Palliser Capital Calls on Recordati’s Directors to Clarify Publicly Whether They Unanimously Recommend the Revised €53.00 CVC — Led Offer

A. 00 per share offer (the “Offer”) from Respighi BidCo, the bid vehicle of CVC and GBL. Palliser’s full letter is attached. This press release features multimedia.

View the full release here: Recordati’s 7 October announcement, in which the Board “welcomes” the increase, has been widely read as an endorsement by the independent directors. It is not. It contains no statement that they consider the Offer fair, no updated reasoned opinion under Article 39-bis of the Issuers’ Regulation and no recommendation to tender. Instead, the Board reiterated that the decision rests with each shareholder.

If the market has misread the independent directors’ position, it is proceeding on a false premise at the most critical stage of the Offer. m. (Italian time) on 16 October 2026: 1. Respighi BidCo and CVC, who stand to benefit from any misunderstanding, to confirm whether, to their knowledge, the independent directors have concluded that the Offer is fair or have recommended it; and 2.

00. 00 per share is fair and do not recommend the Offer. 25 DCF range in Rothschild’s fairness opinion for the independent directors — an opinion that pre-dates first-half 2026 results in which Rare Diseases, Recordati’s highest-growth business, grew 22% at constant exchange rates. 10 Bloomberg consensus price target.

Palliser does not support the Offer and does not intend to tender its shares. “Shareholders are being asked to decide in the final days of this Offer without knowing where the independent directors stand — and that ambiguity serves only CVC,” said James Smith, Chief Investment Officer of Palliser. “A token 3% increase does not make this Offer fair, nor does it fix the conflicts and coercive structure at its heart.

” About Palliser Capital Palliser is an alternative investment manager that applies a value-oriented, event-driven philosophy to investing across a range of distinct yet complementary strategies on a global basis with a focus on situations where positive change and value enhancement can be achieved through thoughtful, constructive, and long-term engagement with companies and across a range of different stakeholder groups. Important Notice and Disclaimer This press release has been issued by Palliser Capital (UK) Ltd (“Palliser UK”), which is authorised and regulated by the United Kingdom’s Financial Conduct Authority (“FCA”).

Nothing within this press release and letter promotes, or is intended to promote, and may not be construed as promoting, any funds advised directly or indirectly by Palliser UK (the “Palliser Funds”). The views expressed herein represent the opinions of Palliser UK and its affiliates (collectively, “Palliser”) as of the date hereof. Palliser reserves the right to change or modify any of its opinions expressed herein at any time and for any reason and expressly disclaims any obligation to correct, update or revise the information contained herein or to otherwise provide any additional materials.

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A. (the “Company”) and any other company mentioned herein, including public filings and disclosures made by the Company and other sources, as well as Palliser’s analysis of such publicly available information. Any and all market data contained or referred to herein is as of close of trading on Euronext Milan on 14 October 2026 unless otherwise stated. Palliser has relied upon and assumed, without independent verification, the accuracy and completeness of all data and information available from public sources, and no representation or warranty is made that any such data or information is accurate.

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