Ann: CLINUVEL Newsletter 1 - January 2024, page-5

I was pretty ho-hum about this newsletter, I thought there was a lot of rambling, sweeping statements which just never tied together well. Once again no mention of the short sellers involvement at CUV, so not enough stock specific discussion, too many sweeping statements that was at times contradictory. For example, page 1 some random pessimistic figures on life-science companies but not really showing how Clinuvel ties in with these figures. Why mention some larger companies than Clinuvel went under last year if you don't mention how much debt they had piled up when Clinuvel has zero debt I believe? Why say the "picture for the healthcare sector is less rosy" when just two paragraphs later you say the beacon of healthcare investment (JPM Conf) "suggested confidence for the year ahead" and note that analysts have raised expectations for this sector in 2024? And also the new issue was chucked in that suddenly there are "ongoing market concerns about being able to operate independently". How this can be discussed with no mention of absolute ongoing market manipulation and short selling with fake shares is beyond me. ASIC data shows short sellers are active every single day in this lightly traded stock and there is no other issue which concerns the share price more but CUV never mention this fact for several years now. Just like they never mention Disc medicine - they are also operating in this market and avoiding concerns over being able to operate independently. They were up another 4% last night, they have massive trade volumes, they have about three times the market cap of CUV and they are mainly concerned with the same EPP market. Yet DISC is many years off actually competing and just burn cash as opposed to excellent profit making CUV. Why are they so much better at attracting investor interest, and interest that actually translates every day into shares being bought in their stock? I believe Clinuvel needs to attract talent from these type of companies that have proven successful in attracting investor interest despite being less developed or financially secure.

All IMO DYOR