180 Degree Capital Corp. Issues Second Open Letter to the Board and Shareholders of Enzo Biochem, Inc. - Seite 2

To be clear, I am an equity-focused fund manager who has been investing since 1988. I have a deep knowledge of the products I run and the equity market industry as a whole. Who cares? That’s simply the price of admission to attain the job of running 180. The actual purpose of my job is to generate a return greater than the market and similar funds that invest in the same asset class. If I do, I get rewarded. If I don’t, I get fired. It’s as simple as that. At ENZ, it appears that having “historical knowledge of the Company’s business and the industry” gets you the equivalent of a Supreme Court Justice job – a place in the company for life regardless of the inability to create shareholder value. Can I submit my resume for consideration? Who wouldn’t want to get paid millions of dollars and not be held accountable? I am obviously being sarcastic about submitting my resume, but you get my point.

It is our strong opinion that Dr. Rabbani should not be involved in the selection of ENZ’s next CEO. Instead of lauding the so-called knowledge Dr. Rabbani has of the company and industry, part of your prerequisite for ENZ’s next leader might be having the actual opposite knowledge of the company and the industry; that might give investors a chance to win. We commend the engagement of Gary Huff, the former CEO of LabCorp Diagnostics. We believe he, along with global search firm, Korn Ferry, should be responsible for identifying ENZ’s next CEO, without any involvement by Dr. Rabbani. Further, Mr. Huff’s engagement should not be as solely as a strategic advisor. Our position is that Mr. Huff should be an interim replacement for Dr. Rabbani in management and/or appointed to ENZ’s Board. We believe Dr. Rabbani’s continued presence at ENZ is a plague that prevents progress and creation of shareholder value. You may be the only four people on planet Earth that do not share this opinion. It seems to us that you are under a cult-like spell thinking that he is the only qualified professional that understands the industry and therefore feel the need to continue to retain him. There are far more qualified people that have deep industry knowledge and know how to execute and create shareholder value. You just retained the former CEO of LabCorp Diagnostics who we believe is one of these qualified people. We believe it is imperative that Dr. Rabbani has nothing to do with the search for ENZ’s next leader. You should let truly qualified people do so independently and objectively without any barriers or hinderances.