<SEC-DOCUMENT>0001193125-19-125560.txt : 20190429
<SEC-HEADER>0001193125-19-125560.hdr.sgml : 20190429
<ACCEPTANCE-DATETIME>20190429165908
ACCESSION NUMBER:		0001193125-19-125560
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190429
DATE AS OF CHANGE:		20190429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mereo Biopharma Group plc
		CENTRAL INDEX KEY:			0001719714
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38452
		FILM NUMBER:		19776813

	BUSINESS ADDRESS:	
		STREET 1:		ONE CAVENDISH PLACE
		STREET 2:		FOURTH FLOOR
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1G0QF
		BUSINESS PHONE:		4403330237300

	MAIL ADDRESS:	
		STREET 1:		ONE CAVENDISH PLACE
		STREET 2:		FOURTH FLOOR
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1G0QF
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>d734372d20f.htm
<DESCRIPTION>20-F
<TEXT>
<HTML><HEAD>
<TITLE>20-F</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">20-F</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(Mark One) </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934
</B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OR </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9746;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
</B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the fiscal year ended December&nbsp;31, 2018 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OR </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
</B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the transition period from
<U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U> to
<U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OR </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
</B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of event requiring this shell company report
<U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission file number: <FONT STYLE="white-space:nowrap">001-38452</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>MEREO BIOPHARMA GROUP PLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>England and
Wales </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Jurisdiction of incorporation or organization) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1 Cavendish Place </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>4th
Floor </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>London, W1G 0QF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>United Kingdom </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Tel: <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+44-333-023-7300</FONT></FONT></FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Charles Sermon, General Counsel </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Tel: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+44-333-023-7300</FONT></FONT></FONT>
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Email: cs@mereobiopharma.com </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1 Cavendish Place </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>4th
Floor </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>London, W1G 0QF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>United Kingdom </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name,
Telephone, <FONT STYLE="white-space:nowrap">E-mail</FONT> and/or Facsimile number and Address of Company Contact Person) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Securities
registered or to be registered pursuant to Section&nbsp;12(b) of the Act: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Title&nbsp;of&nbsp;each&nbsp;class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Name&nbsp;of&nbsp;each&nbsp;exchange&nbsp;on&nbsp;which&nbsp;
registered</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>American Depositary Shares, each representing five ordinary shares, nominal value of &pound;0.003 per share</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>The Nasdaq Stock Market LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Ordinary Shares, nominal value of &pound;0.003 per share*</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>The Nasdaq Stock Market LLC</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not for trading, but only in connection with the registration of American Depositary Shares representing such
Ordinary Shares pursuant to the requirements of the U.S. Securities and Exchange Commission. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Securities registered or
to be registered pursuant to Section&nbsp;12(g) of the Act: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>None </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>None </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate the number of
outstanding shares of each of the issuer&#146;s classes of capital or common stock as of the close of the period covered by the annual report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The number of outstanding shares as of December&nbsp;31, 2018 was: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Title&nbsp;of&nbsp;each&nbsp;class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Number&nbsp;of&nbsp;Shares&nbsp;Outstanding&nbsp;at&nbsp;December&nbsp;31,&nbsp;
2018</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Ordinary shares, nominal value of &pound;0.003 per share</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">71,240,272</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note &#150; Checking the box above will not relieve any registrant required to file reports pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange
Act of 1934 from their obligations under those Sections. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be
filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been subject to such filing requirements for
the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the
registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> (&#167;232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a <FONT STYLE="white-space:nowrap">non-accelerated</FONT>
filer or an emerging growth company (as defined in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Act). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT
STYLE="white-space:nowrap">Large&nbsp;Accelerated&nbsp;Filer&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated&nbsp;Filer&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated&nbsp;Filer&nbsp;&nbsp;&#9746;</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Emerging growth company&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an
emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark which basis of accounting the registrant has
used to prepare the financial statements included in this filing: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="24%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right">U.S. GAAP&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">International&nbsp;Financial&nbsp;Reporting&nbsp;Standards&nbsp;as&nbsp;issued</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">by the International Accounting Standards Board&nbsp;&nbsp;&#9746;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;Other&nbsp;&nbsp;&#9744;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If &#147;Other&#148; has been checked in response to the previous question, indicate by check mark which financial statement
item the registrant has elected to follow.&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;Item&nbsp;17&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;Item&nbsp;18 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
<FONT STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD COLSPAN="3" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B></B>Page<B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_1">PART ONE </A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_2">Identity of Directors, Senior Management And Advisers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_3">Offer Statistics and Expected Timetable</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_4">Key Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_5">Information On The Company</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;4A.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_6">Unresolved Staff Comments</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_7">Operating And Financial Review And Prospects</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_8">Directors, Senior Management And Employees</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_9">Major Shareholders And Related Party Transactions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_10">Financial Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">138</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_11">The Offer And Listing</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">139</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_12">Additional Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_13">Quantitative And Qualitative Disclosures About Market Risk</A></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">154</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_14">Description of Securities Other Than Equity Securities</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">155</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_15">PART TWO&nbsp;</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">157</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_16">Defaults, Dividend Arrearages And Delinquencies</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">157</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_17">Material Modifications To The Rights Of Security Holders And Use Of Proceeds
</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">157</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_18">Controls And Procedures</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">157</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;16A.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_19">Audit Committee Financial Expert</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">158</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;16B.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_20">Code of Ethics</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">158</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;16C.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_21">Principal Accountant Fees and Services</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">158</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;16D.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_22">Exemptions From The Listing Standards For Audit Committees</A></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;16E.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_23">Purchases of Equity Securities By The Issuer And Affiliated
Purchasers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;16F.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_24">Change In Registrant&#146;s Certifying Accountant</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;16G.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_25">Corporate Governance</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;16H.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_26">Mine Safety Disclosure</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">164</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_27">PART THREE </A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_28">Financial Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_29">Financial Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Item&nbsp;19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc734372_30">Exhibits</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">166</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN DEFINITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise indicated and except where the context otherwise requires, references in this annual report on Form <FONT
STYLE="white-space:nowrap">20-F</FONT> to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;ADSs&#148; are to our American Depositary Shares, each of which represents five ordinary shares of Mereo
BioPharma Group plc; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;ADRs&#148; are to the American depositary receipts that evidence our ADSs; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Exchange Act&#148; are to the United States Securities Exchange Act of 1934, as amended;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;FDA&#148; are to the United States Food and Drug Administration; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Mereo,&#148; the &#147;Company,&#148; &#147;we,&#148; &#147;our,&#148; &#147;ours,&#148; &#147;us&#148; or
similar terms are to Mereo BioPharma Group plc, together with its subsidiaries; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the &#147;Merger&#148; are to the merger of Mereo MergerCo One Inc. and OncoMed Pharmaceuticals, Inc., with
OncoMed Pharmaceuticals, Inc. surviving as a wholly-owned subsidiary of Mereo US Holdings Inc., and as an indirect wholly-owned subsidiary of Mereo BioPharma Group plc; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the &#147;Merger Agreement&#148; are to the Agreement and Plan of Merger and Reorganization, dated
December&nbsp;5, 2018, by and among Mereo BioPharma Group plc, Mereo US Holdings Inc., Mereo MergerCo One Inc. and OncoMed Pharmaceuticals, Inc.; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;ordinary shares&#148; are to our ordinary shares, each of &pound;0.003 nominal value;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;SEC&#148; are to the United States Securities and Exchange Commission; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Securities Act&#148; are to the Securities Act of 1933, as amended; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;$,&#148; &#147;USD,&#148; &#147;US$&#148; and &#147;U.S. dollar&#148; are to the United States dollar; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;&pound;,&#148; &#147;GBP,&#148; &#147;pound sterling,&#148; &#147;pence&#148; and &#147;p&#148; are to the
British pound sterling (or units thereof). </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRESENTATION OF FINANCIAL INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This annual report contains our audited consolidated financial statements as of December 2016, 2017 and 2018 and for the years ended
December&nbsp;31, 2016, 2017 and 2018 (our &#147;audited consolidated financial statements&#148;), prepared in accordance with International Financial Reporting Standards (&#147;IFRS&#148;), as issued by the International Accounting Standards Board
(&#147;IASB&#148;). Our financial information is presented in pound sterling. None of our financial statements were prepared in accordance with generally accepted accounting principles in the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This annual report contains translations of certain pound sterling amounts into U.S. dollars at specified rates solely for the convenience of
the reader. These translations should not be construed as representations that the pound sterling amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated. Unless otherwise indicated, such
U.S. dollar amounts have been translated from pound sterling at an exchange rate of &pound;0.7853 to US$1.00, the exchange rate for pound sterling on December&nbsp;31, 2018. On April&nbsp;23, 2019, this exchange rate was &pound;0.7688 to US$1.00.
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>USE OF TRADEMARKS, SERVICE MARKS AND TRADENAMES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Mereo,&#148; the Mereo logo and other trademarks, trade names or service marks of Mereo appearing in this annual report are the property
of Mereo. This Form <FONT STYLE="white-space:nowrap">20-F</FONT> also contains trade names, trademarks and service marks of others, which are the property of their respective owners. We do not intend our use or display of other companies&#146; trade
names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, these other companies. </P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This annual report contains additional trademarks, service marks, and trade names of others,
which are the property of their respective owners. All trademarks, service marks, and trade names appearing in this annual report are, to Mereo&#146;s knowledge, the property of their respective owners. Mereo does not intend its use or display of
other companies&#146; trademarks, service marks, copyrights or trade names to imply a relationship with, or endorsement or sponsorship of Mereo by, any other companies. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This annual report contains statements that constitute forward-looking statements (including within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995). Many of the forward-looking statements contained in this annual report can be identified by the use of forward-looking words such as &#147;anticipate,&#148; &#147;believe,&#148; &#147;could,&#148; &#147;expect,&#148;
&#147;foresee,&#148; &#147;should,&#148; &#147;plan,&#148; &#147;intend,&#148; &#147;estimate,&#148; &#147;would,&#148; &#147;may,&#148; &#147;outlook,&#148; and &#147;potential,&#148; among others. The absence of these words, however, does not mean
that the statements are not forward-looking. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Forward-looking statements appear in a number of places in this annual report and include,
but are not limited to, statements regarding intent, belief or current expectations. Forward-looking statements are based on the current beliefs and assumptions of the management of Mereo and on information currently available to such management.
While the management of Mereo believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments will be as anticipated. Such statements are subject to risks and uncertainties, and
actual results may differ materially from those expressed or implied in the forward-looking statements due to of various factors, including, but not limited to, those identified under the section &#147;Item 3. Key Information&#151;D. Risk
Factors&#148; in this annual report. These risks and uncertainties include factors relating to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the development of our product candidates, including statements regarding the expected initiation, timing,
progress, and availability of data from our clinical trials; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the potential attributes and benefits of our product candidates and their competitive position;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to successfully commercialize, or enter into strategic relationships with third parties to
commercialize, our product candidates, if approved; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our estimates regarding expenses, future revenues, capital requirements, and our need for additional financing;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our being subject to ongoing regulatory obligations if our products secure regulatory approval;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our reliance on third parties to conduct our clinical trials and on third-party suppliers to supply or produce
our product candidates; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the patient market size of any diseases and market adoption of our products by physicians and patients;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to obtain and maintain adequate intellectual property rights and adequately protect and enforce such
rights; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the duration of our patent portfolio; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to retain key personnel and recruit additional qualified personnel; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to manage growth; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to successfully integrate and realize the benefits of our past or future strategic acquisitions or
investments, including our merger with OncoMed Pharmaceuticals, Inc. (&#147;OncoMed&#148;); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">other risk factors discussed under &#147;Item 3. Key Information&#151;D. Risk Factors&#148;.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our actual results or performance could differ materially from those expressed in, or implied by, any forward-looking
statements relating to those matters. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of
operations, cash flows or financial condition. Except as required by law, we are under no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information, future events or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc734372_1"></A>PART ONE </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_2"></A>Item&nbsp;1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Identity of Directors, Senior Management And Advisers </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_3"></A>Item&nbsp;2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Offer Statistics and Expected Timetable </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_4"></A>Item&nbsp;3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Key Information </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.A. Selected Financial Data </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The selected
historical consolidated financial information for the years ended December&nbsp;31, 2016, 2017 and 2018 and the selected statements of financial position data as of December&nbsp;31, 2016, 2017 and 2018 have been derived from, and should be read in
conjunction with, the audited consolidated financial statements of Mereo BioPharma Group plc and notes thereto appearing elsewhere in this annual report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information presented below is qualified by the more detailed historical consolidated financial statements set forth in this annual
report, and should be read in conjunction with those consolidated financial statements, the notes thereto and the discussion under &#147;Item 5. Operating and Financial Review and Prospects&#148; included elsewhere in this annual report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have not included selected historical consolidated financial data for the years ended December&nbsp;31, 2015 and 2014 in the table below as
we qualify as an emerging growth company (an &#147;Emerging Growth Company&#148;) as defined in Section&nbsp;2(a)(19) of the Securities Act, we make use of an accommodation for reduced reporting. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consolidated Statements of Comprehensive Loss Data </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;thousands&nbsp;of&nbsp;pounds,&nbsp;except&nbsp;per&nbsp;ordinary&nbsp;share&nbsp;data)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Consolidated&nbsp;Statement&nbsp;of&nbsp;Comprehensive&nbsp;Loss&nbsp;Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Research and development expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24,563</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(34,607</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22,704</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,617</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,697</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,505</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(36,180</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(45,304</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(35,208</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">827</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance charge</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(180</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,090</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,361</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net foreign exchange gain/(loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,263</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,384</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(44</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss before tax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,722</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(46,951</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(37,306</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,331</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,277</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss attributable to equity holders of Mereo</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28,391</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,799</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,029</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total comprehensive loss attributable to equity holders of Mereo</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28,391</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,799</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,029</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic and diluted loss per ordinary share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.63</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.56</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.45</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consolidated Statements of Financial Position Data </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;of&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(in&nbsp;thousands&nbsp;of&nbsp;pounds)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Consolidated&nbsp;Balance&nbsp;Sheets&nbsp;Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and short-term deposits and short-term investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,578</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52,545</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,541</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96,335</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67,276</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">193</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">213</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">214</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share premium</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,975</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,227</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,492</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(40,579</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,316</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(111,221</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79,257</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,771</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,508</TD>
<TD NOWRAP VALIGN="bottom">(1)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,852</TD>
<TD NOWRAP VALIGN="bottom">(2)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,505</TD>
<TD NOWRAP VALIGN="bottom">(3)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total equity and liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96,335</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67,276</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes &pound;3.1&nbsp;million ($4.1 million) aggregate principal amount of, and accrued interest on, the
Novartis Notes. See &#147;Item 5. Operating and Financial Review and Prospects&#151;B. Liquidity and Capital Resources&#151;Indebtedness&#151;Novartis Notes.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes &pound;2.0&nbsp;million ($2.6 million) aggregate principal amount of, and accrued interest on, the
Novartis Notes. See &#147;Item 5. Operating and Financial Review and Prospects&#151;B. Liquidity and Capital Resources&#151;Indebtedness&#151;Novartis Notes.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes &pound;2.0&nbsp;million ($2.5 million) aggregate principal amount of, and accrued interest on, the
Novartis Notes. See &#147;Item 5. Operating and Financial Review and Prospects&#151;B. Liquidity and Capital Resources&#151;Indebtedness&#151;Novartis Notes.&#148; </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.B. Capitalization and Indebtedness </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not
applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.C. Reasons For the Offer and Use of Proceeds </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.D. Risk Factors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>You should carefully consider the risks and uncertainties described below, together with the other information contained in this annual
report, before making any investment decision. Any of the following risks and uncertainties could have a material adverse effect on our business, prospects, results of operations and financial condition. The market price of our ordinary shares and
ADSs could decline due to any of these risks and uncertainties, and you could lose all or part of your investment. The risks described below are those that we currently believe may materially affect us. We may face additional risks and uncertainties
not currently known to us or that we currently deem to be immaterial. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to Mereo&#146;s Business and Industry </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo has a limited operating history and has never generated any product revenue. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is a multi-product, clinical-stage biopharmaceutical company with a limited operating history, and has incurred significant operating
losses since its formation. Mereo had net losses of &pound;28.4&nbsp;million, &pound;38.8&nbsp;million and &pound;32.0&nbsp;million in the years ended December&nbsp;31, 2016, 2017 and 2018, respectively. As of December&nbsp;31, 2018, Mereo had an
accumulated loss of &pound;111.2&nbsp;million. Mereo&#146;s losses have resulted principally from expenses incurred from the research and development of its product candidates and from general and administrative costs that it has incurred while
building its business infrastructure. Mereo expects to continue to incur significant operating losses for the foreseeable future as it seeks to acquire new product candidates, expand its research and development efforts, and seek to obtain
regulatory approval and potentially commercialize its product candidates. Mereo anticipates that its expenses will increase substantially as it: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">continues to conduct its ongoing Phase 2b clinical trial of <FONT STYLE="white-space:nowrap">BPS-804</FONT> for
the treatment of osteogenesis imperfecta (&#147;OI&#148;) in adults and its ongoing Phase 2 clinical trial of <FONT STYLE="white-space:nowrap">MPH-966</FONT> for the treatment of severe <FONT STYLE="white-space:nowrap">alpha-1</FONT> antitrypsin
deficiency (&#147;AATD&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">continues to conduct the OncoMed clinical trials for <FONT STYLE="white-space:nowrap">OMP-305B3</FONT> and <FONT
STYLE="white-space:nowrap">OMP-313M32;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">seeks to acquire additional novel product candidates to treat rare and specialty diseases; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">seeks regulatory approvals for its product candidates; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">potentially establishes a commercial infrastructure and works with contract manufacturing organizations
(&#147;CMOs&#148;) to scale up manufacturing processes to commercialize selected product candidates, if approved; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">maintains, expands, and protects Mereo&#146;s intellectual property portfolio; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">secures, maintains, or obtains freedom to operate for its technologies and products; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">adds clinical, scientific, operational, financial, and management personnel, including personnel to support the
development of its product candidates and potential future commercialization efforts; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">expands its operations in the United Kingdom and potentially hires additional employees in the United States.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s expenses may also increase substantially if it experiences any delays or encounters any issues with any of
the above, including, but not limited to, failed clinical trials, complex results, safety issues, or unforeseen regulatory challenges. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo has devoted substantially all of its financial resources and efforts to the acquisition and clinical development of <FONT
STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> and <FONT STYLE="white-space:nowrap">BGS-649.</FONT> Mereo has not completed the clinical development of any
product candidate through approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To become and remain profitable, Mereo must succeed in developing and commercializing products that
generate significant revenue. This will require Mereo to be successful in a range of challenging activities, including completing clinical trials of Mereo&#146;s current or any future product candidates, obtaining regulatory approval for
Mereo&#146;s product candidates that successfully complete clinical trials, establishing manufacturing supplies and marketing capabilities, and ultimately commercializing or entering into strategic relationships for Mereo&#146;s current and future
product candidates, if approved. Mereo is only in the preliminary stages of many of these activities. Mereo may never succeed in these activities and, even if it does, it may never generate revenue that is significant enough to achieve
profitability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because of the numerous risks and uncertainties associated with biopharmaceutical product development, Mereo is unable to
accurately predict the timing or amount of increased expenses or when, or if, it will be able to achieve profitability. Mereo may be subject to different or contradictory regulatory requirements in different countries, and different regulatory
authorities may not be aligned on the clinical trials necessary to support approval of its product candidates. If Mereo is required by the Food and Drug Administration (&#147;FDA&#148;), the European Medicines Agency (&#147;EMA&#148;), or other
regulatory authorities to perform studies in addition to those it currently anticipates, or if there are any delays in completing its clinical trials or the development of its current product candidates, Mereo&#146;s expenses could increase and its
ability to generate revenue could be further delayed. In addition, Mereo may not be able to acquire new product candidates or may encounter unexpected difficulties or delays in such acquisitions, which would impair its business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, adoption by the medical community of Mereo&#146;s product candidates, if approved, may be limited if third-party payors offer
inadequate reimbursement coverage. Cost control initiatives may decrease coverage and payment levels for Mereo&#146;s products, which in turn would negatively affect the price that Mereo will be able to charge for such products. Mereo is unable to
predict the coverage that will be provided by private or government payors for any product candidate Mereo has in development. Any denial of private or government payor coverage, inadequate reimbursement for Mereo&#146;s products, or delay in
receipt of reimbursement payments could harm Mereo&#146;s business and, even if Mereo were to generate product royalties or product sales, it may never achieve or sustain profitability. Mereo&#146;s failure to sustain profitability would depress the
market price of the ADSs and ordinary shares and could impair its ability to raise capital, acquire new product candidates, expand its business, or continue Mereo&#146;s operations. A decline in the market price of our ADSs or ordinary shares also
could cause you to lose all or a part of your investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo&#146;s limited operating history may make it difficult for you to
evaluate the success of its business to date and to assess its future viability. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since Mereo&#146;s formation, it has devoted
substantially all of its resources to acquiring and developing <FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> and
<FONT STYLE="white-space:nowrap">BGS-649;</FONT> building its intellectual property portfolio; developing its supply chain; planning its business; raising capital; and providing general and administrative support for these operations. Mereo has not
yet demonstrated its ability to successfully complete any Phase 3 or other pivotal clinical trials, obtain regulatory </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
approval, arrange for third parties to manufacture commercial-scale products, or conduct or partner with others to conduct sales and marketing activities necessary for successful product
commercialization. Additionally, although Mereo has acquired product candidates from two large pharmaceutical companies, it has not demonstrated the sustainability of its business model of acquiring and developing product candidates for rare and
specialty diseases from, and becoming a partner of choice for, large pharmaceutical companies, nor has it demonstrated its ability to obtain approvals for or to commercialize these product candidates. Consequently, any predictions you make about
Mereo&#146;s future success or viability may not be as accurate as they could be if Mereo had a longer operating history. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo may
not be successful in its efforts to identify and acquire additional product candidates. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Part of Mereo&#146;s strategy involves
identifying and acquiring novel product candidates that have received significant investment from large pharmaceutical companies and that have substantial <FONT STYLE="white-space:nowrap">pre-clinical,</FONT> clinical, and manufacturing data
packages. The process by which Mereo identifies product candidates may fail to yield product candidates for clinical development for a number of reasons, including those discussed in these risk factors and also: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any product candidates Mereo acquires that have generated positive clinical data for Mereo&#146;s target
indication or in diseases other than Mereo&#146;s target indications may not prove to be effective in treating Mereo&#146;s target indications; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">potential product candidates may, with further studies, be shown to have harmful side effects or other
characteristics that indicate that they are unlikely to be products that will receive marketing approval and achieve market acceptance; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the regulatory pathway for a potential product candidate may be too complex and difficult to navigate
successfully or economically; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">there may be competitive bids for potential product candidates which Mereo does not seek to or is unable to
match. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Mereo may choose to focus its efforts and resources on a potential product candidate that
ultimately proves to be unsuccessful. Further, time and resources spent searching for, identifying, acquiring, and developing potential product candidates may distract Mereo&#146;s management&#146;s attention from Mereo&#146;s primary business or
other development programs. If Mereo is unable to identify and acquire additional suitable product candidates for clinical development, this would adversely impact its business strategy and its financial position and share price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo will need additional funding to complete the development of its current product candidates; to license, acquire, and develop
future product candidates; and to commercialize its product candidates, if approved. If Mereo is unable to raise capital when needed, it could be forced to delay, reduce, or eliminate its product development programs or any future commercialization
efforts. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo expects its expenses to increase in connection with its ongoing activities, particularly as it conducts its
ongoing Phase 2b clinical trial for <FONT STYLE="white-space:nowrap">BPS-804,</FONT> OncoMed&#146;s study for <FONT STYLE="white-space:nowrap">OMP-305B3</FONT> and its ongoing Phase 2 clinical trial for
<FONT STYLE="white-space:nowrap">MPH-966.</FONT> Mereo also expects its expenses to rise as it seeks to acquire and develop new product candidates. In addition, if Mereo obtains regulatory approval for any of its product candidates, it expects to
incur significant commercialization expenses related to product manufacturing, marketing, sales, and distribution for any products it commercializes directly. Furthermore, as a result of the merger with OncoMed (the &#147;Merger&#148;), Mereo
expects to incur additional costs associated with operating as a public company in the United Kingdom and the United States and maintaining listings on both the Alternative Investment Market operated by the London Stock Exchange (&#147;AIM&#148;)
and The Nasdaq Stock Market (&#147;Nasdaq&#148;). Accordingly, Mereo will need to obtain substantial additional funding in connection with its continuing operations. If Mereo is unable to raise capital when needed or on attractive terms, it could be
forced to delay, reduce, or eliminate its research and development programs, any future commercialization efforts, or acquisitions of potential product candidates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo expects that its existing cash resources will enable it to fund its operating expenses and capital expenditure requirements into <FONT
STYLE="white-space:nowrap">mid-2020.</FONT> Mereo has based this estimate on assumptions that may prove to be wrong, and Mereo could use its capital resources sooner than it currently expects, or its operating plan may change as a result of many
factors unknown to it. These factors, among others, may necessitate that Mereo seek additional capital sooner than currently planned. In addition, Mereo may seek additional capital due to favorable market conditions or strategic considerations, even
if it believes that it has sufficient funds for its current or future operating plans. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s future capital requirements will depend on many factors, including: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the costs, timing and results of its ongoing Phase 2b clinical trial for
<FONT STYLE="white-space:nowrap">BPS-804;</FONT> and its ongoing Phase 2 clinical trial for <FONT STYLE="white-space:nowrap">MPH-966;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the costs and timing of manufacturing clinical supplies of its product candidates; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the costs, timing, and outcome of regulatory review of its product candidates, including post-marketing studies
that could be required by regulatory authorities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the costs, timing, and outcome of potential future commercialization activities, including manufacturing,
marketing, sales, and distribution, for its product candidates that it commercializes directly; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the timing and amount of revenue, if any, received from commercial sales of its product candidates;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the costs and timing of preparing, filing, and prosecuting patent applications; maintaining and enforcing its
intellectual property rights; and defending any intellectual property-related claims, including any claims by third parties that Mereo is infringing upon the third party&#146;s intellectual property rights; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the sales price and availability of adequate third-party coverage and reimbursement for its product candidates;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the effect of competitors and market developments; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the extent to which Mereo is able to acquire new product candidates or enter into licensing or collaboration
arrangements for its product candidates, although Mereo currently has no commitments or agreements to complete any such transactions. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any additional fundraising efforts may divert Mereo&#146;s management from its
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> activities, which may adversely affect Mereo&#146;s ability to develop and commercialize its product candidates. In addition, Mereo cannot guarantee that
future financing will be available in sufficient amounts or on terms acceptable to it, if at all. Moreover, the terms of any financing may adversely affect Mereo&#146;s business, the holdings or the rights of its shareholders, or the value of our
ADSs or ordinary shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Mereo is unable to obtain funding on a timely basis, it may be required to significantly curtail, delay, or
discontinue its research and development programs or any commercialization efforts; be unable to expand its operations or acquire product candidates; or be unable to otherwise capitalize on its business opportunities, as desired, which could harm
its business and potentially force it to discontinue operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Raising additional capital may cause dilution to, or adversely
affect the rights of, Mereo&#146;s security holders; restrict Mereo&#146;s operations; or require Mereo to relinquish rights to its technologies or product candidates. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Until such time, if ever, as Mereo can generate substantial product revenues, it may finance its cash needs through securities offerings, debt
financings, license and collaboration agreements, or other capital raising transactions. If Mereo raises capital through securities offerings, your ownership interest will be diluted, and the terms of the securities Mereo issues in such transaction
may include liquidation or other preferences that adversely affect your rights as a holder of ADSs. Debt financing, if available, could result in fixed payment obligations, and Mereo may be required to agree to certain restrictive covenants, such as
limitations on its ability to incur additional debt, to acquire, sell or license intellectual property rights, to make capital expenditures, to declare dividends, or other operating restrictions. For example, Mereo&#146;s credit facility with
Silicon Valley Bank and Kreos Capital V (UK) Limited, or the credit facility, requires Mereo to seek consent for certain corporate transactions, dispositions, or incurrences of certain debt. If Mereo raises additional funds through collaboration or
licensing agreements, it may have to relinquish valuable rights to its technologies, future revenue streams, or product candidates or grant licenses on terms that may not be favorable to it. In addition, Mereo could also be required to seek funds
through arrangements with collaborators or others at an earlier stage than otherwise would be desirable. Raising additional capital through any of these or other means could adversely affect Mereo&#146;s business and the holdings or rights of
Mereo&#146;s security holders, and may cause the market price of our ADSs or ordinary shares to decline. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo depends heavily on the success of
<FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649,</FONT> <FONT STYLE="white-space:nowrap">OMP-305B83</FONT>
and <FONT STYLE="white-space:nowrap">OMP-313M32.</FONT> Mereo cannot give any assurance that any of these product candidates or therapeutic candidates will receive regulatory approval, which is necessary before they can be commercialized. If Mereo
is unable to commercialize, whether on its own or through agreements with third parties, <FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT
STYLE="white-space:nowrap">BGS-649,</FONT> <FONT STYLE="white-space:nowrap">OMP-305B83</FONT> or <FONT STYLE="white-space:nowrap">OMP-313M32</FONT> or experience significant delays in doing so, Mereo&#146;s ability to generate revenue and
Mereo&#146;s financial condition will be adversely affected. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo does not currently generate any revenue from sales of any
products, and it may never be able to develop or commercialize a marketable product. Mereo has invested substantially all of its efforts and financial resources in the acquisition and development of <FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT
STYLE="white-space:nowrap">MPH-966,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649,</FONT> <FONT STYLE="white-space:nowrap">OMP-305B83</FONT> and <FONT STYLE="white-space:nowrap">OMP-313M32.</FONT>
Mereo&#146;s ability to generate royalty and product revenues, which it does not expect will occur for at least the next several years, if ever, will depend heavily on the successful development and eventual commercialization of its current product
candidates, if approved, which may never occur. Mereo&#146;s current product candidates will require additional clinical development, management of clinical and manufacturing activities, regulatory approval in multiple jurisdictions, procurement of
manufacturing supply, commercialization, substantial additional investment, and significant marketing efforts before Mereo generates any revenue from product sales. For example, Mereo intends to commence a Phase 3 clinical trial of <FONT
STYLE="white-space:nowrap">BPS-804,</FONT> its most advanced product candidate, in children with OI in 2019. Mereo plans to engage with the FDA in the second half of 2019 to discuss the expansion of Mereo&#146;s pediatric Phase 3 study to include
sites in the United States. However, the FDA may not approve Mereo&#146;s pediatric trial for <FONT STYLE="white-space:nowrap">BPS-804,</FONT> which would adversely affect the clinical development of <FONT STYLE="white-space:nowrap">BPS-804</FONT>
in the United States and adversely affect Mereo&#146;s commercialization plans in the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is not permitted to market or
promote any product candidates in the United States, Europe, or other countries before it receives regulatory approval from the FDA, the EMA, or comparable foreign regulatory authorities, and it may never receive such regulatory approval for its
current product candidates. Mereo has not submitted a Biologics License Application (&#147;BLA&#148;) or a New Drug Application (&#147;NDA&#148;), to the FDA; a Marketing Authorization Application (&#147;MAA&#148;) to the EMA; or comparable
applications to other regulatory authorities, and does not expect to be in a position to do so in the foreseeable future. The success of Mereo&#146;s current product candidates will depend on many factors, including the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo may not be able to demonstrate that any of its current product candidates is safe and effective as a
treatment for the targeted indications to the satisfaction of the applicable regulatory authorities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the applicable regulatory authorities may require additional clinical trials of its current product candidates,
which would increase its costs and prolong development; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the results of clinical trials of Mereo&#146;s current product candidates may not meet the level of statistical
or clinical significance required by the applicable regulatory authorities for marketing approval; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the applicable regulatory authorities may disagree with the number, design, size, conduct, or implementation of
Mereo&#146;s planned and future clinical trials for its current product candidates; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the contract research organizations (&#147;CROs&#148;), that Mereo retains to conduct clinical trials may take
actions outside of its control that materially adversely impact clinical trials for its current product candidates; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the applicable regulatory authorities may not find the data from clinical trials sufficient to demonstrate that
the clinical and other benefits of Mereo&#146;s current product candidates outweigh its safety risks; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the applicable regulatory authorities may disagree with Mereo&#146;s interpretation of data from its clinical
trials or may require that Mereo conduct additional trials; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the applicable regulatory authorities may not accept data generated at Mereo&#146;s clinical trial sites;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if Mereo submits a BLA or NDA to the FDA, and it is reviewed by an advisory committee, the FDA may have
difficulties scheduling an advisory committee meeting in a timely manner or the advisory committee may recommend against approval of Mereo&#146;s application or may recommend that the FDA require, as a condition of approval, additional <FONT
STYLE="white-space:nowrap">pre-clinical</FONT> studies or clinical trials, limitations on approved labeling, or distribution and use restrictions; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the applicable regulatory authorities may require development of a risk evaluation and mitigation strategy (a
&#147;REMS&#148;) as a condition of approval; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the applicable regulatory authorities may identify deficiencies in the manufacturing processes or facilities of
Mereo&#146;s third-party manufacturers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the applicable regulatory authorities may change its approval policies or adopt new regulations;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">through Mereo&#146;s clinical trials, Mereo may discover factors that limit the commercial viability of its
current product candidates or make the commercialization of any of its current product candidates unfeasible; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if approved, acceptance of Mereo&#146;s current product candidates by patients, the medical community, and
third-party payors; Mereo&#146;s ability to compete with other therapies to treat OI, AATD, acute exacerbations of chronic obstructive pulmonary disease (&#147;AECOPD&#148;), hypogonadotropic hypogonadism (&#147;HH&#148;) or ovarian cancer;
continued acceptable safety profiles following approval of its current product candidates; and Mereo&#146;s ability to qualify for, maintain, enforce, and defend Mereo&#146;s intellectual property rights and claims. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Mereo does not achieve one or more of these factors in a timely manner or at all, it could experience significant delays or may not be able
to successfully commercialize its current rare disease product candidates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo cannot be certain that its current product candidates
will be successful in clinical trials or receive regulatory approval. Further, Mereo&#146;s current product candidates may not receive regulatory approval even if they are successful in clinical trials. If Mereo does not receive regulatory approvals
for its current product candidates, it may not be able to continue its operations. Even if Mereo successfully obtains regulatory approvals to manufacture and market its current product candidates, its revenues will be dependent, in part, upon the
size of the markets in the territories for which Mereo gains regulatory approval and has commercial rights. If the markets for patient subsets that Mereo is targeting are not as significant as it estimates, Mereo may not generate significant
revenues from sales of such products, if approved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo plans to seek regulatory approval to commercialize its current rare disease
product candidates both in the United States and the European Union (&#147;EU&#148;), and potentially in additional foreign countries. While the scope of regulatory approval is similar in many countries, to obtain separate regulatory approval in
multiple countries requires Mereo to comply with the numerous and varying regulatory requirements of such countries regarding safety and efficacy and governing, among other things, clinical trials and commercial sales, pricing and distribution, and
Mereo cannot predict success in these jurisdictions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo&#146;s business is subject to economic, political, regulatory and other
risks associated with international operations. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s business is subject to risks associated with conducting business
internationally. Mereo sources research and development, manufacturing, consulting, and other services from companies based throughout the United States, the EU, and Switzerland, and Mereo conducts its clinical trials in the United States, Canada,
certain European countries, and other countries. Accordingly, Mereo&#146;s future results could be harmed by a variety of factors, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">economic weakness, including inflation, or political instability in particular
<FONT STYLE="white-space:nowrap">non-U.K.</FONT> economies and markets; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">differing regulatory requirements for drug approvals in <FONT STYLE="white-space:nowrap">non-U.K.</FONT>
countries; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">differing jurisdictions could present different issues for securing, maintaining, or obtaining freedom to operate
for Mereo&#146;s intellectual property in such jurisdictions; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">potentially reduced protection for intellectual property rights; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">difficulties in compliance with <FONT STYLE="white-space:nowrap">non-U.K.</FONT> laws and regulations;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in <FONT STYLE="white-space:nowrap">non-U.K.</FONT> regulations and customs, tariffs, and trade barriers;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in <FONT STYLE="white-space:nowrap">non-U.K.</FONT> currency exchange rates of the pound sterling and
currency controls; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in a specific country&#146;s or region&#146;s political or economic environment, including the
implications of the United Kingdom&#146;s withdrawal from the EU; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">trade protection measures, import or export licensing requirements or other restrictive actions by U.K. or <FONT
STYLE="white-space:nowrap">non-U.K.</FONT> governments; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">differing reimbursement regimes and price controls in certain <FONT STYLE="white-space:nowrap">non-U.K.</FONT>
markets; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">negative consequences from changes in tax laws; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">compliance with tax, employment, immigration, and labor laws for employees living or traveling outside of the
United Kingdom; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">workforce uncertainty in countries where labor unrest is more common than in the United Kingdom;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">difficulties associated with staffing and managing international operations, including differing labor relations;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">production shortages resulting from any events affecting raw material supply or manufacturing capabilities
abroad; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">business interruptions resulting from <FONT STYLE="white-space:nowrap">geo-political</FONT> actions, including
war and terrorism, or natural disasters including earthquakes, typhoons, hurricanes, floods, and fires. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Exchange
rate fluctuations may materially affect Mereo&#146;s results of operations and financial condition. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Owing to the international
scope of Mereo&#146;s operations, fluctuations in exchange rates, particularly between the pound sterling and the U.S. dollar, the euro, or the Swiss Franc, may adversely affect Mereo. Further, potential future revenue may be derived from multiple
jurisdictions and in multiple currencies. As a result, Mereo&#146;s business and the price of our ADSs and ordinary shares may be affected by fluctuations in foreign exchange rates not only between the pound sterling and the U.S. dollar, but also
the currencies of other countries, which may have a significant impact on its results of operations and cash flows from period to period. Currently, Mereo does not have any exchange rate hedging arrangements in place. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The United Kingdom&#146;s withdrawal from the EU may have a negative effect on global economic conditions, financial markets and
Mereo&#146;s business, which could reduce the price of our ADSs. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The United Kingdom&#146;s planned exit from membership in the EU
(&#147;Brexit&#148;) could have a negative effect on global economic conditions and financial markets. Economic and financial conditions, including currency exchange rates, in Europe and the United Kingdom have been affected, and may be further
adversely affected, by Brexit. The process of negotiation expected to determine the future terms of the United Kingdom&#146;s relationship with the EU, including whether the United Kingdom will be able to continue to benefit from the EU&#146;s free
trade and similar agreements, is still ongoing. A withdrawal agreement that was negotiated in 2018 between the EU and the United Kingdom&#146;s government was rejected by the UK parliament on three occasions in early 2019. In April 2019, the EU and
the UK government agreed, and the EU member states thereafter approved, to extend the United Kingdom&#146;s departure date from the EU until October&nbsp;31, 2019. Further uncertainty regarding the timing of the United Kingdom&#146;s withdrawal from
the EU could adversely impact Mereo&#146;s business, which could reduce the price of our ADSs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Depending on the terms of Brexit,
particularly after a possible transition period or as a result of a <FONT STYLE="white-space:nowrap">no-deal</FONT> Brexit, economic conditions in the United Kingdom, the EU and global markets, including currency markets, may be adversely affected
by reduced growth and increased volatility, especially if Brexit results in increased trade barriers in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the European market. Further uncertainty during and after the Brexit negotiation period is also expected to have a negative economic impact, particularly on consumer spending and capital
investments, and increase market volatility, particularly in Europe. Any of these factors could have a significant adverse effect on Mereo&#146;s business, financial condition, results of operations, and prospects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to Development, Clinical Testing, Manufacturing and Regulatory Approval </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT>
<FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649,</FONT> <FONT STYLE="white-space:nowrap">OMP-305B83</FONT> and <FONT STYLE="white-space:nowrap">OMP-313M32</FONT> are in clinical development. Clinical drug
development is a lengthy and expensive process with uncertain timelines and uncertain outcomes, and results of earlier studies and trials may not be predictive of future results. If clinical trials of Mereo&#146;s product candidates are prolonged or
delayed, or if Mereo&#146;s product candidates fail to show the desired safety and efficacy in later stage clinical trials, Mereo may be unable to obtain required regulatory approvals and be unable to commercialize its product candidates on a timely
basis, or at all. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To obtain the requisite regulatory approvals to market and sell any of Mereo&#146;s product candidates, Mereo
must demonstrate through extensive clinical trials that such product candidates are safe and effective in humans. Clinical testing is expensive and can take many years to complete, and its outcome is inherently uncertain. Failure can occur at any
time during the clinical trial process. The results of <FONT STYLE="white-space:nowrap">pre-clinical</FONT> studies and early-stage clinical trials of Mereo&#146;s product candidates may not be predictive of the results of later-stage clinical
trials. Product candidates in later stages of clinical trials may fail to show the desired safety and efficacy traits despite having progressed through <FONT STYLE="white-space:nowrap">pre-clinical</FONT> studies and initial clinical trials. A
number of companies in the biopharmaceutical industry have suffered significant setbacks in advanced clinical trials due to lack of efficacy or adverse safety profiles, notwithstanding promising results in earlier trials. Mereo&#146;s future
clinical trial results may not be successful. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo may experience delays in its ongoing clinical trials and does not know whether
planned clinical trials will begin on time, need to be redesigned, enroll patients on time or be completed on schedule, if at all. Mereo&#146;s clinical trials can be delayed, suspended, or terminated for a variety of reasons, including the
following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">delays in or failure to obtain regulatory or ethics committee approval to commence a trial, for example, if Mereo
is unable to submit its proposed protocol to the FDA for a pediatric clinical trial for <FONT STYLE="white-space:nowrap">BPS-804;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">delays in or failure to reach agreement on acceptable terms with prospective CROs and clinical trial sites, the
