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Letter to NEUCA SA Shareholders from the President of the Board of Directors

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In 201­5, in addition to the financial objective, we carried out a number of interesting projects which opened up new development prospects and opportunities.

Our result — over PLN 102 m in net profit before one–time items — is another proof that we can meet the promises made to investors. Our delivery on those promises would not be possible without the day–to–day hard work on strengthening our leading position on the pharmacy wholesale market.

Our market shares are largely the result of close relations with and support granted to independent pharmacists as well as confidence in the correctness of the philosophy of not having any pharmacies of our own, that is not competing with our own customers. The independent pharmacies are exactly where we focus our activities. We try to support them to the best way possible and available in the industry and all our actions are subordinated to this goal.

Favourable opinions about the support extended to our partners are reflected in independent customer satisfaction survey results. In the entire 2015 we achieved in this respect the best marks in the industry and we invited subsequent pharmacies to participate in our pharmacy programs. Currently over 1/3 of the pharmacies operating in Poland take part in those programs.

Our company's unique positioning at the point of contact between many areas of the health market creates exceptional opportunities to continually improve the quality of our offering for the pharmacies. We know our customers and we know how to best respond to their needs. Hence, the next step in the development of NEUCA: reaching to patients who are the pharmacies' clients.

Investments in this area were started in 2014 but last year was a real breakthrough. We finished the first stage of the construction of the network of Świat Zdrowia medical clinics currently consisting of 31 healthcare centres in six provinces. For this purpose we spent more than PLN 47 m. Access to the patient will allow us to go even one step further because it opens up a lot of synergistic business areas relative to our core business. In recent quarters we invested in three companies involved in clinical trials. We also got involved in a prospective telemedical project which we will begin to commercialise this year. We still have not said the last word in the area of new opportunities. We are constantly looking for innovative solutions and products that can improve the competitiveness of the whole Group and support the independent pharmacies.

The core business of NEUCA is and will be the distribution of medicines. In this area, especially in the segment of our own products we still see a lot of potential to improve results. There are over 450 products in our portfolio, annual sales exceed PLN 85 m, and the net result in this segment contributes in more than 15% to the profit of the entire Group.

Thanks to opening our company to new opportunities, we entered the year 2016 full of optimism. In addition to the distribution of pharmaceuticals and the sale of our own products, the profit will be positively affected by our new patient–oriented business areas.

We will take subsequent steps that will allow us to carry out the ambitious financial goals, and to increase dividends. I am convinced that the results of our work will translate into a long–term value growth throughout the entire Group.

Piotr Sucharski
President of  NEUCA SA Board of Directors