity, and we have not been
furnished with, and assume no responsibility to obtain, any such evaluations, appraisals or physical inspections. We have not evaluated
the solvency or fair value of the Company, Parent or any other entity under any laws relating to bankruptcy, insolvency or similar matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to the Forecasts provided to and reviewed by us, we note that projecting future results of any company is inherently subject to
uncertainty. However, we have been advised, and we have assumed, that the Forecasts </FONT>were reasonably prepared on bases reflecting
the best currently available estimates and good faith judgments of the management of Parent as to the future financial performance of
the Company and Parent, as applicable, and the other matters covered thereby. We express no opinion as to the Forecasts or the assumptions
on which they are based.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have relied upon the assessments of the management
of Parent as to, among other things, the Company&rsquo;s existing and future agreements and other arrangements involving, and ability
to attract, retain and/or replace, key employees, customers, service providers and other commercial relationships. We have assumed that
there will not be any developments with respect to any such matters that would be material in any respect to our analyses or opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Our opinion is based on
economic, monetary, regulatory, market and other conditions existing and which can be evaluated as of the date hereof. We expressly disclaim
any undertaking or obligation to advise any person of any change in any fact or matter affecting our opinion of which we become aware
after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have made no independent investigation of, and we express no view or opinion as to, any legal, regulatory, accounting or tax matters affecting
or relating to the Company, Parent or the Mergers and we have assumed the correctness of all legal, regulatory, accounting and tax advice
given to Parent and/or the Board of Directors of Parent (the &ldquo;Board&rdquo;), including, without limitation, with respect to changes
in, or the impact of, accounting standards or tax and other laws, regulations and governmental and legislative policies affecting the
Company, Parent or the Mergers and legal, regulatory, accounting and tax consequences to Parent of the terms of, and transactions contemplated
by, the Agreement and related documents. You have advised us that the parties intend that the Mergers, taken together, will qualify as
a tax-free reorganization for federal income tax purposes. </FONT>We have assumed that the Mergers will be consummated in accordance with
their terms without waiver, modification or amendment of any material term, condition or agreement and in compliance with all applicable
laws, documents and other requirements and that the final form of the Agreement will be substantially similar to the last draft reviewed
by us. We have also assumed that, in the course of obtaining the necessary governmental, regulatory or third-party approvals, consents,
waivers and releases for the Mergers or otherwise, including with respect to any divestitures or other requirements, no delay, limitation,
restriction or condition will be imposed or occur that would have an adverse effect on the Company, Parent or the contemplated benefits
of the Mergers or that otherwise would be material in any respect to our analyses or opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Our opinion does not address
the relative merits of the transactions contemplated by the Agreement as compared to any alternative transaction or opportunity that might
be available to Parent, nor does it address the underlying business decision by Parent to engage in the Mergers or the terms of the Agreement
(including, without limitation, any adjustments to the Consideration under the Agreement) or the documents referred to therein, including
the form or structure of the Mergers or any term, aspect or implication of any agreements, arrangements or understandings entered into
in connection with, or contemplated by or resulting from, the Mergers or otherwise. Our opinion does not constitute a recommendation as
to how any holder of Parent Common Shares should vote on the Mergers or any matter related thereto. Our opinion is limited to the fairness,
from a financial point of view, of the Consideration to be paid by Parent in the First Merger pursuant to the Agreement (to the extent
expressly specified herein). We have not been asked to, and our opinion does not, address the fairness, financial or otherwise, of any
consideration to the holders of any class of securities, creditors or other constituencies of Parent or any other party. We express no
view or opinion as to the price at which shares of Parent Common Shares may trade or otherwise be transferable at any time. Furthermore,
we do not express any view or opinion as to the fairness, financial or otherwise, of the amount or nature of any compensation or other
consideration payable to or to be received by any of the officers, directors or employees of any party, or any class of such persons,
in connection with the Mergers relative to the Consideration or otherwise. The issuance of our opinion has been authorized by the Fairness
Committee of Jefferies LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">It is understood that
our opinion is for the use and benefit of the Board (in its capacity as such) in its evaluation of the Consideration from a financial
point of view. Our opinion does not constitute a recommendation as to how the Board should vote or act with respect to the Mergers or
any other matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been engaged to act as financial advisor to Parent in connection with the Mergers and will receive a fee for our services, a portion
of which is payable upon delivery of this opinion and a significant portion of which is payable contingent upon consummation of the </FONT>Mergers.
We and certain of our affiliates also are participating in the financing for the Mergers, for which services we and our affiliates will
receive significant compensation, including acting as (i)&nbsp;sole lead arranger, sole bookrunner and administrative agent in connection
with certain term loan and revolving credit facilities of Parent, and (ii)&nbsp;sole manager in connection with the offering of senior
unsecured notes of Parent. In addition, Parent has agreed to reimburse us for expenses incurred in connection with our engagement and
to indemnify us against liabilities arising out of or in connection with the services rendered and to be rendered by us under such engagement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and our affiliates have, in the past, provided financial advisory services to an affiliate of the Company and have received fees for the
rendering of such services. We maintain a market in the securities of Parent. In addition, in the ordinary course of our business, we
and our affiliates may trade or hold securities or financial instruments (including loans and other obligations) of Parent, the Company
and/or their respective affiliates for our own account and for the accounts of our customers and, accordingly, may at any time hold long
or short positions or otherwise effect transactions in those securities. </FONT>In addition, we and our affiliates may in the future provide
such services to Parent, the Company and/or their respective affiliates, for which services we and our affiliates would expect to receive
compensation. Except as otherwise expressly provided in our engagement letter with Parent, our opinion may not be used or referred to
by Parent, or quoted or disclosed to any person in any manner, without our prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Based upon and subject
to the foregoing, we are of the opinion that, as of the date hereof, the Consideration to be paid by Parent in the First Merger pursuant
to the Agreement is fair, from a financial point of view, to Parent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2128376d1_prem14asp11img01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">JEFFERIES LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANNEX C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INOTIV,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2018 EQUITY INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Approved by the Board of Directors as of January&nbsp;24,
2018 as amended to reflect the proposed amendment)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>RECITALS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, on January 21, 200.08, the Board of Directors
of the Company adopted the Inotiv,&nbsp;Inc. 200.08 Stock Option Plan (the &ldquo;<B><I>Original Plan</I></B>&rdquo;), which Original
Plan was approved by the Company&rsquo;s shareholders at a meeting held on March 20, 200.08; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Board of Directors of the Company
has determined that it is in the best interest of the Company and its shareholders to increase the total number of Common Shares of the
Company that can potentially be issued under the Plan, to provide for additional types of equity awards that may be awarded to participants
under the Plan, and to make certain other amendments; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Board of Directors of the Company
has, subject to shareholder approval, approved the amendment and restatement of the Plan in the form that follows (the &ldquo;<B><I>Plan</I></B>&rdquo;)
to amend, restate, supersede and replace the Original Plan (when approved by the shareholders of the Company), for purposes of increasing
the total number of Common Shares of the Company that can potentially be issued under the Plan, providing for additional types of equity
awards that may be awarded to participants under the Plan, and making certain other amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose
and Types of Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purposes of the Plan are to enable the Company to attract, retain and reward its employees, officers and directors, and strengthen the
mutuality of interests between such persons and the Company&rsquo;s shareholders by offering such persons an equity interest in the Company
and thereby enabling them to participate in the long-term success and growth of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards
under the Plan may be in the form of (a)&nbsp;Stock Options; (b)&nbsp;Stock Appreciation Rights; (c)&nbsp;Restricted Stock; and/or (d)&nbsp;Restricted
Stock Units. Awards may be free-standing or granted in tandem. If two awards are granted in tandem, the award holder may exercise (or
