1. Acquisizioni in Europa per un traguardo a 1.000 miliardi Milano, 10 Maggio 2000

2. Acquisizioni in Europa per un traguardo a 1.000 miliardi Relatori: Giovanni Recordati Giovanni Recordati Chairman and Chief Executive Officer Chairman and Chief Executive Officer Fritz Squindo Fritz Squindo Chief Financial Officer Chief Financial Officer Walter Bevilacqua Walter Bevilacqua Vice President and Director Corporate Development Vice President and Director Corporate Development 1

3. Fritz Squindo Chief Financial Officer 2

4. Where we come from: 1997-1999 HIGHLIGHTS 3

5. 4 CAGR1997-1999 18.9% 23.2% 20.0% 8.0% 7.5% 7.4% 18.8% 1998 416.1 213.351.3% 74.217.8% 34.18.2% 38.29.2% 22.65.4% 51.5 1997 372.3 185.549.8% 66.617.9% 31.98.6% 33.49.0% 20.15.4% 41.9 1999 526.3 281.753.5% 95.918.2% 37.27.1% 38.67.3% 23.24.4% 59.1 1997-1999 HIGHLIGHTS Net Sales Gross Profit as % of sales 1997-1998 reclassified for comparison purposes Operating Income Before R&D as % of sales Operating Income as % of sales Pretax Income as % of sales Net Income as % of sales Cash Flow (billion lira)

6. Where we are: RESULTS Q1 2000 P&L TRENDS SALES & MARGINS BY BUSINESS AREA CAPITAL EMPLOYED 5

7. 6 127.3 66.752.4% 20.015.7% 6.95.4% 8.76.8% 5.34.2% 14.3 1999 13.110.4% 147.8 86.158.3% 34.923.6% 17.311.7% 21.114.3% 14.19.6% 23.2 2000 17.611.9% 16.1% 29.1% 74.1% 150.9% 142.2% 164.6% 62.2% Delta 33.8% RESULTS Q1 2000 Net Sales Gross Profit as % of sales Operating Income Before R&D as % of sales Operating Income as % of sales Pretax Income as % of sales Net Income as % of sales Cash Flow Q1 (billion lira) R&D Expenses as % of sales

8. 7 2000Q1 58.3 34.6 23.6 11.9 11.7 1999Q2-Q4 53.9 34.8 19.0 11.4 7.6 P&L TRENDS (as % of Net Sales) Gross Profit SG&A (a) Operating Income R&D Operating Income before R&D 1999Q1 52.4 36.7 10.3 5.4 15.7 (a) Includes amortization of goodwill

9. 8 127.3 66.752.4% 20.015.7% 6.95.4% 8.76.8% 5.34.2% 14.3 1999 13.110.4% 147.8 86.158.3% 34.923.6% 17.311.7% 21.114.3% 14.19.6% 23.2 2000 17.611.9% 16.1% 29.1% 74.1% 150.9% 142.2% 164.6% 62.2% Delta 33.8% RESULTS Q1 2000 Net Sales Gross Profit as % of sales Operating Income Before R&D as % of sales Operating Income as % of sales Pretax Income as % of sales Net Income as % of sales Cash Flow Q1 (billion lira) R&D Expenses as % of sales

10. Where we are: RESULTS Q1 2000 P&L TRENDS SALES & MARGINS BY BUSINESS AREA CAPITAL EMPLOYED 9

11. 10 Q1-99 90.7 4.14.5% SALES & MARGINS BY BUSINESS AREA Q1-00 Q1-00 Net Sales Operating Margin 39.0108.8 5.613.5%11.710.8% Q1-99 36.6 2.87.7% PHARMACEUTICALS PHARMA CHEMICALS DeltaDelta + 20.0% + 185.4% + 100.0% + 6.6% (billion lira)

12. 11 199931/12 103.3 233.5 (36.5) 300.3 86.9 213.4 300.3 126.6 216.7 (35.5) 307.8 77.7 230.1 CAPITAL EMPLOYED Net Working Capital for Operations Net Non-current Assets Reserves for Long - term Liabilities FINANCING OF CAPITAL EMPLOYED Net Debt Shareholders’ Equity CAPITAL EMPLOYED 307.8 200031/03 (billion lira)

13. Where we are going: 2000-2003 TARGETS 12 NET SALES & OPERATING MARGIN CAPITAL EMPLOYED

14. 13 2000-2003 TARGETS 2000 1999 Net Sales Gross Profit as % of sales EPS (lira) Operating Income as % of sales 526.3 281.753.5% 37.27.1% 593.5 329.955.6% 931 R&D 58.711.2%65.311.0% 61.610.4% 1542 2003 1000 56156.1% 10010.0% 13013.0% 3092 CAGR1999-2003 17.4% 18.8% 14.2% 36.7% 35.0% (billion lira)

15. 14 EVOLUTION OF NET SALES & OPERATING MARGIN (billion lira) 526 594 825 905 1000 Net Sales Operating Margin 7.1% 10.4% 11.0% 12.1% 13.0%

16. 15 182 386 (30) 538 157 381 538 2003 1999 103 233 (36) 300 87 213 300 136 424 (39) 521 277 244 521 2000 169 397 (33) 533 208 325 533 2002 151 408 (36) 523 246 277 523 2001 EVOLUTION OF CAPITAL EMPLOYED Net Working Capital for Operations Net Non-current Assets Reserves for Long - term Liabilities FINANCING OF CAPITAL EMPLOYED Net Debt Shareholders’ Equity CAPITAL EMPLOYED (billion lira)