terms of which can be subject to extensive negotiation and may vary significantly among different CROs and trial sites; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">failure of Mereo&#146;s CROs to execute its trials in accordance with the clinical trial protocol; good
laboratory, clinical, and manufacturing practices (&#147;GxP&#148;); or other regulatory or contractual obligations; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">delays in or failure to obtain institutional review board (&#147;IRB&#148;) approval, centrally or at each site;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">delays in or failure to recruit suitable patients to participate in a trial; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">failure to have patients complete a trial or return for post-treatment
<FONT STYLE="white-space:nowrap">follow-up;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for Mereo&#146;s rare disease product candidates, failure to enroll a sufficient number of patients with the rare
disease and clinical trial design challenges such as, but not limited to, the <FONT STYLE="white-space:nowrap">off-label</FONT> use of drugs to treat rare disease or where the most common treatment method has not been clinically tested or has been
approved on the basis of a different endpoint and not directly tied to a clinical outcome study, for example, augmentation therapy for AATD; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">clinical sites deviating from trial protocol or dropping out of a trial or committing gross misconduct or fraud;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">adding new clinical trial sites; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">unexpected technical issues during manufacture, storage, or transport of Mereo&#146;s product candidates and the
corresponding drug product; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">inability to manufacture sufficient quantities of Mereo&#146;s product candidates for use in clinical trials;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">third-party actions claiming infringement by Mereo&#146;s product candidates in clinical trials inside or outside
of the United States and obtaining injunctions interfering with Mereo&#146;s progress; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">business interruptions resulting from <FONT STYLE="white-space:nowrap">geo-political</FONT> actions, including
war and terrorism, or natural disasters including earthquakes, typhoons, hurricanes, floods, and fires; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">safety or tolerability concerns causing Mereo or its collaborators, as applicable, to suspend or terminate a
trial if Mereo or its collaborators find that the participants are being exposed to unacceptable health risks; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in regulatory requirements, policies, and guidelines; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">lower than anticipated retention rates of patients and healthy volunteers in clinical trials;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">unexpected technical issues with the equipment used to conduct clinical trials or analyze the results;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo&#146;s third-party research contractors failing to comply with regulatory requirements or to meet its
contractual obligations to Mereo in a timely manner, or at all; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">delays in establishing the appropriate dosage levels or frequency of dosing or treatment in clinical trials;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">difficulty in identifying the populations that Mereo is trying to treat in a particular trial, which may delay
enrollment and reduce the power of a clinical trial to detect statistically significant results; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the quality or stability of Mereo&#146;s product candidates falling below acceptable standards for either safety
or efficacy; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">discoveries that may reduce the commercial viability of Mereo&#146;s product candidates. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo could encounter delays if a clinical trial is suspended or terminated by it, by the IRBs, centrally or at the institutions in which such
trials are being conducted, by the data monitoring committee or data safety monitoring board for such trial or by the FDA, the EMA, or other regulatory authorities. Such authorities may impose such a suspension or termination due to a number of
factors, including failure to conduct the clinical trial in accordance with regulatory requirements or Mereo&#146;s clinical protocols; inspection of the clinical trial operations or trial site by the FDA, the EMA, or other regulatory authorities
resulting in the imposition of a clinical hold; unforeseen safety issues or adverse side effects; failure to demonstrate a benefit from using a drug; failure of Mereo&#146;s clinical trials to demonstrate adequate efficacy and safety; changes in
governmental regulations or administrative actions; or lack of adequate funding to continue the clinical trial. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A number of academic
institutions are currently conducting and sponsoring clinical trials relating to Mereo&#146;s product candidate, <FONT STYLE="white-space:nowrap">MPH-966,</FONT> including a clinical trial in patients with type 2 diabetes and a clinical trial in
patients with bronchiolitis obliterans. Mereo does not control the design or administration of these investigator-sponsored trials, and such investigator-sponsored trials could identify significant concerns with respect to <FONT
STYLE="white-space:nowrap">MPH-966</FONT> that could impact Mereo&#146;s findings from its own clinical trials, and adversely affect Mereo&#146;s ability to obtain marketing approval from the FDA or other applicable authorities. To the extent the
results of these or other investigator-sponsored trials are inconsistent with, or different from, the results of Mereo&#146;s company-sponsored trials or raise concerns regarding <FONT STYLE="white-space:nowrap">MPH-966,</FONT> the FDA or a foreign
regulatory authority may question the results of a company-sponsored trial, or subject such results to greater scrutiny than it otherwise would. In these circumstances, the FDA or such foreign regulatory authorities may require Mereo to conduct
additional clinical studies or submit additional clinical data, which could delay clinical development or marketing approval of <FONT STYLE="white-space:nowrap">MPH-966.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Moreover, principal investigators for Mereo&#146;s clinical trials may serve as scientific advisors or consultants to Mereo from time to time
and receive compensation in connection with such services. Under certain circumstances, Mereo may be required to report some of these relationships to the FDA, the EMA, or another regulatory authority. The FDA, the EMA, or such other regulatory
authority may conclude that a financial relationship between Mereo and a principal investigator has created a conflict of interest or otherwise affected interpretation of the study. The FDA, the EMA, or such other regulatory authority may therefore
question the integrity of the data generated at the applicable clinical trial site and the utility of the clinical trial itself may be jeopardized. This could result in a delay in approval, or rejection, of Mereo&#146;s marketing applications by the
FDA, the EMA, or the other regulatory authority, as the case may be, and may ultimately lead to the denial of marketing approval of Mereo&#146;s product candidates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Mereo experiences delays in the completion of any clinical trial of its product
candidates or any clinical trial of its product candidates is terminated, the commercial prospects of its product candidates may be harmed, and its ability to generate product revenues from its product candidates, if any, will be delayed. Moreover,
any delays in completing Mereo&#146;s clinical trials will increase its costs, slow down the development and approval process of its product candidates, and jeopardize its ability to commence product sales and generate revenue, if any. Significant
clinical trial delays could also allow Mereo&#146;s competitors to bring products to market before Mereo does or shorten any periods during which Mereo has the exclusive right to commercialize its product candidates and could impair Mereo&#146;s
ability to commercialize its product candidates. In addition, many of the factors that cause, or lead to, a delay in the commencement or completion of clinical trials may also ultimately lead to the denial of regulatory approval of Mereo&#146;s
product candidates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Clinical trials must be conducted in accordance with the laws and regulations of the FDA, EU rules and regulations
and other applicable regulatory authorities&#146; legal requirements, regulations or guidelines, and are subject to oversight by these governmental agencies and IRBs, centrally or at the institutions where the clinical trials are conducted. In
addition, clinical trials must be conducted with supplies of Mereo&#146;s product candidates produced in compliance with the requirements of current good manufacturing practice (&#147;cGMP&#148;) and other regulations. Furthermore, Mereo relies on
CROs and clinical trial sites to ensure the proper and timely conduct of its clinical trials and while Mereo has agreements governing the CROs&#146; committed activities, Mereo has limited influence over the CROs&#146; actual performance. Mereo
depends on its collaborators and on medical institutions and CROs to conduct its clinical trials in compliance with good clinical practice (&#147;GCP&#148;) requirements. To the extent Mereo&#146;s collaborators or the CROs fail to enroll
participants for Mereo&#146;s clinical trials, fail to conduct the study to GCP standards, or are delayed for a significant time in the execution of trials, including achieving full enrollment, Mereo may be affected by increased costs, program
delays, or both. In addition, clinical trials that are conducted in countries outside the EU and the United States may subject Mereo to further delays and expenses as a result of increased shipment costs, additional regulatory requirements, and the
engagement of <FONT STYLE="white-space:nowrap">non-EU</FONT> and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> CROs, as well as expose Mereo to risks associated with clinical investigators who are unknown to the FDA or the EMA, and different
standards of diagnosis, screening, and medical care. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Prior to Mereo&#146;s acquisition of
<FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649,</FONT> <FONT STYLE="white-space:nowrap">OMP-305B83</FONT>
and <FONT STYLE="white-space:nowrap">OMP-313M32,</FONT> Mereo was not involved in the development of these product candidates and, as a result, Mereo is dependent on Novartis, AstraZeneca and OncoMed having accurately reported the results and
correctly collected and interpreted the data from all clinical trials conducted prior to Mereo&#146;s acquisition. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo was not
involved in the development of its current product candidates prior to its acquisition of such product candidates from Novartis Pharma AG (&#147;Novartis&#148;), AstraZeneca AB (&#147;AstraZeneca&#148;) and OncoMed, respectively. For all of
Mereo&#146;s current product candidates, Mereo has had no involvement with or control over their manufacturing or <FONT STYLE="white-space:nowrap">pre-clinical</FONT> and clinical development prior to its acquisition of them. Mereo is dependent on
Novartis, AstraZeneca and OncoMed having conducted its research and development in accordance with the applicable protocols and legal, regulatory, and scientific standards; having accurately reported the results of all clinical trials conducted
prior to Mereo&#146;s acquisition; and having correctly collected and interpreted the data from these trials. To the extent Novartis or AstraZeneca have not complied, the clinical development, regulatory approval, or commercialization of
Mereo&#146;s product candidates may be adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Interim <FONT STYLE="white-space:nowrap">&#147;top-line&#148;</FONT> and
preliminary data from Mereo&#146;s clinical trials that Mereo announces or publishes from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the
final data. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From time to time, Mereo may publish interim <FONT STYLE="white-space:nowrap">&#147;top-line&#148;</FONT> or
preliminary data from its clinical trials. Interim data from clinical trials that Mereo may complete are subject to the risk that one or more of the clinical outcomes may materially change as patient enrollment continues and more patient data become
available. Preliminary or <FONT STYLE="white-space:nowrap">&#147;top-line&#148;</FONT> data also remain subject to audit and verification procedures that may result in the final data being materially different from the preliminary data Mereo
previously published. As a result, interim and preliminary data should be viewed with caution until the final data are available. Adverse differences between preliminary or interim data and final data could significantly harm Mereo&#146;s business
prospects. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo&#146;s product candidates may have serious adverse, undesirable, or unacceptable
side effects which may delay or prevent marketing approval or lead to the withdrawal of approval after it has been granted. If such side effects are identified during the development of these product candidates or following approval, if any, Mereo
may need to abandon its development of these product candidates, the commercial profile of any approved label may be limited, or Mereo may be subject to other significant negative consequences following marketing approval, if any. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Undesirable side effects that may be caused by <FONT STYLE="white-space:nowrap">BPS-804,</FONT>
<FONT STYLE="white-space:nowrap">MPH-966,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649,</FONT> <FONT STYLE="white-space:nowrap">OMP-305B83</FONT> and
<FONT STYLE="white-space:nowrap">OMP-313M32</FONT> could cause Mereo or regulatory authorities to interrupt, delay or halt clinical trials, and could result in a more restrictive label or the delay or denial of regulatory approval by the FDA, the
EMA, or other comparable foreign authorities. Each of Mereo&#146;s product candidates has completed one or more clinical trials. In the trials conducted prior to Mereo&#146;s ownership and following Mereo&#146;s ownership, the most common adverse
events observed have been the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for <FONT STYLE="white-space:nowrap">BPS-804,</FONT> headache, influenza, arthralgia, and fatigue;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for <FONT STYLE="white-space:nowrap">MPH-966,</FONT> headache, nasopharyngitis, and elevated levels of the liver
enzymes aspartate aminotransferase and alanine aminotransferase; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for <FONT STYLE="white-space:nowrap">BCT-197,</FONT> a mild acne-like rash, tachycardia, dizziness, and headache;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for <FONT STYLE="white-space:nowrap">BGS-649,</FONT> headache, increased hematocrit, and small increases in blood
pressure; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for <FONT STYLE="white-space:nowrap">OMP-305B83,</FONT> hypertension, fatigue, diarrhea, headache and pulmonary
hypertension; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for <FONT STYLE="white-space:nowrap">OMP-313M32,</FONT> rash, fatigue, nausea, pruritus, cough and autoimmune
hepatitis. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Clinical development for all of these product candidates is ongoing. Results of Mereo&#146;s ongoing and
future clinical trials, or results from clinical trials for other similar product candidates, could reveal a high and unacceptable severity and prevalence of adverse side effects. In such an event, Mereo&#146;s trials could be suspended or
terminated and the FDA, EMA, or other comparable foreign regulatory authorities could order Mereo to cease further development of or deny approval of Mereo&#146;s product candidates for any or all targeted indications. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For example, in the United States, the FDA in the first quarter of 2018 denied Mereo&#146;s request for a Type C meeting to discuss the
initiation of a pediatric Phase 3 study for <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of patients with severe OI. The FDA cited a serious cardiovascular safety concern in adults treated with sclerostin inhibitors that had yet
to be resolved and informed Mereo that a risk/benefit assessment for sclerostin inhibitors could not be completed at that time. The FDA further recommended that Mereo not submit its proposed pediatric protocol until the cardiovascular safety issue
had been adequately addressed and favorably resolved. In January 2019 the FDA held an advisory committee meeting, which voted <FONT STYLE="white-space:nowrap">18-1</FONT> to approve another sclerostin inhibitor and in April 2019, the FDA approved
this drug. Mereo believes the FDA now has fuller data on the cardiovascular safety issue and plans to <FONT STYLE="white-space:nowrap">re-engage</FONT> with the FDA in 2019 to discuss the expansion of the pediatric Phase 3 study for <FONT
STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of patients with severe OI to include sites in the United States. Mereo does not believe the FDA&#146;s previous concern was related to <FONT STYLE="white-space:nowrap">BPS-804.</FONT> In
any case, the FDA&#146;s position does not impact Mereo&#146;s ability to conduct its clinical development activities of <FONT STYLE="white-space:nowrap">BPS-804</FONT> for children with severe OI or Mereo&#146;s clinical development activities of <FONT
STYLE="white-space:nowrap">BPS-804</FONT> in Europe, the United States and Canada for adults with OI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Drug-related side effects could
affect patient recruitment or the ability of enrolled patients to complete a trial or result in potential product liability claims. Additionally, if any of Mereo&#146;s product candidates receives marketing approval and Mereo or others later
identify undesirable or unacceptable side effects caused by these product candidates, a number of potentially significant negative consequences could result, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">regulatory authorities may withdraw approvals of any such product and require Mereo to take it off the market;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">regulatory authorities may require the addition of labeling statements, specific warnings, a contraindication, or
field alerts to physicians and pharmacies; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">regulatory authorities may require a medication guide outlining the risks of such side effects for distribution
to patients, or that Mereo implement a REMS plan to ensure that the benefits of the product outweigh its risks; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo may be required to change the way a product is administered, conduct additional clinical trials, or change
the labeling of a product; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo may be subject to limitations on how it may promote the product; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">sales of the product may decrease significantly; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">third-party private or government payors may not offer, or may offer inadequate, reimbursement coverage for,
Mereo&#146;s products, or reimbursement payments may be delayed; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo may be subject to litigation or product liability claims; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo&#146;s reputation may suffer. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any of these events could prevent Mereo or any collaborators from achieving or maintaining market acceptance of Mereo&#146;s product
candidates or could substantially increase commercialization costs and expenses, which in turn could delay or prevent Mereo from generating significant revenue from the sale of its product candidates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo depends on enrollment of patients in its clinical trials for its product candidates. If Mereo is unable to enroll patients in its
clinical trials, or enrollment is slower than anticipated, in particular for its product candidates with rare disease indications, its research and development efforts could be adversely affected. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Successful and timely completion of clinical trials for Mereo&#146;s product candidates will require that Mereo enroll a sufficient number of
patient candidates. Trials may be subject to delays as a result of the limited number of patients with the diseases that these product candidates target, patient enrollment taking longer than anticipated, or patient withdrawal. Due to the small
number of patients for any rare disease, it may be difficult for Mereo to enroll a sufficient number of patients in its clinical trials for its product candidates with indications in rare diseases or enrollment for these product candidates may take
significantly longer than Mereo anticipates. In addition, Mereo will compete with other companies in enrolling the same limited population of patients, which may further challenge Mereo&#146;s ability to timely enroll patients in its clinical
trials. It is estimated that OI, the target indication for <FONT STYLE="white-space:nowrap">BPS-804,</FONT> affects a minimum of 20,000 people in the United States and approximately 32,000 people in Germany, Spain, France, Italy, and the United
Kingdom, collectively. There are an estimated 50,000 and 60,000 persons in North America and Europe, respectively, with the genotypes that Mereo intends to enroll in its clinical trials for AATD, the target indication for <FONT
STYLE="white-space:nowrap">MPH-966.</FONT> Patient enrollment depends on many factors, including the size and nature of the patient population, eligibility criteria for the trial, the proximity of patients to clinical sites, the design of the
clinical protocol, the availability of competing clinical trials, the availability of new drugs or biologics approved for the indication the clinical trial is investigating, and clinicians&#146; and patients&#146; perceptions as to the potential
advantages of the drug being studied in relation to other available therapies. These factors may make it difficult for Mereo to enroll enough patients to complete its clinical trials in a timely and cost-effective manner. Delays in the completion of
any clinical trial of Mereo&#146;s product candidates will increase Mereo&#146;s costs, slow down its development and approval of Mereo&#146;s product candidates, and delay or potentially jeopardize Mereo&#146;s ability to commence product sales and
generate revenue. In addition, some of the factors that cause or lead to a delay in the commencement or completion of clinical trials may also ultimately lead to the denial of regulatory approval of Mereo&#146;s product candidates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo may become exposed to costly and damaging liability claims, either when testing its product candidates in the clinic or at the
commercial stage, and its product liability insurance may not cover all damages from such claims. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is exposed to potential
product liability and professional indemnity risks that are inherent in the development, manufacturing, marketing, and use of pharmaceutical products. Currently, Mereo has no products that have been approved for commercial sale; however, the current
and future use of its product candidates by it and any collaborators, in clinical trials, and the sale of these product candidates, if approved, in the future, may expose Mereo to liability claims. These claims might be made by patients that use the
product, healthcare providers, pharmaceutical companies, Mereo&#146;s collaborators, or others selling these product candidates. Any claims against Mereo, regardless of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
its merit, could be difficult and costly to defend and could adversely affect the market for its product candidates or any prospects for commercialization of Mereo&#146;s product candidates. In
addition, regardless of the merits or eventual outcome, liability claims may result in: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">decreased demand for Mereo&#146;s product candidates; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">injury to Mereo&#146;s reputation; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">withdrawal of clinical trial participants; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">costs to defend related litigation; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">diversion of management&#146;s time and Mereo&#146;s resources; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">substantial monetary awards to trial participants or patients; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">regulatory investigation, product recalls or withdrawals, or labeling, marketing or promotional restrictions;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">loss of revenue; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the inability to commercialize or promote Mereo&#146;s product candidates. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although the clinical trial process is designed to identify and assess potential side effects, it is always possible that a drug, even after
regulatory approval, may exhibit unforeseen side effects. If Mereo&#146;s product candidates were to cause adverse side effects during clinical trials or after approval, Mereo may be exposed to substantial liabilities. Physicians and patients may
not comply with any warnings that identify known potential adverse effects and patients who should not use Mereo&#146;s product candidates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although Mereo maintains product liability insurance for its product candidates, it is possible that its liabilities could exceed its
insurance coverage. Mereo intends to expand its insurance coverage to include the sale of commercial products if it obtains marketing approval for any of its product candidates. However, Mereo may not be able to maintain insurance coverage at a
reasonable cost or obtain insurance coverage that will be adequate to satisfy any liability that may arise. If a successful product liability claim or series of claims is brought against Mereo for uninsured liabilities or in excess of insured
liabilities, Mereo&#146;s assets may not be sufficient to cover such claims and its business operations could be impaired. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The
regulatory approval processes of the FDA, the EMA, and comparable foreign authorities are lengthy, time consuming, and inherently unpredictable, and if Mereo is ultimately unable to obtain regulatory approval for its product candidates, its business
will be substantially harmed. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The time required to obtain approval by the FDA, the EMA, and comparable foreign authorities is
unpredictable, but typically takes many years following the commencement of clinical trials and depends upon numerous factors, including substantial discretion of the regulatory authorities. In addition, approval policies, regulations, or the type
and amount of clinical data necessary to gain approval may change during the course of a product candidate&#146;s clinical development and may vary among jurisdictions. Mereo has not obtained regulatory approval for any of its product candidates and
it is possible that none of its product candidates will obtain regulatory approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s product candidates could fail to receive
regulatory approval for many reasons, including the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the FDA, the EMA, or comparable foreign regulatory authorities may disagree with the design or implementation of
Mereo&#146;s clinical trials; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo may be unable to demonstrate to the satisfaction of the FDA, the EMA, or comparable foreign regulatory
authorities that a product candidate is safe and effective for its proposed indication; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the results of clinical trials may not meet the level of statistical significance required by the FDA, the EMA,
or comparable foreign regulatory authorities for approval; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo may be unable to demonstrate that a product candidate&#146;s clinical and other benefits outweigh its
safety risks; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the FDA, the EMA, or comparable foreign regulatory authorities may disagree with Mereo&#146;s interpretation of
data from <FONT STYLE="white-space:nowrap">pre-clinical</FONT> studies or clinical trials or may find the data to be unacceptable; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the data collected from clinical trials may not be sufficient to support the submission of a BLA or NDA in the
United States, an MAA in the EU, or other comparable submission to obtain regulatory approval in other countries; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the FDA, the EMA, or comparable foreign regulatory authorities may fail to approve the manufacturing processes or
facilities of third-party manufacturers with which Mereo contract for clinical and commercial supplies; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the approval policies or regulations of the FDA, the EMA, or comparable foreign regulatory authorities may
significantly change in a manner rendering Mereo&#146;s clinical data insufficient for approval. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This lengthy approval
process as well as the unpredictability of future clinical trial results may result in Mereo&#146;s failing to obtain regulatory approval to market any product candidates. The FDA, the EMA, and other regulatory authorities have substantial
discretion in the approval process, and determining when or whether regulatory approval will be obtained for a product candidate. Even if Mereo believes the data collected from clinical trials are promising, such data may not be sufficient to
support approval by the FDA, the EMA, or any other regulatory authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, even if Mereo were to obtain approval for any
jurisdiction, regulatory authorities may approve Mereo&#146;s product candidates for fewer or more limited indications than Mereo request, may not approve the price Mereo intends to charge for its product candidates, may grant approval contingent on
the performance of costly post-marketing clinical trials, or may approve a product candidate with a label that does not include the labeling claims necessary or desirable for the successful commercialization of such product candidate. Any of the
foregoing scenarios could materially harm Mereo&#146;s commercial prospects and business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Even if any of Mereo&#146;s product
candidates obtains regulatory approval, Mereo will be subject to ongoing obligations and continued regulatory review, which may result in significant additional expense. Additionally, any of Mereo&#146;s product candidates, if approved, could be
subject to labeling and other restrictions and market withdrawal and Mereo may be subject to penalties if Mereo fails to comply with regulatory requirements or experience unanticipated problems with such product candidate. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the FDA, the EMA, or a comparable foreign regulatory authority approves any of Mereo&#146;s product candidates, the manufacturing
processes, labeling, packaging, distribution, adverse event reporting, storage, advertising, promotion, and recordkeeping for such product candidate will be subject to extensive and ongoing regulatory requirements. These requirements include
submissions of safety and other post-marketing information and reports, facility registration, and drug listing, as well as continued compliance with cGMP requirements for manufacturing, good distribution practice (&#147;GDP&#148;), requirements for
product distribution, and GCP requirements for any clinical trials that Mereo conducts post-approval, all of which may result in significant expense and limit Mereo&#146;s ability to commercialize a product candidate. Mereo and its contract
manufacturers will also be subject to user fees and periodic inspection by the FDA, the EMA, and other regulatory authorities to monitor compliance with these requirements and the terms of any product approval Mereo may obtain. In addition, any
regulatory approvals that Mereo receive for a product candidate may also be subject to limitations on the approved indicated uses for which such product may be marketed or to the conditions of approval, or contain requirements for potentially costly
post-marketing testing, including Phase 4 clinical trials, and surveillance to monitor the safety and efficacy of such product. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If there
are changes in the application of legislation or regulatory policies, or if problems are discovered with a product or the manufacture of a product, or if Mereo or one of its distributors, licensees, or
<FONT STYLE="white-space:nowrap">co-marketers</FONT> fails to comply with regulatory requirements, the regulatory authorities could take various actions. These include imposing fines on Mereo, imposing restrictions on Mereo&#146;s product or its
manufacture, and requiring Mereo to recall or remove a product from the market. The regulatory authorities could also suspend or withdraw Mereo&#146;s marketing authorizations, or require it to conduct additional clinical trials, change its product
labeling, or submit additional MAAs. If any of these events occurs, Mereo&#146;s ability to sell its product may be impaired, and it may incur substantial additional expense to comply with regulatory requirements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The policies of the FDA, the EMA, and other regulatory authorities may change and additional
government regulations may be enacted that could prevent, limit, or delay regulatory approval of Mereo&#146;s product candidates. Mereo cannot predict the likelihood, nature, or extent of government regulation that may arise from future legislation
or administrative or executive action, either in the United States, the United Kingdom, Europe, or other jurisdictions. For example, the current U.S. presidential administration has taken several executive actions, including the issuance of a number
of Executive Orders, that could impose significant burdens on, or otherwise materially delay, the FDA&#146;s ability to engage in routine oversight activities such as implementing statutes through rulemaking, issuance of guidance, and review and
approval of marketing applications. Notably, in January 2017, an Executive Order was issued directing all executive agencies, including the FDA, that, for each notice of proposed rulemaking or final regulation to be issued in fiscal year 2017, the
agency identify at least two existing regulations to be repealed, unless prohibited by law. These requirements are referred to as the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;two-for-one&#148;</FONT></FONT> provisions.
This Executive Order includes a budget neutrality provision that requires the total incremental cost of all new regulations in the 2017 fiscal year, including repealed regulations, to be no greater than zero, except in limited circumstances. For
fiscal years 2018 and beyond, the Executive Order requires agencies to identify regulations to offset any incremental cost of a new regulation. In interim guidance issued by the Office of Information and Regulatory Affairs in February 2017, the
administration indicated that the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;two-for-one&#148;</FONT></FONT> provisions may apply not only to agency regulations, but also to significant agency guidance documents, and in
September 2017, the FDA published notices in the Federal Register soliciting broad public comment to identify regulations that could be modified in compliance with these Executive Orders. It is difficult to predict how these requirements be
implemented, and the extent to which they will impact the FDA&#146;s ability to exercise its regulatory authority. If these executive actions impose restrictions on the FDA&#146;s ability to engage in oversight and implementation activities in the
normal course, Mereo&#146;s business may be negatively impacted. In addition, if Mereo is slow or unable to adapt to changes in existing requirements or the adoption of new requirements or policies, or if it is not able to maintain regulatory
compliance, Mereo may lose any marketing approval that it may have obtained and may not achieve or sustain profitability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Even if
Mereo obtains marketing approval of any of its product candidates in a major pharmaceutical market such as the United States or the EU, it may not be able to obtain approval or commercialize that product candidate in other markets, which would limit
its ability to realize its full market potential. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to market any products in a country or territory, Mereo must establish
and comply with numerous and varying regulatory requirements of such country or territory regarding safety and efficacy. Clinical trials conducted in one country may not be accepted by regulatory authorities in other countries, and regulatory
approval in one country does not mean that regulatory approval will be obtained in any other country. Approval procedures vary among countries and can involve additional product testing and validation and additional administrative review periods.
Seeking regulatory approvals in multiple markets may require additional <FONT STYLE="white-space:nowrap">pre-clinical</FONT> studies or clinical trials, which would be costly and time consuming. Regulatory requirements can vary widely from country
to country and could delay or prevent the introduction of Mereo&#146;s product candidates in those countries. Satisfying these and other regulatory requirements is costly, time consuming, uncertain, and subject to unanticipated delays. In addition,
Mereo&#146;s failure to obtain regulatory approval in any country may delay or have negative effects on the process for regulatory approval in other countries. Mereo currently does not have any product candidates approved for sale in the United
States, the EU, or any other markets, and Mereo&#146;s management team does not have experience in obtaining regulatory approval in markets outside of the United States and the EU. If Mereo seeks regulatory approval in other markets and fail to
obtain marketing approval in those markets or, if Mereo&#146;s product candidates are approved in such markets but Mereo fails to maintain such approvals, its ability to realize the full market potential of its product candidates will be
compromised. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo&#146;s employees and independent contractors, including principal investigators, CROs, CMOs, consultants,
vendors, and any other third parties Mereo may engage in connection with the development and commercialization of its product candidates may engage in misconduct or other improper activities, including noncompliance with regulatory standards and
requirements, which could adversely affect Mereo&#146;s business. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Misconduct by Mereo&#146;s employees and independent
contractors, including principal investigators, CROs, CMOs, consultants, vendors, and any other third parties Mereo may engage in connection with the development and commercialization of Mereo&#146;s product candidates, could include intentional,
reckless, or negligent conduct or unauthorized activities that violate: (i)&nbsp;the laws and regulations of the FDA, the EMA and other similar regulatory authorities, including those laws that require the reporting of true, complete and accurate
information to such authorities; (ii)&nbsp;manufacturing standards; (iii)&nbsp;data privacy, security, fraud and abuse, and other healthcare laws and regulations; or (iv)&nbsp;laws that require the reporting of true, complete, and accurate financial
information and data. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Specifically, sales, marketing, and business arrangements in the healthcare industry are subject to extensive laws and regulations intended to prevent fraud, misconduct, kickbacks, self-dealing,
and other abusive practices. These laws and regulations may restrict or prohibit a wide range of pricing, discounting, marketing and promotion, sales commission, customer incentive programs, and other business arrangements. Activities subject to
these laws could also involve the improper use or misrepresentation of information obtained in the course of clinical trials, creation of fraudulent data in <FONT STYLE="white-space:nowrap">pre-clinical</FONT> studies or clinical trials, or illegal
misappropriation of drug product, which could result in regulatory sanctions and cause serious harm to Mereo&#146;s reputation. It is not always possible to identify and deter misconduct by employees and other third parties, and the precautions
Mereo take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting Mereo from governmental investigations or other actions or lawsuits stemming from a failure to comply with such
laws or regulations. Additionally, Mereo is subject to the risk that a person or government could allege such fraud or other misconduct, even if none occurred. If any such actions are instituted against Mereo, and it is not successful in defending
itself or asserting its rights, those actions could have a significant impact on its business and results of operations, including the imposition of significant civil, criminal and administrative penalties, damages, monetary fines, disgorgements,
possible exclusion from participation in Medicare, Medicaid, other U.S. federal healthcare programs or healthcare programs in other jurisdictions, individual imprisonment, other sanctions, contractual damages, reputational harm, diminished profits
and future earnings, and curtailment of Mereo&#146;s operations. Mereo is also subject to the data privacy regime in the EU, which imposes obligations and restrictions on the collection and use of personal data relating to individuals located in the
EU and includes the General Data Protection Regulation (the &#147;GDPR&#148;) and any national laws implementing or supplementing the GDPR. If Mereo does not comply with its obligations under the EU privacy regime, it could be exposed to significant
fines and may be the subject of litigation and/or adverse publicity, which could have a material adverse effect on its reputation and business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks
Related to Healthcare Laws and Other Legal Compliance Matters </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Enacted and future healthcare legislation may increase the
difficulty and cost for Mereo to obtain marketing approval of and commercialize its product candidates and may affect the prices it may set. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the United States, EU and other jurisdictions, there have been, and Mereo expects there will continue to be, a number of legislative and
regulatory changes and proposed changes to the healthcare system that could affect Mereo&#146;s future results of operations. In particular, there have been and continue to be a number of initiatives at the U.S. federal and state levels that seek to
reduce healthcare costs and improve the quality of healthcare. For example, in March 2010, the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act (as so amended, the &#147;ACA&#148;) was
enacted, which substantially changed the way healthcare is financed by both governmental and private insurers. Among the provisions of the ACA, those of greatest importance to the pharmaceutical and biotechnology industries include the following:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an annual, <FONT STYLE="white-space:nowrap">non-deductible</FONT> fee payable by any entity that manufactures or
imports certain branded prescription drugs and biologic agents (other than those designated as orphan drugs), which is apportioned among these entities according to its market share in certain government healthcare programs; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a new Medicare Part D coverage gap discount program, in which manufacturers must agree to offer 50% <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-of-sale</FONT></FONT> discounts off negotiated prices of applicable brand drugs to eligible beneficiaries during its coverage gap period, as a condition for the manufacturer&#146;s
outpatient drugs to be covered under Medicare Part D; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">new requirements to report certain financial arrangements with physicians and teaching hospitals, including
reporting &#147;transfers of value&#148; made or distributed to prescribers and other healthcare providers and reporting investment interests held by physicians and its immediate family members; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an increase in the statutory minimum rebates a manufacturer must pay under the Medicaid Drug Rebate Program to
23.1% and 13.0% of the average manufacturer price (&#147;AMP&#148;) for branded and generic drugs, respectively, and capped the total rebate amount for innovator drugs at 100% of the AMP; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a new methodology by which rebates owed by manufacturers under the Medicaid Drug Rebate Program are calculated
for drugs and biologics, including Mereo&#146;s product candidates, that are inhaled, infused, instilled, implanted, or injected; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">extension of a manufacturer&#146;s Medicaid rebate liability to covered drugs dispensed to individuals who are
enrolled in Medicaid managed care organizations; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">expansion of eligibility criteria for Medicaid programs by, among other things, allowing states to offer Medicaid
coverage to certain individuals with income at or below 133% of the federal poverty level, thereby potentially increasing a manufacturer&#146;s Medicaid rebate liability; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a new Patient-Centered Outcomes Research Institute to oversee, identify priorities in, and conduct comparative
clinical effectiveness research, along with funding for such research; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">creation of the Independent Payment Advisory Board, which, once empaneled, will have the authority to recommend
certain changes to the Medicare program that could result in reduced payments for prescription drugs and those recommendations could have the effect of law unless overruled by a supermajority vote of the U.S. Congress (&#147;Congress&#148;);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">establishment of a Center for Medicare Innovation at the Centers for Medicare&nbsp;&amp; Medicaid Services
(&#147;CMS&#148;), to test innovative payment and service delivery models to lower Medicare and Medicaid spending, potentially including prescription drug spending; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">expansion of the entities eligible for discounts under the Public Health Service program; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a licensure framework for follow on biologic products. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since its enactment, there have been judicial and congressional challenges to certain aspects of the ACA, as well as recent efforts by the
Trump administration to repeal or replace certain aspects of the ACA. Since January 2017, President Trump has signed two Executive Orders designed to delay the implementation of any certain provisions of the ACA or otherwise circumvent some of the
requirements for health insurance mandated by the ACA. The Trump administration has also announced that it will discontinue the payment of cost-sharing reduction (&#147;CSR&#148;) payments to insurance companies until Congress approves the
appropriation of funds for the CSR payments. The loss of the CSR payments is expected to increase premiums on certain policies issued by qualified health plans under the ACA. A bipartisan bill to appropriate funds for CSR payments has been
introduced in the Senate, but the future of that bill is uncertain. In addition, CMS has recently proposed regulations that would give states greater flexibility in setting benchmarks for insurers in the individual and small group marketplaces,
which may have the effect of relaxing the essential health benefits required under the ACA for plans sold through such marketplaces. Further, each chamber of Congress have put forth multiple bills this year designed to repeal or repeal and replace
portions of the ACA. Although none of these measures have been enacted by Congress to date, Congress may consider other legislation to repeal and replace elements of the ACA. Congress will likely consider other legislation to replace elements of the
ACA. Mereo continues to evaluate the effect that the ACA and its possible repeal and replacement has on its business. It is uncertain the extent to which any such changes may impact Mereo&#146;s business or financial condition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other legislative changes have been proposed and adopted in the United States since the ACA was enacted. In August 2011, the Budget Control
Act of 2011, among other things, created measures for spending reductions by Congress. A Joint Select Committee on Deficit Reduction, tasked with recommending a targeted deficit reduction of at least $1.2 trillion for the years 2013 through 2021,
was unable to reach required goals, thereby triggering the legislation&#146;s automatic reduction to several government programs. This includes aggregate reductions of Medicare payments to providers of 2% per fiscal year. These reductions went into
effect in April 2013 and, due to subsequent legislative amendments to the statute, will remain in effect through 2025 unless additional action is taken by Congress. In January 2013, the American Taxpayer Relief Act of 2012 was signed into law,
which, among other things, further reduced Medicare payments to several types of providers, including hospitals, imaging centers and cancer treatment centers, and increased the statute of limitations period for the government to recover overpayments
to providers from three to five years. These new laws or any other similar laws introduced in the future may result in additional reductions in Medicare and other health care funding, which could negatively affect Mereo&#146;s customers and
accordingly, Mereo&#146;s financial operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, there has been increasing legislative and enforcement interest in the
United States with respect to specialty drug pricing practices. Specifically, there have been several recent U.S. Congressional inquiries and proposed federal and state legislation designed to, among other things, bring more transparency to drug
pricing, reduce the cost of prescription drugs under Medicare, review the relationship between pricing and manufacturer patient </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
programs, and reform government program reimbursement methodologies for drugs. Moreover, payment methodologies may be subject to changes in healthcare legislation and regulatory initiatives.
Mereo expects that additional U.S. federal healthcare reform measures will be adopted in the future, any of which could limit the amounts that the U.S. federal government will pay for healthcare products and services, which could result in reduced
demand for Mereo&#146;s product candidates or additional pricing pressures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Individual states in the United States have also become
increasingly aggressive in passing legislation and implementing regulations designed to control pharmaceutical and biological product pricing, including price or patient reimbursement constraints, discounts, restrictions on certain product access
and marketing cost disclosure and transparency measures, and, in some cases, designed to encourage importation from other countries and bulk purchasing. Legally-mandated price controls on payment amounts by third-party payors or other restrictions
could harm Mereo&#146;s business, results of operations, financial condition, and prospects. In addition, regional healthcare authorities and individual hospitals are increasingly using bidding procedures to determine what pharmaceutical products
and which suppliers will be included in its prescription drug and other healthcare programs. This could reduce the ultimate demand for Mereo&#146;s product candidates or put pressure on Mereo&#146;s product pricing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the EU, similar political, economic and regulatory developments may affect Mereo&#146;s ability to profitably commercialize its product
candidates, if approved. In addition to continuing pressure on prices and cost containment measures, legislative developments at the EU or member state level may result in significant additional requirements or obstacles that may increase
Mereo&#146;s operating costs. The delivery of healthcare in the EU, including the establishment and operation of health services and the pricing and reimbursement of medicines, is almost exclusively a matter for national, rather than EU, law and
policy. National governments and health service providers have different priorities and approaches to the delivery of health care and the pricing and reimbursement of products in that context. In general, however, the healthcare budgetary
constraints in most EU member states have resulted in restrictions on the pricing and reimbursement of medicines by relevant health service providers. Coupled with ever-increasing EU and national regulatory burdens on those wishing to develop and
market products, this could prevent or delay marketing approval of Mereo&#146;s product candidates, restrict or regulate post-approval activities and affect Mereo&#146;s ability to commercialize its product candidates, if approved. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In markets outside of the United States and EU, reimbursement and healthcare payment systems vary significantly by country, and many countries
have instituted price ceilings on specific products and therapies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo cannot predict the likelihood, nature, or extent of government
regulation that may arise from future legislation or administrative action in the United States, the EU, or any other jurisdiction. If Mereo or any third parties it may engage are slow or unable to adapt to changes in existing requirements or the
adoption of new requirements or policies, or if Mereo or such third parties are not able to maintain regulatory compliance, Mereo&#146;s product candidates may lose any regulatory approval that may have been obtained and Mereo may not achieve or
sustain profitability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo&#146;s business operations and current and future relationships with investigators, healthcare
professionals, consultants, third-party payors, patient organizations, and customers will be subject to applicable healthcare regulatory laws, which could expose Mereo to penalties. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo business operations and current and future arrangements with investigators, healthcare professionals, consultants, third-party payors,
patient organizations, and customers, may expose Mereo to broadly applicable fraud and abuse and other healthcare laws and regulations. These laws may constrain the business or financial arrangements and relationships through which Mereo conduct its
operations, including how it researches, markets, sells, and distributes its product candidates, if approved. Such laws include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the U.S. federal Anti-Kickback Statute, which prohibits, among other things, persons or entities from knowingly
and willfully soliciting, offering, receiving, or providing any remuneration (including any kickback, bribe, or certain rebate), directly or indirectly, overtly or covertly, in cash or in kind, to induce or reward, or in return for, either the
referral of an individual for, or the purchase, lease, order, or recommendation of, any good, facility, item, or service, for which payment may be made, in whole or in part, under U.S. federal and state healthcare programs such as Medicare and
Medicaid. A person or entity does not need to have actual knowledge of the statute or specific intent to violate it in order to have committed a violation. The U.S. federal Anti-Kickback Statute has been interpreted to apply to arrangements between
pharmaceutical manufacturers on the one hand and prescribers, purchasers, and formulary managers on the other hand; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the U.S. federal false claims and civil monetary penalties laws, including the civil False Claims Act
(&#147;FCA&#148;) which, among other things, impose criminal and civil penalties, including through civil whistleblower or qui tam actions, against individuals or entities for knowingly presenting, or causing to be presented, to the U.S. federal
government, claims for payment or approval that are false or fraudulent, knowingly making, using or causing to be made or used, a false record or statement material to a false or fraudulent claim, or from knowingly making a false statement to avoid,
decrease or conceal an obligation to pay money to the U.S. federal government. In addition, the government may assert that a claim including items and services resulting from a violation of the U.S. federal Anti-Kickback Statute constitutes a false
or fraudulent claim for purposes of the FCA. As a result of a modification made by the Fraud Enforcement and Recovery Act of 2009, a claim includes &#147;any request or demand&#148; for money or property presented to the federal government. In
addition, manufacturers can be held liable under the FCA even when they do not submit claims directly to government payors if they are deemed to &#147;cause&#148; the submission of false or fraudulent claims; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the U.S. federal Health Insurance Portability and Accountability Act of 1996 (&#147;HIPAA&#148;), which imposes
criminal and civil liability for, among other things, knowingly and willfully executing, or attempting to execute, a scheme to defraud any healthcare benefit program or obtain, by means of false or fraudulent pretenses, representations, or promises,
any of the money or property owned by, or under the custody or control of, any healthcare benefit program, regardless of the payor (e.g., public or private) and knowingly and willfully falsifying, concealing or covering up a material fact or making
any materially false statement, in connection with the delivery of, or payment for, healthcare benefits, items or services; similar to the U.S. federal Anti-Kickback Statute, a person or entity does not need to have actual knowledge of the statute
or specific intent to violate it in order to have committed a violation; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act of 2009
(&#147;HITECH&#148;) and its respective implementing regulations, which impose, among other things, specified requirements relating to the privacy, security and transmission of individually identifiable health information without appropriate
authorization by covered entities subject to the rule, such as health plans, healthcare clearinghouses and healthcare providers as well as its business associates that perform certain services involving the use or disclosure of individually
identifiable health information. HITECH also created new tiers of civil monetary penalties, amended HIPAA to make civil and criminal penalties directly applicable to business associates, and gave state attorneys general new authority to file civil
actions for damages or injunctions in federal courts to enforce the federal HIPAA laws and seek attorneys&#146; fees and costs associated with pursuing federal civil actions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the U.S. federal Food, Drug and Cosmetic Act (&#147;FDCA&#148;), which prohibits, among other things, the
adulteration or misbranding of drugs, biologics, and medical devices; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the U.S. Public Health Service Act (&#147;PHSA&#148;), which prohibits, among other things, the introduction into
interstate commerce of a biological product unless a biologics license is in effect for that product; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the U.S. federal legislation commonly referred to as the &#147;Physician Payments Sunshine Act&#148;, enacted as
part of the ACA, and its implementing regulations, which requires certain manufacturers of drugs, devices, biologics, and medical supplies that are reimbursable under Medicare, Medicaid, or the Children&#146;s Health Insurance Program to report
annually to the government information related to certain payments and other transfers of value to physicians and teaching hospitals, as well as ownership and investment interests held by the physicians described above and its immediate family
members; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">analogous U.S. state laws and regulations, including: state anti-kickback and false claims laws, which may apply
to Mereo&#146;s business practices, including but not limited to, research, distribution, sales, and marketing arrangements and claims involving healthcare items or services reimbursed by any third-party payor, including private insurers; state laws
that require pharmaceutical companies to comply with the pharmaceutical industry&#146;s voluntary compliance guidelines and the relevant compliance guidance promulgated by the U.S. federal government, or otherwise restrict payments that may be made
to healthcare providers and other potential referral sources; state laws and regulations that require drug manufacturers to file reports relating to pricing and marketing information, which requires tracking gifts and other remuneration and items of
value provided to healthcare professionals and entities; and state laws governing the privacy and security of health information in certain circumstances, many of which differ from each other in significant ways and often are not preempted by HIPAA,
thus complicating compliance efforts; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">similar healthcare laws and regulations in the EU and other jurisdictions, including reporting requirements
detailing interactions with and payments to healthcare providers. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because of the breadth of these laws and the
narrowness of the statutory exceptions and regulatory safe harbors available under such laws, it is possible that some of Mereo&#146;s business activities could be subject to challenge under one or more of such laws. The scope and enforcement of
each of these laws is uncertain and subject to rapid change in the current environment of healthcare reform, especially in light of the lack of applicable precedent and regulations. Ensuring that Mereo&#146;s current and future internal operations
and business arrangements with third parties comply with applicable healthcare laws and regulations will involve substantial costs. It is possible that governmental authorities will conclude that Mereo&#146;s business practices do not comply with
current or future statutes, regulations, agency guidance or case law involving applicable fraud and abuse or other healthcare laws and regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Mereo&#146;s operations are found to be in violation of any of the laws described above or any other governmental laws and regulations that
may apply to it, Mereo may be subject to the imposition of civil, criminal and administrative penalties, damages, disgorgement, monetary fines, possible exclusion from participation in Medicare, Medicaid and other federal healthcare programs,
individual imprisonment, contractual damages, reputational harm, diminished profits and future earnings, additional reporting requirements and/or oversight if Mereo becomes subject to a corporate integrity agreement or similar agreement to resolve
allegations of <FONT STYLE="white-space:nowrap">non-compliance</FONT> with these laws, and curtailment or restructuring of Mereo&#146;s operations, any of which could adversely affect Mereo&#146;s ability to operate its business and its results of
operations. If any of the physicians or other providers or entities with whom Mereo expects to do business are found to not be in compliance with applicable laws, Mereo may be subject to criminal, civil or administrative sanctions, including
exclusions from government funded healthcare programs and imprisonment, which could affect Mereo&#146;s ability to operate its business. Further, defending against any such actions can be costly, time-consuming and may require significant personnel
resources. Therefore, even if Mereo is successful in defending against any such actions that may be brought against it, its business may be impaired. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo is subject to governmental regulation and other legal obligations related to privacy, data protection and data security.
