Zoetis To File Registration Statement; Comments on Pfizer’s Split-off Plans for Remaining Interest in Zoetis

  Zoetis To File Registration Statement; Comments on Pfizer’s Split-off Plans
  for Remaining Interest in Zoetis

Business Wire

MADISON, N.J. -- May 22, 2013

Zoetis Inc. (NYSE: ZTS) announced it intends to file a Registration Statement
on Form S-4 with the Securities and Exchange Commission (SEC) today in
connection with the proposed exchange offer announced by Pfizer Inc. (NYSE:
PFE). As part of the offer, Pfizer shareholders will be able to exchange all,
some or none of their shares of Pfizer common stock for shares of Zoetis
common stock.

Pfizer currently holds approximately 80% of the outstanding common stock of
Zoetis. If the exchange offer is fully subscribed, Pfizer will no longer have
a controlling ownership interest in Zoetis, and Zoetis will become a fully
independent company upon completion of the exchange offer. If the exchange
offer is undersubscribed, Pfizer would distribute less than 400,985,000 shares
of Zoetis common stock. In that case, Pfizer would continue to own an interest
in Zoetis and, depending on the number of shares of Zoetis common stock
distributed in the exchange offer, Pfizer could retain voting control of
Zoetis with respect to the election of directors. In addition, Pfizer could
use additional exchange offers or a special dividend to all Pfizer
shareholders to complete the disposition of its Zoetis shares.

“Pfizer’s announcement marks the final step in our journey to make Zoetis a
fully independent company,” said Zoetis Chief Executive Officer Juan Ramón
Alaix, commenting on the Pfizer announcement. “We have been preparing for this
day for nearly two years, and we are excited by the opportunity to stand on
our own as the world’s leading animal health company. We will continue serving
our customers in ways that make a meaningful difference to their businesses,
and develop long-term partnerships delivering results that matter.

“We thank Pfizer’s leadership team and colleagues for their support throughout
this entire process, and we will continue to work with them as we complete the
transition to our own infrastructure,” said Alaix. “We remain confident in the
long-term success of our growth strategies and financial performance based on
the character of our people, the diversity of our business model and the
fundamental drivers that are evident in the animal health industry today.”

This announcement is for informational purposes only and is neither an offer
to sell nor an offer to buy any securities, or a recommendation as to whether
investors should participate in the exchange offer. The offer is made solely
by the prospectus.

About Zoetis

Zoetis (zō-EH-tis) is the leading animal health company, dedicated to
supporting its customers and their businesses. Building on a 60-year history
as the animal health business of Pfizer, Zoetis discovers, develops,
manufactures and markets veterinary vaccines and medicines, with a focus on
both farm and companion animals. The company generated annual revenues of $4.3
billion in 2012. It has more than 9,300 employees worldwide and a local
presence in approximately 70 countries, including 29 manufacturing facilities
in 11 countries. Its products serve veterinarians, livestock producers and
people who raise and care for farm and companion animals in 120 countries.

Additional Information

The terms and conditions of the exchange offer will be more fully described in
the registration statement being filed by Zoetis with the SEC and a Schedule
TO being filed by Pfizer with the SEC. The prospectus, which is included in
the registration statement, contains important information about Pfizer,
Zoetis, the disposition and related matters. Pfizer will mail the prospectus
to its shareholders. Investors and security holders are urged to read
carefully and in its entirety the prospectus and any other relevant documents
filed with the SEC by Pfizer and Zoetis, when they become available and before
making any investment decision. None of Pfizer, Zoetis, or any of their
respective directors or officers or any dealer manager appointed with respect
to the exchange offer makes any recommendation as to whether investors should
participate in the exchange offer. Investors will be able to obtain a free
copy of the prospectus and other related documents filed with the SEC by
Pfizer and Zoetis at the SEC's web site at www.sec.gov. Those documents may
also be obtained for free, as applicable, from Pfizer at www.pfizer.com or
from Zoetis at www.zoetis.com.

Forward-Looking Statements

Information in this press release contains forward-looking statements, which
reflect management’s expectations regarding future events and operating
performance and speak only as of the date hereof. Words such as anticipate,
expect, project, intend, plan, believe, and words and terms of similar
substance used in connection with any discussion of future plans, actions, or
events identify forward-looking statements. These forward-looking statements
involve a number of risks and uncertainties. Such forward-looking statements
include, but are not limited to, statements about the benefits of the
split-off, including future financial and operating results, and each
company’s plans, objectives, expectations and intentions and other statements
that are not historical facts. A list of the factors that could cause actual
results to differ materially from those expressed in, or underlying, those
forward-looking statements is detailed in the filings of Pfizer and Zoetis
with the SEC, such as annual and quarterly reports and the registration
statement, the prospectus part thereof and related exchange offer documents.
Pfizer and Zoetis disclaim any obligation to update and revise statements
contained in these materials based on new information or otherwise.

Internet Posting of Information

We routinely post information that may be important to investors in the
'Investors' section of our web site at www.zoetis.com, on our Facebook page at
http://www.facebook.com/zoetis and on Twitter @zoetis. We encourage investors
and potential investors to consult our web site regularly and to follow us on
Facebook and Twitter for important information about us.

Contact:

Zoetis Inc.
Media Contacts:
Bill Price, 1-973-660-5763
william.price@zoetis.com
or
Elinore White, 1-973-401-4044
elinore.y.white@zoetis.com
or
Investor Contacts:
Dina Fede, 1-973-660-5441
or
John O’Connor, 1-973-660-6964