17. Walter Bevilacqua Vice President and Director Corporate Development 14

18. How we are going to get there: 17 THE STARTING POINT DRIVERS OF GROWTH RECORDATI IN 2003 BEYOND 2003

19. 18 THE STARTING POINT CAGR1997-1999 Net Sales Gross Profit +18.9% +23.2% Growth1999-2000 +16.1% +29.1% A new level of sales & profitabilityA new level of sales & profitability Concentration on core activities and key productsConcentration on core activities and key products

20. 19 DRIVERS OF GROWTH  Stronger, more efficient market presence  Zanidip ®  Acquisitions  Licensed-in products  R&D Pipeline

21. 20 DRIVERS OF GROWTH  Stronger, more efficient market presence  Zanidip ®  Acquisitions  Licensed-in products  R&D Pipeline

22. 21 EFFICIENT MARKET PRESENCE Italy, Spain: work done in 1998-1999 Italy, Spain: work done in 1998-1999 France, Portugal: 2000-2001 France, Portugal: 2000-2001 Jan-Feb1999 Growth over prior year; value Market Market Recordati Recordati Jan-Feb2000 Trend 108109 Market share; value Relative (to Roche) Relative (to Roche) Absolute Absolute 6.2%9.9%13.6%23.8% 23.3%1.31%25.3%1.43% (Italy, Market Audits) Source: IMS

23. 22 STRONG MARKET PRESENCE  What is market share good for: - efficient local operations - share of voice for new product introduction - attractive in-licensing partner  Where is Recordati? - strong in Italy - France covered with acquisition - build-up planned in Portugal, Spain

24. 23 DRIVERS OF GROWTH  Stronger, more efficient market presence  Zanidip ®  Acquisitions  Licensed-in products  R&D Pipeline

25. 24 ZANIDIP ® ITALY Excellent performance where it has been introduced Excellent performance where it has been introduced Jan-Feb1999 Zanidip ® 3.7 Jan-Feb2000 7.1 Growth % 91 Norvasc ® Recordati licensees Relative market share of Zanidip ® to: Norvasc ® Norvasc ® Rest of class Rest of class Room to grow thereRoom to grow there 2.43.2 34.4 40.0 34 16 18.08.0 Rest of class 86.088.8 3 11.04.3 164185 Trend (billion lira) Italy Source: IMS

26. 25 ZANIDIP ® INTERNATIONAL EXPANSION World pharmaceutical markets, 1999World pharmaceutical markets, 1999 $ bn USJapan France, Germany Italy, Uk, Spain % of world (billion lira) Zanidip ® launched in:Zanidip ® launched in: 4123141286.047.629.924.1 1999Q12000Q12003Q4 US, Japan France, Germany Italy, Uk, Spain Other countries Source: Scrip --5 --10 -26

27. 26 DRIVERS OF GROWTH  Stronger, more efficient market presence  Zanidip ®  Acquisitions  Licensed-in products  R&D Pipeline

28. 27 BOUCHARA (FF million) All data preliminary and subject to audit; transaction subject to contract (a) Bouchara fiscal year ending 30 September 1999 (a) 10% - Export Net debt Net worth 250 750 Purchase Price (preliminary) Operating Margin Net Sales Manufacturing Total Sales 350 110 590 Pharmaceuticals - France 130 460 -

29. 28 BOUCHARA Pharmaceuticals France, 1999 (a) (a) Bouchara fiscal year ending 30 September Units(millions)Rank in class Revenues (FF millions) Rank in class (Source BOUCHARA, GERS) Therapeutic area Cough & Cold of which - Exomuc - Neo- codion - Isofra Antibiotics & Anti-infectives of which - Amodex - Panfurex CNS Cardiovascular Other Total 5.3 8.8 3.8 5.3 1.5 32.9 3 1 2 3 2 214 95 65 82 29 59 350 21 16 14 24 3 2 2 5 2

30. 29 ACQUISITIONS & LICENSED-IN PRODUCTS  In the target numbers: - Bouchara - New licenses, 30 billion lira  Not in the target numbers: - Acquisitions in Portugal, Spain - Additional licenses

31. 30 UPSIDE, other  Not in the target numbers: - Zanidip ® in US, Japan

32. 31 RECORDATI IN 2003 Net sales Pharmaceutical s Italy Pharmaceutical Chemicals Other Countries 2003 1999 CAGR 365 161 1000 783 526 217 260 266 390 610 17.4% 21.0% 7.7% 10.7% 23.1%

33. 32 BEYOND 2003 Operations Established market participant in:Established market participant in: 1999 Italy 2003 International growth of Zanidip ® continuesInternational growth of Zanidip ® continues New productsNew products - licenses - own R&D - - France Spain Portugal

34. 33 BEYOND 2003 R&D  The future of Zanidip ® : - fixed association - atherosclerosis / LVH - total gene expression studies  Urogenital R&D target indications: - urge incontinence /overactive bladder - benign prostatic hypertrophy - female sexual dysfunction (possibly)

35. Acquisizioni in Europa per un traguardo a 1.000 miliardi Milano, 10 Maggio 2000