• Plan to upgrade American Depository Receipt (ADR) program to a Level II ADR listed on Nasdaq
• CLINUVEL's primary listing on the ASX will remain unchanged
• Nasdaq listing to enhance U.S. visibility, trading access and investor engagement

CLINUVEL is undertaking preparatory steps to upgrade its Level I American Depository Receipts (CLVLY), currently trading over-the-counter in the United States, to a Level II program listed on the Nasdaq Stock Market (Nasdaq). CLINUVEL's primary listing on the Australian Securities Exchange (ASX) will remain unchanged. Work has commenced to file a Form 20-F registration statement with the U.S. Securities and Exchange Commission (SEC). CLINUVEL is currently undertaking legal, financial, and regulatory workstreams in support of this process, and has appointed U.S. legal counsel and an investment bank. The planned upgrade is expected to occur before the end of 2025 (subject to the successful completion of the SEC review and satisfaction of listing requirements). CLINUVEL's intent to pursue a Level II ADR and Nasdaq listing is aligned with the Company's existing shareholder base (approximately 28% of issued capital is currently held by U.S.-based investors) and increasing interest from North American investors. It also aligns with CLINUVEL's growing U.S. operations, with a large North American market in vitiligo being developed. 'We believe this initiative will significantly broaden CLINUVEL's visibility and trading access in the United States,' CLINUVEL's Managing Director, Dr Philippe Wolgen said. 'Recent engagement with U.S. institutional investors has confirmed growing interest in CLINUVEL's profile as one of the very few profitable biopharmaceutical companies.' 'The Board believes that this step will help in further realising the long-term value of the Company,' Dr Wolgen concluded.