Mereo&#146;s actual or perceived failure to comply with such obligations could harm its business. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is subject to diverse
laws and regulations relating to data privacy and security in the EU, and in the future in the European Economic Area, including the GDPR. New global privacy rules are being enacted and existing ones are being updated and strengthened. Mereo is
likely to be required to expend capital and other resources to ensure ongoing compliance with these laws and regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The GDPR
applies extraterritorially and implements stringent operational requirements for controllers and processors of personal data. For example, the GDPR: (i)&nbsp;requires detailed disclosures to data subjects; (ii)&nbsp;requires disclosure of the legal
basis on which personal data is processed; (iii)&nbsp;makes it harder to obtain valid consent for processing; (iv)&nbsp;requires the appointment of a data protection officers where sensitive personal data (i.e. health data) is processed on a large
scale; (v)&nbsp;provides more robust rights for data subjects; (vi)&nbsp;introduces mandatory data breach notification through the EU; (vii)&nbsp;imposes additional obligations when contracting with service providers; and (viii)&nbsp;requires an
appropriate privacy governance framework to be implemented including policies, procedures, training and data audit. The GDPR permits member state derogations for certain issues and, accordingly, Mereo is also subject to EU national laws relating to
the processing of certain data such as genetic data, biometric data and data concerning health. Complying with these numerous, complex and often changing regulations is expensive and difficult. Failure by Mereo, or its partners or service providers,
to comply with the GDPR could result in regulatory investigations, enforcement notices and/or fines of up to the higher of 20,000,000 Euros or up to 4% of Mereo&#146;s total worldwide annual turnover. In addition to the foregoing, any breach of
privacy laws or data security laws, particularly those resulting in any security incident or breach involving the misappropriation, loss or other unauthorized use or disclosure of sensitive or confidential patient or consumer information, could have
a material adverse effect on Mereo&#146;s business, reputation and financial condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a data controller, Mereo is accountable for
any third-party data service providers it engages to process personal data on its behalf. Mereo attempts to address the associated risks by performing security assessments, detailed due diligence and regularly performing privacy and security reviews
of its vendors and requiring all such third-party providers with data access to sign agreements, including business associate agreements, and where required under EU law, obligating them to only process data according to Mereo&#146;s instructions
and to take sufficient security measures to protect such data. There is no assurance that these contractual measures and Mereo&#146;s own privacy and security-related safeguards will protect it from the risks associated with the third-party
processing, storage and transmission of such information. Any violation of data or security laws by Mereo&#146;s third-party processors could have a material adverse effect on Mereo&#146;s business and result in the fines and penalties outlined
above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is also subject to evolving European privacy laws on electronic marketing and cookies.
The EU is in the process of replacing the <FONT STYLE="white-space:nowrap">e-Privacy</FONT> Directive (2002/58/EC) (the <FONT STYLE="white-space:nowrap">&#147;e-Privacy</FONT> Directive&#148;) with a new set of rules taking the form of a regulation,
which will be directly implemented in the laws of each European member state. The draft <FONT STYLE="white-space:nowrap">e-Privacy</FONT> Regulation (the <FONT STYLE="white-space:nowrap">&#147;e-Privacy</FONT> Regulation&#148;) imposes strict <FONT
STYLE="white-space:nowrap">opt-in</FONT> marketing rules with limited exceptions for <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">business-to-business</FONT></FONT> communications, alters rules on third-party cookies, web
beacons and similar technology and significantly increases fining powers to the same levels as GDPR (i.e. the greater of 20,000,000 Euros or 4% of total global annual revenue). While the <FONT STYLE="white-space:nowrap">e-Privacy</FONT> Regulation
was originally intended to be adopted on May&nbsp;25, 2018 (alongside the GDPR), it is still going through the European legislative process and commentators now expect it to be adopted during the second half of 2020 or during 2021 following a
transition period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Due to Mereo&#146;s international operations, it is subject to anti-corruption laws, as well as export control
laws, customs laws, sanctions laws and other laws governing its operations. If Mereo fails to comply with these laws, it could be subject to civil or criminal penalties, other remedial measures and legal expenses. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s operations are subject to anti-corruption laws, including the U.K. Bribery Act 2010 (the &#147;Bribery Act&#148;); the U.S.
Foreign Corrupt Practices Act (the &#147;FCPA&#148;); and other anti-corruption laws that apply in countries where Mereo does business and may do business in the future. The Bribery Act, FCPA, and these other laws generally prohibit Mereo, its
officers and its employees and intermediaries from bribing, being bribed by, or providing prohibited payments or anything else of value to government officials or other persons to obtain or retain business or gain some other business advantage.
Mereo may in the future operate in jurisdictions that pose a high risk of potential Bribery Act or FCPA violations, and it may participate in collaborations and relationships with third parties whose actions could potentially subject it to liability
under the Bribery Act, FCPA, or local anti-corruption laws. In addition, Mereo cannot predict the nature, scope, or effect of future regulatory requirements to which any of its international operations might be subject or the manner in which
existing laws might be administered or interpreted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is also subject to other laws and regulations governing any international
operations, including regulations administered by the governments of the United Kingdom and the United States, and authorities in the EU, including applicable export control regulations, economic sanctions on countries and persons, customs
requirements and currency exchange regulations (collectively, the &#147;Trade Control Laws&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There is no assurance that Mereo will
be completely effective in ensuring its compliance with all applicable anti-corruption laws, including the Bribery Act, the FCPA, or other legal requirements, including Trade Control Laws. If Mereo is not in compliance with the Bribery Act, the
FCPA, and other anti-corruption laws or Trade Control Laws, it may be subject to criminal and civil penalties, disgorgement, and other sanctions and remedial measures and legal expenses. Any investigation of any potential violations of the Bribery
Act, the FCPA, other anti-corruption laws, or Trade Control Laws by U.K., U.S., or other authorities, even if it is ultimately determined that Mereo did not violate such laws, could be costly and time-consuming, require significant personnel
resources, and harm Mereo&#146;s reputation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo will seek to build and continuously improve its systems of internal controls and to
remedy any weaknesses identified. There can be no assurance, however, that the policies and procedures will be followed at all times or effectively detect and prevent violations of the applicable laws by one or more of Mereo&#146;s employees,
consultants, agents, or collaborators and, as a result, Mereo could be subject to fines, penalties, or prosecution. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to Commercialization
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo operates in a highly competitive and rapidly changing industry, which may result in others acquiring, developing, or
commercializing competing products before or more successfully than Mereo does. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The biopharmaceutical and pharmaceutical
industries are highly competitive and subject to significant and rapid technological change. Mereo&#146;s success is highly dependent on its ability to acquire, develop, and obtain marketing approval for new products on a cost-effective basis and to
market them successfully. If <FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649,</FONT> <FONT
STYLE="white-space:nowrap">OMP-305B83</FONT> or <FONT STYLE="white-space:nowrap">OMP-313M32</FONT> is approved, Mereo will face intense competition from a variety of businesses, including large, fully integrated pharmaceutical companies, specialty
pharmaceutical companies, and biopharmaceutical companies in the United States, Europe, and other jurisdictions. These organizations may have significantly greater resources than Mereo has and conduct similar research; seek patent protection; and
establish collaborative arrangements for research, development, manufacturing, and marketing of products that may compete with Mereo&#146;s product candidates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo expects to face competition for each of its current product candidates, including
specifically: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo considers <FONT STYLE="white-space:nowrap">BPS-804&#146;s</FONT> current closest potential competitors in
development for the treatment of OI to be denosumab (Prolia) from Amgen Inc. (&#147;Amgen&#148;), an anti-resorptive agent, and UCB S.A. (&#147;UCB&#148;), and Amgen&#146;s anti-sclerostin antibody, romosozumab. Blosozumab, an anti-sclerostin
antibody, was in Phase 1 development for osteoporosis by Eli Lilly and Company (&#147;Eli Lilly&#148;); however, Mereo is not aware of any ongoing clinical trials for this product candidate and does not believe this product candidate remains under
active development. Additionally, Bone Therapeutics SA (&#147;Bone Therapeutics&#148;), is developing osteoblastic cell therapy products. Baylor College of Medicine is also conducting a Phase 1 open label trial of fresolimumab, a <FONT
STYLE="white-space:nowrap">TGF-B</FONT> inhibitor, in adult OI patients. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo considers <FONT STYLE="white-space:nowrap">MPH-966&#146;s</FONT> current closest potential competitors for
the treatment of severe AATD to be alpha1-proteinase inhibitors that are administered intravenously in AAT augmentation therapy. Currently, there are four inhibitors on the market in the United States:
<FONT STYLE="white-space:nowrap">Prolastin-C</FONT> from Grifols, S.A. (&#147;Grifols&#148;), Aralast from Shire plc, now a subsidiary of Takeda Pharmaceutical Company Ltd (&#147;Shire&#148;), Zemaira from CSL Limited (&#147;CSL&#148;), and Glassia
from Kamada Ltd. (&#147;Kamada&#148;). Kamada is also investigating an inhaled version of augmentation therapy, Apic Bio, Inc. (&#147;Apic Bio&#148;) is in the early stages of developing gene-therapy approaches for AATD and Vertex Pharmaceuticals
Inc. (&#147;Vertex&#148;) has an early-stage small molecule corrector program for AATD. Santhera Pharmaceuticals (&#147;Santhera&#148;), has <FONT STYLE="white-space:nowrap">in-licensed</FONT> an inhaled neutrophil elastase inhibitor and is planning
a multiple ascending dose study, with the initial indication targeted being cystic fibrosis. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For <FONT STYLE="white-space:nowrap">BCT-197,</FONT> although Mereo is not aware of any approved therapies for
the treatment of AECOPD, there are a wide range of established therapies available for COPD as well as a number of products in development, with Verona Pharma plc (&#147;Verona Pharma&#148;), GlaxoSmithKline plc. (&#147;GlaxoSmithKline&#148;), and
AstraZeneca each conducting Phase 2 trials on drugs for the treatment of COPD. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo considers <FONT STYLE="white-space:nowrap">BGS-649&#146;s</FONT> current closest potential competitors for
the treatment of HH to be testosterone replacement therapies (&#147;TRT&#148;). These include Androgel from AbbVie Inc. (&#147;Abbvie&#148;), and Eli Lilly&#146;s Axiron, both administered transdermally by applying a gel formulation, which are
approved in the United States and Europe, Andriol from Merck&nbsp;&amp; Co., Inc. (&#147;Merck&#148;), an oral testosterone therapy, which is approved in Europe but not in the United States and JATENZO from Clarus Therapeutics, Inc
(&#147;Clarus&#148;) approved in the United States in March 2019. There are also other approved TRT products that are administered via injection and other oral TRTs that are still in the development or registration stages, such as TLANDO from
Lipocine, Inc. (&#147;Lipocine&#148;). The FDA held advisory committee meetings in January 2018 for TLANDO. On May&nbsp;9, 2018, Lipocine announced that it had received a complete response letter from the FDA and is in the process of addressing the
issues identified in the letter. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo considers <FONT STYLE="white-space:nowrap">OMP-305B83&#146;s</FONT> competitors in ovarian cancer to be
existing cancer treatments such as chemotherapeutic agents, Avastin<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, the PARP inhibitors (Rubraca, Zejula and Lynparza) and potentially other drug candidates that are in clinical development
such as <FONT STYLE="white-space:nowrap">anti-PD1</FONT> and antibody drug conjugates. In addition, there are two other anti-DLL4/VEGF dual variable domain immunoglobulins (Abbvie&#146;s <FONT STYLE="white-space:nowrap">ABT-165</FONT> and ABL
Bio&#146;s ABL001) in clinical development. Finally, there are established pharmaceutical and biotechnology companies that are known to be involved in oncology research. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo considers <FONT STYLE="white-space:nowrap">OMP-313M32&#146;s</FONT> competitors to be existing cancer
treatments such as the commercially available immuno-oncology agents (e.g., Yervoy&#153;, Keytruda<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, and Opdivo<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, etc.),
chemotherapeutic agents, and antibody based therapeutics such as Avastin and Erbitux. In addition, other potential competitors include several other anti-TIGIT agents (e.g., those currently being developed by Genentech (Roche), Merck, Bristol-Myers
Squibb or BMS, and Arcus Biosciences) and investigational immuno-oncologic, agents against other targets, there are established pharmaceutical and biotechnology companies that are known to be involved in oncology research. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo also anticipates that new companies will enter these markets in the future. If Mereo successfully develops and commercializes any of <FONT
STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649,</FONT> <FONT STYLE="white-space:nowrap">OMP-313M32</FONT> or <FONT
STYLE="white-space:nowrap">OMP-305B83,</FONT> they will </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
compete with existing therapies and new therapies that may become available in the future. The highly competitive nature of and rapid technological changes in the biopharmaceutical and
pharmaceutical industries could render Mereo&#146;s product candidates obsolete, less competitive, or uneconomical. Mereo&#146;s competitors may, among other things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">have significantly greater name recognition, financial, manufacturing, marketing, drug development, technical,
and human resources than Mereo does, and future mergers and acquisitions in the biopharmaceutical and pharmaceutical industries may result in even more resources being concentrated in Mereo&#146;s competitors; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">develop and commercialize products that are safer, more effective, less expensive, more convenient, or easier to
administer, or have fewer or less severe effects, or in certain cases could be curative for the condition; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">obtain quicker regulatory approval; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">establish superior proprietary positions covering Mereo&#146;s products and technologies; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">implement more effective approaches to sales and marketing; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">form more advantageous strategic alliances. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Smaller and other early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with
large and established companies. These third parties compete with Mereo in recruiting and retaining qualified scientific and management personnel; establishing clinical trial sites and patient registration; and in acquiring technologies
complementary to, or necessary for, Mereo&#146;s programs. Mereo&#146;s commercial opportunity could be reduced or eliminated if its competitors develop and commercialize products that are more effective, have fewer or less severe side effects, are
more convenient or are less expensive than Mereo&#146;s product candidates. Mereo&#146;s competitors may also obtain FDA, EMA, or other regulatory approval for its product candidates more rapidly than Mereo may obtain approval for its own product
candidates, which could result in Mereo&#146;s competitors establishing or strengthening its market position before Mereo is able to enter the market. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo has obtained orphan drug designation for <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of OI in the United
States and EU, but Mereo may be unable to obtain orphan drug designation for <FONT STYLE="white-space:nowrap">MPH-966</FONT> or any future product candidates, and Mereo may be unable to obtain or maintain the benefits associated with orphan drug
designation, including the potential for orphan drug exclusivity, for <FONT STYLE="white-space:nowrap">BPS-804</FONT> or any other product candidate for which Mereo obtains orphan drug designation. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Orphan Drug Act of 1983 (the &#147;Orphan Drug Act&#148;), the FDA may designate a product as an orphan drug if it is intended to
treat a rare disease or condition, defined as one occurring in a patient population of fewer than 200,000 in the United States, or a patient population greater than 200,000 in the United States where there is no reasonable expectation that the cost
of developing the drug will be recovered from sales in the United States. In the EU, the EMA&#146;s Committee for Orphan Medicinal Products (&#147;COMP&#148;) grants orphan drug designation to promote the development of products that are intended
for the diagnosis, prevention or treatment of a life-threatening or chronically debilitating condition affecting not more than five in 10,000 persons in the EU. Additionally, designation is granted for products intended for the diagnosis,
prevention, or treatment of a life-threatening, seriously debilitating, or serious and chronic condition when, without incentives, it is unlikely that sales of the drug in the EU would be sufficient to justify the necessary investment in developing
the drug or biological product or where there is no satisfactory method of diagnosis, prevention, or treatment, or, if such a method exists, the medicine must be of significant benefit to those affected by the condition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the United States, orphan drug designation entitles a party to financial incentives such as opportunities for grant funding towards
clinical trial costs, tax credits for qualified clinical testing, and <FONT STYLE="white-space:nowrap">user-fee</FONT> waivers. In addition, if a product receives the first FDA approval of that drug for the indication for which it has orphan
designation, the product is entitled to orphan drug exclusivity, which means the FDA may not approve any other application to market the same drug for the same indication for a period of seven years, except in limited circumstances, such as a
showing of clinical superiority over the product with orphan exclusivity or where the manufacturer is unable to assure the availability of sufficient quantities of the orphan drug to meet the needs of patients with the rare disease or condition.
Under the FDA&#146;s regulations, the FDA will deny orphan drug exclusivity to a designated drug upon approval if the FDA has </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
already approved another drug with the same active ingredient for the same indication, unless the drug is demonstrated to be clinically superior to the previously approved drug. In the EU, orphan
drug designation entitles a party to financial incentives such as reduction of fees or fee waivers and ten years of market exclusivity following approval. This period may be reduced to six years if the orphan drug designation criteria are no longer
met, including where it is shown that the drug is sufficiently profitable not to justify maintenance of market exclusivity. In the EU, a marketing authorization for an orphan designated product will not be granted if a similar drug has been approved
in the EU for the same therapeutic indication, unless the applicant can establish that its product is safer, more effective or otherwise clinically superior. A similar drug is a product containing a similar active substance or substances as those
contained in an already authorized product. Similar active substance is defined as an identical active substance, or an active substance with the same principal molecular structural features (but not necessarily all of the same molecular features)
and which acts via the same mechanism. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo has obtained orphan drug designation from the FDA and EMA for
<FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of OI, and plans to seek orphan drug designation for <FONT STYLE="white-space:nowrap">MPH-966</FONT> and future product candidates. Even with orphan drug designation, Mereo may not be
the first to obtain marketing approval for any particular orphan indication due to the uncertainties associated with developing pharmaceutical products, which could prevent Mereo from marketing its product candidates if another company is able to
obtain orphan drug exclusivity before Mereo does. In addition, exclusive marketing rights in the United States may be unavailable if Mereo seeks approval for an indication broader than the orphan-designated indication or may be lost in the United
States if the FDA later determines that the request for designation was materially defective or if Mereo is unable to assure sufficient quantities of the drug to meet the needs of patients with the rare disease or condition following approval.
Further, even if Mereo obtains orphan drug exclusivity, that exclusivity may not effectively protect Mereo&#146;s product candidates from competition because different drugs with different active moieties can be approved for the same condition. In
addition, the FDA and the EMA can subsequently approve products with the same active moiety for the same condition if the FDA or the EMA concludes that the later drug is safer, more effective, or makes a major contribution to patient care. Orphan
drug designation neither shortens the development time or regulatory review time of a drug nor gives the drug any advantage in the regulatory review or approval process. In addition, while Mereo intends to seek orphan drug designation for other
existing and future product candidates, including <FONT STYLE="white-space:nowrap">MPH-966,</FONT> Mereo may never receive such designations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There have been legal challenges to aspects of the FDA&#146;s regulations and policies concerning the exclusivity provisions of the Orphan
Drug Act, and future challenges could lead to changes that affect the protections afforded Mereo&#146;s product candidates in ways that are difficult to predict. In 2014, a U.S. district court invalidated the FDA&#146;s denial of orphan exclusivity
to an orphan designated drug, which the FDA had based on its determination that the drug was not proven to be clinically superior to a previously approved &#147;same drug.&#148; In response to the decision, the FDA released a policy statement
stating that the court&#146;s decision is limited to the facts of that particular case and that the FDA will continue to deny orphan drug exclusivity to a designated drug upon approval if the drug is the &#147;same&#148; as a previously approved
drug, unless the drug is demonstrated to be clinically superior to that previously approved drug. Since then, similar legal challenges have been initiated against the FDA for its denial of orphan drug exclusivity to other designated drugs, and in
2017, Congress amended the Orphan Drug Act to require a demonstration of clinical superiority upon approval as a condition of receiving orphan drug exclusivity when another &#147;same drug&#148; has already been approved for the same indication. In
the future, there is the potential for additional legal challenges to the FDA&#146;s orphan drug regulations and policies, and it is uncertain how ongoing and future challenges might affect Mereo&#146;s business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo may seek and fail to obtain breakthrough therapy designation by the FDA for <FONT STYLE="white-space:nowrap">BPS-804</FONT> or <FONT
STYLE="white-space:nowrap">MPH-966,</FONT> or any future product candidates or access to the PRIME scheme by the EMA for <FONT STYLE="white-space:nowrap">MPH-966</FONT> or any future product candidates. Even if Mereo obtains such designation or
access, the designation or access may not lead to faster development or regulatory review or approval, and it does not increase the likelihood that Mereo&#146;s product candidates will receive marketing approval. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2012, the FDA established a breakthrough therapy designation which is intended to expedite the development and review of product candidates
that treat serious or life-threatening diseases where preliminary clinical evidence indicates that the product candidate may demonstrate substantial improvement over existing therapies on one or more clinically-significant endpoints, such as
substantial treatment effects observed early in clinical development. The designation of a product candidate as a breakthrough therapy provides potential benefits that include but are not limited to more frequent meetings with the FDA to discuss the
development plan for the product candidate and ensure collection of appropriate data needed to support approval; more frequent written correspondence from the FDA about </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
such things as the design of the proposed clinical trials and use of biomarkers; intensive guidance on an efficient drug development program, beginning as early as Phase 1; organizational
commitment involving senior managers; and eligibility for rolling review and priority review. Drugs and biologics designated as breakthrough therapies by the FDA are also eligible for accelerated approval. Similarly, the EMA has established the
PRIME scheme to expedite the development and review of product candidates that show a potential to address to a significant extent an unmet medical need, based on early clinical data. In November 2017, <FONT STYLE="white-space:nowrap">BPS-804</FONT>
was admitted to the PRIME scheme of the EMA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Designation as a breakthrough therapy is within the discretion of the FDA. Accordingly, even
if Mereo believes one of its product candidates meets the criteria for designation as a breakthrough therapy, the FDA may disagree and instead determine not to make such designation. Mereo cannot be sure that its evaluation of its product candidates
as qualifying for breakthrough therapy designation will meet the FDA&#146;s expectations. In any event, the receipt of a breakthrough therapy designation for a product candidate may not result in a faster development process, review, or approval
compared to product candidates considered for approval under conventional FDA procedures and does not assure ultimate approval by the FDA. In addition, even if one or more of Mereo&#146;s product candidates qualify as breakthrough therapies, the FDA
may later decide that such product candidates no longer meet the conditions for qualification or decide that the time period for FDA review or approval will not be shortened. Similarly, access to the PRIME scheme is at the discretion of the EMA, and
Mereo cannot be sure that <FONT STYLE="white-space:nowrap">MPH-966</FONT> or any future product candidates will be granted access to the scheme; that participation in the scheme will result in expedited regulatory review or approval of Mereo&#146;s
product candidates; or that access to the scheme, once granted, will not be revoked. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The successful commercialization of
Mereo&#146;s product candidates will depend in part on the extent to which governmental authorities and health insurers establish adequate coverage, reimbursement levels, and pricing policies. Failure to obtain or maintain coverage and adequate
reimbursement for Mereo&#146;s product candidates, if approved, could limit its ability to market those products and decrease its ability to generate revenue. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The availability and adequacy of coverage and reimbursement by governmental healthcare programs such as Medicare and Medicaid, private health
insurers, and other third-party payors are essential for most patients to be able to afford prescription medications such as Mereo&#146;s product candidates, assuming approval. Mereo&#146;s ability to achieve acceptable levels of coverage and
reimbursement for products by governmental authorities, private health insurers, and other organizations will have an effect on Mereo&#146;s ability to successfully commercialize its product candidates. Assuming Mereo obtains coverage for its
product candidates by a third-party payor, the resulting reimbursement payment rates may not be adequate or may require <FONT STYLE="white-space:nowrap">co-payments</FONT> that patients find unacceptably high. Mereo cannot be sure that coverage and
reimbursement in the United States, the EU, or elsewhere will be available for its product candidates or any product that Mereo may develop, and any reimbursement that may become available may be decreased or eliminated in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Third-party payors increasingly are challenging prices charged for pharmaceutical products and services, and many third-party payors may
refuse to provide coverage and reimbursement for particular drugs or biologics when an equivalent generic drug, biosimilar, or a less expensive therapy is available. It is possible that a third-party payor may consider Mereo&#146;s product
candidates as substitutable and only offer to reimburse patients for the less expensive product. Even if Mereo shows improved efficacy or improved convenience of administration with its product candidates, pricing of existing drugs may limit the
amount Mereo will be able to charge for its product candidates. These payors may deny or revoke the reimbursement status of a given product or establish prices for new or existing marketed products at levels that are too low to enable Mereo to
realize an appropriate return on its investment in its product candidates. If reimbursement is not available or is available only at limited levels, Mereo may not be able to successfully commercialize its product candidates, and may not be able to
obtain a satisfactory financial return on Mereo&#146;s product candidates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There is significant uncertainty related to the insurance
coverage and reimbursement of newly approved products. In the United States, third-party payors, including private and governmental payors, such as the Medicare and Medicaid programs, play an important role in determining the extent to which new
drugs and biologics will be covered. The Medicare and Medicaid programs increasingly are used as models in the United States for how private payors and other governmental payors develop its coverage and reimbursement policies for drugs and
biologics. Some third-party payors may require <FONT STYLE="white-space:nowrap">pre-approval</FONT> of coverage for new or innovative devices or drug therapies before they will reimburse healthcare providers who use such therapies. It is difficult
to predict at this time what third-party payors will decide with respect to the coverage and reimbursement for Mereo&#146;s product candidates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No uniform policy for coverage and reimbursement for products exists among third-party
payors in the United States. Therefore, coverage and reimbursement for products can differ significantly from payor to payor. As a result, the coverage determination process is often a time-consuming and costly process that will require Mereo to
provide scientific and clinical support for the use of its product candidates to each payor separately, with no assurance that coverage and adequate reimbursement will be applied consistently or obtained in the first instance. Furthermore, rules and
regulations regarding reimbursement change frequently, in some cases at short notice, and Mereo believes that changes in these rules and regulations are likely. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s operations are also subject to extensive governmental price controls and other market regulations in the United Kingdom and other
countries outside of the United States, and Mereo believes the increasing emphasis on cost-containment initiatives in European and other countries have and will continue to put pressure on the pricing and usage of its product candidates. In many
countries, the prices of medical products are subject to varying price control mechanisms as part of national health systems. Other countries allow companies to fix its own prices for medical products, but monitor and control company profits.
Additional foreign price controls or other changes in pricing regulation could restrict the amount that Mereo is able to charge for Mereo&#146;s product candidates. Accordingly, in markets outside the United States, the reimbursement for
Mereo&#146;s product candidates may be reduced compared with the United States and may be insufficient to generate commercially reasonable revenue and profits. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Moreover, increasing efforts by governmental and third-party payors in the United States and abroad to cap or reduce healthcare costs may
cause such organizations to limit both coverage and the level of reimbursement for newly approved products and, as a result, they may not cover or provide adequate payment for Mereo&#146;s product candidates. Mereo expects to experience pricing
pressures in connection with the sale of its product candidates due to the trend toward managed health care, the increasing influence of health maintenance organizations, and additional legislative changes. The downward pressure on healthcare costs
in general, particularly prescription drugs and biologics and surgical procedures and other treatments, has become intense. As a result, increasingly high barriers are being erected to the entry of new products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo&#146;s existing and future product candidates may not gain market acceptance, in which case Mereo&#146;s ability to generate
product revenues will be compromised. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Even if the FDA, the EMA, or any other regulatory authority approves the marketing of
Mereo&#146;s product candidates, whether developed on Mereo&#146;s own or with a collaborator, physicians, healthcare providers, patients, or the medical community may not accept or use Mereo&#146;s product candidates. If Mereo&#146;s product
candidates do not achieve an adequate level of acceptance, it may not generate significant product revenue or any profits from operations. The degree of market acceptance of Mereo&#146;s product candidates will depend on a variety of factors,
including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the timing of market introduction; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the number and clinical profile of competing products; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the clinical indications for which Mereo&#146;s product candidates are approved; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo&#146;s ability to provide acceptable evidence of safety and efficacy; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the prevalence and severity of any side effects; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">relative convenience and ease of administration; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">cost-effectiveness; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">marketing and distribution support; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">availability of adequate coverage, reimbursement, and adequate payment from health maintenance organizations and
other insurers, both public and private; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">other potential advantages over alternative treatment methods. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Mereo&#146;s product candidates fail to gain market acceptance, Mereo&#146;s ability to
generate revenues will be adversely affected. Even if Mereo&#146;s product candidates achieve market acceptance, the market may prove not to be large enough to allow Mereo to generate significant revenues. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo intends to directly commercialize its product candidates for rare diseases and to seek strategic relationships with third parties
for the commercialization of Mereo&#146;s product candidates for specialty diseases. If Mereo is unable to develop its own sales, marketing, and distribution capabilities or enter into business arrangements, it may not be successful in
commercializing its product candidates. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo has no marketing, sales, or distribution capabilities and it currently has no
experience with marketing, selling or distributing pharmaceutical products. Mereo also has no strategic relationships in place for the commercialization of its product candidates. For <FONT STYLE="white-space:nowrap">BPS-804</FONT> and <FONT
STYLE="white-space:nowrap">MPH-966,</FONT> if approved, and for any future product candidates for rare diseases, Mereo intends either to establish a sales and marketing organization with technical expertise and supporting distribution capabilities
to commercialize these product candidates in major markets or potentially to outsource aspects of these functions to third parties. Mereo may not be able to hire a sales force that is sufficient in size or has adequate expertise in OI, AATD, or
other relevant rare diseases. Any failure or delay in the development of Mereo&#146;s internal sales, marketing, and distribution capabilities would adversely impact the commercialization of these product candidates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649,</FONT>
<FONT STYLE="white-space:nowrap">OMP-313M32</FONT> and <FONT STYLE="white-space:nowrap">OMP-305B83,</FONT> and for any future product candidates for specialty diseases, Mereo intends to enter into strategic relationships for the commercialization of
these product candidates. These arrangements may also include the late-stage clinical development of a product candidate. As a result, Mereo&#146;s revenue from product sales may be lower than if Mereo directly marketed or sold these product
candidates. In addition, any revenue Mereo receive will depend upon the terms of such arrangement, which may not be as favorable to Mereo as possible, and the efforts of the other party, which may not be adequate or successful and are likely to be
beyond Mereo&#146;s control. If Mereo is unable to enter into these arrangements on acceptable terms or at all, it may not be able to successfully commercialize these product candidates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These commercialization approaches are expensive and time consuming, and some or all of the costs associated with such efforts may be incurred
in advance of any approval of Mereo&#146;s product candidates. If Mereo is not successful in commercializing its product candidates, either on its own or through strategic relationships with third parties, Mereo&#146;s future product revenue will
suffer and it may incur significant losses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Any product candidates for which Mereo intends to seek approval as biologic products in
the United States may face competition sooner than anticipated. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the United States, the Biologics Price Competition and
Innovation Act of 2009 (the &#147;BPCIA&#148;) created an abbreviated approval pathway for biological products that are biosimilar to or interchangeable with an <FONT STYLE="white-space:nowrap">FDA-licensed</FONT> reference biological product. Under
the BPCIA, an application for a biosimilar product may not be submitted to the FDA until four years following the date that the reference product was first licensed by the FDA. In addition, the approval of a biosimilar product may not be made
effective by the FDA until 12 years from the date on which the reference product was first licensed. During this <FONT STYLE="white-space:nowrap">12-year</FONT> period of exclusivity, another company may still market a competing version of the
reference product if the FDA approves a full BLA for the competing product containing the sponsor&#146;s own <FONT STYLE="white-space:nowrap">pre-clinical</FONT> data and data from adequate and well-controlled clinical trials to demonstrate the
safety, purity, and potency of its product. The law is complex and is still being interpreted and implemented by the FDA. As a result, its ultimate impact, implementation, and meaning are subject to uncertainty. While it is uncertain when processes
intended to implement the BPCIA may be fully adopted by the FDA, any such processes could adversely affect the future commercial prospects for any biological products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo believes that if any product candidate is approved as a biological product under a BLA, it should qualify for the <FONT
STYLE="white-space:nowrap">12-year</FONT> period of exclusivity. However, there is a risk that this exclusivity could be shortened due to congressional action or otherwise, or that the FDA will not consider Mereo product candidates to be reference
products for competing products, potentially creating the opportunity for generic competition sooner than anticipated. Other aspects of the BPCIA, some of which may impact the BPCIA exclusivity provisions, have also been the subject of recent
litigation. Moreover, the extent to which a biosimilar, once approved, will be substituted for a reference product in a way that is similar to traditional generic substitution for <FONT STYLE="white-space:nowrap">non-biological</FONT> products is
not yet clear, and will depend on a number of marketplace and regulatory factors that are still developing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the EU, MAAs for products that are biosimilar to an already authorized biological
product, the <FONT STYLE="white-space:nowrap">so-called</FONT> reference product, can rely on the safety and efficacy data contained in the dossier of the reference product. To qualify as a biosimilar product the marketing authorization applicant
must demonstrate, through comprehensive comparability studies with the reference product, that its product is: (i)&nbsp;highly similar to the reference product notwithstanding the natural variability inherent to all biological medicines, and
(ii)&nbsp;that there are no clinically meaningful differences between the biosimilar and the reference product in terms of safety, quality, and efficacy. Biosimilars can only be authorized for use after the period of exclusivity of the reference
biological medicine has expired. In general, this means that the biological reference product must have been authorized for at least 10 years before a biosimilar can be made available by another company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to Mereo&#146;s Dependence on Third Parties </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo relies, and expect to continue to rely, on third parties, including independent investigators and CROs, to conduct its clinical
trials. If these CROs do not successfully carry out its contractual duties or meet expected deadlines, Mereo may not be able to obtain regulatory approval for or commercialize its product candidates, or such approval or commercialization may be
delayed, and its business could be substantially harmed. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo has relied upon and plans to continue to rely upon independent
clinical investigators and CROs to conduct its clinical trials and to monitor and manage data for its ongoing clinical programs. Mereo relies on these parties for the execution of Mereo&#146;s clinical trials and control only certain aspects of
these parties&#146; activities. Nevertheless, Mereo is responsible for ensuring that each of its studies and trials is conducted in accordance with the applicable protocol and legal, regulatory and scientific standards, and its reliance on these
third parties does not relieve Mereo of its regulatory responsibilities. Mereo and its independent investigators and CROs are required to comply with GxP requirements, which are regulations and guidelines enforced by the FDA, the competent
authorities of the Member States of the European Economic Area, and comparable foreign regulatory authorities for all of Mereo&#146;s product candidates in clinical development. Regulatory authorities enforce these GxP requirements through periodic
inspections of trial sponsors, principal investigators and trial sites. If Mereo fails to exercise adequate oversight over any of its independent investigators or CROs or if Mereo or any of its independent investigators or CROs fail to comply with
applicable GxP requirements, the clinical data generated in Mereo&#146;s clinical trials may be deemed unreliable and the FDA, the EMA, or comparable foreign regulatory authorities may require Mereo to perform additional clinical trials before
approving its marketing applications. Mereo cannot assure you that upon a regulatory inspection of Mereo or its independent investigators or CROs, such regulatory authority will determine that any of Mereo&#146;s clinical trials complies with GxP
requirements. Mereo&#146;s failure to comply with these regulations may require it to repeat clinical trials, which would delay the regulatory approval process. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further, these independent investigators and CROs are not Mereo&#146;s employees and Mereo is not able to control, other than by contract, the
amount of resources, including time, which they devote to Mereo&#146;s clinical trials. If Mereo&#146;s independent investigators or CROs fail to devote sufficient resources to the development of Mereo&#146;s product candidates, or if its
performance is substandard, it may delay or compromise the prospects for approval and commercialization of Mereo&#146;s product candidates. In addition, the use of third-party service providers requires Mereo to disclose its proprietary information
to these parties, which could increase the risk that this information is misappropriated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any of Mereo&#146;s relationships with its
independent investigators or CROs terminate, it may not be able to enter into arrangements with alternative independent investigators or CROs or to do so on commercially reasonable terms. Switching or adding additional investigators or CROs involves
additional cost and potential delays and requires Mereo&#146;s management&#146;s time and focus. In addition, there is a natural transition period when a new independent investigator or CRO commences work. As a result, delays could occur, which
could materially impact Mereo&#146;s ability to meet its desired clinical development timelines. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Mereo&#146;s independent
investigators or CROs do not successfully carry out its contractual duties or obligations or meet expected deadlines, if they need to be replaced or if the quality or accuracy of the clinical data they obtain is compromised due to a failure to
adhere to Mereo&#146;s clinical protocols, regulatory requirements, or for other reasons, Mereo&#146;s clinical trials may be extended, delayed, or terminated and Mereo may not be able to obtain regulatory approval for or successfully commercialize
its product candidates. As a result, Mereo&#146;s results of operations and the commercial prospects for its product candidates would be harmed, its costs could increase and its ability to generate revenue could be delayed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo currently relies on third-party CMOs for the production of clinical supply of
Mereo&#146;s product candidates and intend to rely on CMOs for the production of commercial supply of Mereo&#146;s product candidates, if approved. Mereo&#146;s dependence on CMOs may impair the development of Mereo&#146;s product candidates and may
impair the commercialization of its product candidates, which would adversely impact its business and financial position. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo
has limited personnel with experience in manufacturing, and does not own facilities for manufacturing its product candidates. Instead, Mereo relies on and expect to continue to rely on CMOs for the supply of cGMP grade clinical trial materials and
commercial quantities of Mereo&#146;s product candidates, if approved. Reliance on CMOs may expose Mereo to more risk than if it were to manufacture its own product candidates. Novartis previously provided clinical supplies for <FONT
STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> and <FONT STYLE="white-space:nowrap">BGS-649</FONT> and certain transitional services. Mereo has moved the clinical supply manufacture for these product
candidates to CMOs. Mereo also intends to contract with CMOs for the clinical supply of <FONT STYLE="white-space:nowrap">MPH-966.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The facilities used to manufacture Mereo&#146;s product candidates must be approved by the FDA, the EMA, and comparable foreign authorities
pursuant to inspections. While Mereo provides oversight of manufacturing activities, it does not and will not control the execution of its manufacturing activities by, and is or will be essentially dependent on, its CMOs for compliance with cGMP
requirements for the manufacture of its product candidates. As a result, Mereo is subject to the risk that its product candidates may have manufacturing defects that Mereo has limited ability to prevent. If a CMO cannot successfully manufacture
material that conforms to Mereo&#146;s specifications and the regulatory requirements, Mereo may not be able to secure or maintain regulatory approval for the use of its investigational medicinal products in clinical trials, or for commercial
distribution of its product candidates, if approved. In addition, Mereo has limited control over the ability of its CMOs to maintain adequate quality control, quality assurance and qualified personnel. If the FDA, the EMA or comparable foreign
regulatory authority does not approve these facilities for the manufacture of Mereo&#146;s product candidates or if it withdraws any such approval in the future, Mereo may need to find alternative manufacturing facilities, which would delay its
development program and significantly impact its ability to develop, obtain regulatory approval for or commercialize its product candidates, if approved. In addition, any failure to achieve and maintain compliance with these laws, regulations and
standards could subject Mereo to the risk that it may have to suspend the manufacturing of its product candidates or that obtained approvals could be revoked. Furthermore, CMOs may breach existing agreements they have with Mereo because of factors
beyond Mereo&#146;s control. CMOs may also terminate or refuse to renew its agreement at a time that is costly or otherwise inconvenient for Mereo. In addition, the manufacture of biologics involves expensive and complex processes and worldwide
capacity at CMOs for the manufacture of biologics is currently limited. In addition, Novartis has a contractual right to approve or reject any additional CMO Mereo wishes to engage for the manufacture of
<FONT STYLE="white-space:nowrap">BPS-804,</FONT> other than those CMOs that Mereo and Novartis have already agreed upon. If Mereo were to be unable to find an adequate CMO or another acceptable solution in time, Mereo&#146;s clinical trials could be
delayed or its commercial activities could be harmed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo relies on and will continue to rely on CMOs to purchase from third-party
suppliers the raw materials necessary to produce Mereo&#146;s product candidates. Mereo does not and will not have control over the process or timing of the acquisition of these raw materials by Mereo&#146;s CMOs. Moreover, Mereo currently does not
have any agreements for the production of these raw materials. Supplies of raw material could be interrupted from time to time and Mereo cannot be certain that alternative supplies could be obtained within a reasonable timeframe, at an acceptable
cost, or at all. In addition, a disruption in the supply of raw materials could delay the commercial launch of Mereo&#146;s product candidates, if approved, or result in a shortage in supply, which would impair Mereo&#146;s ability to generate
revenues from the sale of its product candidates. Growth in the costs and expenses of raw materials may also impair Mereo&#146;s ability to cost effectively manufacture its product candidates. There are a limited number of suppliers for the raw
materials that Mereo may use to manufacture its product candidates and Mereo may need to assess alternate suppliers to prevent a possible disruption of the manufacture of its product candidates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Finding new CMOs or third-party suppliers involves additional cost and requires Mereo&#146;s management&#146;s time and focus. In addition,
there is typically a transition period when a new CMO commences work. Although Mereo generally does not begin a clinical trial unless it believes it has on hand, or will be able to obtain, a sufficient supply of Mereo&#146;s product candidates to
complete the clinical trial, any significant delay in the supply of its product candidates or the raw materials needed to produce its product candidates, could considerably delay conducting its clinical trials and potential regulatory approval of
its product candidates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As part of its manufacture of Mereo&#146;s product candidates, its CMOs and third-party suppliers are expected to
comply with and respect the proprietary rights of others. If a CMO or third-party supplier fails to acquire the proper </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
licenses or otherwise infringes the proprietary rights of others in the course of providing services to Mereo, Mereo may have to find alternative CMOs or third-party suppliers or defend against
claims of infringement, either of which would significantly impact Mereo&#146;s ability to develop, obtain regulatory approval for or commercialize its product candidates, if approved. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo intends to enter into strategic relationships with third parties, based on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">product-by-product</FONT></FONT> assessment, for the development of some of its product candidates. If Mereo fails to enter into these arrangements, its business, development and commercialization prospects could be
adversely affected. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s development program for its product candidates, particularly as they enter late-stage
development, will require substantial additional funds. Mereo currently intends to enter into a strategic relationship with a pharmaceutical or biopharmaceutical company for the continued development of
<FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649,</FONT> <FONT STYLE="white-space:nowrap">OMP-313M32</FONT> and <FONT STYLE="white-space:nowrap">OMP-305B83,</FONT> and Mereo may take the same approach for
other product candidates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These types of development arrangements are complex and time-consuming to negotiate and document, and Mereo may
not be able to enter into these arrangements on favorable terms or at all. In addition, Mereo faces significant competition from other companies in seeking out these types of development arrangements. If Mereo is successful in entering into such an
arrangement, it will be subject to other risks, including its inability to control the amount of time and resources the third party will dedicate to its product candidates, financial or other difficulties experienced by such third party,
relinquishing important rights to such third party, and the arrangement failing to be profitable to Mereo. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Mereo is unable to enter
into an appropriate arrangement for the development of <FONT STYLE="white-space:nowrap">BCT-197</FONT> and potentially for <FONT STYLE="white-space:nowrap">BGS-649</FONT> or other product candidates, Mereo may have to reduce, delay, or terminate the
development of such product candidates. If Mereo, instead, decides to increase its expenditures to fund development activities on its own, it will need to obtain additional capital, which may not be available to it on acceptable terms or at all. As
a result, Mereo&#146;s business may be substantially harmed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to Intellectual Property and Data Protection </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo relies on patents and other intellectual property rights to protect its product candidates, the obtainment, enforcement, defense
and maintenance of which may be challenging and costly. Failure to enforce or protect these rights adequately could harm Mereo&#146;s ability to compete and impair its business. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s commercial success depends in part on obtaining and maintaining patents and other forms of intellectual property protection, for
example, for <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">compositions-of-matter</FONT></FONT> of its product candidates, formulations of its product candidates, polymorphs, salts and analogs of its product candidates, methods
used to manufacture its product candidates, methods for manufacturing of the final drug products, and methods of using its product candidates for the treatment of the indications Mereo is developing or plans to develop, or on <FONT
STYLE="white-space:nowrap">in-licensing</FONT> such rights. Mereo&#146;s patent portfolio comprises patents and patent applications which cover its <FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> and
<FONT STYLE="white-space:nowrap">BGS-649</FONT> product candidates acquired or exclusively licensed from Novartis, patents and patent applications which cover Mereo&#146;s <FONT STYLE="white-space:nowrap">MPH-966</FONT> product candidate exclusively
licensed (with the option to purchase) from AstraZeneca, and patents and patent applications which cover Mereo&#146;s <FONT STYLE="white-space:nowrap">OMP-305B83</FONT> and <FONT STYLE="white-space:nowrap">OMP-313M32</FONT> (solely owned by
OncoMed). The assignments of those patents and patent applications which Mereo acquired from Novartis have been registered with the relevant authorities in key territories and the exclusive licenses from AstraZeneca have also been registered with
the relevant authorities in key territories. There is no assurance that Mereo&#146;s pending patent applications will result in issued patents, or if issued as patents, will include claims with sufficient scope of coverage to protect Mereo&#146;s
product candidates, or that any pending patent applications will be issued as patents in a timely manner. Failure to obtain, maintain or extend adequate patent and other intellectual property rights could adversely affect Mereo&#146;s ability to
develop and market its product candidates, resulting in harm to its business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The patent prosecution process is expensive and
time-consuming. Mereo or its licensors may not be able to prepare, file and prosecute all necessary or desirable patent applications for a commercially reasonable cost or in a timely manner or in all jurisdictions. It is also possible that Mereo or
its licensors may fail to identify patentable aspects of inventions made in the course of development and commercialization activities before it is too late to obtain patent protection for them. Moreover, depending on the terms of any future <FONT
STYLE="white-space:nowrap">in-licenses</FONT> to which Mereo may become a party, Mereo may not have the right to control the preparation, filing and prosecution of patent applications, or to maintain the patents, covering technology <FONT
STYLE="white-space:nowrap">in-licensed</FONT> from third parties. Therefore, these patents and patent applications may not be prosecuted and enforced in a manner consistent with the best interests of Mereo&#146;s business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further, the issuance, scope, validity, enforceability, and commercial value of Mereo&#146;s
and its current or future licensors&#146; patent rights are highly uncertain. Mereo&#146;s and its licensors&#146; pending and future patent applications may not result in issued patents that protect Mereo&#146;s technology or product candidates, in
whole or in part, or that effectively prevent others from commercializing competitive technologies and products. The patent examination process may require Mereo or its licensors to narrow the scope of the claims of Mereo&#146;s or its
licensors&#146; pending and future patent applications, which may limit the scope of patent protection that may be obtained. Mereo cannot assure that all of the potentially relevant prior art relating to Mereo&#146;s patents and patent applications
has been found. If such prior art exists, it can invalidate a patent or prevent a patent application from being issued as a patent. Even if patent applications do successfully issue as patents and even if such patents cover Mereo&#146;s product
candidates, third parties may initiate an opposition, interference, reexamination, post grant review, inter partes review, nullification or derivation action in courts or before patent offices, or similar proceedings challenging the validity,
enforceability, or scope of such patents, which may result in the patent claims being narrowed or invalidated. Mereo&#146;s and its licensors&#146; patent applications cannot be enforced against third parties practicing the technology claimed in
such applications unless and until a patent issues from such patent applications, and then only to the extent the issued claims cover the technology. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because patent applications are confidential for a period of time after filing, and some remain so until issued, Mereo cannot be certain that
Mereo or its licensors were the first to file any patent application related to Mereo&#146;s product candidates. Furthermore, in the United States, if third parties have filed such patent applications on or before March&nbsp;15, 2013, the date on
which the United States changed from a first to invent to a first to file patent system, an interference proceeding can be initiated by such third parties to determine who was the first to invent any of the subject matter covered by the patent
claims of Mereo&#146;s applications. If third parties have filed such applications after March&nbsp;15, 2013, a derivation proceeding can be initiated by such third parties to determine whether Mereo&#146;s invention was derived from such third
parties&#146; product candidates. Even where Mereo has a valid and enforceable patent, Mereo may not be able to exclude others from practicing its invention where the other party can show that they used the invention in commerce before Mereo&#146;s
filing date or the other party benefits from a compulsory license. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo enjoys only limited geographical protection with respect
to certain patents and may not be able to protect its intellectual property rights throughout the world. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Filing and prosecuting
patent applications and defending patents covering Mereo product candidates in all countries throughout the world would be prohibitively expensive. Competitors may use Mereo&#146;s and its licensors&#146; technologies in jurisdictions where Mereo
has not obtained patent protection to develop the competitor&#146;s own products and, further, may export otherwise infringing products to territories where Mereo and its licensors have patent protection, but enforcement rights are not as strong as
that in the United States or Europe. These products may compete with Mereo&#146;s product candidates, and Mereo&#146;s and its licensors&#146; patents or other intellectual property rights may not be effective or sufficient to prevent them from
competing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Mereo may decide to abandon national and regional patent applications before grant. The examination of each
national or regional patent application is an independent proceeding. As a result, patent applications in the same family may issue as patents in some jurisdictions, such as in the United States, but may issue as patents with claims of different
scope or may even be refused in other jurisdictions, such as in China, which has different requirements for patentability, including a stringent requirement for a detailed description of medical uses of a claimed drug. It is also quite common that
depending on the country, the scope of patent protection may vary for the same product candidate or technology. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The laws of some
jurisdictions do not protect intellectual property rights to the same extent as the laws or rules and regulations in the United States and Europe, and many companies have encountered significant difficulties in protecting and defending such rights
in such jurisdictions. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets and other intellectual property protection, which could make it difficult for Mereo to
stop the infringement of its patents or marketing of competing products in violation of Mereo&#146;s proprietary rights generally. Proceedings to enforce Mereo&#146;s patent rights in other jurisdictions, whether or not successful, could result in
substantial costs and divert Mereo&#146;s efforts and attention from other aspects of its business, could put its patents at risk of being invalidated or interpreted narrowly and its patent applications at risk of not issuing as patents, and could
provoke third parties to assert claims against Mereo. Mereo may not prevail in any lawsuits that it initiates and the damages or other remedies awarded, if any, may not be commercially meaningful. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Accordingly, Mereo&#146;s efforts to enforce its intellectual property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that
Mereo develops or licenses. Furthermore, while Mereo intends to protect its intellectual property rights in its expected significant markets, it cannot ensure that it will be able to initiate or maintain similar efforts in all jurisdictions in which
Mereo may wish to market its product candidates. Accordingly, Mereo&#146;s efforts to protect its intellectual property rights in such countries may be inadequate, which may have an adverse effect on Mereo&#146;s ability to successfully
commercialize its product candidates in all of its expected significant foreign markets. If Mereo or its licensors encounter difficulties in protecting, or are otherwise precluded from effectively protecting, the intellectual property rights
important for Mereo&#146;s business in such jurisdictions, the value of these rights may be diminished and Mereo may face additional competition from others in those jurisdictions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Some countries also have compulsory licensing laws under which a patent owner may be compelled to grant licenses to third parties. In
