1. Milan, 14 May 2002 2002-2005 The Next Step

2. 2001 IMPORTANT EVENTS Lercanidipine:Lercanidipine: successful launch in France NDA filed in the USA a new partner in Japan New product agreements:New product agreements: pantoprazole, escitalopram, pitavastatin … 1

3. KEY CONSOLIDATED DATA 2 80.7% Pharmaceuticals 19.3% Pharmaceutical chemicals SALES CAGR 23% 192.3 214.9 271.8 355.9 433.4 Gross margin EBITDA, EBITA, EBIT, Net Profit EBIT CAGR 41% NET INCOME CAGR 36% (million euro)

4. Pharmaceutical Net Sales 122.5 140.4 188.5 269.3 349.6 63.7% 80.7% CAGR 30% (million euro) 3 Int’l as % of pharma 19% 55% Pharma as % of total

5. EBITDA 1997 2001 Pharmaceuticals Pharmaceutical chemicals As % of sales 9.2% 19.1% 23.2% 19.1% € 80.9 m € 17.6 m € 14.5 m € 11.3 m 4

6. 2002 77.3 59.8% 2001Change % FIRST QUARTER COMPOSITION OF SALES (million euro) PHARMACEUTICALS 85.6 79.9% 18.8% PHARMACEUTICAL CHEMICALS TOTAL ITALY INTERNATIONAL 21.5 20.1% 107.1 100.0% 42.1 39.3% 65.0 60.7% 107.6 83.2% 21.7 16.8% 129.3 100.0% 52.0 40.2% 25.6% 1.1% 20.7% 23.7% 5

7. 16.6% 21.6% SOURCES OF GROWTH PHARMACEUTICALS TOTAL GROWTH 0.3% (0.9)% Total 20.7% 13.7% (% change, first quarter 2002 over first quarter 2001) Price / Exchange 7.0% PHARMACEUTICAL CHEMICALS ORGANIC GROWTH, TOTAL 6.3% (5.2)% 14.6% (0.9)% CHANGE OF CONSOLIDATION PERIMETER 16.9% 1.1% Volume 6

8. 20022001Change % 49.3 45.8% 24.0 22.3% 21.6 20.1% 58.3 54.2% 107.6 100.0% 5.3 4.9% 39.4 46.1% 24.5 28.6% 16.7 19.5% 46.2 53.9% 85.6 100.0% 5.0 5.8% 24.9% (2.1)% 29.2% 26.3% 25.6% 5.6% FIRST QUARTER COMPOSITION OF PHARMACEUTICAL SALES Pharmaceuticals Italy Pharmaceuticals France International licensees International pharmaceuticals TOTAL PHARMACEUTICALS Pharmaceuticals Spain (million euro) 7 Sophartex - 7.4 6.9% -

9. MAIN PRODUCTS Breakdown of first quarter pharmaceutical sales Zanidip 17% () (lercanidipine) Tora-Dol 7% Elopram 7% Isocef 4% Hexa line 4% (biclotimol) Exomuc 4% Neo Codion 4% Peptazol/ Ulcotenal MainProducts Diezime 4% Acequin/Acequide 2% Urispas 2% (flavoxate) Amodex 2% Lomexin 2% (fenticonazole) Other Products 20% 20% OTC 5% Other revenue 10% 8 6%

10. 107.1 62.8 58.6% 14.7 13.7% 8.3 7.8% 22.6 21.1% 2001 31.6 29.5% 129.3 75.1 58.1% 18.4 14.2% 9.9 7.6% 27.6 21.4% 2002 37.6 29.1% 20.7% 19.6% 25.0% 18.1% 22.0% Change % 19.0% RESULTS FIRST QUARTER Net Sales Gross Profit as % of sales EBIT as % of sales Net Income as % of sales EBITDA as % of sales (million euro) Selling Expenses as % of sales R&D Expenses as % of sales 8.2 7.6% 10.0 7.7% 21.7% 9

11. 17.4 20.4% 14.7 13.7% FIRST QUARTER EBITDA BY BUSINESS AREA FIRST QUARTER EBITDA BY BUSINESS AREA PHARMACEUTICALS as % of sales EBIT as % of sales 23.0 21.4% 18.4 14.2% Change % 25.0% 22.0% (million euro) * Including inter-company sales 2002 4.55.5 20.4% PHARMACEUTICAL CHEMICALS as % of sales* TOTAL as % of sales 5.2 21.9% 4.6 18.9% 22.6 21.1% 27.6 21.4% OPERATING DEPRECIATION GOODWILL AMORTIZATION 3.73.4 31.6% (10.1)% 11.3% 2001 10

12. CAPITAL EMPLOYED 31 December 2001 223.2 36.3 212.6 48.9 76.4 185.1 (million euro) 11 180.3 79.2 31 March 2002 Capital employed: 261.5 Capital employed: 259.5

