Dear Shareholders,

Given the worldwide impact of the COVID-19 pandemic lasting more than two years, coupled with unforeseen events such as port congestion and war, for 2021, Adimmune Corporation had encountered obstacles to its global business expansion, the acquisition of machinery, equipment, raw materials and so forth. Despite all this, the Company is able to meet all the challenges and report growth compared to the previous year.

While the pandemic raised the public’s awareness of the significance of the biotech vaccine industry, I would also like to point out that in the post-COVID-19 era, each industry will have to realign itself with its business fundamentals. Adimmune has never stopped improving its core competencies and values, and always held true the principle of honesty and integrity. The company’s objectives, though delayed by the pandemic, are eventually being realized in 2022 as follows:

1. Adimmune’s quadrivalent influenza vaccine (QIV) received China’s marketing authorization in early 2022. Though slightly later than expected, Adimmune is the only foreign QIV provider with the marketing authorization. Adimmune is accessing the Chinese market and the sales are estimated to escalate year by year.

2. In 2019, Adimmune announced the 3-year plan of the Adimmune Integrated Biotech Campus. In 2021, the construction of the second line of automated fill/finish and packaging line was completed. The new production line has received the GMP certifications from both TFDA and European EMA.

3. In early June, Adimmune’s new cell culture plant passed GMP inspection by TFDA and is Taiwan’s only cell culture plant which is capable of manufacturing commercial batches of virus-based and protein-based biologics.

4. Adimmune’s 2021 revenue was NT$1.534 billion and the sales beat that of 2020. Also, the revenue of 2022 Q2 is expected to reach a record high for the same period since the company went public, reflecting a seven-fold year-over-year growth.

5. To protect the public in Taiwan, Enimmune Corp., the subsidiary of Adimmune, has developed the COVID-19 rapid test kit for professional use and the COVID-19 self-test kit. After receiving EUA from TFDA, Enimmune prioritized and provided the government test kits for the public to combat the pandemic during the most critical time in April and May.

6. In terms of CDMO, with the strategic alliance with BD, the world’s largest syringe manufacturer, from last year, the Company is collaborating with a Korean manufacturer for co-developing and manufacturing an ophthalmic drug. Adimmune has also expanded the QIV CDMO market from US to UK and East Europe.

As for the COVID-19 vaccine, after the Phase II clinical trial in Indonesia, the Company will follow the future development of the pandemic closely for developing our next-generation vaccine. Adimmune is determined to serve the world with a safer, more effective, and international certified vaccine developed either independently or collaboratively.

From our establishment in 1965 to date, Adimmune has experienced setbacks, but we weathered the toughest time, learned our lessons, and is now set for global expansion. We at Adimmune would like to thank our Shareholders for the tremendous trust and support which encourage our team to be stronger. We are confident that our experiences in international certification, marketing authorization as well as commercial production are most competitive and valuable. I ask your continuing support while we march forward a brighter future.

Dear Shareholders,

Given the global outbreak of COVID-19, various industries were adversely affected in 2020; fortunately, industries in Taiwan, after all the hustles and bustles, were able to realign themselves with their own core values and business fundamentals. Among them, Adimmune grew against all odds in 2020, a record year in terms of revenue and profits. The company is finally out of the red and has additionally received a large settlement from a law suit against Crucell. We would like to share the results with our shareholders and therefore will distribute a cash dividend of NT $0.5 per share this year to show the appreciation for our shareholders’ long-term support.

The high expectations from our shareholders are paramount to all of us at Adimmune. Followings are the summarized accomplishments achieved by our management team from the second half of 2020 to date:

1. Adimmune launched a second fill and finish line, which just received Taiwan’s GMP certification in early August, at its integrated manufacturing site in Taichung. It has already started GMP operation to manufacture this year’s public tender seasonal influenza vaccines. This expansion of capacity has increased Adimmune’s competitiveness in the global pharmaceutical industry.

2. Early in July, Adimmune signed an MOU with JIIPE Industrial Estate in Indonesia, a big step to international collaboration. To position itself in line with Taiwan’s New Southbound Policy, Adimmune embarked upon its plan for the first overseas plant construction and also acquired Halal certification for its vaccines with an objective to access the ASEAN and Muslin countries as well as the global market taking Indonesia as the jumping-off point.

3. The sales reports of May, June, and July, the usual slack season, showed an substantial increase from those of last year.

4. Drug registrations for quadrivalent seasonal influenza vaccines were submitted to the authorities in China and various Southeast Asia countries with an objective to expand the market.

5. Adimmune formed a strategic coalition with BD, a leading medical device company in the world, for a joint effort to expand the international CDMO business.

I understand many of our shareholders are deeply concerned over the development timelines of our COVID-19 vaccine, which now may seem to be quite behind, but please rest assured that Adimmune’s determination to develop a COVID-19 vaccine remains unchanged. The company has applied for a Phase II clinical trial overseas and is at the ready to initiate the trial once approved. Meanwhile, being the first in Taiwan to announce the development of a next-generation COVID-19 vaccine against the variants, this year, we have finished the preclinical development and animal testing, and will further to design a next-generation vaccine with broader protection to combat the emerging variants of COVID-19. If all goes well, we do not rule out the possibility of reallocating our resources into next-generation vaccine and redesigning the human clinical trials.

Experts around the world estimated that COVID-19 may be rendered into just another seasonal coronavirus (JASC). Like seasonal influenza vaccines, we may need to administer COVID-19 vaccines every year against different variants in order to obtain full protection. In this regard, Adimmune insists on a rigorous and complete clinical trial path for its COVID-19 vaccine, even though it may take more time. We consider it our responsibility to provide medicines for COVID-19 patients alongside other major pharmaceutical companies around the world once obtaining a positive potency readout to prove a safe and effective COVID-19 vaccine.

The public healthcare in Taiwan and tackling a pandemic remain Adimmune’s priority. Over the last decade, we provided more than 30 million influenza vaccines to meet the domestic demand. Adimmune never cease to seek improvements. As the construction of a cell culture factory and a tetanus vaccine factory are nearing completion by the end of this year, we will accelerate our globalization strategies and boost our R&D efforts to introduce Taiwan-made high-quality vaccines and biologics to the world. Adimmune is confident of its international competitiveness for CDMO orders. I hereby thank you for your continuing supports and encouragement.