addition, some countries limit the enforceability of patents against government agencies or government contractors. In those countries, the patent owner may have limited remedies, which could materially diminish the value of such patents. If Mereo
or any of its licensors is forced to grant a license to third parties with respect to any patents relevant to Mereo&#146;s business, its competitive position may be impaired. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo patents and other proprietary rights may not adequately protect Mereo&#146;s technologies and product candidates, and may not
necessarily address all potential threats to Mereo&#146;s competitive advantage. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The degree of protection afforded by
Mereo&#146;s intellectual property rights is uncertain because intellectual property rights have limitations, and may not adequately protect Mereo&#146;s business, or permit it to maintain its competitive advantage. The following examples are
illustrative: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">others may be able to make compounds that are the same as or similar to Mereo&#146;s product candidates but that
are not covered by the claims of the patents that Mereo owns or has exclusively licensed; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the patents of third parties may impair Mereo&#146;s ability to develop or commercialize its product candidates;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the patents of third parties may be extended beyond the expected patent term and thus may impair Mereo&#146;s
ability to develop or commercialize its product candidates; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo or its licensors or any future strategic collaborators might not have been the first to conceive or reduce
to practice the inventions covered by the issued patents or pending patent applications that Mereo owns or has exclusively licensed; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo or Mereo&#146;s licensors or any future strategic collaborators might not have been the first to file
patent applications covering Mereo&#146;s inventions, its product candidates, or uses of the product candidates in the indications under Mereo&#146;s development or to be developed; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">it is possible that the pending patent applications that Mereo owns or has exclusively licensed may not lead to
issued patents; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">issued patents that Mereo owns or has exclusively licensed may not provide it with any competitive advantage, or
may be held invalid or unenforceable, as a result of legal challenges by Mereo&#146;s competitors; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">issued patents that Mereo own or have exclusively licensed may not provide coverage for all aspects of
Mereo&#146;s product candidates in all countries, such as for uses of Mereo&#146;s product candidates in the indications under Mereo&#146;s development or to be developed; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">others may independently develop similar or alternative technologies or duplicate any of Mereo&#146;s
technologies without infringing Mereo&#146;s intellectual property rights; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo&#146;s competitors might conduct research and development activities in countries where Mereo does not have
patent rights and then use the information learned from such activities to develop competitive products for sale in Mereo&#146;s major commercial markets; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">others performing manufacturing or testing for Mereo using its products or technologies could use the
intellectual property of others without obtaining a proper license; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo&#146;s or its licensors&#146; inventions or technologies may be found to be not patentable; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo may not develop additional technologies that are patentable. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo may become subject to third parties&#146; claims alleging infringement of third party patents and proprietary rights, or Mereo may
be involved in lawsuits to protect or enforce Mereo&#146;s patents and other proprietary rights, which could be costly and time consuming, delay or prevent the development and commercialization of Mereo&#146;s product candidates, or put Mereo&#146;s
patents and other proprietary rights at risk. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s commercial success depends, in part, upon its ability to develop,
manufacture, market, and sell its product candidates without alleged or actual infringement, misappropriation, or other violation of the patents and proprietary rights of third parties. Litigation relating to patents and other intellectual property
rights in the biopharmaceutical and pharmaceutical industries is common, including patent infringement lawsuits and interferences, oppositions, and reexamination proceedings before the U.S. Patent and Trademark Office (the &#147;USPTO&#148;) and
foreign patent offices. The various markets in which Mereo plans to operate are subject to frequent and extensive litigation regarding patents and other intellectual property rights. In addition, many companies in intellectual property-dependent
industries, including in the biopharmaceutical and pharmaceutical industries, have employed intellectual property litigation as a means to gain an advantage over their competitors. Numerous U.S., European, and foreign issued patents and pending
patent applications, which are owned by third parties, exist in the fields in which Mereo is developing product candidates. Some claimants may have substantially greater resources than Mereo has and may be able to sustain the costs of complex
intellectual property litigation to a greater degree and for longer periods of time than Mereo could. In addition, patent holding companies that focus solely on extracting royalties and settlements by enforcing patent rights may target Mereo. As the
biopharmaceutical and pharmaceutical industries expand and more patents are issued, the risk increases that Mereo&#146;s product candidates may be subject to claims of infringement of the intellectual property rights of third parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo may be subject to third-party claims including infringement, interference or derivation proceedings, post-grant review and inter partes
review before the USPTO, or similar adversarial proceedings or litigation in the U.S. and other jurisdictions. Even if Mereo believes such claims are without merit, a court of competent jurisdiction could hold that these third-party patents are
valid, enforceable and infringed, and the holders of any such patents may be able to block Mereo&#146;s ability to commercialize the applicable product candidate unless Mereo obtained a license under the applicable patents, or until such patents
expire or are finally determined to be invalid or unenforceable. Similarly, if any third-party patents were held by a court of competent jurisdiction to cover aspects of Mereo&#146;s compositions, formulations, or methods of treatment, prevention,
or use, the holders of any such patents may be able to block Mereo&#146;s ability to develop and commercialize the applicable product candidate unless Mereo obtained a license or until such patent expires or is finally determined to be invalid or
unenforceable. In addition, defending such claims would cause Mereo to incur substantial expenses and could cause it to pay substantial damages, if it is found to be infringing a third party&#146;s patent rights. These damages potentially include
increased damages and attorneys&#146; fees if Mereo is found to have infringed such rights willfully. As an example of the foregoing risks, Mereo is aware of a third-party patent family which currently includes a patent granted by the European
Patent Office (&#147;EPO&#148;), containing claims that appear to cover the use of <FONT STYLE="white-space:nowrap">BPS-804</FONT> in the treatment of OI. The patent owner could assert such patent against Mereo, which could present the foregoing
risks and impose limitations in Mereo&#146;s ability to develop, manufacture or sell <FONT STYLE="white-space:nowrap">BPS-804</FONT> for such use in the EU, unless Mereo obtains a license under such patent, such patent is determined to be invalid or
unenforceable by the EPO or a national court in one or more relevant territories, or such patent is revoked or otherwise limited by the EPO. This patent is currently the subject of ongoing opposition proceedings before the EPO, but there can be no
assurance as to the outcome of such proceedings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further, if a patent infringement suit is brought against Mereo or its third-party
service providers, Mereo&#146;s development, manufacturing or sales activities relating to the product or product candidate that is the subject of the suit may be delayed or terminated. As a result of patent infringement claims, or in order to avoid
potential infringement claims, Mereo may choose to seek, or be required to seek, a license from the third party, which would be likely to include a requirement to pay license fees or royalties or both. These licenses may not be available on
acceptable terms or at all. Even if a license can be obtained on acceptable terms, the rights may be nonexclusive, which would give Mereo&#146;s competitors access to the same intellectual property rights. If Mereo is unable to enter into a license
on acceptable terms, it could be prevented from commercializing one or more of its product candidates, or forced to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
modify such product candidates, or to cease some aspect of Mereo&#146;s business operations, which could harm its business significantly. Mereo might, if possible, also be forced to redesign its
product candidates so that it no longer infringes the third-party intellectual property rights, which may result in significant cost and delay to Mereo, or which redesign could be technically infeasible. Any of these events, even if Mereo were
ultimately to prevail, could require Mereo to divert substantial financial and management resources that Mereo would otherwise be able to devote to its business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Mereo were to initiate legal proceedings against a third party to enforce a patent covering one of its product candidates, the defendant
could counterclaim that Mereo&#146;s patent is invalid or unenforceable. In patent litigation in the United States and in Europe, defendant counterclaims alleging invalidity or unenforceability are commonplace. Grounds for a validity challenge could
be an alleged failure to meet any of several statutory requirements, for example, lack of novelty, obviousness, or <FONT STYLE="white-space:nowrap">non-enablement.</FONT> Third parties might allege unenforceability of Mereo&#146;s patents because
someone connected with prosecution of the patent withheld relevant information, or made a misleading statement, during prosecution. The outcome of proceedings involving assertions of invalidity and unenforceability during patent litigation is
unpredictable. With respect to the validity of patents, for example, Mereo cannot be certain that there is no invalidating prior art of which Mereo and the patent examiner were unaware during prosecution. There is a risk that in connection with such
proceedings, a court will decide that a Mereo patent is invalid or unenforceable, in whole or in part, and that Mereo does not have the right to stop the other party from using the invention at issue. If a defendant were to prevail on a legal
assertion of invalidity or unenforceability, Mereo would lose at least part, and perhaps all, of the patent protection on Mereo&#146;s product candidates. There is also a risk that, even if the validity of such patents is upheld, the court will
construe the patent&#146;s claims narrowly or decide that Mereo does not have the right to stop the other party from using the invention at issue on the grounds that Mereo&#146;s patent claims do not cover the invention. Even if Mereo establishes
infringement, the court may decide not to grant an injunction against further infringing activity and instead award only monetary damages, which may or may not be an adequate remedy. An adverse outcome in a litigation or proceeding involving one or
more of Mereo&#146;s patents could limit its ability to assert those patents against those parties or other competitors, and may curtail or preclude Mereo&#146;s ability to exclude third parties from making and selling similar or competitive
products. In addition, if the breadth or strength of protection provided by Mereo&#146;s patents is threatened, it could dissuade companies from collaborating with Mereo to license, develop, or commercialize its current or future product candidates.
Furthermore, Mereo&#146;s patents and other intellectual property rights also will not protect its technology if competitors design around Mereo&#146;s protected technology without infringing its patents or other intellectual property rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that
some of Mereo&#146;s confidential information could be compromised by disclosure during this type of litigation. Even if resolved in Mereo&#146;s favor, litigation or other legal proceedings relating to intellectual property claims may cause Mereo
to incur significant expenses and could distract Mereo&#146;s technical and management personnel from its normal responsibilities. Such litigation or proceedings could substantially increase Mereo&#146;s operating losses and reduce its resources
available for development activities. Mereo may not have sufficient financial or other resources to adequately conduct such litigation or proceedings. Some of Mereo&#146;s competitors may be able to sustain the costs of such litigation or
proceedings more effectively than Mereo can because of its substantially greater financial resources. Uncertainties resulting from the initiation and continuation of patent litigation or other proceedings could have an adverse effect on Mereo&#146;s
ability to compete in the marketplace. There could also be public announcements of the results of hearings, motions, or other interim proceedings or developments. If securities analysts or investors view these announcements in a negative light, the
price of our ADSs could be adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo may not identify relevant third-party patents or may incorrectly interpret the
relevance, scope or expiration of a third-party patent which might adversely affect Mereo&#146;s ability to develop, manufacture and market its product candidates. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo cannot guarantee that any of its, its licensors&#146;, or the previous owners&#146; patent searches or analyses, including but not
limited to the identification of relevant patents, the scope of patent claims, or the expiration of relevant patent applications or patents, are complete or thorough, nor can Mereo be certain that it has identified each and every third-party patent
and patent application in the United States, Europe and elsewhere that is relevant to or necessary for the commercialization of Mereo&#146;s product candidates in any jurisdiction. For example, in the United States, patent applications filed before
November&nbsp;29, 2000 and, upon request, certain patent applications filed after that date that will not be filed outside the United States, remain confidential until those patent applications issue as patents. Patent applications in the United
States, EU, and elsewhere are published approximately 18 months after the earliest filing for which priority is claimed, with such earliest filing date being commonly referred to as the priority </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
date. Therefore, patent applications covering Mereo&#146;s product candidates could have been filed by others without Mereo&#146;s knowledge, including any such patent applications that may claim
priority from patent applications for patents that Mereo has determined will expire before it commercialize its products. Additionally, pending patent applications that have been published can, subject to certain limitations, be later amended in a
manner that could cover Mereo&#146;s product candidates or the use of Mereo&#146;s product candidates. Moreover, as Mereo studies its product candidates during development, Mereo may learn new information regarding their structure, composition,
properties, or functions that may render third-party patent applications or patents that Mereo had not identified as being, or that Mereo had not believed to be, relevant to its product candidates instead to be relevant to or necessary for the
commercialization of Mereo&#146;s product candidates in a jurisdiction. The scope of a patent claim is determined by an interpretation of the law, the written disclosure in the patent, and the patent&#146;s prosecution history. Mereo&#146;s
interpretation of the relevance or the scope of a patent or a pending patent application may be incorrect. Mereo may incorrectly determine that its product candidates are not covered by a third-party patent or may incorrectly predict whether a third
party&#146;s pending patent application will issue with claims of relevant scope. Mereo&#146;s determination of the expiration date or the possibility of an extension of patent term of any patent in the United States, Europe, or elsewhere that Mereo
considers relevant also may be incorrect. Any of the foregoing circumstances, failures, or errors may negatively impact Mereo&#146;s ability to develop and market its product candidates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>If Mereo fails to comply with its obligations under its existing and any future intellectual property licenses with third parties, it
could lose license rights that are important to its business, and its business may be substantially harmed as a result. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is
party to agreements with Novartis and AstraZeneca, under which Mereo <FONT STYLE="white-space:nowrap">in-licenses</FONT> certain intellectual property and was assigned, in the case of Novartis, or granted an option to acquire, in the case of
AstraZeneca, certain patents and patent applications related to Mereo&#146;s business. Mereo may enter into additional license agreements in the future. Mereo&#146;s existing license agreements impose and any future license agreements are likely to
impose various diligence, milestone payment, royalty, insurance and other obligations on Mereo. Any uncured, material breach under these license agreements could result in the loss of Mereo&#146;s rights to practice such <FONT
STYLE="white-space:nowrap">in-licensed</FONT> intellectual property, and could compromise its development and commercialization efforts for any current or future product candidates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo may not be successful in maintaining necessary rights to its product candidates or obtaining patent or other intellectual property
rights important to its business through acquisitions and <FONT STYLE="white-space:nowrap">in-licenses.</FONT> </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo currently
owns and has <FONT STYLE="white-space:nowrap">in-licensed</FONT> rights to intellectual property, including patents, patent applications and <FONT STYLE="white-space:nowrap">know-how,</FONT> relating to its product candidates, and its success will
likely depend on maintaining these rights. Because Mereo&#146;s programs may require the use of proprietary rights held by third parties, the growth of Mereo&#146;s business will likely depend in part on its ability to continue to acquire, <FONT
STYLE="white-space:nowrap">in-license,</FONT> maintain, or use these proprietary rights. In addition, Mereo&#146;s product candidates may require specific formulations to work effectively and the rights to those formulations or methods of making
those formulations may be held by others. Mereo may be unable to acquire or <FONT STYLE="white-space:nowrap">in-license</FONT> any compositions, methods of use, processes, or other third-party intellectual property rights that Mereo identifies as
necessary for the development and commercialization of its product candidates. The licensing and acquisition of third-party intellectual property rights is a competitive area, and a number of more established companies also are pursuing strategies
to license or acquire third-party intellectual property rights that Mereo may consider attractive. These established companies may have a competitive advantage over Mereo due to their size, cash resources, and greater clinical development and
commercialization capabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, companies that perceive Mereo to be a competitor may be unwilling to assign or license
rights to Mereo. Mereo may also be unable to license or acquire third-party intellectual property rights on a timely basis, on terms that would allow it to make an appropriate return on its investment, or at all. Even if Mereo is able to obtain a
license to intellectual property of interest, Mereo may not be able to secure exclusive rights, in which case others could use the same rights and compete with Mereo. If Mereo is unable to successfully obtain a license to third-party intellectual
property rights necessary for the development of its product candidates or a development program on acceptable terms, it may have to abandon development of its product candidates or that development program. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Obtaining and maintaining Mereo&#146;s patent protection depends on compliance with
various procedural, document submission, fee payment, and other requirements imposed by governmental patent agencies, and Mereo&#146;s patent protection could be reduced or eliminated for <FONT STYLE="white-space:nowrap">non-compliance</FONT> with
these requirements. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Periodic maintenance and annuity fees on any issued patent are due to be paid to the USPTO and foreign patent
agencies over the lifetime of a patent. In addition, the USPTO and other foreign patent agencies require compliance with a number of procedural, documentary, fee payment, and other similar provisions during the patent application process. While an
inadvertent failure to make payment of such fees or to comply with such provisions can in many cases be cured by payment of a late fee or by other means in accordance with the applicable rules, there are situations in which such <FONT
STYLE="white-space:nowrap">non-compliance</FONT> will result in the abandonment or lapse of the patent or patent application, and the partial or complete loss of patent rights in the relevant jurisdiction.
<FONT STYLE="white-space:nowrap">Non-compliance</FONT> events that could result in abandonment or lapse of a patent or patent application include failure to respond to official actions within prescribed time limits, and <FONT
STYLE="white-space:nowrap">non-payment</FONT> of fees and failure to properly legalize and submit formal documents within prescribed time limits. If Mereo or its licensors fail to maintain the patents and patent applications covering its product
candidates or if it or its licensors otherwise allow its patents or patent applications to be abandoned or lapse, Mereo&#146;s competitors might be able to enter the market, which would hurt its competitive position and could impair Mereo&#146;s
ability to successfully commercialize Mereo&#146;s product candidates in any indication for which they are approved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo may be
subject to claims challenging the inventorship of its patents and other intellectual property. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although Mereo is not currently
experiencing any claims challenging the inventorship of its patents and patent applications or ownership of its intellectual property, it may in the future be subject to claims that former employees or other third parties have an interest in its
patents or other intellectual property as an inventor or <FONT STYLE="white-space:nowrap">co-inventor.</FONT> While it is Mereo&#146;s policy to require its employees and contractors who may be involved in the conception or development of
intellectual property to execute agreements assigning such intellectual property to Mereo, Mereo may be unsuccessful in executing such an agreement with each party who, in fact, conceives or develops intellectual property that Mereo regards as its
own. For example, the assignment of intellectual property rights may not be self-executing or the assignment agreements may be breached, or Mereo may have inventorship disputes arise from conflicting obligations of consultants or others who are
involved in developing Mereo&#146;s product candidates. Litigation may be necessary to defend against these and other claims challenging inventorship. If Mereo fails in defending any such claims, in addition to paying monetary damages, Mereo may
lose valuable intellectual property rights, such as exclusive ownership of, or right to use, valuable intellectual property. Even if Mereo is successful in defending against such claims, litigation could result in substantial costs and be a
distraction to management and other employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Changes in patent laws or patent jurisprudence could diminish the value of patents
in general, thereby impairing Mereo&#146;s ability to protect its product candidates. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As is the case with other biopharmaceutical
and pharmaceutical companies, Mereo&#146;s success is heavily dependent on intellectual property, particularly patents. Obtaining and enforcing patents in the biopharmaceutical and pharmaceutical industries involve both technological complexity and
legal complexity. Therefore, obtaining and enforcing biopharmaceutical and pharmaceutical patents is costly, time-consuming and inherently uncertain. In addition, the America Invents Act (the &#147;AIA&#148;), which was passed in September 2011,
resulted in significant changes to the U.S. patent system. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An important change introduced by the AIA is that, as of March&nbsp;16, 2013,
the United States transitioned to a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;first-to-file&#148;</FONT></FONT> system for deciding which party should be granted a patent when two or more patent applications are filed
by different parties claiming the same invention. A third party that files a patent application in the USPTO after that date but before Mereo could therefore be awarded a patent covering an invention of its product candidates even if it made the
invention before it was made by the third party. This will require Mereo to be cognizant going forward of the time from invention to filing of a patent application, but circumstances could prevent Mereo from promptly filing patent applications on
its inventions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Among some of the other changes introduced by the AIA are changes to the limitation where a patent may be challenged,
thus providing opportunities for third parties to challenge any issued patent in the USPTO. This applies to all of Mereo&#146;s U.S. patents, even those issued before March&nbsp;16, 2013. Because of a lower evidentiary standard in USPTO proceedings
compared to the evidentiary standard in U.S. federal courts necessary to invalidate a patent claim, a third party could potentially provide evidence in a USPTO proceeding sufficient for the USPTO to hold a claim invalid even though the same evidence
would be insufficient to invalidate the claim if first presented in a district court action. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accordingly, a third party may attempt to use the USPTO proceedings to invalidate
Mereo&#146;s patent claims that would not have been invalidated if first challenged by the third party as a defendant in a district court action. It is not clear what, if any, impact the AIA will have on the operation of Mereo&#146;s business.
However, the AIA and its implementation could increase the uncertainties and costs surrounding the prosecution of Mereo&#146;s or its licensors&#146; patent applications and the enforcement or defense of Mereo&#146;s or its licensors&#146; issued
patents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, the U.S. Supreme Court has ruled on several patent cases in recent years either narrowing the scope of patent
protection available in certain circumstances or weakening the rights of patent owners in certain situations. In addition to increasing uncertainty with regard to Mereo&#146;s ability to obtain patents in the future, this combination of events has
created uncertainty with respect to the value of patents, once obtained. Depending on decisions by Congress, the federal courts and the USPTO, the laws and regulations governing patents could change in unpredictable ways that could weaken
Mereo&#146;s ability to obtain new patents or to enforce its existing patents and patents that it might obtain in the future. Similarly, the complexity and uncertainty of European patent laws have also increased in recent years. In addition, the
European patent system is relatively stringent in the type of amendments that are allowed during prosecution. Complying with these laws and regulations could limit Mereo&#146;s ability to obtain new patents in the future that may be important for
its business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>If Mereo does not obtain protection under the Hatch-Waxman Amendments and similar
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> legislation for extending the term of patents covering its product candidates, its ability to compete effectively could be impaired. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Depending upon the timing, duration and conditions of FDA marketing approval of Mereo&#146;s product candidates, one or more of its U.S.
patents may be eligible for patent term extension under the Drug Price Competition and Patent Term Restoration Act of 1984, referred to as the &#147;Hatch-Waxman Amendments&#148;. The Hatch-Waxman Amendments permit a patent term extension of up to
five years for a patent covering an approved product or method of use as compensation for patent term lost during product development and the FDA regulatory review process. A patent term extension cannot extend the remaining term of a patent beyond
a total of 14 years from the date of product approval. Similar patent term extensions may be available in other jurisdictions. For example, a supplementary protection certificate in Europe may be applied for approval to recover some of the time lost
between the patent application filing date and the date of first marketing authorization. However, Mereo may not receive an extension if it fails to apply within applicable deadlines, fails to apply prior to expiration of relevant patents, or
otherwise fails to satisfy applicable requirements. Moreover, the length of the extension could be less than Mereo requests. If Mereo is unable to obtain patent term extension or the term of any such extension is less than it requests, the period
during which it can enforce its patent rights for that product will be shortened and its competitors may obtain approval to market competing products sooner. As a result, Mereo&#146;s revenue from applicable products could be reduced, possibly
materially. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>If Mereo&#146;s trademarks and trade names are not adequately protected, it may not be able to build name recognition
in its markets of interest and its competitive position may be adversely affected. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo currently owns registered trademarks.
Mereo may not be able to obtain trademark protection in territories that it considers of significant importance. In addition, any of Mereo&#146;s trademarks or trade names, whether registered or unregistered, may be challenged, opposed, infringed,
cancelled, circumvented or declared generic, or determined to be infringing on other marks, as applicable. Mereo may not be able to protect its rights to these trademarks and trade names, which it will need to build name recognition by potential
collaborators or customers in Mereo&#146;s markets of interest. Over the long term, if Mereo is unable to establish name recognition based on its trademarks and trade names, it may not be able to compete effectively and its business may be adversely
affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>If Mereo is unable to protect the confidentiality of its trade secrets and
<FONT STYLE="white-space:nowrap">know-how,</FONT> its business and competitive position would be harmed. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo considers
proprietary trade secrets and confidential <FONT STYLE="white-space:nowrap">know-how</FONT> and unpatented <FONT STYLE="white-space:nowrap">know-how</FONT> to be important to its business. In addition to seeking patents for some of Mereo&#146;s
technology and product candidates, Mereo may also rely on trade secrets or confidential <FONT STYLE="white-space:nowrap">know-how</FONT> to protect its technology, especially where patent protection is believed to be of limited value. However, trade
secrets and confidential <FONT STYLE="white-space:nowrap">know-how</FONT> are difficult to maintain as confidential. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To protect this type of information against disclosure or appropriation by competitors,
Mereo&#146;s policy is to require its employees, consultants, contractors and advisors to enter into confidentiality agreements with Mereo. Mereo also seeks to preserve the integrity and confidentiality of its data, trade secrets, and <FONT
STYLE="white-space:nowrap">know-how</FONT> by maintaining physical security of its premises and physical and electronic security of its information technology systems. Monitoring unauthorized uses and disclosures is difficult, and Mereo cannot know
whether the steps it has taken to protect its proprietary technologies will be effective. In addition, current or former employees, consultants, contractors, and advisers may unintentionally or willfully disclose Mereo&#146;s confidential
information to competitors, and confidentiality agreements may not provide an adequate remedy in the event of unauthorized disclosure of confidential information. Mereo therefore cannot guarantee that its trade secrets and other proprietary and
confidential information will not be disclosed or that competitors will not otherwise gain access to its trade secrets. Enforcing a claim that a third party obtained illegally and is using trade secrets or confidential
<FONT STYLE="white-space:nowrap">know-how</FONT> is expensive, time consuming, and unpredictable. The enforceability of confidentiality agreements may vary from jurisdiction to jurisdiction. Furthermore, if a competitor lawfully obtained or
independently developed any of Mereo&#146;s trade secrets, Mereo would have no right to prevent such competitor from using that technology or information to compete with it, which could harm its competitive position. Additionally, if the steps taken
to maintain Mereo&#146;s trade secrets are deemed inadequate, it may have insufficient recourse against third parties for misappropriating the trade secret. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Failure to protect or maintain trade secrets and confidential <FONT STYLE="white-space:nowrap">know-how</FONT> could adversely affect
Mereo&#146;s business and its competitive position. Moreover, Mereo&#146;s competitors may independently develop substantially equivalent proprietary information and may even apply for patent protection in respect of the same. If successful in
obtaining such patent protection, Mereo&#146;s competitors could limit Mereo&#146;s use of Mereo&#146;s own trade secrets or confidential <FONT STYLE="white-space:nowrap">know-how.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo may be subject to claims by third parties asserting that Mereo or Mereo&#146;s employees have misappropriated third party
intellectual property, or claiming ownership of what Mereo regards as Mereo&#146;s own intellectual property. These claims may be costly to defend and if Mereo does not successfully do so, it may be required to pay monetary damages and lose valuable
intellectual property rights or personnel. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Some of Mereo&#146;s employees, including its senior management, were previously
employed at other biopharmaceutical or pharmaceutical companies, including its competitors or potential competitors. Some of these employees executed proprietary rights, <FONT STYLE="white-space:nowrap">non-disclosure</FONT> and <FONT
STYLE="white-space:nowrap">non-competition</FONT> agreements in connection with such previous employment. Although Mereo tries to ensure that its employees do not use the <FONT STYLE="white-space:nowrap">know-how,</FONT> trade secrets, or other
proprietary information of others in their work for Mereo, Mereo may be subject to claims that it or these employees have used or disclosed confidential information or intellectual property, including
<FONT STYLE="white-space:nowrap">know-how,</FONT> trade secrets, or other proprietary information, of any such employee&#146;s former employer. Litigation may be necessary to defend against these claims. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Mereo fails in prosecuting or defending any such claims, in addition to paying monetary damages, it may lose valuable intellectual property
rights or personnel. A loss of key research personnel or its work product could hamper or undermine Mereo&#146;s ability to develop and commercialize its product candidates, which would severely harm its business. In addition, if such intellectual
property rights were to be awarded to a third party, Mereo could be required to obtain a license from such third party to commercialize its technology or products. Such a license may not be available on commercially reasonable terms or at all, which
could hamper or undermine Mereo&#146;s ability to develop and commercialize its product candidates, which would severely harm its business. Even if Mereo successfully prosecutes or defends against such claims, litigation could result in substantial
costs and distract management from the development and commercialization of Mereo&#146;s product candidates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo&#146;s
proprietary information may be lost or it may suffer security breaches. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the ordinary course of Mereo&#146;s business, it
collects and stores sensitive data, including intellectual property, clinical trial data, proprietary business information, personal data and personally identifiable information of Mereo&#146;s clinical trial subjects and employees, in Mereo&#146;s
data centers and on Mereo&#146;s networks. The secure processing, maintenance and transmission of this information is critical to Mereo&#146;s operations. Despite Mereo&#146;s security measures, its information technology and infrastructure and
those of its CROs or other contractors or consultants may be vulnerable to attacks by hackers or breached due to employee error, malfeasance, or other disruptions. The loss of clinical trial data from completed, ongoing, or planned trials could
result in delays in Mereo&#146;s regulatory approval efforts and significantly increase its costs to recover or reproduce the data. Although, to Mereo&#146;s knowledge, it has not experienced any such material security breach to date, any such
breach could compromise its networks and the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
information stored there could be accessed, publicly disclosed, lost, or stolen. Any such access, disclosure, or other loss of information could result in legal claims or proceedings, liability
under laws that protect the privacy of personal information, and significant regulatory penalties; disrupt Mereo&#146;s operations; damage its reputation; and cause a loss of confidence in Mereo and its ability to conduct clinical trials, which
could adversely affect Mereo&#146;s reputation and delay its clinical development of its product candidates. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to Employee Matters and
Managing Growth </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo&#146;s future growth and ability to compete depends on retaining its key personnel and recruiting
additional qualified personnel. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s success depends upon the continued contributions of its key management, including
all of its senior management team, and scientific and technical personnel, many of whom have been instrumental for Mereo and have substantial experience with rare and specialty diseases and the biopharmaceutical and pharmaceutical industries. The
loss of key managers and senior physicians or scientists could delay Mereo&#146;s acquisition and development activities. In addition, the competition for qualified personnel in the biopharmaceutical and pharmaceutical fields is intense, and
Mereo&#146;s future success depends upon its ability to attract, retain and motivate highly skilled scientific, technical, and managerial employees. Mereo faces competition for personnel from other companies and organizations. If Mereo&#146;s
recruitment and retention efforts are unsuccessful in the future, it may be difficult for Mereo to achieve its development objectives, raise additional capital, and implement its business strategy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo expects to expand its development, regulatory, and sales and marketing capabilities, and as a result, Mereo may encounter difficulties
in managing its growth, which could disrupt its operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo expects to experience significant growth in the number of its employees
and the scope of its operations, particularly in the areas of drug acquisition and development, regulatory affairs, and sales and marketing. To manage Mereo&#146;s anticipated future growth, Mereo must continue to implement and improve its
managerial, operational and financial systems, expand its facilities or acquire new facilities, and continue to recruit and train additional qualified personnel. Due to Mereo&#146;s limited financial resources and the limited experience of its
management team in managing a company with such anticipated growth, Mereo may not be able to effectively manage the expansion of its operations or recruit and train additional qualified personnel. The expansion of Mereo&#146;s operations may lead to
significant costs and may divert its management and business development resources. Any inability to manage growth could delay the execution of Mereo&#146;s business plans or disrupt its operation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to our ADSs </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>An
active trading market for our ADSs may not develop. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While the existing ordinary shares have been traded on AIM since 2016, there
was no public market for ADSs or ordinary shares in the United States prior to the completion of the Merger. Our ADSs have been listed on Nasdaq as of April&nbsp;24, 2019. Mereo cannot predict the extent to which investor interest in our ADSs will
lead to the development of an active trading market or how liquid that market might become. An active public market for ADSs may not develop or be sustained. If an active public market does not develop or is not sustained, it may be difficult for
you to sell your ADSs at a price that is attractive to you, or at all. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The market price for ADSs and the underlying ordinary shares
may be volatile and may decline regardless of Mereo&#146;s operating performance, and the value of your investment could materially decline. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The trading price of ADSs may fluctuate, and the trading price of ordinary shares on AIM is likely to continue to fluctuate, substantially.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The market price of ADSs and ordinary shares may fluctuate significantly in response to numerous factors, many of which are beyond
Mereo&#146;s control, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">positive or negative results from, or delays in, testing or clinical trials conducted by Mereo or its
competitors; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">delays in entering into strategic relationships with respect to development or commercialization of Mereo&#146;s
product candidates or entry into strategic relationships on terms that are not deemed to be favorable to Mereo; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">technological innovations or commercial product introductions by Mereo or competitors; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in government regulations; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">developments concerning proprietary rights, including patents and litigation matters; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">public concern relating to the commercial value or safety of Mereo&#146;s product candidates;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">financing or other corporate transactions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">publication of research reports or comments by securities or industry analysts, and variances in Mereo&#146;s
periodic results of operations from securities analysts&#146; estimates; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">general market conditions in the biopharmaceutical and pharmaceutical industries or in the economy as a whole;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the loss of any of Mereo&#146;s key scientific or senior management personnel; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">sales of our ADSs or ordinary shares by Mereo, its senior management and board members, holders of ADSs or
Mereo&#146;s other security holders in the future; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">actions by institutional shareholders; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">speculation in the press or the investment community; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">other events and factors, many of which are beyond Mereo&#146;s control. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These and other market and industry factors may cause the market price and demand for our ADSs to fluctuate substantially, regardless of
Mereo&#146;s actual operating performance, which may limit or prevent investors from readily selling ADSs or ordinary shares and may otherwise negatively affect the liquidity of ADSs and ordinary shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the stock market in general, and emerging companies in particular, have experienced significant price and volume fluctuations
that often have been unrelated to the operating performance of the companies affected by these fluctuations. These broad market fluctuations may adversely affect the trading price of ADSs and ordinary shares, regardless of Mereo&#146;s operating
performance. In the past in the United States, when the market price of a security has been volatile, holders of that security have often instituted securities class action litigation against the issuer of such securities. If any of the holders of
ADSs or ordinary shares were to bring such a lawsuit against Mereo, Mereo could incur substantial costs defending the lawsuit and the attention of Mereo&#146;s senior management would be diverted from the operation of Mereo&#146;s business. Any
adverse determination in litigation could also subject Mereo to significant liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Future sales of ordinary shares or ADSs
could depress the market price of ADSs. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If holders of ordinary shares or ADSs sell, or indicate an intent to sell, substantial
amounts of ordinary shares or ADSs in the public markets, the trading price of ADSs or ordinary shares could decline significantly. These sales might also make it more difficult for Mereo to sell equity or equity-related securities at a time and
price that it otherwise would deem appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The dual listing of ordinary shares and ADSs is costly to maintain and may
adversely affect the liquidity and value of ordinary shares and ADSs. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our ADSs are listed for trading on Nasdaq and our ordinary
shares trade on AIM. As of April&nbsp;24, 2019 we have maintained a dual listing, which has generated and will continue to generate additional costs, including significant legal, accounting, investor relations, and other expenses that Mereo did not
incur prior to April&nbsp;24, 2019, in addition to the costs associated with the additional reporting requirements described elsewhere in this annual report. Mereo cannot predict the effect of this dual listing on the value of our ADSs and ordinary
shares. However, the dual listing of ADSs and ordinary shares may dilute the liquidity of these securities in one or both markets and may adversely affect the development of an active trading market for our ADSs. The price of our ADSs could also be
adversely affected by trading in ordinary shares on AIM. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Fluctuations in the exchange rate between the U.S. dollar and the pound sterling may
increase the risk of holding ADSs. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The share price of ordinary shares is quoted on AIM in pence sterling, while our ADSs trade on
Nasdaq in U.S. dollars. Fluctuations in the exchange rate between the U.S. dollar and the pound sterling may result in differences between the value of our ADSs and the value of ordinary shares, which may result in heavy trading by investors seeking
to exploit such differences. In addition, as a result of fluctuations in the exchange rate between the U.S. dollar and the pound sterling, the U.S. dollar equivalent of the proceeds that a holder of our ADSs would receive upon the sale in the United
Kingdom of any ordinary shares withdrawn from the depositary, and the U.S. dollar equivalent of any cash dividends paid in pound sterling on ordinary shares represented by our ADSs, could also decline. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The depositary for ADSs is entitled to charge holders fees for various services, including annual service fees. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The depositary for ADSs is entitled to charge holders fees for various services including for the issuance of ADSs upon deposit of ordinary
shares, cancellation of ADSs, distributions of cash dividends or other cash distributions, distributions of ADSs pursuant to share dividends or other free share distributions, distributions of securities other than ADSs and annual service fees. In
the case of ADSs issued by the depositary into The Depository Trust Company (&#147;DTC&#148;), the fees will be charged by the DTC participant to the account of the applicable beneficial owner in accordance with the procedures and practices of the
DTC participant as in effect at the time. The depositary for ADSs will not generally be responsible for any United Kingdom stamp duty or stamp duty reserve tax arising upon the issuance or transfer of ADSs. For a discussion of the United Kingdom
stamp duty and stamp duty reserve tax consequences of the issuance and transfer of ADSs, see &#147;Item 10. Additional Information&#151;E. Taxation&#151;Stamp Duty and Stamp Duty Reserve Tax.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>If securities or industry analysts do not publish research or publish inaccurate research or unfavorable research about Mereo&#146;s
business, the price and trading volume of ordinary shares and ADSs could decline. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The trading market for our ordinary shares and
ADSs depends in part on the research and reports that securities or industry analysts publish about Mereo or its business. If one or more of the analysts who covers Mereo downgrades our ordinary shares or ADSs or publishes incorrect or unfavorable
research about Mereo&#146;s business, the price of our ordinary shares and/or ADSs would likely decline. If one or more of these analysts ceases coverage of Mereo or fails to publish reports on it regularly, or downgrades our ordinary shares or
ADSs, demand for ADSs or ordinary shares could decrease, which could cause the price of ADSs and/or ordinary shares and/or trading volume to decline. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>You may be subject to limitations on the transfer of ADSs and the withdrawal of the underlying ordinary shares. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ADSs are transferable on the books of the depositary. However, the depositary may close its books at any time or from time to time when the
depositary, in good faith, determines such action is necessary or advisable pursuant to the deposit agreement. The depositary may refuse to deliver, transfer or register transfers of ADSs generally when Mereo&#146;s books or the books of the
depositary are closed, or at any time if Mereo or the depositary thinks it is necessary or advisable to do so because of any requirement of law, government or governmental body, or under any provision of the deposit agreement, or for any other
reason, subject to your right to cancel your ADSs and withdraw the underlying ordinary shares. Temporary delays in the cancellation of your ADSs and withdrawal of the underlying ordinary shares may arise because the depositary has closed its
transfer books or Mereo has closed its transfer books, the transfer of ordinary shares is blocked to permit voting at a shareholders&#146; meeting or because Mereo is paying a dividend on its ordinary shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, you may not be able to cancel your ADSs and withdraw the underlying ordinary shares when you owe money for fees, taxes and
similar charges and when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to our ADSs or to the withdrawal of our ordinary shares or other deposited securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our ADS holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in
less favorable results to the plaintiff(s) in any such action. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The deposit agreement governing our ADSs provides that holders and
beneficial owners of ADSs irrevocably waive the right to a trial by jury in any legal proceeding arising out of or relating to the deposit agreement or our ADSs, including claims under U.S. federal securities laws, against Mereo or the depositary to
the fullest extent permitted by applicable law. If this jury trial waiver provision is prohibited by applicable law, an action could nevertheless proceed </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
under the terms of the deposit agreement with a jury trial. Although Mereo is not aware of a specific federal decision that addresses the enforceability of a jury trial waiver in the context of
U.S. federal securities laws, it is Mereo&#146;s understanding that jury trial waivers are generally enforceable. Moreover, insofar as the deposit agreement is governed by the laws of the State of New York, New York laws similarly recognize the
validity of jury trial waivers in appropriate circumstances. In determining whether to enforce a jury trial waiver provision, New York courts and federal courts will consider whether the visibility of the jury trial waiver provision within the
agreement is sufficiently prominent such that a party has knowingly waived any right to trial by jury. Mereo believes that this is the case with respect to the deposit agreement and our ADSs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, New York courts will not enforce a jury trial waiver provision in order to bar a viable setoff or counterclaim sounding in fraud
or one which is based upon a creditor&#146;s negligence in failing to liquidate collateral upon a guarantor&#146;s demand, or in the case of an intentional tort claim (as opposed to a contract dispute). No condition, stipulation or provision of the
deposit agreement or ADSs serves as a waiver by any holder or beneficial owner of ADSs or by Mereo or the depositary of compliance with any provision of U.S. federal securities laws and the rules and regulations promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any holder or beneficial owner of ADSs brings a claim against Mereo or the depositary in connection with matters arising under the deposit
agreement or our ADSs, including claims under U.S. federal securities laws, such holder or beneficial owner may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against
Mereo or the depositary. If a lawsuit is brought against Mereo or the depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures
and may result in different results than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in any such action, depending on, among other things, the nature of the claims, the judge or justice hearing
such claims, and the venue of the hearing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>You may not receive distributions on ordinary shares represented by ADSs or any value
for them if it is unlawful or impractical to make them available to holders of ADSs. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo expects that the depositary for ADSs
will agree to pay to you or distribute the cash dividends or other distributions it or the custodian receives on ordinary shares or other deposited securities after deducting its fees and expenses. You will receive these distributions in proportion
to the number of ordinary shares your ADSs represent. However, in accordance with the limitations set forth in the deposit agreement, it may be unlawful or impractical to make a distribution available to holders of ADSs. Mereo has no obligation to
take any other action to permit the distribution of ADSs, ordinary shares, rights or anything else to holders of ADSs. This means that you may not receive the distributions Mereo makes on our ordinary shares or any value from them if it is unlawful
or impractical to make them available to you. These restrictions may have a material adverse effect on the value of ADSs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>It may be
difficult for you to bring any action or enforce any judgment obtained in the United States against Mereo or members of the Mereo Board, which may limit the remedies otherwise available to you. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is incorporated as a public limited company in England and Wales, and the majority of Mereo&#146;s assets are located outside the United
States. In addition, the majority of the members of the board of directors of Mereo (the &#147;Mereo Board&#148;) are nationals and residents of countries, including the United Kingdom, outside of the United States. Most or all of the assets of
these individuals are located outside the United States. As a result, it may be difficult or impossible for you to bring an action against Mereo or against these individuals in the United States if you believe your rights have been infringed under
the securities laws or otherwise. In addition, a United Kingdom court may prevent you from enforcing a judgment of a U.S. court against Mereo or these individuals based on the securities laws of the United States or any state thereof. A United
Kingdom court may not allow you to bring an action against Mereo or its directors based on the securities laws of the United States or any state thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Shareholders in countries other than the United Kingdom will suffer dilution if they are unable to participate in future preemptive
equity offerings. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under English law, shareholders usually have preemptive rights to subscribe on a pro rata basis in the issuance
of new shares for cash. The exercise of preemptive rights by certain shareholders not resident in the United Kingdom may be restricted by applicable law or practice in the United Kingdom and overseas jurisdictions. In particular, the exercise of
preemptive rights by U.S. shareholders would be prohibited unless that rights offering is registered under the Securities Act or an exemption from the registration requirements of the Securities Act applies. Furthermore,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
under the deposit agreement for our ADSs, the depositary generally will not offer those rights to holders of ADSs unless both the rights and the underlying securities to be distributed to holders
of ADSs are either registered under the Securities Act, or exempt from registration under the Securities Act with respect to all holders of ADSs. If no exemption applies and Mereo determines not to register the rights offering, shareholders in the
United States may not be able or permitted to exercise their preemptive rights. Mereo is also permitted under English law to disapply preemptive rights (subject to the approval of its shareholders by special resolution) and thereby exclude certain
shareholders, such as overseas shareholders, from participating in a rights offering (usually to avoid a breach of local securities laws). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Holders of ADSs may not have the same voting rights as holders of ordinary shares and may not receive voting materials in time to be
able to exercise their right to vote. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of ADSs are not be able to exercise voting rights attaching to ordinary shares
underlying our ADSs on an individual basis. Each holder of ADSs has appointed the depositary or its nominee as the holder&#146;s representative to exercise, pursuant to the instructions of the holder, the voting rights attaching to our ordinary
shares underlying our ADSs. Holders of ADSs may not receive voting materials in time to instruct the depositary to vote, and it is possible that they, or persons who hold their ADSs through brokers, dealers or other third parties, will not have the
opportunity to exercise a right to vote. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Because Mereo does not anticipate paying any cash dividends on ADSs or ordinary shares in
the foreseeable future, capital appreciation, if any, will be your sole source of gains and you may never receive a return on your investment. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under English law, a company&#146;s accumulated realized profits must exceed its accumulated realized losses on a <FONT
STYLE="white-space:nowrap">non-consolidated</FONT> basis before dividends can be paid. Therefore, Mereo must have distributable profits before issuing a dividend. Mereo has not paid dividends in the past on its ordinary shares. Further, Mereo
intends to retain future earnings, if any, for use in its business and does not anticipate paying any cash dividends in the foreseeable future. In addition, Mereo&#146;s credit facility prohibits it from paying dividends on its equity securities,
and any future debt agreements may likewise preclude Mereo from paying dividends. As a result, capital appreciation, if any, on ADSs or ordinary shares will be your sole source of gains for the foreseeable future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo is a &#147;foreign private issuer&#148; under the rules and regulations of the SEC and, as a result, is exempt from a number of
rules under the Exchange Act and is permitted to file less information with the SEC than a company incorporated in the United States. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is incorporated as a public limited company in England and Wales and is deemed to be a &#147;foreign private issuer&#148; under the
rules and regulations of the SEC. As a foreign private issuer, Mereo is exempt from certain rules under the Exchange Act that would otherwise apply if Mereo were a company incorporated in the United States, including: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the requirement to file periodic reports and financial statements with the SEC as frequently or as promptly as
United States companies with securities registered under the Exchange Act; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the requirement to file financial statements prepared in accordance with U.S. GAAP; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the proxy rules, which impose certain disclosure and procedural requirements for proxy solicitations; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the requirement to comply with Regulation Fair Disclosure (&#147;Regulation FD&#148;), which imposes certain
restrictions on the selective disclosure of material information. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Mereo&#146;s officers, directors and
principal shareholders are exempt from the reporting and &#147;short-swing&#148; profit recovery provisions of Section&nbsp;16 of the Exchange Act and the related rules with respect to their purchases and sales of our ADSs and ordinary shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>As a foreign private issuer, Mereo is not required to comply with some of the corporate governance standards of Nasdaq applicable to
companies incorporated in the United States. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mereo Board is required to meet certain corporate governance standards under
Nasdaq Listing Rules, including the requirement to maintain an audit committee comprised of three or more directors satisfying the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
independence standards of Nasdaq applicable to audit committee members. While foreign private issuers are not required to comply with most of the other corporate governance rules of Nasdaq, Mereo
believes it currently complies with, and intends to continue to comply with, the majority of such requirements, including the requirements to maintain a majority of independent directors and nominating and compensation committees of its board of
directors comprised solely of independent directors. Mereo is required to follow the AIM rules and Corporate Governance Code published by the Quoted Companies Alliance. As a result, holders of our ADSs may not be afforded the benefits of the
corporate governance standards of Nasdaq to the same extent applicable to companies incorporated in the United States. See &#147;Item 16G. Corporate governance&#151;Foreign Private Issuer Exemption&#148; elsewhere in this annual report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Additional reporting requirements may apply if Mereo loses its status as a foreign private issuer. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Mereo loses its status as a &#147;foreign private issuer&#148; under the rules and regulations of the SEC at some future time, then it will
no longer be exempt from such rules and, among other things, will be required to file periodic reports and financial statements as if it were a company incorporated in the United States. The costs incurred in fulfilling these additional regulatory
requirements could be substantial. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Although Mereo&#146;s reporting obligations as a foreign private issuer are fewer than those of
a public company incorporated in the United States, Mereo&#146;s costs of complying with its SEC reporting requirements are significant, and its management is required to devote substantial time to complying with SEC regulations. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is a foreign private issuer and subject to certain SEC reporting requirements. As such, and particularly after Mereo no longer qualifies
as an Emerging Growth Company, Mereo expects to incur significant legal, accounting, and other expenses that it did not incur previously, including costs associated with its SEC reporting requirements under the Exchange Act and compliance with the
requirements of Section&nbsp;404 of the Sarbanes-Oxley Act of 2002 (&#147;Section&nbsp;404&#148;). Mereo&#146;s senior management and other personnel needs to devote a substantial amount of time to these compliance initiatives. Moreover, these rules
and regulations increase Mereo&#146;s legal and financial compliance costs and make some activities more time-consuming and costly. For example, these rules and regulations may make it more expensive for Mereo to obtain director and officer
liability insurance, which in turn could make it more difficult for Mereo to attract and retain qualified senior management personnel or members for the Mereo Board. In addition, these rules and regulations are often subject to varying
interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty
regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Failure to
establish and maintain effective internal controls could have a material adverse effect on Mereo&#146;s business and stock price. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to Section&nbsp;404, Mereo is required to furnish a report by its senior management on its internal control over financial reporting.
