Barclays Regulatory News (BARC)

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR

MORE

Rule 8.3 of the Takeover Code (the "Code")

1.

KEY INFORMATION

(a)

Full name of discloser:

Barclays PLC.

(b)

Owner or controller of interest and short

positions disclosed, if different from 1(a):

(c)

Name of offeror/offeree in relation to whose

DECHRA PHARMACEUTICALS PLC

relevant securities this form relates:

(d)

If an exempt fund manager connected with an

offeror/offeree, state this and specify identity of

offeror/offeree:

(e)

Date position held/dealing undertaken:

12 May 2023

(f)

In addition to the company in 1(c) above, is the discloser making

NO

disclosures in respect of any other party to the offer?

2.

POSITIONS OF THE PERSON MAKING THE DISCLOSURE

(a)

Interests and short positions in the relevant securities of the offeror or offeree

to which the disclosure relates following the dealing(if any)

Class of relevant security:

1p ordinary

Interests

Short Positions

Number

(%)

Number

(%)

(1)

Relevant securities owned

and/or controlled:

874,425

0.77%

920,872

0.81%

(2)

Cash-settled derivatives:

and/or controlled:

886,396

0.78%

828,498

0.73%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,760,821

1.55%

1,749,370

1.54%

(b)

Rights to subscribe for new securities (including directors and other executive

options)

Class of relevant security in relation to

which subscription right exists

Details, including nature of the rights

concerned and relevant percentages:

3.

DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

(a)

Purchases and sales

Class of relevant

Purchase/sale

Number of

Price per unit

security

securities

1p ordinary

Purchase

7

37.5000 GBP

1p ordinary

Purchase

10

37.4800 GBP

1p ordinary

Purchase

94

37.5500 GBP

1p ordinary

Purchase

144

37.4713 GBP

1p ordinary

Purchase

262

37.4821 GBP

1p ordinary

Purchase

299

37.5200 GBP

1p ordinary

Purchase

367

37.3781 GBP

1p ordinary

Purchase

394

37.4412 GBP

1p ordinary

Purchase

798

37.3864 GBP

1p ordinary

Purchase

810

37.4963 GBP

1p ordinary

Purchase

1,029

37.4253 GBP

1p ordinary

Purchase

1,395

37.4639 GBP

1p ordinary

Purchase

1,519

37.3800 GBP

1p ordinary

Purchase

2,467

37.5045 GBP

1p ordinary

Purchase

7,334

37.3975 GBP

1p ordinary

Purchase

23,117

37.4549 GBP

1p ordinary

Sale

18

37.4500 GBP

1p ordinary

Sale

19

37.5200 GBP

1p ordinary

Sale

26

37.4634 GBP

1p ordinary

Sale

39

37.4579 GBP

1p ordinary

Sale

63

37.4901 GBP

1p ordinary

Sale

65

37.4892 GBP

1p ordinary

Sale

82

37.4812 GBP

1p ordinary

Sale

503

37.5000 GBP

1p ordinary

Sale

558

37.4531 GBP

1p ordinary

Sale

828

37.4400 GBP

1p ordinary

Sale

1,000

37.4694 GBP

1p ordinary

Sale

1,515

37.4194 GBP

1p ordinary

Sale

1,566

37.3809 GBP

1p ordinary

Sale

2,030

37.4055 GBP

1p ordinary

Sale

3,509

37.4388 GBP

1p ordinary

Sale

7,334

37.3975 GBP

1p ordinary

Sale

14,649

37.4559 GBP

1p ordinary

Sale

119,056

37.3800 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

1p ordinary

SWAP

Long

733

37.4043 GBP

1p ordinary

SWAP

Long

1,000

37.4694 GBP

1p ordinary

CFD

Long

2,030

37.4055 GBP

1p ordinary

SWAP

Long

6,338

37.4232 GBP

1p ordinary

SWAP

Long

11,130

37.4766 GBP

1p ordinary

CFD

Long

118,942

37.3800 GBP

1p ordinary

CFD

Short

29

37.4434 GBP

1p ordinary

CFD

Short

55

37.3800 GBP

1p ordinary

SWAP

Short

77

37.4667 GBP

1p ordinary

SWAP

Short

92

37.5156 GBP

1p ordinary

SWAP

Short

144

37.4713 GBP

1p ordinary

SWAP

Short

196

37.4901 GBP

1p ordinary

SWAP

Short

262

37.4821 GBP

1p ordinary

SWAP

Short

708

37.4911 GBP

1p ordinary

CFD

Short

711

37.5250 GBP

1p ordinary

SWAP

Short

1,501

37.4181 GBP

1p ordinary

SWAP

Short

1,824

37.4739 GBP

1p ordinary

SWAP

Short

4,301

37.4734 GBP

1p ordinary

CFD

Short

7,334

37.3975 GBP

1p ordinary

SWAP

Short

10,043

37.5008 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class

Product

Writing,

Number

Exercise

Type

Expiry

Option

of

description

purchasing,

of

price

date

money

relevant

selling,

securities

per unit

paid/

security

varying etc

to which

received

option

per unit

relates

(ii)

Exercising

Class of relevant

Product description

Exercising/ exercised against

Number of

Exercise price per

security

securities

unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant

Nature of Dealings

Details

Price per unit (if

security

applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealings arrangements

Details of any indemnity or option arrangement, or any agreement or understanding,

formal or informal, relating to relevant securities which may be an inducement to deal

or refrain from dealing entered into by the exempt principal trader making the disclosure and any party

to the offer or any person acting in concert with a party to the offer:

NONE

(b)

Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between

the person making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights of future acquisition or disposal of any relevant securities to which

any derivative is referenced:

NONE

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:

15 May 2023

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213