otherwise receive the benefit of) one award only to the extent he or she relinquishes the tandem award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any provisions herein to the contrary, awards made under the Original Plan remain subject to the terms and conditions of the Original
Plan except as otherwise specifically provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions
and Rules&nbsp;of Construction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
capitalized in this Plan, the following terms shall have the meanings specified below (or as elsewhere defined), unless the context otherwise
requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Beneficial Owner</I></B>&rdquo; shall
have the meaning set forth in Rule&nbsp;13d-3 under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Board</I></B>&rdquo; shall mean the
Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Cause</I></B>&rdquo; shall have
the meaning set forth in an employment or consulting agreement between a Participant and the applicable Employer, or, if no such
agreement exists, or if such agreement does not define &ldquo;Cause,&rdquo; &ldquo;Cause&rdquo; shall mean (i)&nbsp;the refusal or
neglect of the Participant to perform substantially his or her Services, (ii)&nbsp;the Participant&rsquo;s personal dishonesty,
incompetence, willful misconduct or breach of fiduciary duty, (iii)&nbsp;the Participant&rsquo;s indictment for, conviction of or
entering a plea of guilty or nolo contendere to a crime constituting a felony or his or her willful violation of any applicable law
(other than a traffic violation or other offense or violation outside of the course of the provision of Services which in no
way adversely affects the Company and its Subsidiaries or their reputation or the ability of the Participant to perform Services or
to represent the Company or any Subsidiary of the Company in the performance of such Services), (iv)&nbsp;the Participant&rsquo;s
failure to reasonably cooperate, following a request to do so by the Company, in any internal or governmental investigation of the
Company or any of its Subsidiaries or (v)&nbsp;the Participant&rsquo;s material breach of any written covenant or agreement with the
Company or any of its Subsidiaries not to disclose any information pertaining to the Company or such Subsidiary or not to compete or
interfere with the Company or such Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Change in Control</I></B>&rdquo; shall
mean the occurrence of any one of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(a)&nbsp;&nbsp;any Person becomes the Beneficial
Owner, directly or indirectly, of securities of the Company representing a majority of the combined voting power of the Company&rsquo;s
then outstanding securities (assuming conversion of all outstanding non-voting securities into voting securities and the exercise of all
outstanding options or other convertible securities);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(b)&nbsp;&nbsp;the consummation of a merger
or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than (i)&nbsp;a
merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation
continuing to represent, either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent
thereof, a majority of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding
immediately after such merger or consolidation, or (ii)&nbsp;a merger or consolidation effected to implement a recapitalization of the
Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company
representing a majority of the combined voting power of the Company&rsquo;s then outstanding securities; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(c)&nbsp;&nbsp;the shareholders of the
Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition
by the Company of all or substantially all of the Company&rsquo;s assets, other than a sale or disposition by the Company of all or substantially
all of the Company&rsquo;s assets to an entity a majority of the combined voting power of the voting securities of which is owned by substantially
all of the shareholders of the Company immediately prior to such sale in substantially the same proportions as their ownership of the
Company immediately prior to such sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding any other provision of this Section&nbsp;to
the contrary, to the extent an award is subject to Section&nbsp;409A of the Code, an occurrence shall not constitute a Change in Control
if it does not constitute a change in the ownership or effective control, or in the ownership of a substantial portion of the assets of,
the Company or another allowable acceleration event under Section&nbsp;409A of the Code and its interpretive regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Code</I></B>&rdquo; shall mean the Internal
Revenue Code of 1986, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Committee</I></B>&rdquo; shall mean
the committee of the Board designated by the Board to administer the Plan, or if no committee is designated, and in any case with respect
to awards to Non-Employee Directors, the entire Board. The Committee shall be comprised solely of not less than two (2)&nbsp;members,
each of whom shall qualify as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
 &ldquo;Non-Employee Director&rdquo; within the meaning of Rule&nbsp;16b-3(b)(3)&nbsp;(or any successor rule) under the Exchange Act, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
 &ldquo;outside director&rdquo; within the meaning of Section&nbsp;162(m), and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Common Shares are readily tradable on a national securities exchange or other market system, an &ldquo;independent director&rdquo;
as such term is defined or used by the rules&nbsp;of the exchange or system on which the Company&rsquo;s Common Shares are listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Common Shares</I></B>&rdquo; shall mean
the Common Shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Company</I></B>&rdquo; shall mean Inotiv,&nbsp;Inc.
and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Cutback Amount</I></B>&rdquo; shall
have the meaning set forth in Section&nbsp;15.8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;<B>Disability</B></I></FONT>&rdquo;
shall mean that a Participant meets one of the following requirements: (i)&nbsp;the Participant is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can
be expected to last for a continuous period of not less than 12 months, or (ii)&nbsp;the Participant is, by reason of medically determinable
physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than
12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Effective Date</I></B>&rdquo; shall
mean, as to the Original Plan, March 20, 200.08 and, as to the Plan as amended and restated, January 24, 2018 <B>[INSERT NEW DATE].</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Employee</I></B>&rdquo; shall mean an
employee of the Company or of any Subsidiary of the Company as described in Treasury Regulation Section&nbsp;1.421-1(h).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&ldquo;Employer&rdquo;</I></B></FONT>&nbsp;shall
mean the Company or applicable Subsidiary for which the Participant performs Services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Exchange Act</I></B>&rdquo; shall mean
the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Excise Tax</I></B>&rdquo; shall have
the meaning set forth in Section&nbsp;15.8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Fair Market Value</I></B>&rdquo; shall
mean, with respect to a Common Share as of a particular date, the average of the high and the low sales prices of the Common Shares on
the trading day immediately before such date, as reported by the principal exchange or market over which the Common Shares are then listed
or regularly traded. If the Common Shares are not readily tradable on a national securities exchange or other market system any other
value as otherwise determined in good faith by the Board through the reasonable application of a reasonable valuation method within the
meaning of Section&nbsp;409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Full Value Award</I></B>&rdquo; shall
mean any award under the Plan other than a Stock Option or Stock Appreciation Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Incentive Option</I></B>&rdquo; shall
mean a Stock Option granted under the Plan that both is designated as an Incentive Option and qualifies as an incentive stock option within
the meaning of Section&nbsp;422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;<B>Non-Employee
Director</B>&rdquo;&nbsp;</I></FONT>shall mean a director of the Company who is not employed as an Employee by the Company or any of its
Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Non-Qualified Option</I></B>&rdquo;
shall mean a Stock Option granted under the Plan that either is designated as a Non-Qualified Option or does not qualify as an incentive
stock option within the meaning of Section&nbsp;422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Optionee</I></B>&rdquo; shall mean any
person who has been granted a Stock Option under the Plan or who is otherwise entitled to exercise a Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Option Period</I></B>&rdquo; shall mean,
with respect to any portion of a Stock Option, the period after such portion has become exercisable and before it has expired or terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&ldquo;Participant&rdquo;</I></B></FONT>&nbsp;shall
mean any individual selected by the Committee to be granted an Award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Payment</I></B>&rdquo; shall have the
meaning set forth in Section&nbsp;15.8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Plan</I></B>&rdquo; shall have the meaning
set forth in the recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Relationship</I></B>&rdquo; shall mean
the status of employee, officer or director of the Company or any Subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Restricted Stock</I></B>&rdquo; shall
mean an award described in Section&nbsp;8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Restricted Stock Units</I></B>&rdquo;
or &ldquo;<B><I>RSUs</I></B>&rdquo; shall mean an award described in Section&nbsp;9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Retirement</I></B>&rdquo; shall mean
a Participant&rsquo;s voluntary Separation from Service without Cause on or after the attainment of age sixty (60) and with the consent
of the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Rule&nbsp;16b-3</I></B>&rdquo; shall
mean Rule&nbsp;16b-3 under the Exchange Act and any future rule&nbsp;or regulation amending, supplementing, or superseding such rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Section&nbsp;409A</I></B>&rdquo; shall
mean Section&nbsp;409A of the Code and all regulatory and interpretative guidance issued thereunder, as amended from time to time, and
