Recordati Industria Chimica e Farmaceutica

Investor Presentation • Dec 3, 2021

Milano, 3 December 2021

Strategic rationale of the transaction

Further development and expansion of our Rare Diseases portfolio

• ✓ Further strengthens the growth of our rare disease franchise, in line with our 3-year strategy, building on top of the current solid organic growth of the division
• ✓ Broadens Recordati's rare disease therapeutic focus and enhances the breadth of indications, confirming our commitment to deliver treatments that address serious unmet medical needs
• ✓ Diversifies the rare disease portfolio and adds in-market assets with growing trajectory expected to generate over €150 million of revenue by 2023 and peak sales of around €250 million (1)
  • Qarziba® is an anti-GD2 monoclonal antibody indicated for high-risk neuroblastoma approved in EU and other countries with potential for expansion in US
  • Sylvant® is an anti-IL-6 monoclonal antibody, the first and only ever approved treatment for iMCD in US and EU, marketed also in other countries
  • Fotivda® is an oral highly selective small molecule (TKI) approved for first-line treatment of advanced renal cell carcinoma
  • Caphosol® is medical device for oral mucositis due to chemo and radio therapy, a niche product sold globally
• ✓ Complements Recordati's global footprint and expertise with new rare and niche oncology disease capabilities, which will provide a platform for future further expansion in these areas
• ✓ Confirms the history of value-accretive M&A strategy carried out by Recordati in recent years, with the transaction expected to generate approximately €50 million EBITDA(2) in 2023 and going EBITDA(2) margin in line with average of Rare Disease segment

EUSA Pharma

3

Transformative assets with global growth potential, offering platform for further expansion

(1) Last twelve months revenue of approximately €130 million referring to 12-month period ending in June 2021 (2) Applies to Qarziba and Sylvant

✓ EU patent expiry (formulation) in 2033

Financial snapshot

Key business financials	Expected over €150 million of revenue by 2023 and annual peak sales of ~€250 million • ~€50 million in 2023 with long term margin in line with average of Rare Disease • EBITDA(1) segment • Non-recurring costs in 2022-2023 from on-going manufacturing technology transfer and acquisition and integration expenses of ~€35 million (subject to timing of close)
Value & funding	• Enterprise Value of €750 million • Net Debt of ~€26 million at 30 June 2021 • Financing with existing liquidity and bridge financing underwritten by J.P. Morgan and Mediobanca
Leverage	• Below 2.5x at closing (pro-forma) and expected to return below 2.0x by 2023 Dividend policy confirmed as ~60% of reported net income •
Timing	• Transaction closing, subject to regulatory clearances, expected in the first half of 2022

Company declarations, disclaimers and profile

DECLARATION BY THE MANAGER RESPONSIBLE FOR PREPARING THE COMPANY'S FINANCIAL REPORTS

The manager responsible for preparing the company's financial reports Luigi La Corte declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records.

Statements contained in this presentation, other than historical facts, are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements are based on currently available information, on current best estimates, and on assumptions believed to be reasonable. This information, these estimates and assumptions may prove to be incomplete or erroneous, and involve numerous risks and uncertainties, beyond the Company's control. Hence, actual results may differ materially from those expressed or implied by such forward-looking statements.

All mentions and descriptions of Recordati products are intended solely as information on the general nature of the company's activities and are not intended to indicate the advisability of administering any product in any particular instance.

Recordati, established in 1926, is an international pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271), with a total staff of more than 4,300, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. Headquartered in Milan, Italy, Recordati has operations in Europe, Russia and the other C.I.S. countries, Ukraine, Turkey, North Africa, the United States of America, Canada, Mexico, some South American countries, Japan and Australia. An efficient field force of medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in several therapeutic areas including a specialized business dedicated to treatments for rare diseases. Recordati is a partner of choice for new product licenses for its territories. Recordati is committed to the research and development of new specialties with a focus on treatments for rare diseases. Consolidated revenue for 2020 was € 1,448.9 million, operating income was € 469.0 million and net income was € 355.0 million.

Offices: Recordati S.p.A. Via M. Civitali 1 20148 Milano, Italy Investor Relations: Federica De Medici +39 02 48787146 demedici.f@recordati.it Investor Relations: Lucia Abbatantuoni +39 02 48787213 abbatantuoni.l@recordati.it Website: www.recordati.com