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

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Pursuant to the provisions of the amended Reimbursement Act, the reduced 5% official margin has been effective since January 2014 and its level has contributed to unprofitability of trading in reimbursable medicines. In this difficult market environment, we managed to achieve financial objectives and improve our net result.

In 2014, the scale of the Company's operations was significantly extended too. Our market shares exceeded 30%, and thus we strengthened our position of the industry leader. We were helped by the acquisition of ACP PHARMA closed in the first quarter of the last year. Following this transaction, the Group not only increased its market shares, but also created solid foundations for a significant growth in profits in the coming years.

Over 30% of the market is a success due not only to the acquisition of ACP PHARMA. The Group made a lot of effort to improve customer satisfaction. When pursuing our mission to bring a better future to all independent pharmacies in Poland we became at the same time a national leader in the quality of offer and services. We are particularly pleased that customer satisfaction rose in the period of intensive work in the difficult process of integrating ACP PHARMA with NEUCA structures.

In parallel, we were developing new business areas. Traditionally, we focused most attention on our own products (Pharmacist Brands) which in addition to the wholesale distribution grew to be the most important segment of the Group. In 2014, SYNOPTIS PHARMA recorded a dynamic rise in earnings and significantly improved sales of its own products to pharmacies. Besides newly launched medicines and dietary supplements, we started a major project which in the near future will be one of the development engines in this area. In December, we opened our own medicine packaging line in Swarzędz which will favourably impact on the further improvement in the profitability of Synoptis Pharma.

In addition to expanding the segment of our own products, we commenced competence building processes in the area of primary health care. Last year in July, our subsidiary NEUCA MED took over the first outpatient care clinic and today its structures already include 11 other such clinics serving a total of over 50,000 patients. In that segment we expect synergies with our core business. Also this year we intend to continue these investments.

The enormity of the work we have done allows us to enter the year 2015 with optimism. Finalisation of the integration of ACP Pharma in NEUCA structures translates into effects that will have a positive impact on this year's results. In addition, a significant role will be played by the area of our own products, and the outpatient care clinics operating under NEUCA MED will favourably influence on the net result. All our actions will lead to reaching more and more ambitious financial goals which consequently should contribute to increased dividend payments and a growth in the shareholders' value.

Piotr Sucharski
President of NEUCA SA Board of Directors