any successor provisions or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Securities Act</I></B>&rdquo; shall
mean the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Services</I></B>&rdquo; shall mean the
provision of personal services to an Employer, including, without limitation, in the capacity of a consultant, an Employee or a Nonemployee
Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Separation from Service</I></B>&rdquo;
or &ldquo;<B><I>Separates from Service</I></B>&rdquo; shall mean a Participant&rsquo;s Retirement, or other termination of employment
or Relationship with the Employer; provided, however, that to the extent an award is subject to Section&nbsp;409A of the Code, an event
shall not constitute a Separation from Service unless it also constitutes a &ldquo;separation from service&rdquo; within the meaning of
Section&nbsp;409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Stock Appreciation Right</I></B>&rdquo;
shall mean an award described in Section&nbsp;7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Stock Option</I></B>&rdquo; shall mean
a right to purchase Common Shares granted pursuant to the Plan, including Incentive Options and Non-Qualified Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Subsidiary</I></B>&rdquo; shall mean
any corporation, partnership, joint venture or other entity in which the Company owns, directly or indirectly, more than 50% of the ownership
interests; provided, however, that for purposes of granting Incentive Options, the term &ldquo;Subsidiary&rdquo; shall mean any company
(other than the Company) that is a &ldquo;subsidiary corporation&rdquo; within the meaning of Section&nbsp;424 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Vesting Period</I></B>&rdquo; shall
have the meaning set forth in Section&nbsp;9(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><I>Unvested</I></B>&rdquo; means an award
(or portion of an award) that has not yet vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following rules&nbsp;shall govern in interpreting the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan and all awards are intended to be exempt from the provisions of Section&nbsp;409A of the Code, and the Plan and all awards shall
be administered to effect compliance with such intent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
reference herein to a provision of law, regulation or rule&nbsp;shall be deemed to include a reference to the successor of such law, regulation
or rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent consistent with the context, any masculine term shall include the feminine, and vice versa<I>,&nbsp;</I>and the singular shall
include the plural, and vice versa<I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity of that provision shall not affect
the remaining parts of the Plan, and the Plan shall be interpreted and enforced as if the illegal or invalid provision had never been
included herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan shall be administered by the Committee. Notwithstanding anything to the contrary contained herein, only the Board shall have authority
to grant awards to Non-Employee Directors and to amend and interpret such awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall have the authority and discretion with respect to awards under the Plan to take the following actions, if consistent with
Section&nbsp;15.7 of the Plan and subject to the conditions of Section&nbsp;3.3 of the Plan: to grant and amend (provided, however, that
no amendment shall impair the rights of the award holder without his or her written consent) awards to eligible persons under the Plan;
to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall deem advisable; to interpret
the terms and provisions of the Plan and any award granted under the Plan; and to make all factual and other determinations necessary
or advisable for the administration of the Plan. In particular, and without limiting its authority and powers, the Committee shall have
the authority and discretion:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
select the persons to whom awards will be granted from among those eligible;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
determine the number of Common Shares to be covered by each award granted hereunder, subject to the limitations contained herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
determine the terms and conditions of any award granted hereunder, including, but not limited to, any vesting or other restrictions based
on such continued employment, performance objectives and such other factors as the Committee may establish, and to determine whether the
terms and conditions of the award have been satisfied;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
determine the treatment of awards upon an Employee&rsquo;s Retirement, disability, death, or during a leave of absence;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
determine, in establishing the terms of the award agreement, that the award holder has no rights with respect to any dividends declared
with respect to any shares covered by an award or that amounts equal to the amount of any dividends declared with respect to the number
of shares covered by an award (i)&nbsp;will be paid to the award holder currently, or (ii)&nbsp;will be deferred and deemed to be reinvested,
or (iii)&nbsp;will otherwise be credited to the award holder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
amend the terms of any award, prospectively or retroactively, provided, however, that no amendment shall impair the rights of the award
holder without his or her written consent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
to Section&nbsp;3.3, after considering any accounting impact to the Company, as well as any applicable provisions of Code Sections 409A
and 422, to substitute new Stock Options for previously granted Stock Options, or for options granted under other plans or agreements,
in each case including previously granted options having higher option prices;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
adopt one or more sub-plans, consistent with the Plan, containing such provisions as may be necessary or desirable to enable awards under
the Plan to comply with the laws of other jurisdictions and/or qualify for preferred tax treatment under such laws; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
delegate such ministerial duties as it may deem advisable to one or more of its members or to one or more Employees or agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in this Plan to the contrary, no &ldquo;underwater&rdquo; Stock Options or Stock Appreciation Rights shall be (a)&nbsp;directly
repriced, (b)&nbsp;exchanged for the grant of a new or different type of award, or (c)&nbsp;repurchased (cashed out), without in any such
case first obtaining the approval of the shareholders of the Company to the taking of such action. For purposes of this Plan, a Stock
Option or a Stock Appreciation Right is &ldquo;underwater&rdquo; at any time when the then current Fair Market Value of a Common Share
is less than the per share exercise price or grant price of the Stock Option or Stock Appreciation Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
determinations and interpretations made by the Committee pursuant to the provisions of the Plan shall be final and binding on all persons,
including the Company and award holders. Determinations by the Committee under the Plan relating to the form, amount and terms and conditions
of awards need not be uniform, and may be made selectively among persons who receive or are eligible to receive awards under the Plan,
whether or not such persons are similarly situated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall act by a majority of its members at a meeting (present in person or by conference telephone) or by written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
award granted under the Plan shall be evidenced by an award agreement that shall be signed by the Committee and the Participant; provided,
however, that in the event of any conflict between a provision of the Plan and any provision of an award agreement, the provision of the
Plan shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member of the Board or the Committee, nor any officer or Employee of the Company or its Subsidiaries acting on behalf of the Board or
the Committee, shall be personally liable for any action, determination or interpretation taken or made with respect to the Plan or any
award hereunder. The Company shall indemnify all members of the Board and the Committee and all such officers and Employees acting on
their behalf, to the extent permitted by law, from and against any and all liabilities, costs and expenses incurred by such persons as
a result of any act, or omission to act, in connection with the performance of such persons&rsquo; duties, responsibilities and obligations
under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
Subject to Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to adjustment as provided in Section&nbsp;4.4, the total number of Common Shares which may be issued under the Plan shall be <STRIKE>1,900,000</STRIKE><FONT STYLE="text-underline-style: double"><U>3,400,000</U></FONT>,
which includes 500,000 shares authorized under the Original Plan on its Effective Date, an additional 700,000 shares authorized in connection
with the amendment and restatement of the Original Plan in the form of the Plan on its Effective Date, <STRIKE>and</STRIKE> an additional
700,000 shares authorized via the amendment approved by the shareholders at the 2020 Annual Meeting of Shareholders<FONT STYLE="text-underline-style: double"><U>,
and an additional 1,500,000 shares authorized via the amendment approved by the shareholders at the Special Meeting of Shareholders held
on November&nbsp;4, 2021</U></FONT>. Common Shares awarded under the Plan may consist of authorized but unissued shares or shares that
have been issued and reacquired by the Company. Subject to adjustment as provided in Section&nbsp;4.4, <FONT STYLE="font-family: Times New Roman, Times, Serif">after
the Effective Date of the Plan the total number of shares which may be issued as Incentive Options shall be <STRIKE>600,000</STRIKE><FONT STYLE="text-underline-style: double"><U>3,400,000
</U></FONT>and the maximum aggregate number of shares that may be issued as Restricted Stock or pursuant to Restricted Share Units is
<STRIKE>400,000</STRIKE><FONT STYLE="text-underline-style: double"><U>3,400,000</U></FONT>.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes hereof, the following Common Shares covered by previously-granted awards shall be deemed not to have been issued under the
Plan and will remain available for awards under the Plan: (a)&nbsp;Shares covered by prior awards under the Plan that again became available
