Dear Joel Latham, CEO of Incannex Healthcare (IXHL):

We shareholders demand transparency and clear and regular communication from you, which we find lacking. We may reconsider our stock positions, as well as your tenure, if you do not, by or before November 10, 2025:

1. Provide a substantial update (good, bad, or neutral) regarding the “promising commercial discussions” concerning IHL-42X which you stated *5* months ago, on May 14, the company was engaged in.

(Relatedly, *2.5* months ago, on July 30, you stated: “We continue to facilitate commercial discussions and look forward to providing shareholders with an update in this regard soon.” In our view, “soon” reasonably means no later than November 10.)

2. Provide a detailed update regarding all uses of the company's at-the-market (ATM) share issuance AND share repurchase (buyback) programs. Going forward, we expect you to be forthright about any dilutive plans or actions.

3. Provide a clear update regarding the company’s deadline for regaining NASDAQ listing compliance—along with any intention the company has of implementing a reverse split. You have left shareholders utterly in the dark regarding these matters.

4. Communicate with shareholders directly, via press release and/or web conference, at least once every 30 days. The company has not issued a press release since August 26 (over a month and a half ago as of this date), which is unacceptably poor communication.

Sincerely,

The undersigned IXHL shareholders