Dear Nicox Shareholder, You may have seen the announcement (attached) of our increase of capital dedicated to a specific category of investors and you might wonder why we did it just on the back of the very disappointing news of a further, unexpected delay on the decision regarding the approval of VYZULTA. We at Nicox, the Board and the management, feel the duty to deliver our goal to the market by developing new and useful ophthalmic drugs for patients and we are aware of the potential risks that this business implies. At the same time, we recognize that this goal needs the support of shareholders who believe in our projects and objectives. Despite this completely unexpected further delay of the decision regarding the approval of VYZULTA, we have received positive feedback and significant support from many of our existing investors. After examining the options, we have decided to take this capital raising opportunity now to enable Nicox to continue financing the development plans and progress of our new innovative projects without any major changes. These will add on to the potential success of ZERVIATE and, we are confident, in the future, of VYZULTA. Our commitment and faith in our projects are unchanged and this ‘’bump in the road’’ has not and will not change our mission to deliver to the market novel, useful ophthalmic therapies for the patients. We remain as usual at your disposal for any further information you might need. Yours sincerely, Michele Garufi Chairman and CEO