for issuance pursuant to the provisions of the Plan before the shareholders&rsquo; approval of this amendment and restatement of the Plan;
(b)&nbsp;Common Shares covered by the unexercised portion of any Stock Option, Stock Appreciation Right or other award that terminates,
expires, is canceled or is settled in cash; (c)&nbsp;Common Shares forfeited or repurchased under the Plan; and (d)&nbsp;Common Shares
covered by awards that are forfeited, canceled, terminated or settled in cash. The following Common Shares may not again be made available
for issuance as awards under the Plan: (i)&nbsp;Common Shares not issued or delivered as a result of the net settlement of an outstanding
Stock Option, Stock Appreciation Right or other award; (ii)&nbsp;Common Shares used to pay the exercise price or withholding taxes related
to an outstanding Stock Option, Stock Appreciation Right or other award; or (iii)&nbsp;Common Shares repurchased on the open market with
the proceeds of the Stock Option exercise price. In addition, if Stock Appreciation Rights are settled in Common Shares upon exercise,
the aggregate number of shares subject to the award (rather than the number of shares actually issued upon exercise) shall be counted
and may not again be made available for issuance as awards under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Employee shall be granted Stock Options and/or Stock Appreciation Rights with respect to more than 100,000 Common Shares in any fiscal
year, and no Employee shall be granted Restricted Stock and/or Restricted Stock Units with respect to more than 50,000 Common Shares in
any fiscal year, subject to adjustment as provided in Section&nbsp;4.4. No Non-Employee Director shall be granted Stock Options and/or
Stock Appreciation Rights with respect to more than 25,000 Common Shares in any fiscal year, and no Non-Employee Director shall be granted
Restricted Stock and/or Restricted Stock Units with respect to more than 12,500 Common Shares in any fiscal year, subject to adjustment
as provided in Section&nbsp;4.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of any merger, reorganization, consolidation, sale of substantially all assets, recapitalization, stock dividend, extraordinary
cash dividend, stock split, spin-off, split-up, split-off, distribution of assets or other change in corporate structure affecting the
Common Shares such that an adjustment is determined by the Board in its discretion to be appropriate, after considering any accounting
impact to the Company, in order to prevent dilution or enlargement of benefits under the Plan, then the Board shall, in such a manner
as it may in its discretion deem equitable, adjust any or all of (a)&nbsp;the aggregate number and kind of shares reserved for issuance
under the Plan, and (b)&nbsp;the number and kind of shares as to which awards may be granted to any individual in any fiscal year. In
the event of any merger, reorganization, consolidation, sale of substantially all assets, recapitalization, stock dividend, extraordinary
cash dividend, stock split, spin-off, split-up, split-off, distribution of assets or other change in corporate structure affecting the
Common Shares subject to an outstanding award, the number and kind of Common Shares or other securities which are subject to this Plan
or subject to any awards theretofore granted, and the exercise prices, shall be appropriately and equitably adjusted by the Board so as
to maintain the proportionate number of shares or other securities without changing the aggregate exercise price, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless otherwise determined by the Committee at the
time of grant or by amendment (with the award holder&rsquo;s consent) of such grant or as otherwise provided under the terms of any applicable
change in control agreement between the Company and an award recipient under the Plan, upon the dissolution or liquidation of the Company
or upon any reorganization, merger or consolidation as a result of which the Company is not the surviving corporation (or survives as
a wholly-owned subsidiary of another corporation), or upon a sale of substantially all the assets of the Company, the Board may, after
considering any accounting impact to the Company, take such action as it in its discretion deems appropriate to (i)&nbsp;cash out outstanding
vested Stock Options and/or other awards at or immediately prior to the date of such event that will not otherwise be assumed or substituted,
(ii)&nbsp;provide for the assumption or substitution of outstanding Stock Options or other awards by surviving, successor or transferee
entities, (iii)&nbsp;provide that in lieu of Common Shares of the Company, the award recipient shall be entitled to receive the consideration
he would have received in such transaction in exchange for such Common Shares (or the Fair Market Value thereof in cash), and/or (iv)&nbsp;provide
that Stock Options shall be exercisable for a period of at least ten business days from the date of receipt of a notice from the Company
of such proposed event, following the expiration of which period any unexercised Stock Options shall terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Board shall exercise its discretion under this
Section&nbsp;4.4 only to the extent consistent with Section&nbsp;15.7 of the Plan. The Board&rsquo;s determination as to which adjustments
shall be made under this Section&nbsp;4.4 and the extent thereof shall be final, binding and conclusive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional shares shall be issued or delivered under the Plan. The Committee shall determine whether the value of fractional shares shall
be paid in cash or other property, or whether such fractional shares and any rights thereto shall be cancelled without payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligibility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
persons who are eligible for awards under Sections 6, 7, 8 and 9 of the Plan are Employees, officers, consultants and Non-Employee Directors
of the Company or of any Subsidiary of the Company. In addition, awards under such Sections may be granted to prospective Employees, officers
or directors, but such awards shall not become effective until the recipient&rsquo;s commencement of employment or service with the Company
or a Subsidiary. Incentive Options may be granted only to Employees and prospective Employees, but Incentive Options granted to prospective
Employees shall not become effective until the recipient&rsquo;s commencement of employment or service with the Company or a Subsidiary.
Award recipients under the Plan shall be selected from time to time by the Committee, in its sole discretion, from among those eligible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the limitations in Section&nbsp;4.3, Non-Employee Directors shall be granted awards under Section&nbsp;12 in addition to any awards
which may be granted to them under other Sections of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
Options</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Stock Options awarded to eligible persons under the Plan may be of two types: (a)&nbsp;Incentive Options, and (b)&nbsp;Non-Qualified Options.
To the extent that any Stock Option granted to an Employee does not qualify as an Incentive Option, it shall constitute a Non-Qualified
Option. All Stock Options awarded to persons who are not Employees shall be Non-Qualified Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the following provisions, Stock Options awarded under the Plan shall be in such form and shall have such terms and conditions as the
Committee may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option
Price</U>. The option price per Common Share purchasable under a Stock Option shall be determined by the Committee and may not be less
than the Fair Market Value of the Common Shares on the date of the award of the Stock Option (or, with respect to awards to prospective
Employees, on the first date of employment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option
Term</U>. Unless otherwise provided by the Committee in the applicable award agreement, the term of each Stock Option shall be fixed by
the Committee and shall not exceed ten years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercisability</U>.
Stock Options shall be exercisable and shall vest at such time or times and subject to such terms and conditions as shall be determined
by the Committee. Unless otherwise provided by the Committee in the applicable award agreement, Stock Options shall vest (and become exercisable),
subject to certain terms and conditions set forth in the award agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Method
of Exercise</U>. Stock Options may be exercised in whole or in part at any time during the Option Period by giving the Company notice
of exercise in the form approved by the Committee (which may be written or electronic) specifying the number of whole shares to be purchased,
accompanied by payment of the aggregate option price for such shares. Payment of the option price shall be made in such manner as the
Committee may provide in the award, which may include (i)&nbsp;cash (including cash equivalents), (ii)&nbsp;delivery of Common Shares
already owned by the Optionee, (iii)&nbsp;broker-assisted &ldquo;cashless exercise&rdquo; in which the Optionee delivers a notice of exercise
together with irrevocable instructions to a broker acceptable to the Company to sell Common Shares (or a sufficient portion of such shares)
acquired upon exercise of the Stock Option and remit to the Company a sufficient portion of the sale proceeds to pay the total option
price and any withholding tax obligation resulting from such exercise, (iv)&nbsp;subject to the approval of the Committee, any other manner
permitted by law, or (v)&nbsp;any combination of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Shareholder Rights</U>. An Optionee shall have no rights to dividends or other rights of a shareholder with respect to Common Shares subject
to a Stock Option until the Optionee has duly exercised the Stock Option and a certificate for such shares has been duly issued (or the
Optionee has otherwise been duly recorded as the owner of the shares on the books of the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Employment or Relationship</U>. Following the termination of an Optionee&rsquo;s employment or other Relationship with the Company
or its Subsidiaries, the Stock Option shall be exercisable to the extent determined by the Committee. The Committee may provide different
post-termination exercise provisions which may vary based on the nature of and reason for the termination. The Committee shall have absolute
discretion to determine the date and circumstances of any termination of employment or other Relationship.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-transferability</U>.
