Ramsay Health Care (RHC) Status update summary

Strategic Review Outcome and Rationale

• A comprehensive review led to the decision to distribute Ramsay Santé shares to shareholders via an in-specie distribution, aiming to simplify the group and allow each business to focus on its core strategies.

• The separation recognizes the different geographic focus, strategies, and capital profiles of the two entities, enabling each to pursue distinct priorities.

• Ramsay Santé already operates independently, with its own board, financing, and balance sheet, resulting in minimal separation complexity.

• The move provides shareholders direct exposure to Ramsay Santé and simplifies financial reporting through deconsolidation.

Implementation Details and Timeline

• The distribution will be executed through a scheme of arrangement, requiring 75% shareholder approval, with completion targeted for Q4 2026.

• Shareholders will receive Ramsay Santé shares proportional to their current holdings, with arrangements for CHESS Depositary Interests to enable trading on the ASX.

• A demerger booklet will be provided ahead of the shareholder vote, with all relevant information included.

• FY26 results release is scheduled for 26 February 2026, with the demerger booklet in October, shareholder meeting in November, and implementation in December 2026.

Shareholder and Regulatory Considerations

• The proposal is subject to Australian regulatory approvals, including ASIC review and court processes; no French regulatory approvals are required.

• Consultation with French employee bodies is required but not a condition for execution.

• The existing shareholders' agreement with Predica will be terminated effective October 2026, with no approval needed from Predica to proceed.