JPM | EMEA Spec Sits Daily: DHER GY, ROR LN, DCC LN, REC IM, TIT IM/ PST IM: EMEA Special Situations Specialist Commentary Merger/Arbitrage • Pre-Announced • Spin-off Event Driven

Research evidence excerpt

JPM | EMEA Spec Sits Daily: DHER GY, ROR LN, DCC LN, REC IM, TIT IM/ PST IM: EMEA Special Situations Specialist Commentary Merger/Arbitrage • Pre-Announced • Spin-off Event Driven

Specialist Sales J P M O R G A N

16 July 2026

• Irrevocables: from Rotork Directors in respect of 138,901 shares (~0.017% of issued share capital).These undertakings

remain binding even in the event of a higher competing offer.

• Closing guidance: The deal is expected to close in the first half of 2027, with a long-stop date of 16 July 2027.

• Conditions: The deal is subject to shareholder approval, court sanction, and regulatory and antitrust approvals.. Anti-trust

approvals are needed from Australia, Austria, Brazil, China, Cyprus, Germany, Norway, Romania, Saudi Arabia, South

Korea, UK, and USA. FDI approvals are needed from Australia, France, Germany, Italy, Sweden, UK, and USA.

• Link: https://www.londonstockexchange.com/news-article/0A6W/offer-for-rotork-plc/17690396

• REC IM: 6/10 board deemed €51.29 consideration to be fair. Board of Directors, taking into account the opinion issued by

Lazard S.r.l., which concluded that the consideration to be paid in the Offer is fair from a financial point of view, with a

majority vote of six directors – Andrea Recordati (Chairman), Robert Koremans (CEO), Luigi La Corte, Giampiero Mazza,

Cathrin Petty and Kim Stratton – out of ten, deemed the consideration of Euro 51.29 per share to be fair. link

• TIT IM/ PST IM: Consob approves offer document. Consob has approved the offer document. The offer period will be 20

July to 11 September, inclusive and subject to extensions. link

Soft Catalyst

• DCC LN: PUSU extension, further improved proposal. The PUSU has been extended to 27 July. DCC confirms that