Unless otherwise provided by the Committee in the applicable award agreement, (i)&nbsp;Stock Options shall not be transferable by the
Optionee other than by will or the laws of descent and distribution, and (ii)&nbsp;during the Optionee&rsquo;s lifetime, all Stock Options
shall be exercisable only by such Optionee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Surrender
Rights</U>. Subject to Section&nbsp;3.3, the Committee may, after considering any accounting impact to the Company, provide that Stock
Options may be surrendered for cash upon any terms and conditions set by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of Section&nbsp;6.2,&nbsp;Incentive Options shall be subject to the following additional restrictions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option
Term</U>. No Incentive Option shall be exercisable more than ten years after the date such Incentive Option is awarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Limitations for 10% Shareholders</U>. No Incentive Option granted to an Employee who owns more than 10% of the total combined voting power
of all classes of stock of the Company or any of its parent or subsidiary corporations, as defined in Section&nbsp;424 of the Code, shall
(i)&nbsp;have an option price which is less than 110% of the Fair Market Value of the Common Shares on the date of award of the Incentive
Option, or (ii)&nbsp;be exercisable more than five years after the date such Incentive Option is awarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercisability</U>.
The aggregate Fair Market Value (determined as of the time the Incentive Option is granted) of the shares with respect to which Incentive
Options (granted under the Plan and any other plans of the Company, its parent corporation or subsidiary corporations, as defined in Section&nbsp;424
of the Code) are exercisable for the first time by an Optionee in any calendar year shall not exceed $100,000. Any Stock Options in excess
of such $100,000 limitation shall be treated as Non-Qualified Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Disqualifying Disposition</U>. An Optionee&rsquo;s right to exercise an Incentive Option shall be subject to the Optionee&rsquo;s agreement
to notify the Company of any &ldquo;disqualifying disposition&rdquo; (for purposes of Section&nbsp;422 of the Code) of the shares acquired
upon such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-transferability</U>.
Incentive Options shall not be transferable by the Optionee, other than by will or by the laws of descent and distribution. During the
Optionee&rsquo;s lifetime, all Incentive Options shall be exercisable only by such Optionee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Last
Grant Date</U>. No Incentive Option shall be granted more than ten years after the earlier of the date of adoption or re-adoption of the
Plan, as applicable, by the Board or approval of the Plan by the Company&rsquo;s shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee may, with the consent of the Optionee, amend an Incentive
Option in a manner that would cause loss of Incentive Option status, provided the Stock Option as so amended satisfies the requirements
of Section&nbsp;6.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Substitute
Options</U>. In connection with a merger or consolidation of an entity with the Company or the acquisition by the Company of property
or stock of an entity, the Committee may grant Stock Options in substitution for any options or other stock awards or stock-based awards
granted by such entity or an affiliate thereof. Such substitute Stock Options may be granted on such terms, consistent with Section&nbsp;15.7,
as the Committee deems appropriate in the circumstances, notwithstanding any limitations on Stock Options contained in other provisions
of this Section&nbsp;6. If such substitute Stock Options are granted, the Committee, in its sole discretion and consistent with Code Section&nbsp;424(a)&nbsp;and
the requirements of Code Section&nbsp;409A, may determine that such substitute Stock Options shall have an exercise price less than one
hundred (100%) of the Fair Market Value of the Common Shares to which the Stock Options relate determined as of the dates of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
Appreciation Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">A Stock Appreciation Right shall entitle the holder
thereof to receive, for each share as to which the award is granted, payment of an amount, in cash, Common Shares, or a combination thereof,
as determined by the Committee, equal in value to the excess of the Fair Market Value of a share of Common Shares on the date of exercise
over the Fair Market Value of a Common Share on the day such Stock Appreciation Right was granted. Any such award shall be in such form
and shall have such terms and conditions as the Committee may determine. Unless otherwise provided by the Committee in the applicable
award agreement, the term of each Stock Appreciation Right shall not exceed ten years. The applicable award agreement shall specify the
number of Common Shares as to which the Stock Appreciation Right is granted, the Fair Market Value of the Common Shares on the day such
Stock Appreciation Right was granted, the date or dates on which, or the conditions upon the satisfaction of which, the Stock Appreciation
Right shall become exercisable, and such other terms and conditions as are determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to the following provisions, all awards of
Restricted Stock shall be in such form and shall have such terms and conditions as the Committee may determine:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Restricted Stock award shall specify the number of shares of Restricted Stock to be awarded, the price, if any, to be paid by the recipient
of the Restricted Stock and the date or dates on which, or the conditions upon the satisfaction of which, the Restricted Stock will vest.
The grant and/or the vesting of Restricted Stock may be conditioned upon the completion of a specified period of service with the Company
and/or its Subsidiaries, upon the attainment of specified performance objectives, or upon such other criteria as the Committee may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
certificates or book entry shares representing the Restricted Stock awarded under the Plan shall be registered in the award holder&rsquo;s
name, but the Committee may direct that any such certificates, if applicable, be held by the Company on behalf of the award holder. Except
as may be permitted by the Committee, no share of Restricted Stock may be sold, transferred, assigned, pledged or otherwise encumbered
by the award holder until such share has vested in accordance with the terms of the Restricted Stock award. At the time Restricted Stock
vests, such vested shares shall be delivered (via stock certificate or book entry) to the award holder (or his or her designated beneficiary
in the event of death), free of such restriction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may provide that the award holder shall have the right to vote and/or receive dividends on Restricted Stock. Unless the Committee
provides otherwise, Common Shares received as a dividend on, or in connection with a stock split of, Restricted Stock shall be subject
to the same restrictions as the Restricted Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as may be provided by the Committee, in the event of an award holder&rsquo;s termination of employment or other Relationship before all
of his or her Restricted Stock has vested, or in the event any conditions to the vesting of Restricted Stock have not been satisfied prior
to any deadline for the satisfaction of such conditions set forth in the award, the shares of Restricted Stock which have not vested shall
be forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may waive, in whole or in part, any or all of the conditions to receipt of, or restrictions with respect to, any or all of the
award holder&rsquo;s Restricted Stock. The Committee may not accelerate the payment of any RSU awards unless such acceleration is consistent
with Section&nbsp;15.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
Stock Units (RSUs)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to the following provisions, all awards of
Restricted Stock Units shall be in such form and shall have such terms and conditions as the Committee may determine:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Restricted Stock Unit award shall specify the number of Common Shares to be awarded and the duration of the period (the &ldquo;<B><I>Vesting
Period</I></B>&rdquo;) during which, and the conditions under which, receipt of the underlying Common Shares will be deferred. The Committee
may condition the grant or vesting of RSUs, or receipt of Common Shares or cash at the end of the Vesting Period, upon the completion
of a specified period of service with the Company and/or its Subsidiaries, upon the attainment of specified performance objectives, or
upon such other criteria as the Committee may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as may be provided by the Committee, RSU awards may not be sold, assigned, transferred, pledged or otherwise encumbered during the Vesting
Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the expiration of the Vesting Period, as soon as administratively practical and in no event later than two and one-half months following
the end of the Vesting Period, the award holder (or his or her designated beneficiary, if applicable) shall receive (i)&nbsp;certificates
for the appropriate number of Common Shares designated by the RSU award, (ii)&nbsp;cash equal to the Fair Market Value of such Common
Shares, or (iii)&nbsp;a combination of shares and cash, as the Committee may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as may be provided by the Committee, in the event of an award holder&rsquo;s termination of employment or other Relationship before the
RSU award has vested, such award shall be forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may waive, in whole or in part, any or all of the conditions to receipt of, or restrictions with respect to, Common Shares or
cash under a Restricted Stock Unit award. The Committee may not accelerate the payment of any RSU awards unless such acceleration is consistent
with Section&nbsp;15.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separation
from Service</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless otherwise specifically provided by the Committee
in the award agreement or any amendment thereto, awards will terminate as provided in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Unvested portions of awards held by the Participant on the date of the Participant&rsquo;s death or Separation from Service, as the case
may be, shall immediately be forfeited by such Participant as of such date; all vested portions of awards (other than vested portions
of Stock Options) held by the Participant on the date of the Participant&rsquo;s death or Separation from Service, as the case may be,
shall be paid in accordance with the payout schedule applicable to vested awards; and all vested portions of Stock Options held by the
