On October 28, 2022, Mereo BioPharma Group plc (the Company) announced that it had entered into a cooperation agreement with Rubric Capital Management LP (Rubric) its largest shareholder, pursuant to which four new directors, Dr. Annalisa Jenkins, Dr. Daniel Shames, Mr. Marc Yoskowitz and Mr. Justin Roberts are being appointed to the Company's Board of Directors . These new Board appointments are effective November 10, 2022. Concurrent with these appointments taking effect, Company directors Dr. Peter Fellner, Dr. Brian Schwartz, Dr. Abdul Mullick and Ms. Anne Hyland are resigning from the Board, effective immediately.

Commensurate with these Board changes, the Board appointed Dr. Deepika Pakianathan to chair the Audit and Risk Committee, Dr. Anders Ekblom to chair the Remuneration Committee and appointed Mr. Justin Roberts to serve as a member on both the Nomination and Governance Committee and the Remuneration Committee. The Board has determined that Dr. Pakianathan qualifies to serve as an “audit committee financial expert” as defined under applicable rules of the Securities and Exchange Commission, and has the requisite financial sophistication as defined under the applicable Nasdaq rules and regulations. Dr. Pakianathan also qualifies as an independent director under the corporate governance standards of the Nasdaq Global Market listing requirements and the audit committee independence requirements of Rule 10A-3 of the Securities Exchange Act of 1934, as amended.