The board of directors of MetaStat, Inc. established an Audit Committee, a Nominating and Corporate Governance Committee and a Compensation Committee. Each of the Company's three independent directors, Johan M. (Thijs) Spoor, Patrick T. Mooney, M.D. and David N. Siegel, will serve on each committee. Mr. Spoor will serve as the Chairman of the Audit Committee and the Nominating and Corporate Governance Committee and Dr. Mooney will serve as Chairman of the Compensation Committee.

Effective as of October 24, 2012, the Board formally established a Scientific Advisory Board whose primary responsibilities include advising the Company's management and the Board on the long-term direction of the Company's scientific and research goals. The members of the Scientific Advisory Board are John Condeelis, Ph.D., Frank Gertler, Ph.D. and Thomas Rohan, M.D., Ph.D. Dr. Condeelis will serve as Chairman of the Scientific Advisory Board.