Participant on the date of the Participant&rsquo;s death or Separation from Service (for reasons other than Cause), as the case may be,
shall remain exercisable for thirty (30) days following such Separation from Service (but not beyond the expiration of the term of the
Stock Option) except as otherwise provided in accordance with the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Participant&rsquo;s Separation from Service (for reasons other than Cause) occurs by reason of Retirement or Disability, the Participant
may exercise all outstanding Options with respect to Shares for which it could have been exercised on the effective date of the Participant&rsquo;s
Retirement within the period of three (3)&nbsp;months immediately succeeding the Participant&rsquo;s Retirement (but not beyond the expiration
of the term of the Stock Option), or if by reason of Disability, within twelve (12) months after such Disability (but not beyond the expiration
of the term of the Stock Option).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Participant&rsquo;s Separation from Service is due to death, the Participant&rsquo;s beneficiary or estate, if no beneficiary,
may exercise outstanding Options to the extent that the Participant was entitled to exercise the Options at the date of his death, but
only until the date which is twelve (12) months from the date of the Participant&rsquo;s death (but not beyond the expiration of the term
of the Stock Option);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided pursuant to any written agreement between an Employer and a Participant, if a Participant&rsquo;s incurs a Separation
from Service for Cause, all awards held by a Participant on the date of such Separation from Service for Cause, whether vested or Unvested,
shall immediately be forfeited by such Participant as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election
to Defer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">To the extent permitted by Section&nbsp;409A of
the Code, the Committee may permit an award recipient to elect to defer payment of an award other than a Stock Option for a specified
period or until a specified event, upon such terms as are determined by the Committee. An award holder may elect to defer the distribution
date of a Restricted Stock Unit award, or, if applicable, a Restricted Stock award, provided that such election is made and delivered
to the Company in compliance with Section&nbsp;409A of the Code, when applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Employee
Director Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to the limitations in Section&nbsp;4.3, the
Board shall have the discretion to determine the number and types of awards to be granted to Non-Employee Directors and the terms of such
awards, including but not limited to exercisability, vesting, and the effect of such Non-Employee Director&rsquo;s Separation from service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax
Withholding</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
award holder who is an Employee shall, no later than the date as of which an amount with respect to an award first becomes includible
in such person&rsquo;s gross income for applicable tax purposes, pay to the Company, or make arrangements satisfactory to the Committee
regarding payment of, any federal, state, local or other taxes of any kind required by law to be withheld with respect to the award. The
obligations of the Company under the Plan shall be conditional on such payment or arrangements. The Company (and, where applicable, its
Subsidiaries), shall, to the extent permitted by law, have the right to deduct the minimum amount of any required tax withholdings from
any such taxes from any payment of any kind otherwise due to the award holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by the Committee, and subject to such terms and conditions as the Committee may provide, an Employee may elect to
have the minimum amount of any required tax withholdings with respect to any awards hereunder, satisfied by (a)&nbsp;having the Company
withhold Common Shares otherwise deliverable to such person with respect to the award; (b)&nbsp;delivering to the Company unrestricted
Common Shares already owned by the Employee; (c)&nbsp;broker-assisted &ldquo;cashless exercise;&rdquo; (d)&nbsp;any other manner permitted
by law; or (e)&nbsp;any combination of the foregoing Alternatively, the Committee may require that a portion of the Common Shares otherwise
deliverable be applied to satisfy the withholding tax obligations with respect to the award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
in Control</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In the event of a Change in Control, unless otherwise
determined by the Committee at the time of grant or by amendment (with the award holder&rsquo;s consent) of such grant or as otherwise
provided under the terms of any applicable agreement between the Company and an award recipient under the Plan or as otherwise determined
by the Board pursuant to Section&nbsp;4.4:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to any outstanding Full Value Awards under the Plan, restrictions and vesting conditions applicable to the Full Value Award that
are based upon one or more performance factors shall lapse with respect to a pro-rata portion (based on the number of days from the beginning
of the applicable performance period to and including the date of the Change in Control) of the number of shares subject to such Full
Value Award that would have been earned by the award holder (i)&nbsp;with respect to market-based goals, determined as the greater of
the target goal or the transaction price with respect to the Common Shares on the effective date of the Change in Control, and (ii)&nbsp;with
respect to performance-based goals, determined as the greater of the target goal or as determined by actual performance in accordance
with the underlying plan formula as of the date of the Change in Control; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Committee may, in its sole discretion, accelerate the payment date of all vested Restricted Stock Unit awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
award under the Plan shall be subject to the requirement that, if at any time the Committee shall determine that (a)&nbsp;the listing,
registration or qualification of the Common Shares subject or related thereto upon any securities exchange or market or under any state
or federal law, or (b)&nbsp;the consent or approval of any government regulatory body, or (c)&nbsp;an agreement by the recipient of an
award with respect to the disposition of Common Shares, is necessary or desirable in order to satisfy any legal requirements, or (d)&nbsp;the
issuance, sale or delivery of any Common Shares is or may in the circumstances be unlawful under the laws or regulations of any applicable
jurisdiction, the right to exercise such Stock Option shall be suspended, such award shall not be granted and such shares will not be
issued, sold or delivered, in whole or in part, unless such listing, registration, qualification, consent, approval or agreement shall
have been effected or obtained free of any conditions not acceptable to the Committee, and the Committee determines that the issuance,
sale or delivery of the shares is lawful. The application of this Section&nbsp;shall not extend the term of any Stock Option or other
award. The Company shall have no obligation to effect any registration or qualification of the Common Shares under federal or state laws
or to compensate the award holder for any loss caused by the implementation of this Section&nbsp;15.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may provide, at the time of grant or by amendment with the award holder&rsquo;s consent, that an award and/or Common Shares
acquired under the Plan shall be forfeited, including after exercise or vesting, if within a specified period of time the award holder
engages in any of the following disqualifying conduct: (a)&nbsp;the award holder&rsquo;s performance of service for a competitor of the
Company and/or its Subsidiaries, including service as an employee, director or consultant, or the establishing by the award holder of
a business which competes with the Company and/or its Subsidiaries; (b)&nbsp;the award holder&rsquo;s solicitation of employees or customers
of the Company and/or its Subsidiaries; (c)&nbsp;the award holder&rsquo;s improper use or disclosure of confidential information of the
Company and/or its Subsidiaries; or (d)&nbsp;material misconduct by the award holder in the performance of such award holder&rsquo;s duties
for the Company and/or its Subsidiaries, as determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
set forth in this Plan shall prevent the Board from adopting other or additional compensation arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">15.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in the Plan nor in any award hereunder shall confer upon any award holder any right to continuation of his or her employment by or other
Relationship with the Company or its Subsidiaries, or interfere in any way with the rights of any such company to terminate such employment
or other Relationship.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Plan nor any award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between
the Company or Subsidiary and an award recipient, and no award recipient will, by participation in the Plan, acquire any right in any
specific Company property, including any property the Company may set aside in connection with the Plan. To the extent that any award
recipient acquires a right to receive payments from the Company or any Subsidiary pursuant to an award, such right shall not be greater
than the right of an unsecured general creditor of the Company or its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
to the extent preempted by United States federal law or as otherwise expressly provided herein, the Plan and all awards under the Plan
shall be interpreted in accordance with and governed by the internal laws of the State of Indiana without giving effect to any choice
or conflict of law provisions, principles or rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan and all awards under the Plan shall be interpreted and applied in a manner consistent with the applicable standards for nonqualified
deferred compensation plans established by Code Section&nbsp;409A and its interpretive regulations and other regulatory guidance. To the
extent that any terms of the Plan or an award would subject an Employee to gross income inclusion, interest or additional tax pursuant
to Code Section&nbsp;409A, those terms are to that extent superseded by, and shall be adjusted to the minimum extent necessary to satisfy
or to be exempt from, the Code Section&nbsp;409A standards. If as of the date an Employee incurs a Separation from Service the Employee
is a &ldquo;key employee,&rdquo; within the meaning of Code Section&nbsp;416(i), without regard to paragraph 416(i)(5), and if the Company
