Chair Address

My fellow shareholders,

It is a pleasure to speak to you on the CLINUVEL Group and how we, as a Board, have seen the developments of 2021.

CLINUVEL made significant progress on our path to a specialty pharmaceutical group since our last AGM. The Company has enabled treatment for more patients than ever before with our drug SCENESSE^®, launched innovative clinical studies, and progressed the development of new products through our Singaporean Research, Development and Innovation Centre.

You will hear more from the Managing Director, Dr Wolgen, on the strategy of CLINUVEL, and I am very optimistic about the trajectory of the Company. In particular, as you will have seen, we have positioned CLINUVEL for organic growth across four divisions and focused on the structure of the Group to maximise the value of our investments. This places the Company’s stakeholders, including us as shareholders, in an optimal position to benefit long-term.

I maintain three active roles within CLINUVEL. As Independent Chair of the Board, I help steer the course of the business and protect the interests of shareholders. I oversee that there is proper management, and that the Company is able to achieve its objectives long- and short-term, delivering value for society, and then for shareholders. I also ensure our management team can remain focused and supported. In this role, I thank my fellow Board members for their work and energy under difficult circumstances during the past year. Both Dr Karen Agersborg and Mrs Sue Smith are nominated for re-election this year, and they have my full support to continue their valuable contributions to our Board.

As Chair of the Remuneration Committee, I work with fellow Directors and external consultants to ensure we attract and retain the right leadership and that they are remunerated according to international standards such that the Company can continue to compete, generating value long-term. Here, I take the view that CLINUVEL must encourage entrepreneurship and measured risk taking in setting remuneration objectives, as this allows us to get the best results from our people. I also wish to eliminate personnel risk from the business, by ensuring stability: for me that comprises both retention of key personnel and facilitating succession planning for future phases of the growth and expansion of CLINUVEL.

Finally, I have made in 2018 on a personal basis a considerable investment in CLINUVEL and am determined to see that the value of the Company can be realised, not as a day-to-day movement of a share price, but as an entity that continues to grow and deliver results. I want what is best for the longevity of our Group.

As a Board we applauded Dr Wolgen, Mr Keamy and Dr Wright and their teams for the Company’s performance over the years and in particular for the 2021 Financial Year results. In each of our personal and professional lives we have seen the impact of COVID-19 on business and healthcare, yet the CLINUVEL team not only enabled patients to continue to receive treatment, they delivered a year of record results, both in terms of revenue and profit. I think it speaks to the drive of this management team and all the people within CLINUVEL that they have thrived under adverse conditions, working a 24-hour schedule to deliver for all the Company’s stakeholders.

At this moment, I take the opportunity to look ahead. As a business we have both the people and the technology to continue to make an impact upon society. It is humbling for us to learn the life-changing experience of EPP patients, who benefit every day from our treatment, and we wish to continue to expand this access, including for children, worldwide. For those living with other genetic and life threatening disorders, such as XP, or the many millions of people who suffer from strokes each year, CLINUVEL is actively seeking new solutions where none exist. This is a challenging and fascinating path, but one we have mastered in the past decade with success. Beyond this clinical work, our teams are developing new products, creating new offerings and establishing CLINUVEL as a diversified Group.

I thank Dr Wolgen, Dr Wright and Mr Keamy, as well as the entire CLINUVEL team for their work this year. I also wish to thank the patients, clinicians, hospital teams and many others who have supported our work globally. Finally, I thank you, fellow shareholders, those who share the vision of this Board to support a winning team. You will hear more from me throughout the coming year as our story evolves.