However, while Mereo remains an Emerging Growth Company, it will not be required to include an attestation report on internal control over financial reporting issued by its independent registered public accounting firm. To prepare for eventual
compliance with Section&nbsp;404, once Mereo no longer qualifies as an Emerging Growth Company, Mereo will be engaged in a process to document and evaluate its internal control over financial reporting, which is both costly and challenging. In this
regard, Mereo will need to continue to dedicate internal resources, potentially engage outside consultants and adopt a detailed work plan to assess and document the adequacy of internal control over financial reporting, continue steps to improve
control processes as appropriate, validate through testing that controls are functioning as documented, and implement a continuous reporting and improvement process for internal control over financial reporting. Despite Mereo&#146;s efforts, there
is a risk that it will not be able to conclude, within the prescribed timeframe or at all, that its internal control over financial reporting is effective as required by Section&nbsp;404. If Mereo identifies one or more material weaknesses, it could
result in an adverse reaction in the financial markets due to a loss of confidence in the reliability of Mereo&#146;s financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo&#146;s consolidated financial statements are prepared in accordance with IFRS.
OncoMed prepared its consolidated financial statements in accordance with U.S. GAAP. The conversion of OncoMed&#146;s historical consolidated financial statements into IFRS and the preparation of Mereo&#146;s future consolidated financial statements
in accordance with IFRS following the Merger could result in material changes in the reported results of operations, financial position and cash flows of the OncoMed business compared with amounts that it had previously reported (or would have
reported in the future) as a stand-alone business in accordance with U.S. GAAP. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s consolidated financial statements
are prepared in accordance with IFRS. OncoMed prepared its consolidated financial statements in accordance with U.S. GAAP. Significant differences exist between IFRS and U.S. GAAP that were relevant to OncoMed. Furthermore, significant adjustments
may be made to reflect the fair value of the assets and liabilities acquired from OncoMed following the Merger in accordance with business combination accounting under IFRS. Such adjustments include, but are not limited to, the recognition of
identifiable intangible assets, the remeasurement of property, plant and equipment, the recognition or adjustment of certain contingent liabilities, deferred revenues and related income tax effects. Accordingly, the conversion of OncoMed&#146;s
historical consolidated financial statements into IFRS and the preparation of Mereo&#146;s future consolidated financial statements in accordance with IFRS following the Merger could result in material changes in the reported results of operations,
financial position and cash flows of the OncoMed business compared with amounts that it previously reported (or would have reported in the future) as a stand-alone business in accordance with U.S. GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The executive officers, board of directors and certain of Mereo&#146;s existing shareholders own a majority or a significant portion of
Merger and, as a result, have control or significant influence over Mereo and your interests may conflict with the interests of these shareholders. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s executive officers, board of directors and significant shareholders and their respective affiliates, in the aggregate,
beneficially own approximately 8.6% of Mereo&#146;s outstanding ordinary shares (including ordinary shares in the form of our ADSs). Depending on the level of attendance at Mereo&#146;s general meetings of shareholders, these shareholders either
alone or voting together as a group may be in a position to control or significantly influence the outcome of decisions taken at any such general meeting. Any shareholder or group of shareholders controlling more than 50% of the share capital
present and voting at Mereo&#146;s general meetings of shareholders may control any shareholder resolution requiring a simple majority, including the appointment of board members, certain decisions relating to Mereo&#146;s capital structure and the
approval of certain significant corporate transactions. Any shareholder or group of shareholders controlling more than 75% of the share capital present and voting at Mereo&#146;s general meetings of shareholders may control any shareholder
resolution amending Mereo&#146;s articles of association (the &#147;Articles&#148;). These shareholders may have interests that differ from yours and may vote in a way with which you disagree and which may be adverse to your interests. Among other
consequences, this concentration of ownership may have the effect of delaying or preventing a change in control and might therefore negatively affect the market price of our ADSs and ordinary shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>If Mereo is a passive foreign investment company (&#147;PFIC&#148;), you could be subject to adverse U.S. federal income tax
consequences if you are a U.S. investor. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> corporation will be a
PFIC for any taxable year in which (i) 75% or more of its gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets that produce, or are held for the production of, passive income
(the &#147;asset test&#148;). For purposes of the above calculations, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> corporation that directly or indirectly owns at least 25% by value of the shares of another corporation is treated as if it held
its proportionate share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes interest, dividends, gains from certain property transactions,
rents and royalties (other than certain rents or royalties derived in the active conduct of a trade or business). Cash is a passive asset for PFIC purposes. Goodwill is an active asset under the PFIC rules to the extent attributable to activities
that produce active income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the Merger with OncoMed, the assets shown on Mereo&#146;s consolidated balance sheet are expected
to contain a significant amount of cash and cash equivalents in the current taxable year and for the foreseeable future (taking into account OncoMed assets acquired as a result of the Merger). Therefore, whether Mereo will satisfy the asset test for
the current or any future taxable year generally will depend largely on the quarterly value of its goodwill, and on how quickly it utilizes the cash in its business. Because (i)&nbsp;the value of its goodwill may be determined by reference to the
market price of its shares or ADSs, which may be volatile given the nature and early stage of its </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
business, (ii)&nbsp;Mereo expects to continue to hold a significant amount of cash and (iii)&nbsp;a company&#146;s PFIC status is an annual determination that can be made only after the end of
each taxable year, Mereo cannot express a view as to whether it will be a PFIC for the current or any future taxable year. It is therefore possible that Mereo will be a PFIC for its current or any future taxable year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Mereo were a PFIC for any taxable year during which a U.S. investor holds ADSs or ordinary shares, certain adverse U.S. federal income tax
consequences could apply to such U.S. investor. See &#147;Item 10. Additional Information&#151;E. Taxation&#151;Material U.S. Federal Income Tax Considerations.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to the Merger with OncoMed</B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo may not fully realize the anticipated benefits of the Merger or realize such benefits within the timing anticipated. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo entered into the Merger with OncoMed because Mereo believed that the Merger would be beneficial to Mereo and its shareholders. Mereo may
not be able to achieve the anticipated long-term strategic benefits of the Merger within the timing anticipated or at all. Any delays and challenges that may be encountered in completing the post-Merger process of consolidation could have an adverse
effect on the business and results of operations of Mereo, and may affect the value of our ADSs and ordinary shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo may have
failed to discover undisclosed liabilities of OncoMed. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s investigations and due diligence review of OncoMed may have
failed to discover undisclosed liabilities of OncoMed. If OncoMed has undisclosed liabilities, Mereo as a successor owner may be responsible for such undisclosed liabilities. Such undisclosed liabilities could have an adverse effect on the business
and results of operations of Mereo and its subsidiaries and may adversely affect the value of our ADSs and ordinary shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo&#146;s goodwill or other intangible assets may become impaired, which could result in material
<FONT STYLE="white-space:nowrap">non-cash</FONT> charges to our results of operations. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo has a substantial amount of goodwill
and other intangible assets resulting from the Merger. At least annually, or whenever events or changes in circumstances indicate a potential impairment in the carrying value as defined by IFRS, Mereo will evaluate this goodwill for impairment based
on the recoverable value, being the higher of fair value less costs to sell and value in use, of the cash generating units to which goodwill has been allocated. Estimated fair values could change if there are changes in Mereo&#146;s capital
structure, cost of debt, interest rates, capital expenditure levels, operating cash flows or market capitalization. Impairments of goodwill or other intangible assets could require material <FONT STYLE="white-space:nowrap">non-cash</FONT> charges to
Mereo&#146;s results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo may have operational challenges in managing OncoMed&#146;s business and staff following
the Merger. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mergers inherently have risks including misjudging key elements of an acquisition or failing to integrate it in an
efficient and timely manner that would disrupt operations. In addition, as OncoMed is located in a different country and time zone, this also brings inherent management challenges. Mereo is taking over existing ongoing clinical trials, which
although are being conducted by reputable third party CRO contractors, remain Mereo&#146;s responsibility as the parent of OncoMed. Mereo must also fully integrate OncoMed&#146;s retained employees within Mereo&#146;s existing management structure.
Mereo may face operational challenges in managing OncoMed&#146;s business and staff following the Merger which could have an adverse effect on the business and results of operations of Mereo, and may affect the value of our ADSs and ordinary shares.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>OncoMed&#146;s ability to utilize its net operating loss carryforwards and certain other tax attributes may be limited.
</I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Sections 382 and 383 of Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), if a corporation undergoes an
&#147;ownership change,&#148; the corporation&#146;s ability to use its <FONT STYLE="white-space:nowrap">pre-change</FONT> net operating loss carryforwards and other <FONT STYLE="white-space:nowrap">pre-change</FONT> tax attributes, such as research
tax credits, to offset its post-change income and taxes may be limited. In general, an &#147;ownership change&#148; occurs if there is a cumulative change in ownership by &#147;5% shareholders&#148; that exceeds 50 percentage points over a rolling
three-year period. Similar rules may apply under state tax laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2018, OncoMed had federal net operating loss
carryforwards related to the 2018 tax year, amounting to $39.1&nbsp;million which carryforward indefinitely and $228.6&nbsp;million which begin to expire in 2023. At </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
December&nbsp;31, 2018, OncoMed had state net operating loss carryforwards of $97.2&nbsp;million, which begin to expire in 2028, if not utilized. At December&nbsp;31, 2018, OncoMed also had
federal and California research and development credit carryforwards aggregating approximately $25.4&nbsp;million and $19.8&nbsp;million, respectively. The federal credits will expire in 2025, if not utilized. California research and development
credits have no expiration date. At December&nbsp;31, 2018, OncoMed also had federal orphan drug credit and AMT carryforwards of approximately $39.3&nbsp;million and $1.5&nbsp;million, respectively. The federal orphan drug credits will begin to
expire in 2034, if not utilized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo anticipates that the Merger will be likely to count as an &#147;ownership change&#148; although
this has not yet been confirmed with federal tax authorities which may impact OncoMed&#146;s ability to fully realize the benefit of its net operating loss carryforwards. If that is the case, then OncoMed may be further limited in its ability to use
its net operating loss carryforwards and other tax assets to reduce taxes owed on the net taxable income that Oncomed earns. Any such limitations on the ability to use its net operating loss carryforwards and other tax assets could adversely impact
OncoMed&#146;s business, financial condition and operating results. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_5"></A>Item&nbsp;4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Information On The Company </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.A. History and Development of the Company </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our legal and commercial name is Mereo BioPharma Group plc. Our company was incorporated on March&nbsp;10, 2015, and was registered as a
private limited company under the laws of England and Wales with the company number 09481161. On June&nbsp;3, 2016, we were <FONT STYLE="white-space:nowrap">re-registered</FONT> as a public limited company under the laws of England and Wales. Our
principal executive offices are located at 4th Floor, 1 Cavendish Place, London, W1G 0QF, United Kingdom and our telephone number is +44 333 023 7300. Our website is www.mereobiopharma.com. Information on Mereo&#146;s website is not incorporated by
reference into or otherwise part of this annual report. We have included our website address in this annual report solely for informational purposes. The SEC also maintains a website that contains reports, proxy and information statements and other
information regarding issuers that file electronically with the SEC. The address of this website is http://www.sec.gov. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s
portfolio consists of six clinical-stage product candidates, four of which were acquired from large pharmaceutical companies and two anti-cancer product candidates which we acquired in the Merger. Mereo does not have any approved products and, as a
result, has not generated any revenue from product sales. On April&nbsp;23, 2019, we completed the Merger with OncoMed. Mereo MergerCo One Inc., a Delaware corporation and direct, wholly-owned subsidiary of Mereo US Holdings Inc., a Delaware
corporation and direct, wholly-owned subsidiary of Mereo, was merged with and into OncoMed. OncoMed now operates as an indirect, wholly-owned subsidiary of Mereo. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since June&nbsp;9, 2016, Mereo ordinary shares have traded on AIM under the symbol &#147;MPH.&#148; On April&nbsp;24, 2019, our ADSs commenced
trading on Nasdaq under the symbol &#147;MREO.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are an Emerging Growth Company. As such, we are eligible to, and intend to, take
advantage, for up to five years, of certain exemptions from various reporting requirements applicable to other public companies that are not Emerging Growth Companies, such as not being required to comply with the auditor attestation requirements of
Section&nbsp;404 of the Sarbanes-Oxley Act of 2002. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will remain an Emerging Growth Company until the earliest of: (i)&nbsp;the last
day of our fiscal year during which we have total annual gross revenues of at least $1.07&nbsp;billion; (ii)&nbsp;the last day of our fiscal year following the fifth anniversary of the closing of our initial public offering; (iii)&nbsp;the date on
which we have, during the previous three-year period, issued more than $1.0&nbsp;billion in <FONT STYLE="white-space:nowrap">non-convertible</FONT> debt; (iv)&nbsp;the date on which we are deemed to be a Large Accelerated Filer under the Exchange
Act, with at least $700&nbsp;million of equity securities held by <FONT STYLE="white-space:nowrap">non-affiliates.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For information
regarding our capital expenditures, see &#147;Item 5. Operating and Financial Review and Prospects&#151;B. Liquidity and Capital Resources.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.B.
Business Overview </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a biopharmaceutical company focused on the development and commercialization of innovative therapeutics that
aim to improve outcomes for patients with rare diseases. Our portfolio consists of six clinical-stage product candidates, four of which were acquired from large pharmaceutical companies and two anti-cancer product candidates which we acquired in the
Merger. We are developing <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of OI, <FONT STYLE="white-space:nowrap">MPH-966</FONT> for the treatment of severe AATD, <FONT STYLE="white-space:nowrap">BCT-197</FONT> for the treatment of
AECOPD, and <FONT STYLE="white-space:nowrap">BGS-649</FONT> for the treatment of HH, in obese men. Each of Mereo&#146;s product candidates has generated positive clinical data for its target indication or for a related indication. Our two
anti-cancer therapeutic candidates, <FONT STYLE="white-space:nowrap">OMP-305B83</FONT> and <FONT STYLE="white-space:nowrap">OMP-313M32,</FONT> are currently in clinical development. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe our portfolio is well diversified because each of our product candidates employs
a different mechanism of action and targets a separate indication. We intend to develop and directly commercialize our rare disease product candidates and anti-cancer therapeutic candidates. For our specialty disease product candidates and two
anti-cancer therapeutic candidates which we acquired in the Merger, we intend to seek strategic relationships for further clinical development and commercialization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our strategy is to selectively acquire product candidates that have already received significant investment from pharmaceutical companies and
that have substantial <FONT STYLE="white-space:nowrap">pre-clinical,</FONT> clinical, and manufacturing data packages. Since our formation in March 2015, we have successfully executed on this strategy by acquiring our six clinical-stage product
candidates, four of which were acquired from large pharmaceutical companies and two anti-cancer product candidates which we acquired in the Merger. We have commenced or completed large, randomized, placebo-controlled Phase 2 clinical trials for four
of our product candidates and are in the process of conducting Phase 1 clinical trials for the product candidates acquired in the Merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our team has extensive experience in the pharmaceutical and biotechnology sector in the identification, acquisition, development,
manufacturing, and commercialization of product candidates in multiple therapeutic areas. Our senior management team has long-standing relationships with senior executives of large pharmaceutical companies, which we believe enhances our ability to
identify and acquire additional product candidates. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mereo Pipeline </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table summarizes our pipeline for our rare disease products and <FONT STYLE="white-space:nowrap">non-rare</FONT> disease
products. Mereo has global commercial rights to <FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649</FONT> and to
<FONT STYLE="white-space:nowrap">OMP-305B83.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Rare Disease Products Pipeline </I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g734372im1.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">Non-Rare</FONT> Disease Products Pipeline </I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g734372g61j18.jpg" ALT="LOGO">
 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Rare Disease Product Candidates </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our portfolio consists of the following rare disease product candidates: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><FONT STYLE="white-space:nowrap">BPS-804:</FONT> </B><FONT STYLE="white-space:nowrap">BPS-804,</FONT> or
setrusumab, is a novel antibody Mereo is developing as a treatment for OI, a rare genetic disease that results in bones that can break easily and is commonly known as brittle bone disease. OI is a debilitating orphan disease for which there are no
treatments approved by the FDA or EMA. It is estimated that OI affects a minimum of 20,000 people in the United States and approximately 32,000 people in Germany, Spain, France, Italy, and the United Kingdom.
<FONT STYLE="white-space:nowrap">BPS-804</FONT> is designed to inhibit sclerostin, a protein that inhibits the activity of bone-forming cells. Mereo believes <FONT STYLE="white-space:nowrap">BPS-804&#146;s</FONT> mechanism of action is well suited
for the treatment of OI and has the potential to become a novel treatment option for patients that could reduce fractures and improve patient quality of life. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In 2016, Mereo obtained orphan drug designation in OI for <FONT STYLE="white-space:nowrap">BPS-804</FONT> in the United States and the EU, and
in February 2017, <FONT STYLE="white-space:nowrap">BPS-804</FONT> was accepted into the adaptive pathways program in the EU and, in November 2017, into the PRIME scheme of the EMA. Prior to Mereo&#146;s acquisition of
<FONT STYLE="white-space:nowrap">BPS-804,</FONT> Novartis conducted four clinical trials in 106 patients and healthy volunteers. A Phase 2 clinical trial of <FONT STYLE="white-space:nowrap">BPS-804</FONT> showed statistically significant
improvements in bone formation biomarkers and bone mineral density. In May 2017, Mereo initiated a Phase 2b clinical trial for <FONT STYLE="white-space:nowrap">BPS-804</FONT> in adults in the United States, Europe and Canada. The trial is randomized
with three blinded arms to establish the dose response curve and an open label arm at the top dose. Mereo expects to report <FONT STYLE="white-space:nowrap">top-line</FONT> <FONT STYLE="white-space:nowrap">6-month</FONT> data from the open label arm
in the second quarter of 2019 and <FONT STYLE="white-space:nowrap">top-line</FONT> <FONT STYLE="white-space:nowrap">12-month</FONT> data from the three blinded arms by the end of 2019. Mereo expects the results from this trial, if favorable, along
with validation of its use of high resolution peripheral quantitative computerized tomography (&#147;HRpQCT&#148;) as a biomarker for fracture, may be sufficient to support the submission of a Conditional Marketing Authorisation (&#147;CMA&#148;),
to the EMA for <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of adults with OI in the EU. Mereo has also agreed on a pediatric investigational plan for <FONT STYLE="white-space:nowrap">BPS-804</FONT> with the EMA and intends to
commence a Phase 3 clinical trial of <FONT STYLE="white-space:nowrap">BPS-804</FONT> in children with OI in 2019, with fracture rate as the primary endpoint. Mereo expects the results from this trial, if favorable, may be sufficient to validate the
use of HRpQCT and support the submission of a MAA, to the EMA for <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of children with severe OI in the EU. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the United States, the FDA in the first quarter of 2018 denied Mereo&#146;s request for a Type C meeting to discuss the initiation of a
pediatric Phase 3 study for <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of patients with severe OI. The FDA cited a serious cardiovascular safety concern in adults treated with sclerostin inhibitors that had yet to be resolved
and informed Mereo that a risk/benefit assessment for sclerostin inhibitors could not be completed at that time. The FDA further recommended that Mereo not submit its proposed pediatric protocol until the cardiovascular safety issue had been
adequately addressed and favorably resolved. In January 2019 the FDA held an advisory committee meeting, which voted <FONT STYLE="white-space:nowrap">18-1</FONT> to approve another sclerostin inhibitor and in April 2019, the FDA approved the drug.
Mereo believes the FDA now has fuller data on the cardiovascular safety issue and plans to <FONT STYLE="white-space:nowrap">re-engage</FONT> with the FDA in 2019 to discuss the expansion of the pediatric Phase 3 study for <FONT
STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of patients with severe OI to include sites in the United States. Mereo does not believe the FDA&#146;s previous concern was related to <FONT STYLE="white-space:nowrap">BPS-804.</FONT> In
any case, the FDA&#146;s position does not impact Mereo&#146;s ability to conduct its clinical development activities of <FONT STYLE="white-space:nowrap">BPS-804</FONT> for children with severe OI or Mereo&#146;s clinical development activities of <FONT
STYLE="white-space:nowrap">BPS-804</FONT> in Europe, the United States and Canada for adults with OI. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><FONT STYLE="white-space:nowrap">MPH-966:</FONT></B> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> or
alvelestat, is a novel, oral small molecule Mereo is developing for the treatment of severe AATD, a potentially life-threatening rare, genetic condition caused by a lack of <FONT STYLE="white-space:nowrap">alpha-1</FONT> antitrypsin
(&#147;AAT&#148;), a protein that protects the lungs from enzymatic degradation. This degradation leads to severe debilitating diseases, including early-onset pulmonary emphysema, a disease that irreversibly destroys the tissues
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
that support lung function. There are an estimated 50,000 patients in North America and 60,000 patients in Europe with severe AATD. <FONT STYLE="white-space:nowrap">MPH-966</FONT> is designed to
inhibit neutrophil elastase (&#147;NE&#148;), a neutrophil protease, which is a key enzyme involved in the destruction of lung tissue. Mereo believes the inhibition of NE has the potential to protect AATD patients from further lung damage.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Prior to Mereo&#146;s license of <FONT STYLE="white-space:nowrap">MPH-966,</FONT> AstraZeneca conducted 12 clinical
trials involving 1,776 subjects, including trials in bronchiectasis and cystic fibrosis (&#147;CF&#148;). Although these trials were conducted in diseases other than AATD, Mereo believes the data demonstrated potential clinical benefit and biomarker
evidence of treatment effect for AATD patients. Mereo has initiated a Phase 2 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">proof-of-concept</FONT></FONT> clinical trial in patients with severe AATD in the United States and the
EU and expects to report <FONT STYLE="white-space:nowrap">top-line</FONT> data from this trial in the fourth quarter of 2019. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I><FONT
STYLE="white-space:nowrap">Non-Rare</FONT> Disease Product Candidates </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our portfolio consists of the following <FONT
STYLE="white-space:nowrap">non-rare</FONT> disease product candidates: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><FONT STYLE="white-space:nowrap">BCT-197:</FONT></B> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> or
acumapimod, is a p38 MAP kinase inhibitor Mereo is developing as an oral first-line acute therapy for patients with AECOPD. Chronic obstructive pulmonary disease (&#147;COPD&#148;) is a <FONT STYLE="white-space:nowrap">non-fully-reversible,</FONT>
progressive lung disease in which inflammation plays a central role. There are an estimated 16&nbsp;million people in the United States and 13&nbsp;million people in Europe diagnosed with COPD. Of all hospital admissions in the United States related
to COPD, approximately 63% are for AECOPD patients. Mereo believes <FONT STYLE="white-space:nowrap">BCT-197</FONT> offers a potential new treatment for controlling inflammation by targeting pathways that drive the pathological mechanism behind
AECOPD. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Since there are currently no approved therapies in the United States or the EU to treat AECOPD, Mereo believes
that there is significant medical need for a drug which is disease-modifying. Mereo believes <FONT STYLE="white-space:nowrap">BCT-197</FONT> could potentially prevent AECOPD instead of just treating the symptoms and has the potential to improve
quality of life, slow the progression of the disease, and significantly reduce direct healthcare costs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Prior to Mereo&#146;s acquisition
of <FONT STYLE="white-space:nowrap">BCT-197,</FONT> Novartis conducted five clinical trials in 459 patients and healthy volunteers, including a Phase 2a trial in AECOPD patients that showed a clinically meaningful improvement in lung function at all
doses and a statistically significant improvement in lung function at the highest dose. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mereo conducted a Phase 2 dose-ranging clinical
trial for <FONT STYLE="white-space:nowrap">BCT-197</FONT> in 282 patients with AECOPD to explore two different dosing regimens on top of standard of care, which included steroids, antibiotics, and bronchodilators. Both dosing regimens showed a
statistically significant change in FEV1 from baseline to Day 7, meeting the trial&#146;s primary endpoint on an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">intent-to-treat</FONT></FONT> patient population basis. In addition,
dose-dependent, statistically significant reductions in high sensitivity <FONT STYLE="white-space:nowrap">C-reactive</FONT> protein (&#147;hsCRP&#148;) and fibrinogen were shown with treatment with <FONT STYLE="white-space:nowrap">BCT-197,</FONT>
with hsCRP remaining suppressed through the <FONT STYLE="white-space:nowrap">26-week</FONT> observation period. Treatment with <FONT STYLE="white-space:nowrap">BCT-197</FONT> also showed a statistically significant reduction in the number of COPD
exacerbations that required hospitalization. Consistent with these results, there was a significant reduction in the use of corticosteroid and antibiotics in the <FONT STYLE="white-space:nowrap">follow-up</FONT> portion of the study. In addition, <FONT
STYLE="white-space:nowrap">BCT-197</FONT> was reported to be safe and well tolerated. Based on these results, Mereo plans to enter into one or more strategic relationships with third parties for further clinical development and, if approved,
commercialization, of <FONT STYLE="white-space:nowrap">BCT-197.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition, in April 2019, Mereo announced a successful end of
Phase 2 meeting with the FDA regarding <FONT STYLE="white-space:nowrap">BCT-197.</FONT> In the meeting, Mereo and the FDA discussed, and agreed in principle, an outline for the design of a pivotal Phase 3 clinical trial program to support the
development of <FONT STYLE="white-space:nowrap">BCT-197</FONT> as a <FONT STYLE="white-space:nowrap">five-day</FONT> treatment regimen for patients undergoing severe exacerbations of COPD. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><FONT STYLE="white-space:nowrap">BGS-649:</FONT> </B><FONT STYLE="white-space:nowrap">BGS-649,</FONT> or
leflutrozole, is a once-weekly oral therapy Mereo is developing for the treatment of HH in obese men. HH is a clinical syndrome that results from inadequate levels of testosterone. Based on World Health Organization (&#147;WHO&#148;), estimates and
scientific data, Mereo estimates there are approximately seven million cases of HH in obese men in the United States and approximately five million cases of HH in obese men in Europe. In these men, a decline in testosterone is exacerbated by high
levels of the aromatase enzyme, which is present in fat tissue and leads to a reduction in testosterone. <FONT STYLE="white-space:nowrap">BGS-649</FONT> is designed to inhibit the aromatase enzyme and is being developed to restore normal levels of
testosterone without causing excessively high testosterone levels or reducing the levels of luteinizing hormone (&#147;LH&#148;), or follicle stimulating hormone (&#147;FSH&#148;). Both LH
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
and FSH play key roles in sperm formation and LH plays a key role in endogenous testosterone formation. In contrast to current therapies for HH, which involve the exogenous administration of
testosterone and lead to further down regulation of LH and FSH, Mereo believes that <FONT STYLE="white-space:nowrap">BGS-649,</FONT> by preserving sperm formation through LH and FSH production, may present a benefit to patients.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Prior to Mereo&#146;s acquisition of <FONT STYLE="white-space:nowrap">BGS-649,</FONT> Novartis conducted seven clinical
trials in 131 patients and healthy volunteers, including a Phase 2 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">proof-of-concept</FONT></FONT> trial for HH in obese men in which <FONT STYLE="white-space:nowrap">BGS-649</FONT>
normalized testosterone levels in all patients and demonstrated an increase in LH and FSH levels. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In March 2018, Mereo reported <FONT
STYLE="white-space:nowrap">top-line</FONT> data from its completed Phase 2b dose-ranging clinical trial of <FONT STYLE="white-space:nowrap">BGS-649</FONT> for the treatment of HH in obese men. The trial enrolled 271 patients who were administered
placebo or one of three doses of <FONT STYLE="white-space:nowrap">BGS-649.</FONT> The trial met its primary endpoint of normalizing testosterone levels in at least 75% of subjects after 24 weeks of treatment and all of the secondary endpoints,
including normalizing testosterone in at least 90% of patients after 24 weeks of treatment at the two highest doses and improvement in LH and FSH levels at all three doses. <FONT STYLE="white-space:nowrap">BGS-649</FONT> was reported to be
well-tolerated in the trial. A subset of 143 patients entered into a <FONT STYLE="white-space:nowrap">six-month</FONT> safety extension study, with 88 patients completing the additional six months of treatment. The safety extension study was
designed to examine if <FONT STYLE="white-space:nowrap">BGS-649</FONT> resulted in a <FONT STYLE="white-space:nowrap">pre-specified</FONT> reduction in bone mineral density at 48 weeks following the initial 24 weeks treatment. In December 2018,
Mereo reported positive results from the safety extension study for <FONT STYLE="white-space:nowrap">BGS-649.</FONT> The study was successful in demonstrating that none of the doses of <FONT STYLE="white-space:nowrap">BGS-649</FONT> met the lower
bound (95% confidence interval) of the <FONT STYLE="white-space:nowrap">pre-specified</FONT> safety criterion of a greater than 3% reduction in lumbar spine bone mineral density after 48 weeks of treatment. In addition, there was no shift into
clinical categories of osteopenia or osteoporosis, with no evidence of development of new osteopenia. The efficacy end points of testosterone, LH and FSH also showed improvements consistent with the main Phase 2b study. Mereo intends to explore
strategic relationships with third parties for the further development and/or commercialization of <FONT STYLE="white-space:nowrap">BGS-649.</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><FONT STYLE="white-space:nowrap">OMP-305B83:</FONT> </B><FONT STYLE="white-space:nowrap">OMP-305B83,</FONT> or
navicixizumab, is an anti-DLL4/VEGF bispecific antibody that targets both DLL4 in the Notch cancer stem cell pathway and vascular endothelial growth factor (&#147;VEGF&#148;). We acquired this therapeutic candidate in the Merger with OncoMed. This
antibody is intended to have anti-angiogenic plus anti-cancer stem cell activity. In a Phase 1a clinical trial, navicixizumab demonstrated single-agent anti-tumor activity and was safe enough to be administered on a regular basis. We are currently
conducting a Phase 1b clinical trial of navicixizumab in combination with paclitaxel in patients with heavily <FONT STYLE="white-space:nowrap">pre-treated</FONT> platinum-resistant ovarian cancer. Interim Phase 1b results were presented at the
European Society for Medical Oncology in the fourth quarter of 2018. The patients had received a median of four prior therapies, all of whom had received prior paclitaxel and 69% had received prior bevacizumab. 22 of the 26 patients (85%) treated
with the regimen experienced clinical benefit. Notably 11 of the 26 patients (42%) achieved a partial response and the median progression-free survival was 5.4 months (95% Cl: <FONT STYLE="white-space:nowrap">3.5-8</FONT> months).
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We plan to undertake regulatory interactions in the U.S. to determine the next steps for navicixizumab in platinum
resistant ovarian cancer patients who have received at least two prior therapies and to pursue partnering of the program in parallel. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><FONT STYLE="white-space:nowrap">OMP-313M32:</FONT> </B><FONT STYLE="white-space:nowrap">OMP-313M32,</FONT> or
etigilimab, is an anti-TIGIT therapeutic candidate intended to activate the immune system through multiple mechanisms and enable anti-tumor activity. <B></B>TIGIT <FONT STYLE="white-space:nowrap">(T-cell</FONT> immunoreceptor with Ig and ITIM
domains) is an inhibitory receptor that is thought to stop <FONT STYLE="white-space:nowrap">T-cells</FONT> from attacking tumor cells. We acquired this therapeutic candidate in the Merger with OncoMed. A Phase 1a/b clinical trial enrolled patients
with advanced solid tumors into either a Phase 1a single-agent portion (dose escalation in all patients and expansion in selected tumor types) or Phase 1b combination portion in selected tumor types with nivolumab (dose escalation) 18 patients were
treated in the dose escalation study with doses up to 20mg/kg every two weeks. Tumor types included colorectal cancer (6), endometrial cancer (2), pancreatic cancer (1)&nbsp;and 8 other tumor types. No dose limiting toxicities were observed and the
recommended Phase 2 dose was the top dose of 20mg/kg biweekly. The dose escalation in Phase 1b are ongoing. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The TIGIT
program is subject to an exclusive license option with Celgene Corporation (&#147;Celgene&#148;) as part of a Master Research and Collaboration Agreement by and among Celgene and OncoMed, dated December&nbsp;2, 2013 (the &#147;Collaboration
Agreement&#148;). If Celgene exercises its option under the Collaboration Agreement, OncoMed would receive a $35.0&nbsp;million <FONT STYLE="white-space:nowrap">up-front</FONT> option fee and, potentially, additional future development milestones
and royalties. See &#147;Item 4. Information On the Company&#151;B. Business Overview&#151;Material Agreements&#151;Collaboration Agreement with Celgene.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mereo&#146;s Strategy </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo intends to become a leading biopharmaceutical company developing innovative therapeutics that aim to improve outcomes for patients with
rare bone, respiratory and endocrine diseases. The key elements of Mereo&#146;s strategy to achieve this goal include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Rapidly develop and directly commercialize Mereo&#146;s rare disease product candidates.</I></B> Mereo has
commenced a Phase 2b clinical trial of <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of OI in adults in the United States, Europe and Canada. If the results from this trial are favorable and Mereo&#146;s use of HRpQCT as a
biomarker for fracture is validated, Mereo intends to submit a CMA to the EMA for the treatment of adults with OI in the EU. Mereo also intends to commence a Phase 3 clinical trial of <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment
of OI in children in 2019. Mereo expects that the results from this trial, if favorable, will be sufficient to validate its use of HRpQCT and support the submission of a MAA to the EMA for <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the
treatment of children with severe OI in the EU. Mereo has commenced a Phase 2 clinical trial of <FONT STYLE="white-space:nowrap">MPH-966</FONT> for the treatment of severe AATD and expect to report <FONT STYLE="white-space:nowrap">top-line</FONT>
data in the fourth quarter of 2019. If the results are favorable and pending regulatory feedback, Mereo intends to continue to develop <FONT STYLE="white-space:nowrap">MPH-966</FONT> toward approval and commercialization. For <FONT
STYLE="white-space:nowrap">BPS-804</FONT> and <FONT STYLE="white-space:nowrap">MPH-966,</FONT> if approved, and for any future product candidates for rare diseases, Mereo intends either to establish a sales and marketing organization with technical
expertise and supporting distribution capabilities to commercialize these product candidates in major markets or potentially to outsource aspects of these functions to third parties. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Efficiently advance Mereo&#146;s specialty disease product candidates and explore strategic relationships
with third parties for further clinical development and/or commercialization.</I></B> Based on the results from Mereo&#146;s Phase 2 clinical trial of <FONT STYLE="white-space:nowrap">BCT-197,</FONT> Mereo plans to enter into one or more strategic
relationships with third parties for <FONT STYLE="white-space:nowrap">BCT-197</FONT> to undertake the next phase of clinical development and, if approved, commercialization. In March 2018, Mereo reported
<FONT STYLE="white-space:nowrap">top-line</FONT> Phase 2b data for <FONT STYLE="white-space:nowrap">BGS-649</FONT> for the treatment of HH and in December 2018, Mereo reported positive results from the safety extension study for <FONT
STYLE="white-space:nowrap">BGS-649.</FONT> Mereo intends to explore strategic relationships with third parties for the further development and commercialization of <FONT STYLE="white-space:nowrap">BGS-649.</FONT> In addition, we plan to enter into
strategic relationships with third parties for the further development of <FONT STYLE="white-space:nowrap">OMP-305B83</FONT> and <FONT STYLE="white-space:nowrap">OMP-313M32,</FONT> which we acquired in the Merger. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Advance our current anti-cancer therapeutic candidates in clinical trials to determine their utility as
treatments for cancer.</I></B>&nbsp;Our Phase 1 clinical trials with navicixizumab and etigilimab are designed to establish the maximum tolerated dose and safety profile, identify a therapeutic index, and look for initial indications of efficacy and
biomarker effects of our drugs alone or as part of a combination regimen. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Leverage Mereo&#146;s expertise in business development to expand its pipeline of product
candidates.</I></B> Mereo&#146;s senior management team has extensive relationships with large pharmaceutical and biotechnology companies, as evidenced by the acquisition of four of Mereo&#146;s clinical-stage product candidates. Mereo intends to
leverage these relationships to grow its pipeline with a focus on rare bone, endocrine, and respiratory diseases. Mereo intends to continue to identify, acquire, develop, and ultimately commercialize novel product candidates that have received
significant investment from large pharmaceutical companies. Mereo will continue to focus on acquiring product candidates with either <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">proof-of-concept</FONT></FONT> clinical data in
its target indication or with clinical data in a related disease and a strong scientific rationale that supports development in its target indication. Using a disciplined approach, Mereo intends to continue building a diverse portfolio of product
candidates that it believes have compelling market potential, robust <FONT STYLE="white-space:nowrap">pre-clinical,</FONT> clinical, and manufacturing data packages, and a clear regulatory pathway. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Continue to be a partner of choice for large pharmaceutical and biotechnology companies. </I></B>Mereo
believes that it is a preferred partner for large pharmaceutical and biotechnology companies as it seeks to unlock the potential in its development pipelines and deliver therapeutics to patients in areas of high unmet medical need. Mereo has strong
relationships with these companies, as evidenced by its agreements with Novartis and AstraZeneca, and a track record of structuring transactions that enable Mereo to leverage its core development capabilities while creating value for all
stakeholders. Mereo intends to continue to enter into strategic relationships that align its interests with those of large pharmaceutical and biotechnology companies and that it believes to be mutually beneficial. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">BPS-804</FONT> (setrusumab) for the Treatment of Osteogenesis Imperfecta
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Overview </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is developing <FONT STYLE="white-space:nowrap">BPS-804</FONT> (setrusumab) for the treatment of OI.