has stock that is publicly traded on an established securities market or otherwise, any payment of deferred compensation, within the meaning
of Code Section&nbsp;409A, otherwise payable because of employment termination will be suspended until, and will be paid to the Employee
on, the first day of the seventh month following the month in which the Employee&rsquo;s Separation from Service occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">15.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitigation
of Excise Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided in any award agreement or in any applicable change in control agreement between the Company and an award recipient
under the Plan, if any payment or benefit resulting from an award under the Plan or otherwise, including accelerated vesting of any equity
compensation (all such payments and/or benefits hereinafter, &ldquo;<B><I>Payment</I></B>&rdquo;), would (i)&nbsp;constitute a &ldquo;parachute
payment&rdquo; within the meaning of Section&nbsp;280G of the Code, and (ii)&nbsp;but for this sentence, be subject to the excise tax
imposed by Section&nbsp;4999 of the Code (the &ldquo;<B><I>Excise Tax</I></B>&rdquo;), then such Payment shall be either (x)&nbsp;provided
to the recipient in full, or (y)&nbsp;provided to the recipient to such lesser extent which would result in no portion of such Payment
being subject to the excise tax, further reduced by $5,000 (including such further reduction, the &ldquo;<B><I>Cutback Amount</I></B>&rdquo;),
whichever of the foregoing amounts, when taking into account applicable federal, state, local and foreign income and employment taxes,
such excise tax and other applicable taxes, (all computed at the highest applicable marginal rates), results in the receipt by the recipient,
on an after-tax basis, of the greatest amount of the Payment, notwithstanding that all or a portion of such Payment may be subject to
the excise tax. &nbsp;If a reduction in payments or benefits constituting &ldquo;parachute payments&rdquo; is necessary so that the Payment
equals the Cutback Amount, reduction shall occur in the following order: (A)&nbsp;cash payments of accelerated awards under the Plan
shall be reduced first and in reverse chronological order such that the cash payment owed on the latest date following the occurrence
of the event triggering such excise tax will be the first cash payment to be reduced; (B)&nbsp;accelerated vesting of performance-based
equity awards shall be cancelled or reduced next and in the reverse order of the date of grant for such awards (i.e., the vesting of
the most recently granted awards will be reduced first), with Full Value Awards reduced before any performance-based stock option or
stock appreciation rights are reduced; and (C)&nbsp;accelerated vesting of time-based equity awards shall be cancelled or reduced last
and in the reverse order of the date of grant for such awards (i.e., the vesting of the most recently granted awards will be reduced
first), with Full Value Awards reduced before any time-based stock option or stock appreciation rights are reduced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall appoint an independent public accounting firm to make the determinations required hereunder and perform the foregoing calculations.
The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. &nbsp;The
accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation,
to the Company and the award recipient within fifteen (15) calendar days after the date on which right to a Payment is triggered (if requested
at that time by the Company or recipient). &nbsp;Any good faith determinations of the accounting firm made hereunder shall be final, binding
and conclusive upon the Company and the recipient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation
Recovery Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding any provision in the Plan or in any
award agreement to the contrary, awards granted or paid under the Plan will be subject to recovery under any compensation recovery policy
of the Company as may be in effect from time to time, including, without limitation, the provisions of any such policy required by Section&nbsp;10D
of the Exchange Act and any applicable rules&nbsp;or regulations issued by the U.S. Securities and Exchange Commission or any national
securities exchange or national securities association on which the Common Shares may be traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments
and Termination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan shall terminate at the close of business on January&nbsp;24, 2028. The Board may discontinue the Plan at any time prior to the date
referenced in the prior sentence and may amend it from time to time. No amendment or discontinuation of the Plan shall adversely affect
any award previously granted without the award holder&rsquo;s written consent. Amendments may be made without shareholder approval, except
as required to satisfy applicable laws or regulations or the requirements of any stock exchange or market on which the Common Shares are
listed or traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">17.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may amend the terms of any award prospectively or retroactively; provided, however, that no amendment shall impair the rights
of the award holder without his or her written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
Date of Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Plan, as amended and restated, was approved
and adopted by the Board on January&nbsp;24, 2018, and is to be effective as of such date, contingent upon the approval thereof by the
shareholders of the Company within (12) twelve months following the adoption by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANNEX D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Envigo RMS Holding Corp. and Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Special Purpose Combined Statements of Direct Revenue and Direct Expenses
for the period January&nbsp;1, 2019 to June&nbsp;2, 2019, and the year ended December&nbsp;31, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Envigo RMS Holding Corp. and Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Unaudited Special Purpose Combined Statements of Direct Revenue
and Direct Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Period January&nbsp;1, 2019 to June&nbsp;2, 2019 (unaudited) and
for the year ended December&nbsp;31, 2018 (unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(amounts in thousands)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Period January&nbsp;1,<BR>
 2019 to June&nbsp;2, 2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Year Ended December<BR>
 &nbsp;31, 2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Direct revenue</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">66,847</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">157,782</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Direct expenses:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Cost of sales</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(47,393</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(115,198</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Selling, general and administrative expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,597</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(16,176</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Amortization of intangible assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(743</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,826</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total direct expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(55,733</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(133,200.0</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Direct revenue less direct expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,114</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">24,582</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these special purpose combined financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO SPECIAL PURPOSE COMBINED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1. Agreement and Plan of Merger, Description of Business and Basis
of Presentation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Agreement and Plan of Merger</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September&nbsp;21, 2021,&nbsp;Inotiv,&nbsp;Inc.
(&quot;Inotiv&quot;)&nbsp;entered into a definitive agreement and plan of merger (the &ldquo;Merger Agreement&rdquo;) pursuant to which
it agreed, subject to certain closing conditions, to acquire Envigo RMS Holding Corp. (&ldquo;Envigo&rdquo;) by merger of Envigo with
a newly formed, wholly owned subsidiary of ours (the &ldquo;Envigo Acquisition&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms and conditions of the Merger Agreement,
the aggregate consideration to be paid to the holders of outstanding equity interests in Envigo in the merger will consist of cash consideration
of $200.0 million, and 9,365,173&nbsp;Inotiv common shares, which shares had an aggregate market value of approximately $285.0.0 million
based on the volume weighted average sales price of such shares as traded on the NASDAQ Capital Market calculated for the 20-trading day
period ending on September 20, 2021. The mix of cash and stock consideration is subject to adjustment as provided in the Merger Agreement.
It is anticipated that, upon completion of the Envigo Acquisition, our current shareholders will own approximately 64% of our outstanding
common shares and the former stockholders of Envigo will own, in the aggregate, approximately 36% of our outstanding common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Description of Business</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Envigo RMS Holding Corp. (the &ldquo;Parent&rdquo;)
was formed on April&nbsp;9, 2019 as a wholly owned subsidiary of Envigo Holdings,&nbsp;Inc. (&ldquo;Holdings&rdquo;) for the sole purpose
of owning Holdings&rsquo; research models and services business (&ldquo;RMS&rdquo;) and certain other assets. On June&nbsp;3, 2019, Holdings
executed a group restructuring and spin-off whereby Holdings&rsquo; RMS operating subsidiaries were contributed to the Parent and Holdings
sold the majority of its contract research services operating segment to Laboratory Corporation of America Holdings&rsquo; Covance Drug
Development segment (&ldquo;LabCorp&rdquo;). Concurrent with this transaction, Envigo RMS LLC, a wholly owned subsidiary of Envigo RMS
Holding Corp., acquired Covance Research Products,&nbsp;Inc. (later renamed Envigo Global Services Inc. or &ldquo;EGSI&rdquo;). These
financial statements present the results of the business that was contributed to Parent and the combined businesses referred to as Envigo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Envigo is primarily a products business that provides
research-quality animals for laboratory tests, as well as standard and custom laboratory animal diets and bedding and other associated
services for contract research organizations, biopharmaceutical companies, universities, governments and other research organizations.
