This press release must not be published, distributed or transmitted, directly or indirectly, in the
United States of America, Australia, Canada, South Africa or Japan.

Press release


Completion of acquisition by CAMLIN FINE SCIENCES
of a majority stake in Vinpai
Mumbai (India), November 27, 2025 – 19 h CET

Further to the announcements made on March 13, June 24, September 29, and November 25, CAMLIN
FINE SCIENCES LIMITED, a leading Indian group in shelf life solutions for flavour and health & wellness
ingredients, listed on the National Stock Exchange of India Ltd and BSE Ltd. in Mumbai India (“CFSL”)
has today completed the acquisition, by way of contribution in kind, of a majority stake in the share
capital of Vinpai (ISIN: FR001400AXT1; mnémonique : ALVIN) representing 78,68% of share capital et
84.89% of voting rights of Vinpai, at a price of Euro 3.60 per Vinpai share (the “Block Acquisition”)
from significant shareholders (the “Sellers”).

Following the Block Acquisition, CFSL holds 78.68% of Vinpai's share capital and 75.06% of its voting
rights, thereby exceeding the legal threshold of 50% of Vinpai's share capital or voting rights 1..

As mentioned in CFSL’s previous press release, the allocation to the Sellers of the new CFSL shares
issued as consideration for the payment of the Block Acquisition (the “CFSL Consideration Shares”)
will take place on November 30, 2025.

Consequently, in accordance with its commitments and pursuant to Articles 234-2 and 235-2 of the
General Regulation of the French Stock Markets Authority (Autorité des marchés financiers) (AMF),
CFSL shall file, by mid-December at the latest2, with the AMF, a simplified cash tender offer (offre
publique d’achat simplifiée) (the “OPAS”) for the remaining shares of Vinpai, at the same price
as that of the Block Acquisition.

In the event that, following the OPAS, the number of Vinpai shares not tendered by Vinpai’s minority
shareholders represents no more than 10% of Vinpai’s share capital and voting rights, CFSL
contemplates to request to the AMF to implement a mandatory squeeze-out procedure for
Vinpai’s shares from the Euronext Growth market in Paris.

In addition, CFSL specify that it will proceed, in the next few days, with the conversion of its convertible
bonds issued on October 20th 3 (the “Convertible Bonds”), resulting in the issuance of 1,100,000 new
ordinary shares of Vinpai in favor of CFSL.

Consequently, following the Block Acquisition and the conversion of the Convertible Bonds, CFSL
will hold 83.82% of Vinpai’s share capital and 80.86% of its voting rights.

Advisors of CFSL :

Presenting institution Legal Advisor


FONTAINE
AVOCATS




1 Pursuant to the provisions of Article L. 433-3 I of the French Monetary and Financial Code, CFSL will file with the AMF, within
the legal timeframe, a notification of crossing the 50% threshold.
2 Cf : Press release of CFSL on November 25, 2025
3 Cf : Press release of Vinpai on October 20, 2025
EUI-3400497345v2
For further information about CFSL: www.camlinfs.com
Contacts

Camlin Fine Sciences Limited
Investor Relations
secretarial@camlinfs.com
T.: +91 22 6700 1000 -Ext. 402


Disclaimer
This press release does not constitute an offer to sell nor a solicitation of an offer to buy Vinpai shares in any country,
nor shall there be any sale of shares in any state or jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The distribution of this document may, in certain jurisdictions, be restricted by local legislations. Persons into
whose possession this document comes are required to inform themselves about and to observe any such
potential local restrictions.

This press release constitutes an advertisement and not a prospectus within the meaning of Regulation (EU) no.
2017/1129 of the European Parliament and of the Council of June 14, 2017 (the “Prospectus Regulation”). Any
decision to purchase shares must be made solely on the basis of publicly available information on the Company.

In France, the issue of bonds convertible into Vinpai shares described above was reserved to an investor falling into
the category of beneficiaries defined in the sixteenth resolution of the Company’s general meeting dated June 26,
2024, pursuant to article L. 228-91 of the French commercial code and applicable regulatory provisions. Pursuant
to article 211-3 of the French stock market authority (Autorité des marchés financiers) (the “AMF”) general
regulations and articles 1(4) and 3 of the Prospectus Regulation, the said issue of convertible bonds will not require
the publication of a prospectus approved by the AMF.

With respect to Member States of the European Economic Area, no action has been taken or will be taken to
permit a public offering of the securities referred to in this press release requiring the publication of a prospectus
in any Member State. Therefore, such securities may not be and shall not be offered in any Member State other
than in accordance with the exemptions of article 1(4) of the Prospectus Regulation or, otherwise, in cases not
requiring the publication by the Company of a prospectus under article 3 of the Prospectus Regulation and/or the
applicable regulations in such Member State.

This press release and the information it contains are being distributed to and are only intended for persons who
are (x) outside the United Kingdom or (y) in the United Kingdom, who constitute “qualified investors” (as this term
is defined in the Prospectus Regulation which forms part of domestic law pursuant to European (Withdrawal) Act
2018) and are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the “Order”), (ii) high net worth entities and other such persons
falling within Article 49(2)(a) to (d) of the Order (“high net worth companies”, “unincorporated associations”, etc.)
or (iii) other persons to whom an invitation or inducement to participate in investment activity (within the meaning
of Section 21 of the Financial Services and Market Act 2000) may otherwise lawfully be communicated or caused
to be communicated (all such persons in (y)(i), (y)(ii) and (y)(iii) together being referred to as “Relevant Persons”).
Any invitation, offer or agreement to subscribe, purchase or otherwise acquire securities to which this press release


relates will only be available to and engaged with Relevant Persons. This press release is solely intended for
Relevant Persons and any person who is not a Relevant Person should not act or rely on this press release or any
of its contents.


This press release and the information contained therein does not, and will not, constitute an offer of securities for
sale, nor the solicitation of an offer to purchase, Vinpai securities in the United States of America or any other
jurisdiction where restrictions may apply. Securities may not be offered or sold in the United States of America
absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the
“Securities Act”). The securities of Vinpai have not been and will not be registered under the Securities Act, and
the Company does not intend to conduct a public offering of Vinpai securities in the United States of America.

The distribution of this press release may be subject to legal or regulatory restrictions in certain jurisdictions. Any
person who comes into possession of this press release must inform him or herself of and comply with any such
restrictions.

EUI-3400497345v2
The information contained in this press release does not constitute an offer of securities in the United States of
America, in Australia, in Canada, in South Africa, in Japan nor in any other country. This press release shall not be
published, transmitted or distributed, directly or indirectly, into the territory of the United States of America,
Australia, Canada, South Africa or Japan.




EUI-3400497345v2