<FONT STYLE="white-space:nowrap">BPS-804</FONT> is a novel, intravenously administered antibody that is designed to inhibit sclerostin, a protein that inhibits the activity of bone-forming cells, known as osteoblasts. Mereo believes that by blocking
sclerostin, <FONT STYLE="white-space:nowrap">BPS-804</FONT> has the potential to induce or increase osteoblast function and maturation of these cells, increasing bone formation and reducing bone resorption, thereby reducing fractures in OI patients.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Background of Osteogenesis Imperfecta </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">OI is a genetic disorder characterized by fragile bones and reduced bone mass, resulting in bones that break easily, loose joints and weakened
teeth. In severe cases, patients may experience hundreds of fractures in a lifetime. In addition, people with OI often suffer from muscle weakness, early hearing loss, fatigue, curved bones, scoliosis (curved spine), brittle teeth, respiratory
problems and short stature. The disease can be extremely debilitating and even fatal in newborn infants with a severe form of the disease. OI is a rare condition that affects a minimum of 20,000 people, an incidence rate of 6.2 out of 100,000, in
the United States, according to estimates by the Osteogenesis Imperfecta Foundation, and approximately 32,000 people, an incidence rate of 10 out of 100,000, in Germany, Spain, France, Italy, and the United Kingdom, according to estimates by
Orphanet. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There are eight recognized forms of OI, designated type I through type VIII. Type I is the least severe form, while type II is
the most severe and frequently causes death at or shortly after birth. The most prevalent form of OI is type I, which is estimated to occur in approximately 50% to 60% of OI patients. The less severe forms of OI, such as type I and type IV, are
characterized by broken bones, often as a result of minor trauma. Patients typically have a blue or gray tint to the sclera, the part of the eye that is usually white, and are at risk of hearing loss in adulthood. Individuals affected by less severe
types of OI are usually of normal height and have normal life spans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to the features of less severe forms of OI, type III
patients are characterized by frequent bone fractures starting even before birth, respiratory problems, short stature, a disorder of tooth development, and reduced life expectancy as a result of respiratory failure. Type III OI is characterized by
extreme growth deficiency and typically scoliosis, and patients may require wheelchairs for mobility. The most severe forms of OI, particularly type II, may be characterized by an extremely small, fragile rib cage, and underdeveloped lungs. Infants
with these abnormalities have life-threatening problems related to breathing and often die shortly after birth. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Current Treatment
Landscape for Osteogenesis Imperfecta </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There are no therapies approved by the FDA or EMA for the treatment of OI. The only
treatments available to OI patients are the acute management of fractures as they occur and bisphosphonate drugs, which are not approved for this indication but are commonly used <FONT STYLE="white-space:nowrap">off-label</FONT> in children. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Current treatment of OI is directed towards management of fractures with casting or surgical fixation. Following either of these, physical
therapy will often be required. Preventative surgeries, such as intramedullary, or <FONT STYLE="white-space:nowrap">in-bone,</FONT> nailing fixation are also undertaken. Supportive care for the disease involves surgery to correct deformities,
internal splinting of bones with metal rods, bracing to support weak limbs and decrease pain, physical therapy, and muscle strengthening and aerobic conditioning to improve bone mass and strength. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Some OI patients are treated <FONT STYLE="white-space:nowrap">off-label</FONT> with drugs indicated for osteoporosis. Bisphosphonate drugs
slow down the rate at which osteoclasts, which are cells which resorb or take away bone, reduce the bones&#146; mass. These include Aredia (pamidronate), Fosamax (alendronate) and Reclast (zoledronic acid). However, bisphosphonate drugs are not
approved by the FDA or the EMA for use in OI. Mereo is not aware of any long-term clinical studies demonstrating an improvement in fractures in adults and the effect of long-term therapy with these drugs remains unclear. Therefore, Mereo believes
the effect of bisphosphonate drugs on fractures, growth, bone deformity, mobility, and pain remains unclear in both adults and children. Despite not being approved, bisphosphonates are effectively the standard of care in children, especially those
with more severe disease. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo&#146;s Approach </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s product candidate for treating OI is <FONT STYLE="white-space:nowrap">BPS-804,</FONT> a fully human monoclonal antibody that is
designed to inhibit sclerostin. Sclerostin is produced in osteocytes, which are mature bone cells that are thought to be the mechanoreceptor cells that regulate the activity of bone-building osteoblasts and bone-resorbing osteoclasts. Sclerostin
inhibits the activity of osteoblasts. Mereo believes that by blocking sclerostin, <FONT STYLE="white-space:nowrap">BPS-804</FONT> has the potential to induce or increase osteoblast activity and maturation of these cells, increasing bone formation
and reducing bone resorption, thereby reducing fractures in OI patients. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Clinical Development of
<FONT STYLE="white-space:nowrap">BPS-804</FONT> </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table summarizes the historical, current and planned clinical trials
of <FONT STYLE="white-space:nowrap">BPS-804:</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="5" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Historical&nbsp;Trials</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Current&nbsp;Trials</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Planned&nbsp;Trials</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Phase</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Population</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Subjects</B><br><B>Treated&nbsp;with</B><br><B><FONT STYLE="white-space:nowrap">BPS-804</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Phase</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Population</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Enrollment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Phase</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Population</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Planned</B><br><B>Enrollment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Target&nbsp;Start</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase 1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Healthy&nbsp;Volunteers (postmenopausal women)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">30</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Phase&nbsp;2b</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">OI&nbsp;(adult)</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">112</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Phase&nbsp;3</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">OI&nbsp;(pediatrics)</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">~160</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;<BR></TD>
<TD VALIGN="top" ALIGN="center">Phase&nbsp;3<BR>ready&nbsp;in&nbsp;EU</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Hypophosphatasia</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Women with Low Bone Mineral Density</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">36</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">OI</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Phase 1 and Phase 2 Clinical Trials in Other Indications </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Novartis performed a Phase 1 single ascending dose trial in 30 healthy female volunteers. A range of doses of
<FONT STYLE="white-space:nowrap">BPS-804</FONT> were administered and were shown to be well tolerated. A Phase 2 ascending dose trial was also performed in eight adult patients with hypophosphatasia, a rare disorder characterized by abnormal
development of bones and teeth. Three different <FONT STYLE="white-space:nowrap">BPS-804</FONT> doses were administered and a positive effect on bone formation biomarkers was observed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, Novartis performed a Phase 2 clinical trial in a total of 44 postmenopausal women with low bone mineral density, in which 36
subjects were treated with <FONT STYLE="white-space:nowrap">BPS-804.</FONT> The trial had four arms, with patients dosed weekly for three weeks (4 doses), monthly for three months (4 doses) and quarterly for one quarter (2 doses), and a placebo
group. In this trial, <FONT STYLE="white-space:nowrap">BPS-804</FONT> increased bone mineral density up to 7.8%, 7.3% and 4.3% in the weekly, monthly and quarterly groups, respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Phase 2 Clinical Trial in Osteogenesis Imperfecta </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Novartis conducted a Phase 2 randomized, open-label, intra-patient dose-escalating <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">proof-of-concept</FONT></FONT> trial in the United States, Canada and Europe in adults with OI. The objectives were: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to evaluate safety and tolerability of <FONT STYLE="white-space:nowrap">BPS-804;</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to evaluate the effect of <FONT STYLE="white-space:nowrap">BPS-804</FONT> on lumbar spine bone mineral density
measured by dual-energy <FONT STYLE="white-space:nowrap">X-ray</FONT> absorptiometry (&#147;DEXA&#148;) scan; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to determine the pharmacodynamic effect of <FONT STYLE="white-space:nowrap">BPS-804</FONT> when administered as
multiple dose escalating intravenous infusions on: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">serum bone formation markers, including procollagen 1 <FONT STYLE="white-space:nowrap">N-terminal</FONT>
propeptide (&#147;P1NP&#148;), procollagen 1 C terminal propeptide (&#147;P1CP&#148;), osteocalcin (&#147;OC&#148;) and bone-specific alkaline phosphatase (&#147;BSAP&#148;); and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">57 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">serum bone resorption markers, including <FONT STYLE="white-space:nowrap">C-telopeptides</FONT> of type I
collagen cross-links <FONT STYLE="white-space:nowrap">(&#147;CTX-1&#148;)</FONT> and <FONT STYLE="white-space:nowrap">N-telopeptides</FONT> of type I collagen cross-links. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The trial included 14 patients with types I, III and IV OI, nine of which were treated and five of which were observed as a reference group in
parallel during the trial to provide comparative data. The reference patients did not receive drug or placebo. The patients were treated with a low, medium and high dose of <FONT STYLE="white-space:nowrap">BPS-804</FONT> two weeks apart, over four
weeks, and were followed for a total of 21 weeks after the last dose. DEXA studies were performed at day 141 and bone biomarkers were measured on days eight, 15, 29, 36, 43, 57, 85, 113 and 141, for both groups. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Treatment with <FONT STYLE="white-space:nowrap">BPS-804</FONT> showed a statistically significant increase in lumbar spine bone mineral
density from baseline, which was sustained at day 141 of the trial, 16 weeks after the last dose of <FONT STYLE="white-space:nowrap">BPS-804,</FONT> with a mean increase in lumbar spine bone mineral density in treated patients of 4%, as shown in the
table below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">BPS-804</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Reference</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Parameter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of</B><br><B>patients</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ratio&nbsp;of</B><br><B>geometric</B><br><B>mean&nbsp;to</B><br><B>baseline</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">p-value</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of</B><br><B>patients</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ratio&nbsp;of</B><br><B>geometric</B><br><B>mean&nbsp;to</B><br><B>baseline</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">p-value</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bone Mineral Density</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.04</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.038</TD>
<TD NOWRAP VALIGN="bottom">(1)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">(2)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.138</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Statistically significant, meaning a less than 5% chance (or <FONT STYLE="white-space:nowrap">p-value</FONT>
less than 0.05) that the observed results occurred by chance alone. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">One patient in the reference group did not complete the study and is not included in the results.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Bone turnover comprises two processes: the removal of bone and the laying down of new bone. Markers in blood can be
used to assess the formation and resorption of bone. P1NP and <FONT STYLE="white-space:nowrap">CTX-1</FONT> are the markers of bone formation and resorption, respectively, that are recommended for clinical use and are considered the two reference
markers by the International Osteoporosis Foundation and International Federation of Clinical Chemistry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Treatment with <FONT
STYLE="white-space:nowrap">BPS-804</FONT> also showed a statistically significant improvement in all measured bone formation biomarkers at day 43 of the trial, as shown in the table below, as well as a trend of reduction in the <FONT
STYLE="white-space:nowrap">CTX-1</FONT> biomarker of bone resorption: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">BPS-804</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Reference</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ratio&nbsp;of</B><br><B>geometric</B><br><B>means&nbsp;90%</B><br><B>confidence</B><br><B>interval</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Bone&nbsp;formation&nbsp;biomarker</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of<BR>patients</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ratio&nbsp;of</B><br><B>geometric</B><br><B>mean&nbsp;to</B><br><B>baseline</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">p-value</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of</B><br><B>patients</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ratio&nbsp;of</B><br><B>geometric</B><br><B>mean&nbsp;to</B><br><B>baseline</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">p-value</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">P1NP</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.001</TD>
<TD NOWRAP VALIGN="bottom">(1)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.06</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.651</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">P1CP</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.003</TD>
<TD NOWRAP VALIGN="bottom">(1)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BSAP</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.001</TD>
<TD NOWRAP VALIGN="bottom">(1)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.582</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">OC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.012</TD>
<TD NOWRAP VALIGN="bottom">(1)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.436</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Statistically significant. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These results showed a statistically significant upregulation in the activity of P1NP, P1CP, BSAP, and increased OC levels, while the
corresponding biomarkers remained unchanged or declined moderately in the reference group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo believes that the observed increase in
lumbar spine bone mineral density in patients treated with <FONT STYLE="white-space:nowrap">BPS-804,</FONT> along with the bone biomarker data, support the bone anabolic effects of <FONT STYLE="white-space:nowrap">BPS-804</FONT> in adult patients
with moderate OI and support the potential for <FONT STYLE="white-space:nowrap">BPS-804</FONT> to stimulate bone formation and reduce bone resorption after a low, medium and high dose. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Summary of Safety Results </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the trials conducted by Novartis, <FONT STYLE="white-space:nowrap">BPS-804</FONT> was generally well tolerated. In the Phase 2 OI clinical
trial, there was one <FONT STYLE="white-space:nowrap">non-drug</FONT> related significant adverse event in the reference group. The most common adverse events were headaches, influenza, arthralgia and fatigue both in patients who received <FONT
STYLE="white-space:nowrap">BPS-804</FONT> and in the reference group. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Current and Planned Phase 2b Clinical Trials in Osteogenesis Imperfecta </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In May 2017, Mereo commenced a Phase 2b clinical trial of <FONT STYLE="white-space:nowrap">BPS-804</FONT> in the United States, Europe and
Canada. The Phase 2b clinical trial is a multi-center, randomized trial with three blinded arms to establish the dose response curve and an open label arm at the top dose. The trial has completed enrollment of 112 patients. Similar to the Phase 2
clinical trial conducted by Novartis, Mereo enrolled patients with type I, III and IV OI. Mereo expects <FONT STYLE="white-space:nowrap">top-line</FONT> <FONT STYLE="white-space:nowrap">6-month</FONT> data from the open label arm in the first half
of 2019 and <FONT STYLE="white-space:nowrap">top-line</FONT> <FONT STYLE="white-space:nowrap">12-month</FONT> data from the blinded arms by the end of 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The primary endpoint of this trial is the change in trabecular volumetric bone mineral density measured by HRpQCT and change in bone strength
using finite element analysis (&#147;FEA&#148;). HRpQCT enables the measurement of relevant parameters of bone density, microstructure, and strength. FEA uses data from HRpQCT measurements to provide a predictive measure of the whole bone strength
and biomechanical risk of fracture. Additional endpoints include further measures of bone parameters measured by HRpQCT, bone turnover markers and quality of life scores. Based on Mereo&#146;s interactions with the EMA, Mereo believes that the
results from this trial, if favorable, and validation of its use of HRpQCT as a biomarker for fracture, from its planned Phase 3 trial in children with OI, will be sufficient to support the submission of a CMA for
<FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of adults with OI in the EU. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Mereo has agreed on a
pediatric investigational plan for <FONT STYLE="white-space:nowrap">BPS-804</FONT> with the EMA, and Mereo intends to commence a Phase 3 clinical trial of <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of OI in children aged 5 to
18 in 2019. Mereo intends to enroll approximately 160 patients in this trial, with fracture rate as the primary endpoint. Based on Mereo&#146;s interactions with the EMA, it expects the results from this trial, if favorable, will be sufficient to
validate Mereo&#146;s use of HRpQCT and support the submission of a MAA for <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of children with severe OI in the EU. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the United States, the FDA in the first quarter of 2018 denied Mereo&#146;s request for a Type C meeting to discuss the initiation of a
pediatric Phase 3 study for <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of patients with severe OI. The FDA cited a serious cardiovascular safety concern in adults treated with sclerostin inhibitors that had yet to be resolved
and informed Mereo that a risk/benefit assessment for sclerostin inhibitors could not be completed at that time. The FDA further recommended that Mereo not submit its proposed pediatric protocol until the cardiovascular safety issue had been
adequately addressed and favorably resolved. In January 2019 the FDA held an advisory committee meeting to discuss, what Mereo believes to be, the cardiovascular safety concerns cited above. At that meeting the Committee voted <FONT
STYLE="white-space:nowrap">18-1</FONT> to approve the drug discussed and in April 2019, the FDA approved it. Mereo believes the FDA now has fuller data on the cardiovascular safety issue and plans to <FONT STYLE="white-space:nowrap">re-engage</FONT>
with the FDA in 2019 to discuss the expansion of the pediatric Phase 3 study for <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of patients with severe OI to include sites in the United States. Mereo does not believe the
FDA&#146;s previous concern was related to <FONT STYLE="white-space:nowrap">BPS-804.</FONT> In any case, the FDA&#146;s position does not impact Mereo&#146;s ability to conduct its clinical development activities of
<FONT STYLE="white-space:nowrap">BPS-804</FONT> for children with severe OI or Mereo&#146;s clinical development activities of <FONT STYLE="white-space:nowrap">BPS-804</FONT> in Europe, the United States and Canada for adults with OI. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">MPH-966</FONT> (alvelestat) for the Treatment of Severe
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Alpha-1-Antitrypsin</FONT></FONT> Deficiency </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Overview
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is developing <FONT STYLE="white-space:nowrap">MPH-966</FONT> (alvelestat) for the treatment of severe AATD, a potentially
life-threatening rare, genetic condition that results in severe debilitating diseases, including early-onset pulmonary emphysema. <FONT STYLE="white-space:nowrap">MPH-966</FONT> is a novel, oral small molecule designed to inhibit NE. Scientific data
indicate that the increased risk of lung tissue injury in AATD patients may be due to inadequately controlled NE caused by insufficient AAT. Mereo believes that by inhibiting NE, <FONT STYLE="white-space:nowrap">MPH-966</FONT> has the potential to
reduce the destruction of lung tissue and stabilize clinical deterioration in severe AATD patients. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Background of <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Alpha-1-Antitrypsin</FONT></FONT> Deficiency </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">AATD is a genetic
disease. There are estimated to be 50,000 people in North America and 60,000 in Europe with severe AATD, which Mereo defines as AATD in patients with either a PiZZ genotype or Null/Null genotype. The major function of AAT in the lungs is to protect
the connective tissue from NE released from triggered neutrophils. In the majority of people, the lungs are defended from NE attack by AAT, which is a highly effective inhibitor of NE. Severe AATD patients, however, produce minimal or no AAT and
are, therefore, unable to defend against NE attack. As a result, severe AATD patients commonly experience degeneration of lung function, such as early-onset pulmonary emphysema, which significantly affects quality of life and life expectancy. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">AATD is the result of a mutation of the SERPINA1 gene. Most people with severe AATD inherit
two copies of the defective PiZ allele, or gene variant, of the SERPINA1 gene, resulting in a PiZZ genotype. Patients with a PiZZ genotype have approximately 15% of normal AAT levels. Individuals who inherit two copies of the Null allele, resulting
in a Null/Null genotype, do not produce any AAT. These two groups are at very high risk of developing lung disease. AATD patients with the PiZZ genotype experience a decline in the amount of air that can be forcibly exhaled in one second
(&#147;FEV1&#148;), a standard measure of exhalation. The annual mortality rate in this genotype estimated to be 4%. Given that individuals with the Null/Null genotype do not produce any AAT, Mereo believes that they are likely to experience an even
greater annual decline in FEV1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Current Treatment Landscape for
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Alpha-1-Antitrypsin</FONT></FONT> Deficiency </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">AATD patients are
monitored by pulmonary functions tests, including spirometry. Treatment involves bronchodilators and inhaled corticosteroid medications and pulmonary rehabilitation, with increased intensity of therapy guided by disease severity. Surgical options
include lung volume reduction surgery and lung transplantation. Both are highly invasive, and transplantation is only an option for a portion of patients with <FONT STYLE="white-space:nowrap">end-stage</FONT> disease despite optimal therapy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Augmentation therapy is available for AATD, using a partially purified plasma preparation highly enriched for AAT that is administered weekly
by intravenous infusion. This therapy was approved by the FDA based on its biochemical efficacy, meaning its ability to raise blood levels of AAT, but not based on clinical outcome data. Several observational studies have suggested that AAT
augmentation therapy may slow the rate of decline in lung function in a subgroup of AATD patients with <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">moderate-to-severe</FONT></FONT> airflow obstruction. In a randomized,
controlled trial of augmentation therapy, patients had some reduction in the progression of emphysema, as assessed by measuring lung density using computed tomography. The study did not show significant slowing in the decline in FEV1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo believes that current therapies for AATD are inadequate. Surgical options are limited to a few patients, are highly invasive, have
variable results, and do not address the underlying pathology of AATD. AAT augmentation therapy, while FDA approved, was not approved on the basis of clinical outcome data. In addition, AAT augmentation therapy requires potentially inconvenient
weekly intravenous infusions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo&#146;s Approach </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s product candidate for treating severe AATD is <FONT STYLE="white-space:nowrap">MPH-966,</FONT> a potent, specific oral small
molecule that is designed to inhibit NE. Mereo believes that by inhibiting NE, <FONT STYLE="white-space:nowrap">MPH-966</FONT> has the potential to reduce the enzymatic destruction of lung tissue. Furthermore, Mereo believes that convenient oral
dosing of <FONT STYLE="white-space:nowrap">MPH-966</FONT> could provide a significant advantage compared to the current treatments for AATD of surgery or weekly intravenous AAT augmentation therapy. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Clinical Development of <FONT STYLE="white-space:nowrap">MPH-966</FONT> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table summarizes the historical and planned clinical trials of <FONT STYLE="white-space:nowrap">MPH-966:</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="7" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Historical&nbsp;Trials</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Current&nbsp;Trials</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Phase</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>#&nbsp;of&nbsp;Studies</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Population</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Subjects<BR>Treated&nbsp;with<BR><FONT STYLE="white-space:nowrap">MPH-966</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Phase</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Population</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Enrollment</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Trial&nbsp;Started</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Healthy&nbsp;Volunteers&nbsp;/&nbsp;COPD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">143</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Phase&nbsp;2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">AATD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">165</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Q4&nbsp;2018</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">COPD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">958</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">CF</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">26</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Bronchiectasis</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">22</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Phase 2 Clinical Trials </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although prior clinical trials of <FONT STYLE="white-space:nowrap">MPH-966</FONT> were in indications other than AATD, Mereo believes that the
clinical benefit observed in these trials and the biomarker evidence of treatment effect make <FONT STYLE="white-space:nowrap">MPH-966</FONT> a promising potential product candidate for treating severe AATD. In particular, Mereo believes the results
from the Phase 2 clinical trials in bronchiectasis and CF are most relevant in assessing <FONT STYLE="white-space:nowrap">MPH-966&#146;s</FONT> potential to treat severe AATD. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Phase 2 Clinical Trial in Bronchiectasis </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">AstraZeneca conducted a double-blind, placebo-controlled Phase 2 clinical trial in bronchiectasis in a total of 38 patients, 22 of whom were
treated with <FONT STYLE="white-space:nowrap">MPH-966,</FONT> using a 60 mg dose of <FONT STYLE="white-space:nowrap">MPH-966</FONT> administered twice daily for four weeks. Bronchiectasis is a disease characterized by localized, irreversible
dilatation of parts of the bronchial tree, caused by destruction of the structural components of the bronchial wall that result from a vicious cycle of transmural infection and inflammation. Neutrophils play a key role in inflammation in
bronchiectasis with airway neutrophilia resulting in high concentrations of neutrophil proteases, such as NE, which may be inadequately neutralized by anti-proteases. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The results of this four-week trial showed a statistically significant improvement at day 28 versus placebo in mean FEV1 of 100 ml (p=0.006)
and a clinically meaningful improvement of 130 ml (p=0.079) in mean slow vital capacity, which measures the volume of air on a slow full expiration of air in the patient&#146;s lungs. The effect on the St. George&#146;s Respiratory Questionnaire, a
questionnaire that measures quality of life in patients with diseases of airways obstruction, favored <FONT STYLE="white-space:nowrap">MPH-966</FONT> overall and in each measured domain, with a more than four-unit difference in the overall score,
demonstrating clinical relevance. In addition, although the data did not show statistical significance in desmosine levels in urine, the treatment group showed a reduction in desmosine levels while the placebo group showed an increase in desmosine
levels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo believes that bronchiectasis and AATD share common pathological features such as damage to structural parts of the
bronchial tree caused by neutrophil proteases that support the potential for <FONT STYLE="white-space:nowrap">MPH-966</FONT> to treat severe AATD, a disease driven primarily by insufficient inhibition of NE. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Phase 2 Clinical Trial in Cystic Fibrosis </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">AstraZeneca conducted a double-blind, placebo-controlled Phase 2 clinical trial in CF in a total of 56 patients, 26 of whom were treated with <FONT
STYLE="white-space:nowrap">MPH-966,</FONT> using a 60 mg dose of <FONT STYLE="white-space:nowrap">MPH-966</FONT> administered twice daily for four weeks. CF is a disease that results in thickened secretions and endobronchial infections. These
chronic infections are associated with an exaggerated inflammatory response in the airways and neutrophil infiltration of the lungs. The presence of neutrophils in the airways, and the resulting high concentrations of neutrophil proteases, such as
NE, suggest that neutrophils are contributors in the pathogenesis of the proteolytic lung destruction associated with CF. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The trial was
designed to examine the safety and efficacy of <FONT STYLE="white-space:nowrap">MPH-966</FONT> and its effect on the biomarkers of lung damage. The trial did not demonstrate a statistically significant benefit in lung function, which Mereo believes
was due to the anti-proteolytic mechanism of action of <FONT STYLE="white-space:nowrap">MPH-966</FONT> only addressing one component of the pathology of CF. However, there was a statistically significant reduction in free desmosine in urine
corrected for creatinine (p=0.002), and a reduction in plasma desmosine of 16%. Desmosine and isodesmosine are unique cross linking amino acids in elastin. Elastin is a protein that makes up the structure of the alveoli in the lungs and provides the
pressure that allows for easy breathing, but is vulnerable to breakdown by NE. The reduction in desmosine in this trial indicates a reduction in the breakdown of elastin. As the proposed mechanism of action of
<FONT STYLE="white-space:nowrap">MPH-966</FONT> is to inhibit the neutrophil elastase activity in severe AATD patients, Mereo believes this supports the utility of desmosine as a clinical biomarker in its Phase 2 <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">proof-of-concept</FONT></FONT> study. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo believes that the data from this trial provide proof of concept
for mechanistic effect and the use of desmosine as a biomarker of lung degradation in diseases of high or unopposed NE, such as severe AATD. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Summary of Safety Results </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the clinical trials conducted by AstraZeneca, no treatment-related serious adverse events were identified. A dose of up to 120 mg twice
daily was well tolerated in Phase 1 clinical trials and a dose of 60 mg twice daily was well tolerated in the CF, bronchiectasis and COPD Phase 2 trials. Across the 1,149 patients and healthy volunteers treated with
<FONT STYLE="white-space:nowrap">MPH-966,</FONT> 16 patients had an elevation of liver enzymes with alanine transaminase or aspartate transaminase enzyme concentrations elevated to greater than three times the upper limit of normal, but no patient
met the criteria of Hy&#146;s law of drug-induced liver injury and no dose dependency was observed. Independent safety review committees evaluated this data and recommended that the trials continue. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Phase 2 Clinical Trial in Severe AATD </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is conducting a Phase 2 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">proof-of-concept</FONT></FONT> clinical trial
of <FONT STYLE="white-space:nowrap">MPH-966</FONT> in 165 patients with severe AATD in the United States and the EU and expect to report <FONT STYLE="white-space:nowrap">top-line</FONT> data in the fourth quarter of 2019. The trial is a <FONT
STYLE="white-space:nowrap">12-week,</FONT> double-blind, placebo-controlled clinical trial examining two doses of <FONT STYLE="white-space:nowrap">MPH-966</FONT> compared to placebo with primary endpoints of elastin breakdown as measured by the
biomarker desmosine. Mereo believes that by inhibiting NE, <FONT STYLE="white-space:nowrap">MPH-966</FONT> will reduce the breakdown of elastin and therefore the amount of desmosine. Planned secondary endpoints are plasma <FONT
STYLE="white-space:nowrap">A&#945;-Val(360),</FONT> a biomarker of NE activity, NE activity in sputum, and lung function tests, including FEV1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo plans to enroll only patients with PiZZ or Null/Null genotypes with confirmed emphysema, who have not received AAT augmentation therapy
or have undergone a <FONT STYLE="white-space:nowrap">wash-out</FONT> period following AAT augmentation therapy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the results from this
trial are favorable, Mereo intends to seek regulatory advice on the design of, and commence, a pivotal trial. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo received an
investment from, and is collaborating with, the venture philanthropy arm of the <FONT STYLE="white-space:nowrap">Alpha-1</FONT> Foundation, The <FONT STYLE="white-space:nowrap">Alpha-1</FONT> Project, Inc. (&#147;TAP&#148;) with respect to
Mereo&#146;s <FONT STYLE="white-space:nowrap">MPH-966</FONT> development program. TAP is investing in the program subject to Mereo meeting agreed-upon development milestones. Mereo also agreed to issue warrants to TAP to subscribe for shares in
Mereo, at certain future dates and subject to TAP making agreed-upon investments in the <FONT STYLE="white-space:nowrap">MPH-966</FONT> development program. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">BCT-197</FONT> (acumapimod) for the Treatment of AECOPD </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Overview </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is
developing <FONT STYLE="white-space:nowrap">BCT-197</FONT> (acumapimod) as a first-line acute therapy in patients with a severe AECOPD. <FONT STYLE="white-space:nowrap">BCT-197</FONT> is a novel, orally active p38 MAP kinase inhibitor designed to
inhibit the pathological mechanism behind inflammation, which is a key feature of AECOPD. Currently available treatments only manage the symptoms of severe AECOPDs and are comprised primarily of oxygen therapy, corticosteroids, antibiotics, and
bronchodilators. Mereo believes <FONT STYLE="white-space:nowrap">BCT-197</FONT> offers a potential new treatment by targeting the underlying disease and delivering tangible benefits for patients and payors by potentially preventing severe AECOPD, or
reducing the frequency of exacerbations and reducing readmissions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Background of COPD and AECOPD </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">COPD includes chronic bronchitis, emphysema, refractory <FONT STYLE="white-space:nowrap">(non-reversible)</FONT> asthma, and some forms of
bronchiectasis. COPD is a <FONT STYLE="white-space:nowrap">non-fully-reversible,</FONT> progressive lung disease that was the third largest cause of death in the world in 2010 according to the Global Burden of Disease Study, and the WHO forecasts
that it will remain the third largest cause of death in the world in 2030. The National Heart Lung Blood Institute estimates that 16&nbsp;million people in the United States have been diagnosed with the disease and the same number likely suffer from
the disease without being aware of it. The European COPD Coalition estimates that 13&nbsp;million people in Europe have been diagnosed with COPD. In 2015, according to the WHO, there were over three million deaths from the disease worldwide. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An AECOPD is defined as an acute event characterized by a worsening of the patient&#146;s symptoms beyond normal <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> variations that requires a change in medication and a severe AECOPD is where a patient requires hospitalization or visits the emergency room. Typical symptoms
include an increase in breathlessness and/or increase in sputum production, which lead to an increase in the frequency or dose of bronchodilators or an increase in corticosteroid use, or the need to seek further medical attention. The risk of AECOPD
increases with COPD progression and increases following exacerbations. Increased inflammation is a core feature of an AECOPD. This is demonstrated by inflamed airways and the influx of white blood cells that respond to and can propagate
inflammation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On average, COPD patients suffer one to three AECOPDs per year with an average hospital stay, if admitted, of three to 10
days. Each episode of AECOPD poses significant risk to the patient, including an increased risk of death. Approximately 8% of patients admitted to the hospital for COPD die while in the hospital. The frequency and severity of exacerbations increase
with age, disease severity and history of prior AECOPD. The five-year survival rate for those suffering three or more AECOPDs per year is 30%, but those who do not suffer AECOPDs have an 80% survival rate. Moderate to severe cases of AECOPD can also
result in greatly diminished quality of life, disability, and serious <FONT STYLE="white-space:nowrap">co-morbidities,</FONT> including heart disease. After an AECOPD many patients do not return to its
<FONT STYLE="white-space:nowrap">pre-AECOPD</FONT> baseline respiratory function. Furthermore, a patient who has several AECOPDs a year is typically exposed to large quantities of systemic corticosteroids, which can lead to osteoporosis and
diabetes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">62 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">AECOPDs account for the greatest proportion of COPD costs. Of all COPD-related hospital
admissions in the United States, approximately 63% are for AECOPD patients, representing more than 1.5&nbsp;million emergency room visits in the United States alone. Based on current estimates of U.S. COPD rates, the direct costs of COPD are
estimated at $4,000 per patient per year. Costs increase in correlation with each progressive stage of the disease. In the United States in 2010, mild COPD patients had median direct costs of $1,681 per patient per year, moderate patients had direct
costs of $5,037 per patient per year and severe patients had direct costs of $10,812 per patient per year. Hospital stays make up the greatest proportion of the total COPD burden on the healthcare system, accounting for approximately 45% to 50% of
the total direct cost generated by COPD patients. The mean length of hospital stays varies but is typically about 4.7 days. In the United States, the average cost of admission is $7,500 but more than 20% of patients are <FONT
STYLE="white-space:nowrap">re-admitted</FONT> within 30 days with significantly higher cost. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Current Treatment Landscape of AECOPD
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is not aware of any approved therapies for the treatment of AECOPD in the United States or the EU. The management of AECOPD
is directed at relieving symptoms and restoring functional capacity of the airways. In its milder forms, an AECOPD can be controlled with inhaled steroids, bronchodilators, and antibiotics. The bronchodilators reduce the patients&#146;
breathlessness by opening up the airways, and corticosteroids reduce inflammation. In more severe cases, AECOPD requires hospitalization, where patients are typically treated with oral or intravenous steroids and antibiotics. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The current recommended management for AECOPD includes beta2 agonists, the addition of anticholinergics or an increase in its dosage, the
systemic administration of corticosteroids and antibiotics, and the intravenous administration of methylxanthines, such as aminophylline. Additionally, supporting oxygen therapy is used in order to provide the patient with sufficient blood oxygen
levels. While AECOPDs are often triggered by bacterial or viral pathogens or pollutants, antibiotics are often used as the precise etiology is often unknown. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo believes that there is a significant medical need for a drug which is disease-modifying and could potentially prevent severe AECOPDs
instead of just treating the symptoms. In addition, Mereo believes that a drug that could prevent or reduce severe AECOPDs and also has anti-inflammatory effects would significantly improve the quality of life of COPD patients due to improved lung
function, fewer infections and possibly reduced risk of rehospitalization and mortality. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo&#146;s Approach </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s product candidate for treating AECOPD is <FONT STYLE="white-space:nowrap">BCT-197,</FONT> an orally administered small molecule
that inhibits p38 MAP kinase. p38 MAP kinase is an enzyme that plays a key role in the cellular response to external stress signals. p38 MAP kinase is activated in COPD and AECOPD. Inhibition of this enzyme has been shown to have anti-inflammatory
effects, primarily through the inhibition of the expression of inflammatory mediators or molecules called cytokines. The inflammatory cytokines are key to initiating and escalating the inflammatory response by attracting inflammatory cells and
inducing further release of the cytokines by these cells. Key cytokines released in the inflammatory response are tumor necrosis factor alpha (&#147;TNF&#945;&#148;) and <FONT STYLE="white-space:nowrap">interleukin-8,</FONT> which are released in
the blood stream, and <FONT STYLE="white-space:nowrap">interleukin-6,</FONT> which is released from bronchial epithelial cells, all of which are blocked by inhibiting p38 MAP kinase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo believes that <FONT STYLE="white-space:nowrap">BCT-197</FONT> has the following key advantages over current therapies: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">potential to be a rapid-onset treatment targeting inflammatory drivers of AECOPD; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">designed to target anti-inflammatory response systemically and locally with easier oral administration than
inhaled treatments; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">simple oral regimen of three doses over five days that can be conveniently administered in either the hospital or
an outpatient setting; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">designed to target pathophysiology of acute exacerbations without generalized immune suppression;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">63 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">potential for efficacy in steroid-resistant population; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">short course treatment that can prevent further severe exacerbations of COPD. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Clinical Development of <FONT STYLE="white-space:nowrap">BCT-197</FONT> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table summarizes the historical clinical trials of <FONT STYLE="white-space:nowrap">BCT-197.</FONT> Mereo plans to enter into one
or more strategic relationships with third parties for <FONT STYLE="white-space:nowrap">BCT-197</FONT> to undertake the next phase of clinical development and, if approved, for commercialization. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="7" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Historical&nbsp;Trials</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Phase</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>#&nbsp;of&nbsp;Studies</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Population</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Subjects&nbsp;Treated&nbsp;with&nbsp;BCT-197</FONT></B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase 1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">5(1)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Healthy Volunteers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">168</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">AECOPD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">108</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Acute Kidney Injury</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">50</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">AECOPD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">188</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes two company-initiated <FONT STYLE="white-space:nowrap">16-patient</FONT> drug-drug interaction
studies. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Phase 1 Clinical Trials </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to Mereo&#146;s acquisition of <FONT STYLE="white-space:nowrap">BCT-197,</FONT> Novartis performed three Phase 1 clinical trials. One of
these trials was a three-part Phase 1 clinical trial in a total of 141 healthy volunteers designed to evaluate the safety and anti-inflammatory properties of <FONT STYLE="white-space:nowrap">BCT-197</FONT> following lipopolysaccharide
(&#147;LPS&#148;) challenge, a method of inducing an inflammatory response. Parts 1 and 2 of this trial assessed the ability of <FONT STYLE="white-space:nowrap">BCT-197</FONT> to inhibit TNF&#945;, a
<FONT STYLE="white-space:nowrap">pro-inflammatory</FONT> cytokine, ex vivo following LPS challenge and Part 3 assessed the same in vivo. In Part 1, which was a single ascending dose trial, TNF&#945; was inhibited by a mean of 50% by doses of at
least 30 mg, and in Part 2, which was a multi-ascending dose trial, TNF&#945; was inhibited by a mean of 70%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In Part 3, a <FONT
STYLE="white-space:nowrap">three-arm</FONT> trial, 24 subjects were randomized to receive placebo, 20 mg of <FONT STYLE="white-space:nowrap">BCT-197,</FONT> or 75 mg of <FONT STYLE="white-space:nowrap">BCT-197.</FONT> Subjects were exposed to LPS
three hours following dosing of <FONT STYLE="white-space:nowrap">BCT-197</FONT> or placebo and the concentration of TNF&#945; was measured. In this trial, <FONT STYLE="white-space:nowrap">BCT-197</FONT> produced a statistically significant reduction
in the levels of TNF&#945; in the treated subjects versus placebo. The following graph shows that the TNF&#945; response was seen in both doses of <FONT STYLE="white-space:nowrap">BCT-197.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TNF</B>&#945;<B></B><B> Concentration over Time following LPS Challenge n=24 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g734372g0425234747941.jpg" ALT="LOGO">
 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, a radiolabeled pharmacology trial was performed in four healthy volunteers.