Envigo provides customers with laboratory animals used in basic research and product development and non-clinical testing of compounds
to support the development and approval of new medicines. Envigo enables customers to develop a more flexible product development model
and reduce their costs enhance their productivity, and increase speed to market. Envigo is one of the largest commercial providers of
RMS products and services globally and has been supplying research models since 1931. With over 130 different strains, Envigo is a global
leader in the production and sale of the most widely used rodent research model strains, and are able to offer the broadest range of species
in the sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Basis of Presentation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited Statements of Direct
Revenue and Direct Expenses for period January&nbsp;1, 2019 to June&nbsp;2, 2019, and for the year ended December&nbsp;31, 2018 (collectively,
the &ldquo;Special Purpose Combined Financial Statements&rdquo;) have been prepared in accordance with accounting principles generally
accepted in the United States of America (&ldquo;U.S. GAAP&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the June&nbsp;3, 2019 transactions discussed
above, Envigo and its subsidiaries did not exist on a stand-alone basis and no stand-alone financial statements of Envigo were prepared.
The subsidiaries underneath Envigo were part of a larger organization which included comingled administrative activities, a complex intracompany
and intercompany financing structure of loans that did not transfer to Envigo, and disparate IT systems. These factors made it impractical
to prepare full stand-alone or carve out financial statements for Envigo for periods prior to June&nbsp;3, 2019 in accordance with the
Securities and Exchange Commission&rsquo;s (&ldquo;SEC&rdquo;) Regulation S-X. Therefore,&nbsp;Inotiv requested and received on September&nbsp;17,
2021 a substitution approval from the SEC to provide these Special Purpose Combined Financial Statements for the period January&nbsp;1,
2019 to June&nbsp;2, 2019 and the year ended December&nbsp;31, 2018. These Special Purpose Combined Financial Statements have been prepared
to reflect all costs directly associated with producing revenues and excludes costs not directly involved in the revenue producing activity,
such as corporate overhead, impairments, restructuring and related costs, interest and income tax. Indirect costs such as administrative
activities, including all administrative support functions, financing activities and certain IT activities, are not allocated. In addition,
the historical direct revenue and direct expenses of those operations currently classified as discontinued operations are excluded from
the direct revenue and direct expenses for all periods presented. Therefore, these Special Purpose Combined Financial Statements are not
intended to be a complete presentation of the financial position, results of operations, or cash flows of Envigo in conformity with U.S.
GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Special Purpose Combined Financial Statements
have been derived from the accounting records of Envigo using historical results of operations and only present the direct revenue and
direct expenses of Envigo. Envigo tracks revenue and costs at an entity, site and/or cost center basis which allowed the identification
of direct revenue and those direct expenses connect to the generation and collection of the direct revenue. This identification methodology
was applied consistently for all periods presented. Revenue and cost of sales from transactions with entities Holdings sold to LabCorp
on June&nbsp;3, 2019 are treated as transactions with third-party customers for purposes of these Special Purpose Combined Financial Statements.
The Special Purpose Combined Financial Statements are not indicative of future results due to the exclusion of various operating expenses
that will be incurred by Inotiv to operate Envigo after the acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2. Summary of Significant Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Use of Estimates</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the Special Purpose Combined
Financial Statements in accordance with U.S. GAAP required management to make estimates and assumptions that may affect the reported amounts
of the direct revenue, direct expenses and related disclosures during the periods being presented. Envigo management bases its estimates
on historical experience and various other assumptions it believed to be reasonable. Actual results may differ from management's estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Revenue recognition</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December&nbsp;31, 2018, Envigo
recognized revenue in accordance with ASC 605, Revenue Recognition (&ldquo;ASC 605&rdquo;). Under ASC 605, Envigo recognizes revenue in
relation to its products, which include research models, research model diets, bedding and biomedical products, when title and risk have
been transferred, which usually occurs at the time of delivery to the customer. Product sales are recorded net of discounts to customers.
Shipping and handling costs and the sale of containers used to ship products as revenue. Service revenue which represents per diem charges
for the boarding of customer-owned animals are recognized as services are provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective January&nbsp;1, 2019, Envigo adopted
ASC 606, Revenue from Contracts with Customers (&ldquo;ASC 606&rdquo;), using the modified retrospective method for all contracts not
completed as of the date of adoption. Revenue is recognized when a customer obtains control of promised goods or services, in an amount
that reflects the consideration which the entity expects to receive in exchange for those goods or services. There was not a material
impact from the adoption of ASC 606. To determine revenue recognition for arrangements that are within the scope of ASC 606, Envigo performs
the following five steps in determining arrangements in scope of ASC 606: (1)&nbsp;identify the contract(s)&nbsp;with a customer, (2)&nbsp;identify
the performance obligations in the contract, (3)&nbsp;determine the transaction price, (4)&nbsp;allocate the transaction price to the
performance obligation in the contract, and (5)&nbsp;recognize revenue when (or as) the entity satisfies a performance obligation. Envigo
only applies the five-step model to contracts when it is probable the entity will collect the consideration it is entitled to in exchange
for the goods or services it transfers to the customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cost of sales</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Envigo&rsquo;s cost of sales includes operations
directly and indirectly involved in providing animal models, diets and bedding and services to our customers. These costs include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Labor Costs: site employees directly involved in the care and raising of animals, and providing of services. Operational management that oversees the running of individual sites. Internal facility and transportation employees.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct Materials &ndash; costs incurred in the purchase, raising and care of animals and other products.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facility Costs &ndash; costs associated with the facilities that house the animals, which we raise and care for, to meet customer research models orders and where we manufacture for other product orders. These costs will include but are not limited to rent, utilities, maintenance, equipment depreciation, equipment rental.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Transportation &ndash; in-bound freight costs for delivery of purchased animals and other products and
items needed for the care and well-being, and out-bound freight costs for delivery to customers and internal transfers between sites.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Boarding Costs &ndash; off-sight boarding costs for animals held at supplier&rsquo;s facility awaiting
final shipment to Envigo sites or to customers.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Other Operational Costs &ndash; veterinary care and associated costs,&nbsp;etc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Selling, general and administrative expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Envigo&rsquo;s selling, general and administrative
expenses represent departmental costs connected to the revenue generation and collection process. The departments included in selling,
general and administrative expenses include sales, customer service, accounting, cost/inventory accounting, business development, general
human resources and certain information technology departments. The costs attributable to theses departments includes employee compensation
and benefits, travel and entertainment, professional fees, office related costs, and certain IT related costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Depreciation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Envigo&rsquo;s property, plant and equipment is
depreciated on a straight-line basis over the estimated useful life of the asset. Depreciation expense is charged cost of sales and selling,
general and administrative expense based on the location of the asset or the department to which the asset is assigned. Depreciation expense
related to Envigo amounted to $1.8 million and $4.9 million for the period of January&nbsp;1, 2019 to June&nbsp;2, 2019 (unaudited), and
for the year ended December&nbsp;31, 2018 (unaudited), respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Amortization</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Envigo&rsquo;s intangible assets were recorded
in connection with various business combinations. Intangible assets were pushed down to the subsidiaries of Envigo. Identifiable intangible
assets are amortized over the period of their expected benefit unless they were determined to have an indefinite life. Intangible assets
subject to amortization are amortized on a straight-line basis over their estimated useful lives. Amortization expense amounted to $0.7
million and $1.8 million for the period of January&nbsp;1, 2019 to June&nbsp;2, 2019 (unaudited), and the year ended December&nbsp;31,
2018 (unaudited), respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3. Subsequent Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent events are defined as those events
or transactions that occur after the balance sheet date, but before the financial statements are issued or available to be issued.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 21, 2021, Inotiv&nbsp;entered into
the Merger Agreement pursuant to which it agreed to acquire by merger of Envigo with a newly formed, wholly owned subsidiary of Inotiv.
See Note 1 to these Special Purpose Combined Financial Statements for a more detailed discussion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Envigo
completed an evaluation of the impact of any subsequent events through September&nbsp;24, 2021, the date at which these Special Purpose
Combined Financial Statements were available to be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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