• Proposal to distribute Ramsay Sante shares to Ramsay shareholders
• Simplify Ramsay's portfolio and allow focus on Australian hospitals
• Ramsay Sante to continue pursuing European strategy independently

Ramsay Health Care has announced a strategic review of its 52.79% shareholding in Ramsay Générale de Santé (Ramsay Sante), which is listed on Euronext Paris. The Board, with advisers Goldman Sachs, has completed the review and proposes to distribute the Ramsay Sante shares held by Ramsay to Ramsay shareholders through an in-specie distribution. This would simplify the Group's structure and allow Ramsay to pursue a more focused strategy on its core Australian hospitals business. Ramsay Sante is an independently managed, publicly listed business, and the separation would reduce complexity as it already operates with separate financing and balance sheet arrangements. Ramsay shareholders would receive shares in Ramsay Sante proportional to their Ramsay shareholding, with the option to hold their interest through CHESS Depositary Interests (CDIs) tradeable on the ASX. The proposed in-specie distribution is expected to be completed in the fourth quarter of 2026, subject to all necessary approvals. The Board believes this separation will enhance shareholder value over time by enabling Ramsay to focus on its Australian transformation and growth, while allowing Ramsay Sante to continue pursuing its European strategy independently.