13. ZANIDIP ® (LERCANIDIPINE) Latest generation calcium-channel blocker and first lipophilic DHP CCB to be filed with the FDA.Latest generation calcium-channel blocker and first lipophilic DHP CCB to be filed with the FDA. Natural once a day. Potent, long-lasting vasodilatory activity. Highly vasoselective with gradual onset, smooth and uniform blood pressure lowering activity.Natural once a day. Potent, long-lasting vasodilatory activity. Highly vasoselective with gradual onset, smooth and uniform blood pressure lowering activity. Efficacy as best in class. Significantly improved tolerability over other DHP’s.Efficacy as best in class. Significantly improved tolerability over other DHP’s. Hypertension market well over $30 billion, CCB’s about $10 billion, of which almost $7 billion in U.S.A. and Japan.Hypertension market well over $30 billion, CCB’s about $10 billion, of which almost $7 billion in U.S.A. and Japan. Leader is Norvasc ® (amlodipine) with over one third market shareLeader is Norvasc ® (amlodipine) with over one third market share 12

14. LERCANIDIPINE SALES - FIRST QUARTER Direct sales Sales to licensees Total sales 7.4 6.6 14.0 10.6 8.1 18.7 (million euro) 13

15. LERCANIDIPINE AS A % OF ALL CALCIUM CHANNEL BLOCKERS IMS data - 1Q 2002 - bubble size represents $ market value of CCB’s 14

16. ROLL OUT STATUS AND PLAN LAUNCHED 15 APPROVED PLANNED 2002 LAUNCHES FILED 34 countries (approx. 1/3 of world market) 9 countries 20 countries 37 countries

17. ROLL OUT IN MAJOR MARKETS EUROPE FIVE 1998ITALY, SPAIN, UK 2000GERMANY 2001FRANCE USA (filed 4Q 2001) JAPAN (local phase III studies, launch target 2005) 16

18. PRECLINICAL TO PHASE I PHASE II PRE-FILING FILED APPROVED 5 HT1A ANTAGONIST (overactive bladder/ urinary incontinence) with Pharmacia REC 2615 (female sexual dysfunction) LERCANIDIPINE (hypertension) PITAVASTATIN (hypercholesterolemia) Italy / Kowa NITROGLYCERINE PATCH (angina) France PANTOPRAZOLE (antiulcer and other indications) Italy / Altana NITROGLYCERINE PATCH (angina) Italy PRODUCT PIPELINE VALGANCICLOVIR (antiviral) Italy / Roche LERCANIDIPINE / ACE-I COMBINATION (hypertension) PHASE III MARKETED ESCITALOPRAM (depression) Italy / Lundbeck LERCANIDIPINE 20 mg 37 countries incl. USA 20 countries Japan and others FENTICONAZOLE (antifungal) France LERCANIDIPINE (hypertension) 2nd brand Italy 17 NITROGLYCERINE PATCH (angina) Spain

19. FILLING THE PIPELINE: ONGOING R&D Lercanidipine:Lercanidipine: - Advantageous clinical profile consolidates - Patent life in extension, two new patents filed - 20mg strength under registration 18

20. FILLING THE PIPELINE: ONGOING R&D Lercanidipine-ACEI fixed combination:Lercanidipine-ACEI fixed combination: - New aggressive targets for blood pressure control control - Combination of drugs needed for most patients - Patient compliance - Fixed combinations will play a significant role in the future hypertension market in the future hypertension market - Currently in phase III 19

21. FILLING THE PIPELINE: ONGOING R&D Urology:Urology: - Collaboration agreement with Pharmacia - Lead optimization in the area of overactive bladder is at an advanced stage bladder is at an advanced stage - Formulation activities for human trials in progress on a lead compound for female sexual dysfunction on a lead compound for female sexual dysfunction - “Satisfactory progress” 20

22. Basis for 2002 - 2005 targets Current businessCurrent business Current products / late stage projectsCurrent products / late stage projects Current geographyCurrent geography Zanidip ® in U.S. includedZanidip ® in U.S. included ­Pipeline buildup in 2002 ­2003 approval and launch ­Analysts’ estimates of peak sales in the U.S. range from $ 100 million to $ 500 million Zanidip ® in Japan not includedZanidip ® in Japan not included 21

23. BUSINESS SEGMENT DEVELOPMENT 22 Pharmaceuticals Pharmaceutical chemicals 2001 2005 €350m 81% €83m 19% €550m 86% €90m 14%

24. 2002-2005 TARGETS 2002 2001 Net Sales Gross Profit as % of sales EPS (euro) 433.4 251.3 58.0% 0.72 502 301 60.0% R&D as % of sales 30.9 7.1% 40 8.0% 2005 400 62.5% 65 10.2% CAGR 2001-2005 10.2% 12.3% 20.4% (million euro) 640 EBIT as % of sales 65.1 15.0% 84 16.7% 135 21.1% 20.0% 23 EPS CAGR to equal or exceed EBIT CAGR

25. SALES and EBIT 24 Sales EBIT (million euro)

26. 25 Statements contained in this presentation, other than historical facts, are “forward-looking statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements are based on currently available information, on current best estimates, and on assumptions believed to be reasonable. This information, these estimates and assumptions may prove to be incomplete or erroneous, and involve numerous risks and uncertainties, beyond the Company’s control. Hence, actual results may differ materially from those expressed or implied by such forward-looking statements. All mentions and descriptions of Recordati products are intended solely as information on the general nature of the company’s activities and are not intended to indicate the advisability of administering any product in any particular instance.