Press Release from the Competition Council regarding the economic concentration project concerning the exclusive takeover by the company “Reed Bidco Limited”, indirectly owned by the company “Apollo Capital Management, LP”, of the company “Lecta Paper Industries Intermediate Financing Sàrl”

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the “summary of the operation” below, containing the information provided by the parties.

This information was prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups involved:

• The direct acquirer: “Reed Bidco Limited”;
• The indirect acquirer: “Apollo Capital Management, LP”;
• The target: “Lecta Paper Industries Intermediate Financing Sàrl”.

Nature of the operation:

• Exclusive takeover.

Economic sectors concerned:

• Production and sale of paper.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e., March 16.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received notification of an economic concentration operation concerning the exclusive takeover by the company “Reed Bidco Limited”, an entity indirectly controlled by funds specialized in corporate credit and asset-backed financing, managed or advised by subsidiaries of “Apollo Capital Management, LP”, an indirect subsidiary wholly owned by the company “Apollo Global Management, Inc” (with its indirect subsidiaries managing investment funds, “Apollo”), through a debt-for-equity swap in the company “Lecta Paper Industries Intermediate Financing Sàrl”.

“Reed Bidco Limited” is a limited liability company under English law with its registered office in London, registered with the Companies Register under number 16984137. It is an investment vehicle created for the purpose of the proposed operation.

“Apollo Capital Management, LP” is a globally growing alternative asset manager with its headquarters in New York (registered in Delaware under number 5331885). “Apollo Capital Management, LP” offers investment management and financial planning services to individuals and institutional investors.

“Lecta Paper Industries Intermediate Financing Sàrl” is a limited liability company under Luxembourg law, with its registered office in Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B240830. It is a manufacturer and supplier of specialty papers for labels, flexible packaging, and other high value-added printing segments, as well as coated and uncoated papers for publishing.

Done in Rabat on March 5, 2026