Mereo believes that the results of this trial suggest that <FONT STYLE="white-space:nowrap">BCT-197</FONT> has pharmacology appropriate for an oral drug taken either once a day or on alternate days. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Phase 2 Clinical Trial in AECOPD </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Novartis conducted a double-blind, Phase 2 clinical trial in Europe comparing <FONT STYLE="white-space:nowrap">BCT-197</FONT> to the steroid
prednisolone and a placebo control. The trial was designed to assess the effect of single and repeated dose of <FONT STYLE="white-space:nowrap">BCT-197</FONT> in AECOPD patients. The primary endpoint was to demonstrate an improvement in FEV1
relative to placebo. Secondary and exploratory endpoints included the assessment of safety and tolerability, measurement of the time to recovery, and the determination of the pharmacokinetic properties of
<FONT STYLE="white-space:nowrap">BCT-197.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The trial was split into four parts and included a total of 183 patients: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">part 1: 91 patients were randomized to receive either: 75 mg of <FONT STYLE="white-space:nowrap">BCT-197</FONT>
on day one plus placebo daily for 10 days, prednisolone on day one plus placebo daily for 10 days, or placebo on day one and for 10 days daily; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">part 2: 30 patients were randomized to receive 20 mg of <FONT STYLE="white-space:nowrap">BCT-197</FONT> or
placebo on day one of the trial. The ratio of patients receiving <FONT STYLE="white-space:nowrap">BCT-197</FONT> to patients receiving placebo was five to one; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">part 3: 32 patients were randomized to receive 20 mg of <FONT STYLE="white-space:nowrap">BCT-197</FONT> or
placebo on days one and six of the trial. The ratio of patients receiving <FONT STYLE="white-space:nowrap">BCT-197</FONT> to patients receiving placebo was five to one; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">part 4: 30 patients were randomized to receive 75 mg of <FONT STYLE="white-space:nowrap">BCT-197</FONT> or
placebo on days one and six of the trial. The ratio of patients receiving <FONT STYLE="white-space:nowrap">BCT-197</FONT> to patients receiving placebo was five to one. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The data on FEV1 were recorded on days three, five, eight, 10, 14 and 30 and showed a clinically meaningful increase in FEV1 (of greater than
100 milliliters) on measuring dates in patients receiving two doses of <FONT STYLE="white-space:nowrap">BCT-197,</FONT> during a <FONT STYLE="white-space:nowrap">14-day</FONT> period, consistent with the duration of most AECOPDs. The following graph
summarizes the mean change from baseline in FEV1 values for each dose arm. The change was greatest in the group that received two doses of 75 mg of <FONT STYLE="white-space:nowrap">BCT-197,</FONT> reaching statistical significance in this group at
day 8 (p=0.022). On analysis of the area under the curve to Day 14, two doses of 75 mg of <FONT STYLE="white-space:nowrap">BCT-197</FONT> demonstrated a statistically significant improvement in FEV1 versus placebo and prednisolone (p=0.0198 and
0.0102 respectively). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Mean Change in FEV1 from Baseline (ml) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g734372g0425234748169.jpg" ALT="LOGO">
 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Summary of Safety Results </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In trials conducted by Novartis, <FONT STYLE="white-space:nowrap">BCT-197</FONT> was well tolerated in the target patient population. In the
Phase 2a clinical trial, 54% of patients out of 183 experienced one or more adverse events. There were six deaths, none of which were deemed to be attributable to BCT197. Over the <FONT STYLE="white-space:nowrap">six-month</FONT> <FONT
STYLE="white-space:nowrap">follow-up</FONT> period, 13 patients experienced 15 significant adverse events, excluding deaths: 10 cases of COPD worsening or <FONT STYLE="white-space:nowrap">re-exacerbation,</FONT> three of pneumonia, one of sinusitis
and one of bladder cancer. Six of the COPD adverse events were in the placebo and prednisolone arms, two in the 20 mg repeat dose and two in the 75 mg repeat dose. None of these adverse events were considered by the investigators to be related to <FONT
STYLE="white-space:nowrap">BCT-197.</FONT> There were also two cases of rash in the 75 mg repeat dose arm. Two cases of mild and transient transaminase elevations were reported as adverse events, one in the 20 mg dose group and the other in the 75
mg repeat dose group. Other events were mild to moderate. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Phase 2 Dose-Ranging Clinical Trial in Severe AECOPD </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo conducted a dose-ranging Phase 2 clinical trial in the United States and Europe to identify the most effective dosing regimen for severe
AECOPD patients. The primary endpoint of the trial was to demonstrate a change in FEV1 from baseline to Day 7. A total of 282 patients enrolled in the trial. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This dose-ranging trial assessed two dosing regimens of <FONT STYLE="white-space:nowrap">BCT-197</FONT> and placebo, each in combination with
standard of care, which included steroids, antibiotics, and bronchodilators. Patients were followed for 26 weeks to explore recurrence rates of AECOPD and number of <FONT STYLE="white-space:nowrap">re-hospitalizations.</FONT> Secondary and
exploratory endpoints included biomarkers hsCRP and fibrinogen, clinical failure rate, number of moderate/severe AECOPDs during the trial, the area under the curve of FEV1 over time and time to normalization of FEV1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The reduction in clinical failure rate was also observed. Clinical treatment failure is defined as a composite endpoint in which any patient
fulfils one of more of the following criteria: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">hospitalization or <FONT STYLE="white-space:nowrap">re-hospitalization</FONT> due to worsening respiratory
symptoms; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">worsening of respiratory symptoms requiring the addition of another antibiotic or substitution of a new
antibiotic; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">worsening of respiratory symptoms requiring an increase in dose of oral corticosteroids or initiation of new
corticosteroids; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">worsening of respiratory symptoms requiring an additional treatment regimen of systemic corticosteroids and/or
antibiotics, after completion of the first regimen; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">COPD-related death; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any new moderate or severe exacerbation after a period of seven days of resolution from the index AECOPD.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Both dosing regimens of <FONT STYLE="white-space:nowrap">BCT-197</FONT> showed a statistically significant change in
FEV1 from baseline to Day 7 (p=0.012 and p <FONT STYLE="FONT-FAMILY:SYMBOL">&#163;</FONT> 0.001), meeting the trial&#146;s primary endpoint on an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">intent-to-treat</FONT></FONT> patient
population basis. The standard of care plus placebo group did not show a significant change from baseline (p=0.102). The <FONT STYLE="white-space:nowrap">high-and</FONT> <FONT STYLE="white-space:nowrap">low-dosage</FONT> <FONT
STYLE="white-space:nowrap">BCT-197</FONT> groups showed a mean improvement in FEV1 of 84 ml and 115 ml, respectively, compared to 57 ml for the standard of care plus placebo group. While the <FONT STYLE="white-space:nowrap">BCT-197</FONT> groups
showed greater improvement when compared to the standard of care plus placebo group, the difference in improvement was not statistically significant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dose-dependent, statistically significant reductions in both hsCRP and fibrinogen were shown with treatment with <FONT
STYLE="white-space:nowrap">BCT-197,</FONT> with hsCRP remaining suppressed through the <FONT STYLE="white-space:nowrap">26-week</FONT> observation period. The graphs below show these reductions during the period when patients were experiencing its
first occurrence of AECOPD, or its index AECOPD. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Absolute Change from Baseline in hsCRP During the First 14 days of the Study While
Patients Were Experiencing their Index AECOPD </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:3.00em" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;


<IMG SRC="g734372g0425234748637.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="middle"> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;P<FONT
STYLE="FONT-FAMILY:SYMBOL">&#163;</FONT>0.05&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Absolute Change from Baseline in Fibrinogen During First 14 Days of the Study While Patients were Experiencing their Index
AECOPD </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:6.00em" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;


<IMG SRC="g734372g0425234748902.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="middle"> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P<FONT STYLE="FONT-FAMILY:SYMBOL">&#163;</FONT>0.05</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;P<FONT STYLE="FONT-FAMILY:SYMBOL">&#163;</FONT>0.02&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***&nbsp;&nbsp;P<FONT STYLE="FONT-FAMILY:SYMBOL">&#163;</FONT>0.01</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As shown in the chart below, the high-dose <FONT STYLE="white-space:nowrap">BCT-197</FONT> group showed a
statistically significant reduction in clinical treatment failure of more than 50% (p <FONT STYLE="FONT-FAMILY:SYMBOL">&#163;</FONT> 0.027 to 0.05) compared to the standard of care plus placebo group, measured by the number of rehospitalizations for
the treatment of COPD at Days 90 through 150, with a trend observed as early as Day 30. A trend showing reduced composite clinical treatment failures of 56% to 28% from Day 30 through Day 150 was also observed in the high-dose <FONT
STYLE="white-space:nowrap">BCT-197</FONT> group. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Percentage of Patients Rehospitalized for the Treatment of COPD </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g734372g0425234749144.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In a prespecified subgroup analysis of patients with low blood eosinophils of less than 2%, which comprised
68% of the patients in this trial, <FONT STYLE="white-space:nowrap">BCT-197</FONT> showed a trend toward improvement of FEV1 from baseline at Day 7, compared to standard of care plus placebo, which showed almost no improvement. Approximately 50% of
COPD patients have low blood eosinophils and are considered to be resistant to treatment with steroids. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further analysis of the most
severe patients, defined as patients who experienced two or more exacerbations in the previous year, showed a 46% reduction in the number of patients who suffered a subsequent moderate or severe
<FONT STYLE="white-space:nowrap">re-exacerbation.</FONT> The results from the analysis of these patients with the highest unmet need are shown in the graph below. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">68 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Re-Exacerbations</FONT> of Severe COPD Patients During
the <FONT STYLE="white-space:nowrap">Follow-up</FONT> Phase </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g734372g0425234749472.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Consistent with the results from this trial, there was a reduction in the number of patients receiving
antibiotic and systemic steroids in the high-dose group versus placebo of 46% observed in the long-term <FONT STYLE="white-space:nowrap">follow-up</FONT> portion of the trial. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In this trial, <FONT STYLE="white-space:nowrap">BCT-197</FONT> was observed to be well tolerated. Adverse events included two cases of
acneiform rash, which were resolved. No induced liver injuries were observed. With these positive results Mereo is seeking regulatory advice on the development plan for <FONT STYLE="white-space:nowrap">BCT-197</FONT> in parallel with exploring
strategic relationships. In addition, in April 2019, Mereo announced a successful end of Phase 2 meeting with the FDA regarding <FONT STYLE="white-space:nowrap">BCT-197.</FONT> In the meeting, Mereo and the FDA discussed, and agreed in principle, an
outline for the design of a pivotal Phase 3 clinical trial program to support the development of <FONT STYLE="white-space:nowrap">BCT-197</FONT> as a <FONT STYLE="white-space:nowrap">five-day</FONT> treatment regimen for patients undergoing severe
exacerbations of COPD. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">BGS-649</FONT> (leflutrozole) for the Treatment of Hypogonadotropic Hypogonadism </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Overview </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is
developing <FONT STYLE="white-space:nowrap">BGS-649</FONT> (leflutrozole) for the treatment of HH in obese men. In obese men, a decline in testosterone is exacerbated by high levels of the aromatase enzyme in the fat tissue. The aromatase enzyme
converts testosterone to estradiol, thereby reducing testosterone levels. <FONT STYLE="white-space:nowrap">BGS-649</FONT> is a novel once-weekly oral aromatase inhibitor designed to normalize testosterone levels and improve HH without causing the
excessively high testosterone levels and impaired fertility that may result from TRT, the primary treatment for HH. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Background of
Hypogonadotropic Hypogonadism </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">HH is a clinical syndrome that results from the failure of the testes to produce adequate levels of
testosterone. Low testosterone or male hypogonadism is classified in two different types: primary hypogonadism and HH. Primary </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">69 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
hypogonadism generally results from the failure of the testes to produce sufficient levels of testosterone, due to testicular trauma, disease (such as mumps), or genetic defects. HH also results
from the failure of the testes to produce sufficient levels of testosterone, in this case due to the disruption of the hypothalamic-pituitary-testicular (&#147;HPT&#148;) axis, an endocrine pathway, and is typically associated with obesity, aging,
stress, or as a side effect of medications. The symptoms of testosterone deficiency are <FONT STYLE="white-space:nowrap">non-specific,</FONT> which can make the diagnosis difficult. Symptoms that are most commonly associated with testosterone
deficiency include reduced or loss of libido, the absence of morning erections and erectile dysfunction. Other common symptoms include fatigue, impaired physical endurance, loss of vitality, lack of motivation and mood disturbance. In physician
assessments of the symptoms of HH, patients rate decreased energy levels and impaired sexual function as having the greatest negative impact on quality of life. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The largest group affected by HH is comprised of men over the age of 40 who suffer from chronic diseases, such as obesity or type 2 diabetes.
Based on WHO estimates and scientific data, Mereo believes that there are approximately seven million cases of HH in obese men, generally defined as men with a body mass index (&#147;BMI&#148;) of 30 kilograms per meter squared or more, in the
United States and approximately five million cases of HH in obese men in Europe. Over 85% of men with HH are untreated despite access to care. Obesity rates continue to increase in the United States and in other developed and developing countries
around the world. In 2016, the WHO estimated that 35.5% and 21.9% of males in the United States and the EU, respectively, were obese. A recent study in obese men, published in the Netherlands Journal of Medicine, showed that HH increased linearly
with an increase in BMI. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Current Treatment Landscape of Hypogonadotropic Hypogonadism </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The primary treatment for HH is TRT, in which testosterone is administered to normalize testosterone levels. There are several available routes
of administering TRT, including intramuscular injections, scrotal patches, transdermal patches, transdermal gel, and implants. The direct replacement of testosterone exposes the patient to significant side effects. The FDA has concluded that there
is a possible increased cardiovascular risk associated with TRT. One of the most common and serious side effects associated with TRT is impaired sperm formation. Additional complications caused by excessive testosterone include prostate enlargement,
sleep apnea and worsening heart failure, gynecomastia, or breast development in males, and mood swings. Besides these side effects, each of these delivery methods also has considerable drawbacks. For example, intramuscular injections can be painful,
gels and patches run the risk of testosterone transmission to other people, and patches can cause skin irritation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The leading
testosterone replacement products on the market are AbbVie&#146;s AndroGel and Eli Lilly&#146;s Axiron, both of which carry a black box warning. Both products are administered transdermally by applying a gel formulation. Allergan, Inc.&#146;s
Androderm is the leading transdermal patch on the market. The most frequently prescribed intramuscular injections are Bayer AG&#146;s Nebido and Endo Pharmaceutical Inc.&#146;s (&#147;Endo&#148;) Aveed. The leading implant on the market is
Endo&#146;s Testopel. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mereo&#146;s Approach </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s product candidate for treating HH in obese men is <FONT STYLE="white-space:nowrap">BGS-649,</FONT> which is intended for
once-weekly oral administration and is designed to inhibit the aromatase enzyme, instead of directly replacing testosterone. The aromatase enzyme converts testosterone to estradiol, thereby reducing testosterone levels. Aromatase is expressed at
high levels in fat tissue, and therefore obese men are potentially more prone to HH. <FONT STYLE="white-space:nowrap">BGS-649</FONT> is intended to restore normal levels of testosterone without causing the excessively high testosterone levels that
may result from TRT. In addition, Mereo believes that the long half-life of <FONT STYLE="white-space:nowrap">BGS-649</FONT> of 22 days may allow for convenient weekly dosing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Testosterone is a hormone that is regulated by three organs in the body, the hypothalamus, anterior pituitary glands and testes, which
comprise the HPT axis. The initial stimulus for hormone formation begins in the hypothalamus with the formation of hormones, such as gonadotropin-releasing hormone (&#147;GnRH&#148;), that stimulate the pituitary gland to release LH and FSH. LH, in
turn, stimulates the testicular production of testosterone, while FSH stimulates sperm formation. As testosterone levels rise, they feedback directly to the hypothalamus and indirectly through estradiol to the hypothalamus and anterior pituitary
gland, which reduces the stimulation to produce more hormones, thereby creating a negative feedback loop that maintains normal testosterone levels. In obese men with HH, excessive aromatase enzyme in fat tissue convert testosterone into estradiol,
which inhibits the HPT axis by the negative feedback loop. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The administration of exogenous testosterone, such as with TRT, which is not
controlled by the HPT feedback loop, rapidly leads to suppression of LH and FSH. Furthermore, as exogenous testosterone is not controlled by the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">70 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
HPT feedback loop, supraphysiological, or excessively high, levels of testosterone can be reached, which have been associated with cardiovascular disease. In contrast to exogenous TRT, <FONT
STYLE="white-space:nowrap">BGS-649</FONT> is designed to inhibit aromatase and restore testosterone without disturbing the physiological feedback in the HPT axis, thereby maintaining or increasing LH and FSH with minimal risk of reaching
supraphysiological levels of testosterone. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The diagram below illustrates the HPT feedback loop process, including the negative effects of
TRT: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g734372i2.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Clinical Development of <FONT STYLE="white-space:nowrap">BGS-649</FONT> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a table of the historical and planned clinical trials of <FONT STYLE="white-space:nowrap">BGS-649:</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="12%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="7" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Historical&nbsp;Trials</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Planned&nbsp;Trials</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Phase</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>#&nbsp;of<BR>Studies</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Population</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Subjects&nbsp;Treated&nbsp;with<BR><FONT STYLE="white-space:nowrap">BGS-649</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Phase</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Population</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase 1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Healthy<BR>Women /<BR>Endometriosis</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">95</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Phase&nbsp;3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">HH obese men</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Endometriosis</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">HH obese<BR>men</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">24</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase 2b</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">HH obese<BR>men</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">200</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase 2b (ext)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">HH obese<BR>men</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">143</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Phase 2 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Proof-of-Concept</FONT></FONT>
Clinical Trial in Hypogonadotropic Hypogonadism </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Novartis conducted a <FONT STYLE="white-space:nowrap">two-part</FONT> Phase 2 <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">proof-of-concept</FONT></FONT> trial for HH in obese men in North America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Part 1 was an open-label trial to evaluate the pharmacokinetics and pharmacodynamics of <FONT STYLE="white-space:nowrap">BGS-649</FONT> in
obese men. Fourteen patients were enrolled in this <FONT STYLE="white-space:nowrap">12-week</FONT> trial with a three-month <FONT STYLE="white-space:nowrap">follow-up</FONT> phase. Patients received a first dose of
<FONT STYLE="white-space:nowrap">BGS-649,</FONT> and testosterone was measured on days five through seven to allow the physicians to choose subsequent doses with the goal of achieving and maintaining normal testosterone levels. Following the first
dose, a range of doses were administered. The average BMI of participants was 34 kilograms per meter squared. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Consistent with the goal of
the trial, <FONT STYLE="white-space:nowrap">BGS-649</FONT> treatment increased testosterone into the normal range of 300 to 1,000 nanograms per deciliter (&#147;ng/dl&#148;) in all patients exposed in Part 1. Mean baseline testosterone was 239
ng/dl, and rose to a mean of 514 ng/dl at week 12 of the trial. Both FSH and LH levels also increased in the <FONT STYLE="white-space:nowrap">BGS-649</FONT> group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Part 2 was a <FONT STYLE="white-space:nowrap">two-arm,</FONT> randomized, placebo-controlled, double-blind
<FONT STYLE="white-space:nowrap">12-week</FONT> trial, with a three-month <FONT STYLE="white-space:nowrap">follow-up</FONT> trial. The primary objectives were to evaluate the ability of <FONT STYLE="white-space:nowrap">BGS-649</FONT> to normalize
testosterone and examine if normalized testosterone benefits insulin sensitivity. The secondary endpoints were safety, tolerability, pharmacodynamic effects on glucose, insulin and lipid metabolism. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Fifteen patients were enrolled in Part 2 of the trial, eight in the placebo group and seven
in the treatment arm. Originally, 30 patients were to be enrolled. Enrollment was terminated early due to a dosing error at a trial site, which resulted in three placebo patients receiving an active dose of
<FONT STYLE="white-space:nowrap">BGS-649.</FONT> The error was identified after testosterone levels in these three patients normalized, and was confirmed by the presence of <FONT STYLE="white-space:nowrap">BGS-649</FONT> in these patients&#146;
plasma. The patients who were inadvertently given an initial dose of <FONT STYLE="white-space:nowrap">BGS-649</FONT> continued to the end of the trial on placebo. Its results were included in the safety database, but were not included in the
efficacy analysis. Therefore, there were five placebo patients. Due to the early termination of the trial, among the placebo patients, one completed the full <FONT STYLE="white-space:nowrap">12-week</FONT> protocol, two completed week 10, one
completed week seven and one completed week six. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Of the seven patients treated with <FONT STYLE="white-space:nowrap">BGS-649,</FONT> five
completed all 11 doses, one completed week eight and one completed week six prior to termination of the trial. Its subsequent testosterone levels were recorded and included in efficacy analyses, though one patient missed the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-of-trial</FONT></FONT> blood test as he withdrew consent. Despite the early termination, <FONT STYLE="white-space:nowrap">BGS-649</FONT> normalized testosterone levels in all patients
treated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The treated patients received a loading dose of <FONT STYLE="white-space:nowrap">BGS-649</FONT> on day one, followed by a lower
weekly dose of <FONT STYLE="white-space:nowrap">BGS-649.</FONT> The testosterone levels of all patients treated with <FONT STYLE="white-space:nowrap">BGS-649</FONT> normalized after one dose and remained in the normal range throughout the treatment
period, with the exception of one patient on day 21, whose level dropped to 279 ng/dl but recovered to a level of 480 ng/dl on day 27. Testosterone levels in the placebo patients occasionally reached the normal range, but this effect was not
consistent or sustained. In the <FONT STYLE="white-space:nowrap">BGS-649</FONT> arm, the mean testosterone level increased from 273 ng/dl at baseline to 423 ng/dl at week 12. Both FSH and LH levels also increased in the <FONT
STYLE="white-space:nowrap">BGS-649</FONT> group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following graph illustrates the percentage increase in testosterone level relative
to baseline in patients receiving a weekly dose of <FONT STYLE="white-space:nowrap">BGS-649</FONT> or placebo. The testosterone increase was statistically significant in the <FONT STYLE="white-space:nowrap">BGS-649</FONT> group from day 4 (p=0.012),
with a trend towards return to baseline by the end of the trial, with no evidence of increased total testosterone levels beyond the upper limit of the normal range in any patient exposed to <FONT STYLE="white-space:nowrap">BGS-649.</FONT> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Percentage Change in Testosterone from Baseline over Time </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt; margin-left:1%" ALIGN="center">


<IMG SRC="g734372g0425234751248.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Last dose of <FONT STYLE="white-space:nowrap">BGS-649</FONT> administered at week 12 (day 78).
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Due to the early termination of this trial, some of these patients did not receive all doses of <FONT
STYLE="white-space:nowrap">BGS-649</FONT> or placebo. Instead of the total number of patients who completed the trial in each group, the number of patients that were randomly assigned to each group at the start of the trial, or rn, is provided in
this graph. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Five patients received <FONT STYLE="white-space:nowrap">BGS-649</FONT> through week 12 of the trial, one
patient received <FONT STYLE="white-space:nowrap">BGS-649</FONT> through week 10, and one patient received <FONT STYLE="white-space:nowrap">BGS-649</FONT> through week eight. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">****</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">One patient received placebo through week 12 of the trial, two patients received placebo through week 10, one
patient received placebo through week seven and one patient received placebo through week six. Results from three patients randomly assigned to the placebo group who mistakenly received a dose of <FONT STYLE="white-space:nowrap">BGS-649</FONT> are
excluded from this graph. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">72 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, patients receiving a weekly dose of
<FONT STYLE="white-space:nowrap">BGS-649</FONT> showed a trend towards an increase in LH and FSH levels in the treated group with a return to baseline by end of trial. These results in the treated group, suggest that the negative feedback loop
controlling the gonadotropin levels in the HPT axis was not disrupted. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Summary of Safety Results </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the clinical trials conducted by Novartis, <FONT STYLE="white-space:nowrap">BGS-649</FONT> was well tolerated in the 131 treated patients,
with no treatment related serious adverse events. In the Phase 2 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">proof-of-concept</FONT></FONT> trial in HH, there were 41 adverse events, 16 in the
<FONT STYLE="white-space:nowrap">BGS-649</FONT> group and 25 in the placebo group. In the <FONT STYLE="white-space:nowrap">BGS-649</FONT> group, six of the adverse events were moderate and 10 were mild. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In Part 1 of the trial there were 59 adverse events, 16 of which were moderate and 43 of which were mild. These adverse events were transient
and resolved spontaneously. Four patients reported spontaneous penile erection, three patients reported an episode of a headache and two patients reported abnormal hair growth, which were suspected of being related to
<FONT STYLE="white-space:nowrap">BGS-649.</FONT> Other common adverse events were oropharyngeal pain, nasal congestion, diarrhea, arthralgia, cough, dizziness and frequent bowel movements. There were no drug-related significant adverse events. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In Part 2 of the trial, the most common adverse events were lack of energy, headache, nasal congestion, somnolence, and spontaneous penile
erection, which were distributed broadly across the <FONT STYLE="white-space:nowrap">BGS-649</FONT> and placebo groups. None of these adverse events occurred in more than three patients. Special safety parameters, including prostate specific
antigen, haematocrit, hemoglobin, high-density lipoprotein, and bone turnover markers, showed no significant effect of <FONT STYLE="white-space:nowrap">BGS-649.</FONT> Mereo is monitoring these parameters in the current trial. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A reproductive toxicology trial was also performed in rats to evaluate the risk of potential transference of
<FONT STYLE="white-space:nowrap">BGS-649</FONT> in the semen, and no reproductive toxicology risk was identified. The maximum dosage would equate to a maximum of 4,700 times the human exposure, which should provide a significant safety margin. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Phase 2b Clinical Trial in Hypogonadotropic Hypogonadism </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In March 2018, Mereo announced <FONT STYLE="white-space:nowrap">top-line</FONT> data from its Phase 2b clinical trial of <FONT
STYLE="white-space:nowrap">BGS-649</FONT> for the treatment of HH in obese men. Mereo enrolled 271 patients in the trial in the United States and Europe. The trial was a multi-center, randomized double-blind, dose-ranging, placebo-controlled trial
of <FONT STYLE="white-space:nowrap">BGS-649</FONT> in obese males with HH with a BMI of over 30. Subjects were divided into four groups, with 71 receiving placebo and 67, 66 and 67, receiving the low, intermediate or high dose, respectively, of <FONT
STYLE="white-space:nowrap">BGS-649.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The primary endpoint of the trial was to measure the percentage of patients whose testosterone
levels normalized. The trial was designed to detect whether at least 75% of patients had normalized testosterone levels at week 24. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
secondary endpoints were: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the ability of <FONT STYLE="white-space:nowrap">BGS-649</FONT> to normalize testosterone in at least 90% of
patients; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the effects of <FONT STYLE="white-space:nowrap">BGS-649</FONT> on LH and FSH; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the proportion of subjects that overshoot testosterone levels at 24 weeks. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition, the trial was designed: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to investigate the benefit on patient-reported outcomes (&#147;PROs&#148;), including the Patient-Reported
Outcomes Measurement Information System (&#147;PROMIS&#148;), Brief Fatigue Inventory, PROMIS SexSF and International Index of Erectile Function, which examine the most common complaints HH patients present to a doctor, fatigue and sexual
dysfunction; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to assess the effects of <FONT STYLE="white-space:nowrap">BGS-649</FONT> on semen analysis (sperm count and
motility), in a subset of patients; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">73 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to evaluate safety and tolerability, which included analysis of lipid profiles, haematocrit bone turnover
markers, and bone mineral density measured by DEXA score. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The trial involved a four-week screening phase followed by a <FONT
STYLE="white-space:nowrap">24-week</FONT> treatment phase and a <FONT STYLE="white-space:nowrap">12-week</FONT> <FONT STYLE="white-space:nowrap">follow-up</FONT> period. All doses of <FONT STYLE="white-space:nowrap">BGS-649</FONT> met the primary
endpoint, normalizing total testosterone levels in over 75% of subjects after 24 weeks of treatment (p&lt;0.001 versus placebo). Normalization of testosterone was observed at the first measurement following the initial dosing of <FONT
STYLE="white-space:nowrap">BGS-649</FONT> at day 8 in more than 80% of subjects at all three doses. A dose response was also observed in absolute total testosterone levels and over the dosing period, with mean testosterone reaching 458.0 ng/dl (low
dose), 512.5 ng/dl (intermediate dose) and 586.5 ng/dl (high dose). The following graph illustrates the increase in mean total testosterone levels from baseline in patients in each of the three dosing arms of
<FONT STYLE="white-space:nowrap">BGS-649</FONT> and receiving placebo. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Change from Baseline in Mean Total Testosterone </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt; text-indent:2%" ALIGN="center">


<IMG SRC="g734372g0425234751607.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The two highest doses also met the secondary endpoint of normalizing testosterone in 90% of patients at
week 24 with the lowest dose normalizing testosterone in 88% of patients at week 24. All three doses of <FONT STYLE="white-space:nowrap">BGS-649</FONT> met the remaining secondary endpoints, including the improvement of LH and FSH levels. A
statistically significant increase in LH and FSH at all doses at week 24 (p&lt;0.001 for each dose versus placebo) was observed, with an increase following initial dosing at day 8 and an observed dose response. The following graphs illustrate the
increase in total LH and total FSH from baseline in patients in each of the three dosing arms of <FONT STYLE="white-space:nowrap">BGS-649</FONT> and receiving placebo. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Change from Baseline in Mean Total Luteinising Hormone </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt; text-indent:2%" ALIGN="center">


<IMG SRC="g734372g0425234751957.jpg" ALT="LOGO">
 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Change from Baseline in Mean Total Follicle Stimulating Hormone </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt; text-indent:2%" ALIGN="center">


<IMG SRC="g734372g0425234752380.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The trial also showed an improvement in total motile sperm count across all three doses versus placebo with
mean changes at week 20 of 70&nbsp;million, 14&nbsp;million and 58&nbsp;million for the high, intermediate and low doses of <FONT STYLE="white-space:nowrap">BGS-649,</FONT> respectively, compared with a decrease of 23&nbsp;million for placebo.
Although the trial was not designed to detect statistical significance for this exploratory endpoint, a statistically significant improvement was shown at the highest dose of <FONT STYLE="white-space:nowrap">BGS-649</FONT> (p=0.03). No subjects on <FONT
STYLE="white-space:nowrap">BGS-649</FONT> had testosterone levels greater than 1500 ng/dl at any time during the study. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, a
positive trend of treatment effect was observed at eight to 12 weeks for reduction of fatigue as measured by the PROMIS Brief Fatigue Inventory. The trial was not designed to detect statistical significance for this endpoint. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">BGS-649</FONT> was observed to be well tolerated during the trial. An increased incidence of elevated
haematocrit levels was observed in each of the treatment arms of the trial, which is consistent with increasing testosterone levels. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Safety Extension Study to the Phase 2b Clinical Trial in Hypogonadotropic Hypogonadism </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A subset of 143 patients entered into a <FONT STYLE="white-space:nowrap">six-month</FONT> extension study to the Phase 2b Clinical Trial for <FONT
STYLE="white-space:nowrap">BGS-649,</FONT> to gain long-term data on both efficacy and safety. 88 patients completed the additional six months of treatment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The safety extension study was designed to examine if <FONT STYLE="white-space:nowrap">BGS-649</FONT> resulted in a <FONT
STYLE="white-space:nowrap">pre-specified</FONT> reduction in bone mineral density (BMD) at 48 weeks following the initial 24 weeks treatment. The primary end point of this safety extension study was decrease in bone mineral density. In December
2018, Mereo reported positive results from the safety extension study for <FONT STYLE="white-space:nowrap">BGS-649.</FONT> The study was successful in demonstrating that none of the doses of <FONT STYLE="white-space:nowrap">BGS-649</FONT> met the
lower bound (95% confidence interval) of the <FONT STYLE="white-space:nowrap">pre-specified</FONT> safety criterion of a greater than 3% reduction in lumbar spine bone mineral density after 48 weeks of treatment. Consistent with this finding, none
of the doses of <FONT STYLE="white-space:nowrap">BGS-649</FONT> met the secondary safety endpoint criterion of a greater than 3% reduction in bone mineral density in the hip (total or femoral neck). In addition, there was no shift into clinical
categories of osteopenia or osteoporosis, with no evidence of development of new osteopenia. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Consistent with the <FONT
STYLE="white-space:nowrap">top-line</FONT> data announced by Mereo in March 2018, treatment with <FONT STYLE="white-space:nowrap">BGS-649</FONT> resulted in normalization of total testosterone levels in over 75% of subjects at all three doses tested
at the end of the six months extension study period (this measure was the primary endpoint in the placebo-controlled portion of the trial). Similarly, normalization of testosterone in at least 90% of patients (a key secondary endpoint of the
placebo-controlled portion of the trial) occurred at all three doses (versus at the two highest doses in the initial 6 months). All three doses also continued to meet all other secondary endpoints, including the improvement of testosterone LH and
FSH levels. The extension study continued to demonstrate a clear dose-response in both the primary and secondary endpoints. The total motile sperm count was not determined in this extension study and Mereo is continuing to analyze the data from the
exploratory PROs to assist in developing Mereo&#146;s clinical strategy for <FONT STYLE="white-space:nowrap">BGS-649.</FONT> Mereo intends to explore strategic relationships with third parties for the further development and commercialization of <FONT
STYLE="white-space:nowrap">BGS-649.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Therapeutic Candidates Acquired in the Merger with OncoMed </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">OMP-305B83</FONT> (navicixizumab) for Treatment of Ovarian Cancer and Taxol </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo acquired navicixizumab in the Merger with OncoMed. OncoMed utilized its proprietary bispecific antibody technology to generate a
monoclonal antibody, navicixizumab, that targets both DLL4 and VEGF. VEGF is the target for bevacizumab (Avastin<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>), which is currently approved and used to treat a number of solid tumors
including colorectal, NSCLC, breast, renal cell, brain, cervical, and ovarian cancers and had worldwide revenues of $7.4&nbsp;billion in 2015. DLL4 is a ligand which is responsible in part for tumor growth and angiogenesis. Navicixizumab is designed
to inhibit the function of both DLL4 and VEGF and thereby has the potential to induce anti-tumor activity while mitigating certain toxicities. Preclinical data of dual DLL4 and VEGF inhibition in xenograft tumor models have demonstrated superior
anti-tumor activity compared to either anti-DLL4 or anti-VEGF alone and anti-tumor activity was observed in multiple tumor types including colon, ovarian, breast and pancreatic. OncoMed also observed that navicixizumab induced a down-regulation of
vasculature-related genes and decreased vasculature density. An improved cardiac safety profile was also observed in cynomolgus monkeys compared to anti-DLL4 alone. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2018, together with its clinical collaborators, OncoMed published the results of the Phase 1a clinical trial of single-agent navicixizumab
(Jimeno, A., Moore, K.N., Gordon, M. et al.&nbsp;Invest New Drugs&nbsp;(2018)). The most commonly enrolled tumor types in the trial were ovarian (12), colorectal (11)&nbsp;and cancers of the breast, pancreas, uterus and endometrium (four patients of
each). Four patients (three ovarian cancer patients and one uterine carcinosarcoma patient) had a partial response, and 17 patients had stable disease. There were 19 patients that had a reduction in the size of their target lesions, including seven
patients with ovarian cancer. Six of these seven ovarian cancer patients had received prior bevacizumab. Four patients remained on study for &gt;300 days and two of these patients were on study for &gt;500 days. The most common drug related adverse
events of any grade were hypertension (58%), headache (29%), fatigue (26%), and pulmonary hypertension (18%). Infusion reactions associated with anti-drug antibodies impacting drug exposure occurred in 11% of patients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Phase 1b trial of navcixizumab plus FOLFIRI or FOLFOX in patients with second-line metastatic colorectal cancer has been completed. OncoMed
is currently conducting a Phase 1b clinical trial to assess the safety, preliminary efficacy, immunogenicity and pharmacokinetics of navicixizumab in combination with
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">standard-of-care</FONT></FONT> chemotherapy paclitaxel in ovarian cancer. The patients enrolled in the Phase 1b multicenter, open-label, dose-escalation and expansion trial in ovarian
cancer are patients with platinum-resistant ovarian cancer (including fallopian tube or primary peritoneal cancers) who have previously received bevacizumab and/or have failed greater than two prior therapies. Enrollment in the Phase 1b clinical
trial in ovarian cancer has been completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interim results through August&nbsp;13, 2018 from the ongoing Phase 1b trial investigating
navicixizumab in combination with paclitaxel in patients with platinum-resistant ovarian cancer in October 2018 were presented at the European Society for Medical Oncology meeting (&#147;ESMO 2018&#148;). The patients had received a median of four
prior therapies, all of whom had received prior paclitaxel and 69% had received prior bevacizumab. <FONT STYLE="white-space:nowrap">Twenty-two</FONT> of the 26 patients (85%) treated with the novel regimen experienced clinical benefit. Notably, 11
of the 26 patients (42%) achieved a partial response. The Response Evaluation Criteria in Solid Tumors (&#147;RECIST&#148;) response rate in the bevacizumab na&iuml;ve and bevacizumab pretreated patients was 57% and 33%, respectively. The overall
median progression-free survival was 5.4 months (95% CI: <FONT STYLE="white-space:nowrap">3.5-8.0</FONT> months). The median progression-free survival for the subset of bevacizumab pretreated patients was 3.7 months. Historical response rates for
patients with heavily pretreated platinum-resistant ovarian cancer treated with chemotherapy are typically 15% or less. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interim cancer
antigen 125, or <FONT STYLE="white-space:nowrap">CA-125,</FONT> data from the Phase 1b trial was also presented at ESMO 2018. <FONT STYLE="white-space:nowrap">CA-125</FONT> is a widely utilized tumor marker for ovarian cancer that is used along with
radiographic assessments to determine the efficacy outcome to treatment. Of the 23 patients evaluable for a Gynecologic Cancer Intergroup (&#147;GCIG&#148;) <FONT STYLE="white-space:nowrap">CA-125</FONT> response outcome, 14 (61%) had a response.
Specifically, the GCIG <FONT STYLE="white-space:nowrap">CA-125</FONT> response rates in the bevacizumab na&iuml;ve and bevacizumab pretreated patients were 100% and 47%, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The interim Phase 1b data presented at ESMO 2018 indicated that the most common related adverse events of any grade related to navicixizumab
were hypertension (53%), fatigue (32%), diarrhea (24%) and headache (18%). Other related rare adverse events of special interest were one Grade 2 pulmonary hypertension, one Grade 1 related heart failure, one Grade 4 related gastrointestinal
perforation and one Grade 4 thrombocytopenia. Three patients (12%) experienced infusion reactions that were associated with anti-drug antibodies which impacted drug exposure. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Navicixizumab was previously a part of the Collaboration Agreement.&nbsp;In September 2018,
Celgene informed OncoMed of its decision not to exercise its option to license navicixizumab due to strategic product portfolio considerations. Celgene terminated the Collaboration Agreement with respect to navicixizumab, effective January&nbsp;23,
2019. As a result, we have worldwide rights to the navicixizumab program. The navicixizumab program is subject to the CVR Agreement which sets forth certain rights and obligations of Mereo with respect to navicixizumab. See &#147;&#151;Material
Agreements&#151;CVR Agreement Between Mereo and Computershare&#151;The NAVI Milestones.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">OMP-313M32</FONT> (etigilimab) for the Treatment of Solid Tumors and
<FONT STYLE="white-space:nowrap">Anti-PD1</FONT> </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo acquired etigilimab in the Merger with OncoMed. TIGIT <FONT
STYLE="white-space:nowrap">(T-cell</FONT> immunoreceptor with Ig and ITIM domains) is an inhibitory receptor and via interactions with its ligands may block <FONT STYLE="white-space:nowrap">T-cells</FONT> from attacking tumor cells. The anti-TIGIT
therapeutic candidate, etigilimab, is intended to activate the immune system, through multiple mechanisms, and enable anti-tumor activity. Etigilimab recently completed the single-agent Phase 1a portion of a Phase 1a/b clinical trial, which enrolled
patients with advanced or metastatic solid tumors, and is currently in the Phase 1b portion of the clinical trial, which combines etigilimab with <FONT STYLE="white-space:nowrap">anti-PD1</FONT> (nivolumab). Enrollment in the Phase 1a/b clinical
trial has been completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interim results through October&nbsp;3, 2018 from the Phase 1a dose escalation portion of the Phase 1a/b trial
of etigilimab in November 2018 were presented at the Society for Immunotherapy of Cancer meeting. The interim results that were presented included data from 18 patients with a variety of late stage metastatic cancers including colorectal,
endometrial, pancreatic, among others, who were treated with etigilimab at doses ranging from 0.3 to 20 mg/kg every other week. There were no dose-limiting toxicities through the 20 mg/kg every other week dose. In this &#147;all comers&#148; <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">difficult-to-treat</FONT></FONT> patient population, stable disease was observed in 7 (38.9%) patients with prolonged disease control seen in some patients with the longest durations of
stable disease being 205 and 225 days. Of the remaining 11 patients in the study, ten patients had progressive disease, and one patient did not meet criteria to be evaluated for efficacy. The most frequent treatment-related adverse events were rash
(27.8%), fatigue (16.7%), nausea (16.7%), pruritus (16.7%), and cough (11.1%). Immune-related adverse events, signaling immune activation included rash (27.8%), pruritus (16.7%), autoimmune hepatitis (5.6%) and stomatitis (5.6%). Grade 3 or higher
treatment-related AEs included rash (16.7%), abdominal pain, embolism, hypertension, and pulmonary embolism (11.1% each). A biomarker analysis was also presented at the meeting which demonstrated a significant reduction of peripheral T regulatory
cells (Tregs), most significant at doses <FONT STYLE="FONT-FAMILY:SYMBOL">&#179;</FONT> 10 mg/kg, and signals of immune activation. These interim results are consistent with preclinical studies with a surrogate anti-TIGIT antibody and suggest select
immune cell depletion and activation of T cell signaling in patients treated with the drug. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In preclinical studies with anti-TIGIT
antibodies, immune activation and robust anti-tumor activity have been observed - both as a single agent and in combination with other cancer immunotherapeutics including <FONT STYLE="white-space:nowrap">anti-PD1.</FONT> At the 2017 American
Association of Cancer Research (&#147;AACR&#148;) meeting, preclinical data demonstrating the capacity of an anti-TIGIT antibody to induce long-term immune memory and durable anti-tumor response was presented. Also, at the 2018 AACR meeting data
that showed that anti-TIGIT treatment reduced the abundance of regulatory <FONT STYLE="white-space:nowrap">T-cells</FONT> (Tregs) within tumors in animal models, and mechanistic studies demonstrated an important contribution of effector function for
anti-tumor efficacy in animal models was presented. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Etigilimab is part of the Collaboration Agreement, and Celgene has an option to
obtain an exclusive license to etigilimab. If Celgene exercises its option to obtain a license to etigilimab, Celgene would then lead and fully fund further development and commercialization, and OncoMed would be entitled to receive a
$35.0&nbsp;million <FONT STYLE="white-space:nowrap">opt-in</FONT> payment, along with potential future milestones and royalties. Additional details related to OncoMed&#146;s collaboration with Celgene are described below under &#147;&#151;Material
Agreements&#151;Collaboration Agreement with Celgene.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The etigilamab program is also subject to each of the CVR Agreement and the
OncoMed CVR Agreement, which, among other things, establish the right of the respective holders of contingent value rights to contingent payments in respect of certain milestone or royalty payments relating to etigilamab. See &#147;&#151;Material
Agreements&#151;CVR Agreement Between Mereo and Computershare&#151;The TIGIT Milestone&#148; and &#147;&#151;Material Agreements&#151;CVR Agreement Between OncoMed and Computershare.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">77 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Material Agreements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Novartis Agreements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In July 2015, Mereo&#146;s wholly-owned subsidiaries, Mereo BioPharma 3 Limited, Mereo BioPharma 2 Limited, and Mereo BioPharma 1 Limited
entered into asset purchase agreements (the &#147;Purchase Agreements&#148;) to acquire from Novartis rights to, respectively, <FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> and <FONT
STYLE="white-space:nowrap">BGS-649</FONT> (the &#147;Compounds&#148;) and certain related assets, which, together with the Compounds, Mereo refers to as the &#147;Novartis Assets.&#148; In connection with the acquisition of the Novartis Assets,
Mereo issued 3,849,000 ordinary shares to Novartis pursuant to a subscription agreement. See &#147;Item 7. Major Shareholders and Related Party Transactions&#151;B. Related Party Transactions&#151;Subscription Agreement&#148; for more information.
