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 strategy.

• The separation recognizes the different geographic focus, strategies, and capital profiles of the two entities, enabling greater long-term value.

• Ramsay Santé already operates independently, minimizing separation complexity and allowing shareholders to retain an interest if desired.

Implementation details and timeline

• The distribution will be implemented 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 (CDIs) to enable trading on the ASX.

• Demerger booklet to be provided in October 2026, with shareholder meeting in November and implementation in December 2026.

• Notice has been given to terminate the shareholders' agreement with Predica, effective October 2026.

Financial and operational impact

• The deconsolidation of Ramsay Santé will simplify financial reporting, but no material operational synergies or cost savings are expected.

• Transaction and demerger booklet preparation costs will be incurred, with details to be provided in future results.

• Debt and funding arrangements are already separated between the entities.