Ann: Update - Notification of buy-back - CUV

Made you look!!

Wouldn’t it be great if the buy back was actually happening?

Subject: Encouragement to Follow Through on the Share Buyback Program

Dear Clinuvel Board and Executive Team,

It has now been over a year since Clinuvel announced, in April 2024, its intention to buy back up to $20 million in shares as part of a capital management strategy. While technically discretionary, this announcement reasonably suggested to the market that the company would act when conditions were appropriate.

Some limited buyback activity has occurred, but the scale to date has been minimal and insufficient to materially affect the share price, investor sentiment, or capital structure.

Given:

•~$200 million in cash reserves,

•A depressed share price with thin trading volumes,

•Persistent short interest,

•And a long-term horizon for delivering value from the company’s pipeline and strategy,

a consistent and meaningful buyback would help Clinuvel demonstrate alignment with shareholders and restore confidence in its commitment to capital discipline.

I respectfully urge the Board to consider implementing a regular, ongoing buyback program during all non-blackout periods, not necessarily daily, but consistent enough to be visible and meaningful — say, $5 million over the next 6–12 months.

Such a level of buyback:

•Sends a clear signal of confidence,

•Is immaterial to Clinuvel’s operational capacity and can be comfortably funded from future cash flows,

•Improves capital efficiency and reduces volatility,

•And helps to rebuild shareholder trust following a period of underperformance and perceived disengagement.

This approach would also reflect Clinuvel’s core values — Respect and Appreciation — by showing follow-through, transparent action, and belief in the company’s long-term mission.

Thank you for considering this constructive proposal. We all want to see Clinuvel succeed — and steady, strategic capital management is one clear way to support that journey.