In addition, Mereo paid Novartis $1.5&nbsp;million for a payment made by Novartis to a third party in full satisfaction of all monetary obligations of Novartis to such third party with respect to <FONT STYLE="white-space:nowrap">BCT-197.</FONT>
Under the Purchase Agreements, Mereo has agreed to make tiered royalty payments to Novartis based on annual worldwide net sales of products that include the Compounds (the &#147;Acquired Novartis Products&#148;), at percentages ranging from the high
single digits to low double digits. In the event that the parties agree or it is otherwise determined in accordance with the Purchase Agreements that Mereo require third-party intellectual property rights to exploit the Acquired Novartis Products,
Mereo is entitled to offset a specified percentage of amounts paid to such third parties in consideration for such intellectual property rights against the royalties due to Novartis. The royalty payments are payable for a period of ten years after
the first commercial sale of an Acquired Novartis Product. Mereo further agreed that in the event of a change in control that involves the transfer, license, assignment, or lease of all or substantially all of a subsidiary&#146;s assets, including a
Compound and related assets, Mereo will pay Novartis a percentage of the proceeds of such transaction, with the majority of the proceeds being retained by Mereo. No payment, however, is required with respect to any transaction of Mereo involving its
equity interests, a merger or consolidation of it, or a sale of any of its assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo granted Novartis an irrevocable, transferable,
royalty-free, worldwide and <FONT STYLE="white-space:nowrap">non-exclusive</FONT> license to use <FONT STYLE="white-space:nowrap">know-how</FONT> included within the Novartis Assets for Novartis&#146; activities unrelated to any Acquired Novartis
Products. Mereo has agreed to use commercially reasonable efforts to develop at least one Acquired Novartis Product. In addition, Novartis agreed to a three-year <FONT STYLE="white-space:nowrap">non-competition</FONT> restriction in relation to
clinical trial activities for the therapeutic treatment of HH in obese men in respect of the <FONT STYLE="white-space:nowrap">BGS-649</FONT> Compound and sclerostin in respect of the <FONT STYLE="white-space:nowrap">BGS-804</FONT> Compound, subject
to exceptions, including where Novartis does not have the ability to control such clinical trial activity and for any of Novartis&#146; existing contracts or relationships. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo also entered into a sublicense agreement with Novartis (the &#147;Sublicense Agreement&#148;), pursuant to which Novartis granted Mereo
an exclusive, worldwide, royalty-bearing sublicense for certain therapeutic antibody products directed against sclerostin (the &#147;Antibody Products&#148;), including <FONT STYLE="white-space:nowrap">BPS-804.</FONT> Under the Sublicense Agreement,
Mereo has agreed to pay Novartis royalties in the low single digits on worldwide net sales of Antibody Products. Royalties will be payable on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis
until the later of expiration of the last valid claim of the licensed patents covering the Antibody Products in a country and ten years after the first commercial sale of the Antibody Products in such country, with a maximum royalty term of 12 years
after the first commercial sale of the Antibody Products in such country. Mereo has also agreed to pay Novartis up to $3.25&nbsp;million in development and regulatory milestones, and to use commercially reasonable efforts to develop and
commercialize an Antibody Product. The Sublicense Agreement will expire on the earlier of the termination of the agreement under which Novartis is granting Mereo a sublicense (the &#147;Original License Agreement&#148;) and, on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">product-by-product</FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis, the expiration of the royalty term with
respect to such Antibody Product in such country. The Original License Agreement has a perpetual term and may be terminated for breach or upon a change in control of the licensing party. Mereo may terminate the Sublicense Agreement upon written
notice to Novartis and either party may terminate the Sublicense Agreement for the other party&#146;s uncured material breach or bankruptcy. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>AstraZeneca Agreement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In October 2017, Mereo&#146;s wholly-owned subsidiary Mereo BioPharma 4 Limited entered into an exclusive license and option agreement (the
&#147;License Agreement&#148;), to obtain from AstraZeneca an exclusive worldwide, <FONT STYLE="white-space:nowrap">sub-licensable</FONT> license under AstraZeneca&#146;s intellectual property rights relating to certain products containing a NE
inhibitor, including products that contain <FONT STYLE="white-space:nowrap">MPH-966,</FONT> with an option to acquire such intellectual property rights following commencement of a pivotal trial and payment of related milestone payments (the
&#147;Option&#148;), together with the acquisition of certain related assets. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">78 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon entering into the License Agreement, Mereo made a payment of $3.0&nbsp;million and
issued 490,798 ordinary shares to AstraZeneca, for an aggregate upfront payment equal to $5.0&nbsp;million. In connection with certain development and regulatory milestones, Mereo has agreed to make payments of up to $115.5&nbsp;million in the
aggregate and issue additional ordinary shares to AstraZeneca for licensed products containing <FONT STYLE="white-space:nowrap">MPH-966.</FONT> In addition, Mereo has agreed to make payments to AstraZeneca based on specified commercial milestones of
the product. In the event that Mereo <FONT STYLE="white-space:nowrap">sub-licenses</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> Mereo has also agreed to pay a specified percentage of sublicensing revenue to AstraZeneca. Otherwise, Mereo
has agreed to make royalty payments to AstraZeneca equal to ascending specified percentages of tiered annual worldwide net sales by Mereo or its affiliates of licensed products (subject to certain reductions), ranging from the high single digits to
low double digits. Royalties will be payable on a licensed <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">product-by-licensed</FONT></FONT> product and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis until the later of ten years after the first commercial sale of such licensed product in such country and expiration of the last patent covering
such licensed product in such country that would be sufficient to prevent generic entry. Under the License Agreement, Mereo may freely grant <FONT STYLE="white-space:nowrap">sub-licenses</FONT> to affiliates upon notice to AstraZeneca and Mereo must
obtain AstraZeneca&#146;s consent, not be unreasonably withheld, to grant <FONT STYLE="white-space:nowrap">sub-licenses</FONT> to a third party. Mereo has agreed to use commercially reasonable efforts to develop and commercialize at least one
licensed product. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The License Agreement will expire on the expiry of the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">last-to-expire</FONT></FONT> royalty term with respect to all licensed products. Upon the expiration of the royalty term for a licensed product in a particular country, the licenses
to Mereo for such product in such country will become fully-paid and irrevocable. Prior to exercise of the Option, if at all, Mereo may terminate the License Agreement upon prior written notice. Either party may terminate the agreement upon prior
written notice for the other party&#146;s material breach that remains uncured for a specified period of time or insolvency. AstraZeneca has agreed to a three-year <FONT STYLE="white-space:nowrap">non-competition</FONT> restriction in relation to
the direct or indirect commercialization or development of NE inhibitors for the treatment of AATD. In addition, AstraZeneca agreed not to assert any AstraZeneca intellectual property rights that were included in the scope of the License Agreement
against Mereo. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Collaboration Agreement with Celgene </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In December 2013, OncoMed entered into the Collaboration Agreement with Celgene pursuant to which OncoMed and Celgene were to collaborate on
research and development programs directed to the discovery and development of novel biologic therapeutics, and, if Celgene exercised its option to do so, the discovery, development and commercialization of novel small molecule therapeutics. We
acquired OncoMed in the Merger. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">OncoMed&#146;s etigilimab program is the last remaining biologic therapeutic program that is currently
active under the Collaboration Agreement. Celgene has an option to obtain an exclusive license to develop further and commercialize biologic therapeutics in the etigilimab program, which may be exercised during time periods specified in the
Collaboration Agreement through the earlier of completion of a certain clinical trial or the twelfth anniversary of the date of the Collaboration Agreement. Pursuant to the Collaboration Agreement, OncoMed leads the development of etigilimab prior
to Celgene&#146;s exercise of its option for the etigilimab program. OncoMed is responsible for funding all research and development activities for therapeutics in the etigilimab program prior to Celgene&#146;s exercise of the option for the
program. Upon option exercise by Celgene, OncoMed will be required to enter into an agreed form of a license agreement with Celgene, pursuant to which Celgene retains all rights to develop further and commercialize biologic therapeutic products in
the etigilimab program on a worldwide basis, with certain support for development from OncoMed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">OncoMed is eligible to receive a
$35.0&nbsp;million <FONT STYLE="white-space:nowrap">opt-in</FONT> payment upon Celgene&#146;s exercise of the option for the etigilimab program. The Collaboration Agreement also includes milestone payments for achievement of specified development,
regulatory and commercial milestones, paid on a <FONT STYLE="white-space:nowrap">per-product</FONT> and <FONT STYLE="white-space:nowrap">per-program</FONT> basis. The option exercise payments and payments for achievement of development, regulatory
and commercial milestones under the Collaboration Agreement may total up to $440.0&nbsp;million, for products in the etigilimab program, including the $35.0&nbsp;million <FONT STYLE="white-space:nowrap">opt-in</FONT> payment. OncoMed previously
received a $2.5&nbsp;million milestone payment for the etigilimab program. Accordingly, the future potential milestone payments for products in the etigilimab program under the collaboration total up to $437.5&nbsp;million, including the
$35.0&nbsp;million <FONT STYLE="white-space:nowrap">opt-in</FONT> payment. For the etigilimab program, if the option is exercised and the program is successfully commercialized by Celgene, OncoMed is eligible to receive tiered royalties equal to a
percentage of net product sales worldwide in the high-single digits to the <FONT STYLE="white-space:nowrap">mid-teens.</FONT> OncoMed is not eligible to receive any further research or development milestone payments for etigilimab prior to
Celgene&#146;s decision regarding option exercise with respect to etigilimab. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">79 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Collaboration Agreement will terminate upon the expiration of all of Celgene&#146;s
payment obligations under the license agreement entered into with respect to the etigilimab program following Celgene&#146;s exercise of an option for such program, or if Celgene&#146;s option on the etigilimab program expires without Celgene
exercising its option. The collaboration agreement may be terminated by either party for the insolvency of, or an uncured material breach of the collaboration agreement by, the other party. In addition, Celgene may terminate the Collaboration
Agreement in its entirety or with respect to the etigilimab program, for any reason, upon 120 days&#146; prior written notice to OncoMed and upon 60 days&#146; prior written notice in the event that Celgene reasonably believes that such termination
is necessary in order to comply with any antitrust laws. OncoMed may also terminate the Collaboration Agreement with respect to the etigilimab program in the event that Celgene challenges the licensed patents with respect to such program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Celgene does not exercise its option with respect to the etigilimab program before the option for that program expires, we will retain
worldwide rights to such program. In addition, under certain termination circumstances, we would also have worldwide rights to the etigilimab program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Collaboration Agreement previously included OncoMed&#146;s navicixizumab therapeutic program. Celgene, however, terminated the
collaboration agreement with respect to navicixizumab, effective January&nbsp;23, 2019. As a result of this termination, we now have worldwide rights to this program. Under certain circumstances, OncoMed may owe Celgene single-digit percentage
royalties on therapeutic products in the navicixizumab program if OncoMed elects to continue to commercialize it and it is successfully commercialized, subject to a cap. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>CVR Agreement Between Mereo and Computershare </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the completion of the Merger, OncoMed&#146;s stockholders received, in exchange for each outstanding share of OncoMed common stock
owned immediately prior to completion of the Merger (except for any dissenting shares): (1) a number of our ADSs determined by reference to an exchange ratio, and (2)&nbsp;one contingent value right (a &#147;CVR&#148;), representing the right to
receive contingent payments if specified milestones are achieved within agreed time periods, subject to and in accordance with the terms and conditions of the Contingent Value Rights Agreement (the &#147;CVR Agreement&#148;), dated April&nbsp;23,
2019 by and among Computershare, as rights agent, and Mereo. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except in limited circumstances, the CVRs may not be transferred, pledged,
hypothecated, encumbered, assigned or otherwise disposed of. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Milestone Events and Payments </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The CVR milestones relate to OncoMed&#146;s <FONT STYLE="white-space:nowrap">OMP-313M32</FONT> (etigilimab) and
<FONT STYLE="white-space:nowrap">OMP-305B83</FONT> (navicixizumab) therapeutic candidates. The contingent payments become payable to the rights agent, for subsequent distribution to the holders of the CVRs, upon the achievement of the milestones as
follows: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>The TIGIT Milestone </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A payment, in the form of our ADSs, will be made to CVR holders if, following April&nbsp;23, 2019 but prior to December&nbsp;31, 2019, the
following milestone is achieved: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Celgene exercises the exclusive option granted by OncoMed to Celgene in relation to OncoMed&#146;s etigilimab
product pursuant to the Collaboration Agreement; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">OncoMed actually receives the cash payment payable by Celgene pursuant to such Celgene Option Exercise.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the TIGIT Milestone is achieved, holders of CVRs would be entitled to receive a number of our ADSs equal to
(x)&nbsp;the amount of the cash payment actually received by OncoMed upon the Celgene Option Exercise, net of any tax and other reasonable expenses, divided by (y)&nbsp;the volume-weighted average price per ADS for the ten trading day period
immediately following the date of the announcement by Mereo of the receipt of such cash payment. The TIGIT Milestone payment is subject to the Share Consideration Cap, such that the number of our ordinary shares underlying the ADSs to be issued
pursuant to the CVR Agreement, when aggregated with the number of our ordinary shares underlying the ADSs issued as Share Consideration pursuant to the Merger Agreement, cannot exceed the Share Consideration Cap. No fractional ordinary shares or
ADSs shall be issued in connection with the TIGIT Milestone payment, and no certificates or scrip for any such fractional shares shall be issued. Any fractional share resulting from the application of the ratio described in this paragraph shall be
rounded down to the nearest whole share, with no cash being paid for any fractional share eliminated by such rounding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">80 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the TIGIT Milestone occurs at any time following April&nbsp;23, 2019 but prior to
December&nbsp;31, 2019, then, thirty days following the achievement thereof, (i)&nbsp;Mereo, or a person nominated by Mereo (with written notice thereof from Mereo to the rights agent), as the case may be, will (A)&nbsp;deliver to the rights agent,
a certificate certifying the date of satisfaction of the TIGIT Milestone and that the holders of CVRs are entitled to receive the TIGIT Milestone payment, (B)&nbsp;allot and issue to the depositary, or as the depositary directs, the ordinary shares
underlying the ADSs comprising the TIGIT Milestone payment, (C)&nbsp;deliver to the depositary, for the benefit of the holders of CVRs, evidence of book-entry shares representing our ordinary shares underlying our ADSs comprising the TIGIT Milestone
payment and (D)&nbsp;take all steps necessary to ensure that the ordinary shares underlying our ADSs comprising the TIGIT Milestone payment are admitted to trading on AIM and (ii)&nbsp;Mereo shall procure that the depositary shall promptly (and in
any event, within 10 business days) issue and deliver to the holders of CVRs, by first-class postage prepaid mail, to the address of each holder set forth in the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">up-to-date</FONT></FONT> CVR register (&#147;CVR Register&#148;) maintained by the rights agent at such time or by other method of delivery as specified by the applicable holder in
writing to the rights agent, the number of whole ADSs equal to the product determined by multiplying (A)&nbsp;the quotient determined by dividing (x)&nbsp;the TIGIT Milestone payment by (y)&nbsp;the total number of CVRs registered in the CVR
Register at such time, by (B)&nbsp;the number of CVRs registered to such holder in the CVR Register at such time. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><U>The NAVI Milestones
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A cash payment will be made to CVR holders if, (1)&nbsp;within eighteen months following the closing of the Merger, Mereo or any of
its subsidiaries enters into a definitive partnership agreement, collaboration agreement, joint venture agreement, profit sharing agreement, license or sublicense agreement, asset sale agreement, stock sale agreement, investment agreement or similar
agreement duly approved by the Mereo Board with one or more third parties regarding the navicixizumab products and (2)&nbsp;within five years of the closing of the Merger, Mereo or any of its subsidiaries actually receives certain eligible cash
milestone payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NAVI Subsidiary, Inc. (&#147;NAVI Sub&#148;), a wholly-owned subsidiary of OncoMed and an indirect wholly-owned
subsidiary of Mereo, has been established to hold all of Mereo&#146;s right, title and interest in and to the navicixizumab products. For a period of 18 months following the closing of the Merger, Mereo will permit certain individuals associated
with NAVI Sub and identified on a confidential schedule to the CVR Agreement (the &#147;NAVI Team&#148;) to (i)&nbsp;solicit third party interest with respect to a NAVI Agreement (as defined in the CVR Agreement), such that the NAVI Sub or a third
party, as applicable, will advance the navicixizumab products, and (ii)&nbsp;recommend, by written notice to the chief executive officer of Mereo, that Mereo enter into discussions with one or more such third parties that have expressed interest
with respect to a NAVI Agreement; provided that, notwithstanding anything to the contrary in the CVR Agreement, Mereo will have no obligation or liability to fund or otherwise support or incur any cost or expense relating to NAVI Sub or the
navicixizumab products in excess of the commitments provided for on a confidential schedule to the CVR Agreement (except in respect of clinical trials commenced prior to the date hereof). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The entry into a NAVI Agreement by Mereo or any of its subsidiaries (including NAVI Sub) shall be subject to, and contingent upon, a
determination by the Mereo Board, having consulted with outside counsel, that the NAVI Agreement is fair to, advisable and in the best interests of Mereo and its shareholders. Without limiting the foregoing, neither Mereo nor any of its subsidiaries
(including NAVI Sub) shall be compelled to enter into any investment agreement, stock sale agreement, or similar agreement with respect to NAVI Sub or the navicixizumab products if, immediately following the execution of such agreement, Mereo or one
or more of its subsidiaries (other than NAVI Sub) would hold less than 19.5% of the issued and outstanding equity interests of NAVI Sub on a fully-diluted basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Eligible cash milestone payments will include each cash milestone payment payable to Mereo or one or more of its subsidiaries pursuant to a
NAVI Agreement (or any agreement contemplated by such NAVI Agreement), except for any (i)&nbsp;royalty or similar sales-based payment that is measured, in whole or in part, by reference to the quantity of navicixizumab product that is produced or
sold or the revenues (or a formula that makes reference to such revenues) derived therefrom and (ii)&nbsp;for the avoidance of doubt only, any fees for service, research and development funding, reimbursement of intellectual property filing,
prosecution, litigation and maintenance-related expenses or reimbursement of manufacturing expenses received from a counterparty pursuant to a NAVI Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a NAVI Milestone is achieved, holders of CVRs would be entitled to receive an amount in cash equal to 70% of the aggregate principal amount
actually received by Mereo or one or more of its subsidiaries (other than NAVI Sub), net of (A)&nbsp;any tax (including any applicable value added or sales taxes and including any tax which would be payable but for the utilization of a relief), (B)
50% of any expenditure by Mereo or its subsidiaries pursuant to the budget set forth on a confidential schedule to the CVR Agreement, and (C)&nbsp;any other reasonable cost or expense attributable to
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">81 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the receipt of such payment (which, for the avoidance of doubt, shall include (x)&nbsp;any costs, reasonable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees, expenses or charges incurred by Mereo or its subsidiaries in excess of the commitments provided for in the budget set forth on a confidential
schedule to the CVR Agreement, (y)&nbsp;any costs, reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees, expenses or charges incurred by Mereo or its subsidiaries under the NAVI Agreement, and
(z)&nbsp;any costs, reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees, expenses or charges incurred by Mereo or its subsidiaries, or for which Mereo or one or more of its subsidiaries is
responsible, in connection with the preparation, negotiation and execution of the relevant NAVI Agreement, in each case to the extent such costs, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees,
expenses or charges have not been previously accounted for in the calculation of a prior NAVI Milestone payment). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The NAVI milestone
payments are subject to a cash consideration cap, pursuant to which the aggregate principal amount of all cash payments made to holders of CVRs by Mereo shall in no case exceed $79.7&nbsp;million. If the aggregate principal amount to be paid to
holders of CVRs by Mereo pursuant to the CVR Agreement would, together with the aggregate principal amount of any prior such cash payments, otherwise exceed $79.7&nbsp;million, then the applicable NAVI Milestone payment will be appropriately
reduced. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a NAVI Milestone occurs at any time prior to the fifth anniversary of the closing of the Merger, and on each such occurrence,
then, thirty days following the achievement thereof, Mereo, or a person nominated by Mereo (with written notice thereof from Mereo to the rights agent), as the case may be, will deliver to the rights agent (i)&nbsp;a certificate certifying the date
of satisfaction of the applicable NAVI Milestone and that the holders of CVRs are entitled to receive a NAVI Milestone payment, and (ii)&nbsp;the applicable NAVI Milestone payment, by wire transfer of immediately available funds to an account
designated by the rights agent. Upon receipt of the wire transfer referred to in the foregoing sentence, the rights agent will promptly (and in any event, within 10 business days) pay, by check mailed, first-class postage prepaid, to the address of
each holder set forth in the CVR Register at such time or by other method of delivery as specified by the applicable holder in writing to the rights agent, an amount in cash equal to the product determined by multiplying (A)&nbsp;the quotient
determined by dividing (x)&nbsp;the applicable NAVI Milestone payment by (y)&nbsp;the total number of CVRs registered in the CVR Register at such time, by (B)&nbsp;the number of CVRs registered to such holder in the CVR Register at such time </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>CVR Agreement Between OncoMed and Computershare </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;14, 2019, OncoMed entered into a Contingent Value Rights Agreement, by and between OncoMed and Computershare (the &#147;OncoMed
CVR Agreement&#148;). As a result of the Merger, OncoMed became a wholly-owned indirect subsidiary of Mereo. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the OncoMed CVR
Agreement, each holder of OncoMed common stock as of the close of business on April&nbsp;5, 2019, received one contingent value right (each, an &#147;OncoMed CVR&#148;) for each share of OncoMed common stock held by such stockholder as of such date.
The OncoMed CVRs represent the <FONT STYLE="white-space:nowrap">non-transferable</FONT> contractual right to receive cash payments from OncoMed upon the actual receipt by OncoMed or its affiliates of certain contingent cash payments from Celgene in
respect of the achievement of specified approval and sales milestones or the payment of royalties pursuant to the Collaboration Agreement. The specified milestone and royalty payment obligations under the OncoMed CVR Agreement relate to
OncoMed&#146;s <FONT STYLE="white-space:nowrap">OMP-313M32</FONT> (etigilimab) therapeutic candidate. If a specified OncoMed CVR milestone is achieved or if royalties are paid by Celgene to OncoMed or its affiliates in respect of the etigilimab
candidate, holders of OncoMed CVRs will be entitled to receive an amount in cash equal to the relevant cash payment actually received by OncoMed from Celgene, net of any tax and reasonable costs and expenses. The contingent payments under the
OncoMed CVR Agreement, if they become payable, will become payable to Computershare as rights agent, for subsequent distribution to the holders of the OncoMed CVRs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The OncoMed CVRs may not be sold, assigned, transferred, pledged or disposed of in any other manner, in whole or in part, other than in the
limited circumstances specified in the OncoMed CVR Agreement. In addition, the OncoMed CVRs (i)&nbsp;will not be evidenced by a certificate or other instrument, (ii)&nbsp;will not have any voting or dividend rights and (iii)&nbsp;will not represent
any equity or ownership interest in Mereo or any of its affiliates. No interest will accrue on any amounts payable in respect of the OncoMed CVRs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Manufacturing </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo does not own or
operate manufacturing facilities for the production of its product candidates, nor does it have plans to develop its own manufacturing operations in the foreseeable future. Mereo has entered into manufacturing agreements with a number of drug
substance, drug product, and other manufacturers and suppliers for </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">82 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649,</FONT>
<FONT STYLE="white-space:nowrap">OMP-313M32</FONT> and <FONT STYLE="white-space:nowrap">OMP-305B83</FONT> and Mereo intends to enter into additional manufacturing agreements as necessary. Following Mereo&#146;s license of <FONT
STYLE="white-space:nowrap">MPH-966,</FONT> Mereo acquired certain clinical trial materials and plans to outsource production of further clinical supplies to its own manufacturing suppliers. Mereo also intends to outsource certain product formulation
trials. Mereo expects that drug product <FONT STYLE="white-space:nowrap">pre-validation</FONT> and validation batches will be manufactured to satisfy regulatory requirements where it progresses products to late stage trials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo does not yet have any contractual relationships for the manufacture of commercial supplies of
<FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649,</FONT> <FONT STYLE="white-space:nowrap">OMP-313M32</FONT> or
<FONT STYLE="white-space:nowrap">OMP-305B83</FONT> and Mereo intends to enter into contractual relationships for commercial supplies prior to commercialization of any product candidates. Any batches of product candidates for commercialization will
need to be manufactured in facilities, and by processes, that comply with the requirements of the FDA, the EMA, and the regulatory agencies of other jurisdictions in which Mereo is seeking approval. Mereo employs internal resources to manage its
manufacturing contractors and ensure they are compliant with current good manufacturing practices. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Commercialization, Sales and Marketing </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo does not have its own marketing, sales, or distribution capabilities. In order to commercialize Mereo&#146;s product candidates, if
approved for commercial sale, Mereo must either develop a sales and marketing infrastructure or collaborate with third parties that have sales and marketing experience. For <FONT STYLE="white-space:nowrap">BPS-804</FONT> and <FONT
STYLE="white-space:nowrap">MPH-966,</FONT> if approved, and for any future product candidates for rare diseases, Mereo intends either to establish a sales and marketing organization with technical expertise and supporting distribution capabilities
to commercialize these product candidates in major markets or potentially to outsource aspects of these functions to third parties. Mereo intends to seek to enter into one or more strategic relationships with third parties for <FONT
STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">OMP-313M32</FONT> and <FONT STYLE="white-space:nowrap">OMP-305B83</FONT> to undertake the next phase of clinical development and, if approved, for commercialization, and to
seek to enter into strategic relationships with third parties for further clinical development and/or commercialization of <FONT STYLE="white-space:nowrap">BGS-649.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Competition </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo competes directly with
other biopharmaceutical and pharmaceutical companies that focus on the treatment of OI, AATD, AECOPD or HH, as well as those that address solid tumor cancers and hematologic cancers. Mereo may also face competition from academic research
institutions, governmental agencies and other various public and private research institutions. Mereo expects to face increasingly intense competition as new technologies become available. Any product candidates, including <FONT
STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649,</FONT> <FONT STYLE="white-space:nowrap">OMP-313M32</FONT> and <FONT
STYLE="white-space:nowrap">OMP-305B83</FONT> that Mereo successfully develops and commercializes will compete with existing therapies and new therapies that may become available in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo considers <FONT STYLE="white-space:nowrap">BPS-804&#146;s</FONT> current closest potential competitors in development for the treatment
of OI to be Amgen&#146;s denosumab (Prolia) an anti-resorptive agent, and Amgen and UCB&#146;s anti-sclerostin antibody, romosozumab, which was approved in Japan in January 2019. Blosozumab, an anti-sclerostin antibody, was in Phase 1 development
for osteoporosis by Eli Lilly; however, Mereo is not aware of any ongoing clinical trials for this product candidate and does not believe this product candidate remains under active development. Additionally, Bone Therapeutics is developing
osteoblastic cell therapy products. Baylor College of Medicine is also conducting a Phase 1 open label trial of fresolimumab, a <FONT STYLE="white-space:nowrap">TGF-B</FONT> inhibitor, in adult OI patients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo considers <FONT STYLE="white-space:nowrap">MPH-966&#146;s</FONT> current closest potential competitors for the treatment of severe AATD
to be alpha1-proteinase inhibitors that are administered intravenously in AAT augmentation therapy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Currently, there are four inhibitors
on the market in the United States: Grifols&#146; <FONT STYLE="white-space:nowrap">Prolastin-C,</FONT> Shire&#146;s Aralast, CSL&#146;s Zemaira and Kamada&#146;s Glassia. Kamada is also investigating an inhaled version of augmentation therapy, Apic
Bio is in the early stages of developing gene-therapy approaches for AATD and Vertex has an early-stage small molecule corrector program for AATD. Santhera has inlicensed an inhaled neutrophil elastase inhibitor and is planning a multiple ascending
dose study, with the initial indication targeted being cystic fibrosis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The current standard of care for AECOPD involves steroids,
antibiotics and bronchodilators; however, Mereo is not aware of any drugs specifically approved for the treatment of AECOPD. There are a number of products currently in development, with Verona Pharma, GlaxoSmithKline, and AstraZeneca each
conducting Phase 2 clinical trials of drugs for the treatment of COPD. Mereo considers <FONT STYLE="white-space:nowrap">BCT-197&#146;s</FONT> current closest potential competitor in development for the treatment of AECOPD to be Verona Pharma&#146;s
RPL554, a PDE3 / PDE4 dual inhibitor that is currently being </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">83 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
developed as a bronchodilator and anti-inflammatory agent for COPD and asthma patients. GlaxoSmithKline is developing nemiralisib, a PI3K<FONT STYLE="FONT-FAMILY:SYMBOL">&#100;</FONT> inhibitor,
for the treatment of acute and long term use in COPD and asthma, which Mereo believes to be an anti-inflammatory. Nemiralisib is currently being studied in a Phase 2 clinical trial. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo considers <FONT STYLE="white-space:nowrap">BGS-649&#146;s</FONT> current closest potential competitors for the treatment of HH to be
TRT. These include Androgel from Abbvie, and Eli Lilly&#146;s Axiron, both administered transdermally by applying a gel formulation, which are approved in the United States and Europe, Andriol from Merck, an oral testosterone therapy, which is
approved in Europe but not in the United States and JATENZO from Clarus approved in the United States in March 2019. There are also other approved TRT products that are administered via injection and other oral TRTs that are still in the development
or registration stages, such as TLANDO from Lipocine. The FDA held advisory committee meetings in January 2018 for TLANDO. On May&nbsp;9, 2018, Lipocine announced that it had received a complete response letter from the FDA and is in the process of
addressing the issues identified in the letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo considers <FONT STYLE="white-space:nowrap">OMP-305B83&#146;s</FONT> competitors in
ovarian cancer to be existing cancer treatments such as chemotherapeutic agents, Avastin<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, the PARP inhibitors (Rubraca, Zejula and Lynparza) and potentially other drug candidates that are in
clinical development such as <FONT STYLE="white-space:nowrap">anti-PD1</FONT> and antibody drug conjugates. In addition, there are two other anti-DLL4/VEGF dual variable domain immunoglobulins (Abbvie&#146;s
<FONT STYLE="white-space:nowrap">ABT-165</FONT> and ABL Bio&#146;s ABL001) in clinical development. Finally, there are established pharmaceutical and biotechnology companies that are known to be involved in oncology research. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo considers <FONT STYLE="white-space:nowrap">OMP-313M32&#146;s</FONT> competitors to be existing cancer treatments such as the
commercially available immuno-oncology agents (e.g., Yervoy&#153;, Keytruda<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, and Opdivo<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, etc.), chemotherapeutic agents, and antibody
based therapeutics such as Avastin and Erbitux. In addition, other potential competitors include several other anti-TIGIT agents (e.g., those currently being developed by Genentech (Roche), Merck, Bristol-Myers Squibb or BMS, and Arcus Biosciences)
and investigational immuno-oncologic, agents against other targets, there are established pharmaceutical and biotechnology companies that are known to be involved in oncology research. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo may face increasing competition for additional new product acquisitions from pharmaceutical companies as new companies emerge with a
similar business model and other more established companies focus on acquiring products to develop their pipelines. Many of Mereo&#146;s competitors have significantly greater financial, manufacturing, marketing, drug development, technical and
human resources than Mereo does. Mergers and acquisitions in the pharmaceutical and biotechnology industries may result in even more resources being concentrated among a smaller number of Mereo&#146;s competitors. Smaller or early stage companies
may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies. These competitors also compete with Mereo in recruiting and retaining top qualified scientific and management
personnel and establishing clinical trial sites and patient registration for clinical trials. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The key competitive factors affecting the
success of <FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649,</FONT>
<FONT STYLE="white-space:nowrap">OMP-313M32</FONT> and <FONT STYLE="white-space:nowrap">OMP-305B83,</FONT> if approved, are likely to be their efficacy, safety, dosing convenience, price, the effectiveness of companion diagnostics in guiding the use
of related therapeutics, the level of generic competition and the availability of reimbursement from government and other third-party payors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s commercial opportunity could be reduced or eliminated if its competitors develop and commercialize products that are safer, more
effective, less expensive, more convenient or easier to administer, or have fewer or less severe effects than any products that Mereo may develop. Mereo&#146;s competitors may also obtain FDA, EMA or other regulatory approval for their products more
rapidly than Mereo may obtain approval for its own product candidates, which could result in Mereo&#146;s competitors establishing a strong market position before Mereo is able to enter the market. Even if
<FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT STYLE="white-space:nowrap">BGS-649,</FONT> <FONT STYLE="white-space:nowrap">OMP-313M32</FONT> or
<FONT STYLE="white-space:nowrap">OMP-305B83</FONT> achieve marketing approval, they may be priced at a significant premium over competitive products if any have been approved by then. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Intellectual Property </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo has acquired
or exclusively licensed a comprehensive intellectual property portfolio from Novartis and AstraZeneca, respectively. Mereo strives to protect and enhance the proprietary technologies, inventions and improvements that it believes are important to its
business, including seeking, maintaining and defending patent rights, whether developed internally or acquired or licensed from third parties. Mereo&#146;s policy is to seek to protect its proprietary position by, among other methods, pursuing and
obtaining patent protection in the United States and in jurisdictions outside of the United States related to Mereo&#146;s proprietary technology, inventions, improvements, platforms and its product candidates that are important to the development
and implementation of its business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">84 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s intellectual property is held by Mereo BioPharma 1 Limited, Mereo BioPharma 2
Limited, Mereo BioPharma 3 Limited, Mereo BioPharma 4 Limited and OncoMed, each of which is a wholly-owned subsidiary of Mereo and holds the intellectual property for Mereo&#146;s product candidates <FONT STYLE="white-space:nowrap">BCT-197,</FONT> <FONT
STYLE="white-space:nowrap">BGS-649,</FONT> <FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">MPH-966</FONT> and <FONT STYLE="white-space:nowrap">OMP-305B83</FONT> and <FONT STYLE="white-space:nowrap">OMP-313M32</FONT>
respectively. As of April&nbsp;23, 2019 and following the Merger, Mereo&#146;s patent portfolio comprises approximately 855 issued patents and approximately 222 pending patent applications on a global basis. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">BPS-804</FONT> (setrusumab) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of January&nbsp;24, 2019, Mereo&#146;s patent portfolio relating to its product candidate <FONT STYLE="white-space:nowrap">BPS-804</FONT>
consisted of three issued U.S. patents, one pending U.S. patent application, 86 issued foreign patents, four pending foreign patent applications and two pending international patent applications filed under the Patent Cooperation Treaty
(&#147;PCT&#148;). These patents and patent applications include claims directed to the <FONT STYLE="white-space:nowrap">BPS-804</FONT> antibody as well as nucleic acids encoding the antibody and the antibody&#146;s use as a medicament; the use of
anti-sclerostin antibodies in the treatment of OI; the use of the <FONT STYLE="white-space:nowrap">BPS-804</FONT> antibody in the treatment of OI with a specific dosing regimen; the use of a specific anti-sclerostin antibody in the treatment of OI;
and use of a sclerostin antagonist in the treatment of a myopathy with expected expiry dates not earlier than between 2028 and 2039. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
patent portfolio relating to Mereo&#146;s product candidate <FONT STYLE="white-space:nowrap">BPS-804</FONT> includes three patent families: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The first of these patent families relates to the <FONT STYLE="white-space:nowrap">BPS-804</FONT> antibody as
well as nucleic acids encoding the antibody and the antibody&#146;s use as a medicament. As of January&nbsp;24, 2019, this patent family included granted patents in Algeria, Argentina, Australia, Canada, China, Colombia, Europe (Austria, Belgium,
Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain,
Sweden, Switzerland, Turkey and United Kingdom), Gulf Cooperation Council countries, Hong Kong, Indonesia, Israel, Japan, Macau, Mexico, New Zealand, Russia, Singapore, South Africa, South Korea and the United States. Mereo expects patents in this
family to expire in 2028. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The second of these patent families relates to the use of anti-sclerostin antibodies in the treatment of OI and
the use of the <FONT STYLE="white-space:nowrap">BPS-804</FONT> antibody in the treatment of OI at a specific dosing regimen. As of January&nbsp;24, 2019, this patent family included one U.S. <FONT STYLE="white-space:nowrap">non-provisional</FONT>
application and two pending international patent applications filed under the PCT. Mereo expects patents emanating from this family to expire in 2036/2037. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The third of these patent families relates to the use of an anti-sclerostin antagonist in the treatment of a
myopathy. As of January&nbsp;24, 2019, this patent family included one U.K. patent application. Mereo expects patents emanating from this family to expire in 2039. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">MPH-966</FONT> (alvelestat) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of January&nbsp;24, 2019, Mereo&#146;s patent portfolio relating to its product candidate <FONT STYLE="white-space:nowrap">MPH-966</FONT>
consisted of three issued U.S. patents, no pending U.S. patent applications, 34 issued foreign patents and six pending foreign patent applications. These patents have all been licensed under Mereo&#146;s agreement with AstraZeneca. See &#147;Item 4.
Information On the Company&#151;B. Business Overview&#151;Material Agreements&#151;AstraZeneca Agreement.&#148; These patents and patent applications include claims directed to <FONT STYLE="white-space:nowrap">2-pyridone</FONT> derivatives as NE
inhibitors and their uses as well as claims to polymorphs of the tosylate salt of a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">5-pyrazolyl-2-pyridone</FONT></FONT></FONT> derivative, with
expected expiry dates not earlier than between 2024 and 2030. Mereo&#146;s patent portfolio also consists of two pending foreign applications which have been filed subsequent to the license agreement with AstraZeneca. These patent applications
include claims directed to dosage regimens of <FONT STYLE="white-space:nowrap">MPH-966</FONT> with expected expiry dates not earlier than 2039. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The patent portfolio relating to Mereo&#146;s product candidate <FONT STYLE="white-space:nowrap">MPH-966</FONT> includes three patent
families: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The first of these patent families relates to <FONT STYLE="white-space:nowrap">2-pyridone</FONT> derivatives as
NE inhibitors and their use. As of January&nbsp;24, 2019, this patent family included granted patents in Australia, Canada, China, Europe (France, Germany, Italy, Netherlands, Spain, Sweden, Switzerland, Turkey and United Kingdom), Hong Kong, India,
Japan, Mexico, Russia, South Korea and the United States. Mereo expects patents in this family to expire in 2024. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">85 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The second of these patent families relates to polymorphs of the tosylate salt of a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">5-pyrazolyl-2-pyridone</FONT></FONT></FONT> derivative. As of January&nbsp;24, 2019, this patent family included granted patents in Australia, Canada,
China, Europe (France, Germany, Italy, Netherlands, Spain, Sweden, Switzerland, Turkey and United Kingdom), Hong Kong, Japan, Mexico, Russia and the United States. Mereo expects patents in this family to expire in 2030. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The third of these patent families relates to dosage regiments of
<FONT STYLE="white-space:nowrap">MPH-966.</FONT> As of January 242, 2019, this patent family includes two pending U.K. patent applications. Mereo expects patents emanating from this family to expire in 2039. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">BCT-197</FONT> (acumapimod) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of January&nbsp;24, 2019, Mereo&#146;s patent portfolio relating to its product candidate <FONT STYLE="white-space:nowrap">BCT-197</FONT>
consisted of five issued U.S. patents, four pending U.S. patent applications, 130 issued foreign patents, 56 pending foreign applications, and two pending international patent applications filed under the PCT. These patents and patent applications
include claims directed to <FONT STYLE="white-space:nowrap">5-membered</FONT> heterocycle-based p38 kinase inhibitors, the use of a pyrazole derivative in the treatment of AECOPD, dosage regimens of <FONT STYLE="white-space:nowrap">BCT-197,</FONT>
the use of <FONT STYLE="white-space:nowrap">BCT-197</FONT> in the treatment of specific patient subpopulations, methods of producing specific polymorphs of <FONT STYLE="white-space:nowrap">BCT-197</FONT> and synthetic methods of production of <FONT
STYLE="white-space:nowrap">BCT-197</FONT> with expected expiry dates not earlier than between 2024 and 2038. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The patent portfolio
relating to Mereo&#146;s product candidate <FONT STYLE="white-space:nowrap">BCT-197</FONT> includes six patent families: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The first of these patent families relates to the key composition per se and other
<FONT STYLE="white-space:nowrap">5-membered</FONT> heterocycle-based p38 kinase inhibitors. As of January&nbsp;24, 2019, this patent family included granted patents in Algeria, Australia, Brazil, Canada, China, Colombia, Europe (Austria, Belgium,
Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Monaco, Netherlands, Poland, Portugal, Romania, Slovenia, Slovakia, Spain, Sweden,
Switzerland, Turkey and United Kingdom), Hong Kong, India, Indonesia, Israel, Japan, Malaysia, Mexico, New Zealand, Norway, Russia, Singapore, South Africa, South Korea and the United States. Mereo expects patents in this family to expire in 2024.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The second of these patent families relates to the use of pyrazole derivatives in the treatment of AECOPD. As of
January&nbsp;24, 2019, this patent family included granted patents in Algeria, Australia, Canada, China, Europe (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Germany, Finland, France, Greece, Hungary, Iceland,
Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Norway and United Kingdom,), Hong Kong, Israel, Japan, Mexico, New Zealand,
Russia, Singapore, South Africa, South Korea, Taiwan and the United States. Mereo expects patents in this family to expire in 2033. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The third of these patent families relates to dosage regimens of <FONT STYLE="white-space:nowrap">BCT-197.</FONT>
As of January&nbsp;24, 2019, this patent family included two pending U.S. patent applications and seventeen pending foreign patent applications. Mereo expects patents emanating from this family to expire in 2036. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The fourth of these patent families relates to specific polymorphs of
<FONT STYLE="white-space:nowrap">BCT-197.</FONT> As of January&nbsp;24, 2019, this patent family included two pending U.S. patent applications and twenty-eight pending foreign patent applications. Mereo expects patents emanating from this family to
expire in 2037. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The fifth of these patent families relates to novel regimes for the prevention of AECOPD and the use of <FONT
STYLE="white-space:nowrap">BCT-197</FONT> in a specific patient subpopulation. As of January&nbsp;24, 2019, this patent family included two PCT patent applications. Mereo expects patents emanating from this family to expire in 2038.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The sixth of these patent families relates to synthetic methods for the production of <FONT
STYLE="white-space:nowrap">BCT-197.</FONT> As of January&nbsp;24, 2019, this patent family included three U.K. national patent applications. Mereo expects patents emanating from this family to expire in 2039. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">86 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">BGS-649</FONT> (leflutrozole) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of January&nbsp;24, 2019, Mereo&#146;s patent portfolio relating to its product candidate <FONT STYLE="white-space:nowrap">BGS-649</FONT>
consisted of four issued U.S. patents, 88 issued foreign patents, 11 pending foreign patent applications, and one pending international patent application filed under the PCT. These patents and patent applications include claims directed to <FONT
STYLE="white-space:nowrap">BGS-649</FONT> formulations the use of <FONT STYLE="white-space:nowrap">BGS-649</FONT> in treating hypogonadism according to a specific dosing regimen and combination drug regimens of
<FONT STYLE="white-space:nowrap">BGS-649,</FONT> with expected expiry dates not earlier than between 2032 and 2039. The pending PCT application includes claims directed to the use of <FONT STYLE="white-space:nowrap">BGS-649</FONT> in treating
endometriosis according to a specific dosing regimen, with an expected expiry date not earlier than 2037. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The patent portfolio relating
to Mereo&#146;s product candidate <FONT STYLE="white-space:nowrap">BGS-649</FONT> includes three patent families: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The first of these patent families relates to <FONT STYLE="white-space:nowrap">BGS-649</FONT> formulations and to
the use of <FONT STYLE="white-space:nowrap">BGS-649</FONT> in treating hypogonadism according to a specific dosing regimen. As of January&nbsp;24, 2019, this patent family included granted patents in Algeria, Australia, Canada, China, Europe
(Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Norway, Netherlands, Poland, Portugal,
Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, and United Kingdom), GCC, Hong Kong, Indonesia, Israel, Japan, Mexico, New Zealand, Russia, Singapore, South Africa, South Korea and the United States. Mereo expects patents in this
family to expire in 2032. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The second of these patent families relates to the use of <FONT STYLE="white-space:nowrap">BGS-649</FONT> in
treating endometriosis according to a specific dosing regimen. As of January&nbsp;24, 2019, this patent family included a single PCT patent application. Mereo expects patents emanating from this family to expire in 2037. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The third of these patent families relates to combination drug regimens of
<FONT STYLE="white-space:nowrap">BGS-649.</FONT> As of January&nbsp;24, 2019 this patent family included two U.K. national patent applications. Mereo expects patents emanating from this family to expire in 2039. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">OMP-305B83</FONT> (navicixizumab) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of April&nbsp;24, 2019, following the Merger, Mereo&#146;s patent portfolio relating to its therapeutic candidate <FONT
STYLE="white-space:nowrap">OMP-305B83</FONT> consists of 18 issued U.S. patents and eight pending U.S. patent applications, as well as corresponding patents or patent applications in major foreign jurisdictions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The patent portfolio relating to Mereo&#146;s therapeutic candidate <FONT STYLE="white-space:nowrap">OMP-305B83</FONT> contains two core
patent families, both of which cover the product <I>per se</I> as well as medical uses thereof. Patents that have issued or will issue in these core families are generally expected to expire in 2030-2032. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The portfolio also includes several other patent families including issued U.S. and foreign patents and pending applications that relate to
specific methods of treatment using <FONT STYLE="white-space:nowrap">OMP-305B83</FONT> which are set to expire between 2030-2039. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I><FONT
STYLE="white-space:nowrap">OMP-313M32</FONT> (etigilimab) </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of April&nbsp;24, 2019, following the Merger, Mereo&#146;s patent
portfolio relating to its therapeutic candidate <FONT STYLE="white-space:nowrap">OMP-313M32</FONT> consists of two pending U.S. patent applications, as well as corresponding patent applications in major foreign jurisdictions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The patent portfolio relating to Mereo&#146;s therapeutic candidate <FONT STYLE="white-space:nowrap">OMP-313M32</FONT> contains one core
patent family that covers the product per se as well as medical uses thereof. Patents that issue from this core family are generally expected to expire in 2036. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The portfolio also includes a second patent family that relates to specific methods of treatment using
<FONT STYLE="white-space:nowrap">OMP-313M32.</FONT> This patent family currently consists of a pending PCT application, and any patents that issue from this family are generally expected to expire in 2037. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Individual patents extend for varying periods depending on the date of filing of the patent application or the date of patent issuance and the
legal term of patents in the countries in which they are obtained. Generally, patents issued </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
for regularly filed applications in the United States are granted a term of 20 years from the earliest effective <FONT STYLE="white-space:nowrap">non-provisional</FONT> filing date. In addition,
in certain instances, a patent term can be extended to recapture a portion of the USPTO delay in issuing the patent as well as a portion of the term effectively lost as a result of the FDA regulatory review period. However, as to the FDA component,
the restoration period cannot be longer than five years and the total patent term including the restoration period must not exceed 14 years following FDA approval. The duration of foreign patents varies in accordance with provisions of applicable
local law, but typically the duration of foreign issued patents is also 20 years from the earliest effective filing date. However, the actual protection afforded by a given patent varies on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">product-by-product</FONT></FONT> basis and from country to country, dependent on many factors, including the type of patent, the scope of its coverage, the availability of regulatory-related extensions, the availability of
legal remedies in a particular country and the validity and enforceability of the patent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to patent protection, Mereo also
relies upon trademarks, trade secrets and <FONT STYLE="white-space:nowrap">know-how,</FONT> and continuing technological innovation, to develop and maintain its competitive position. Mereo seeks to protect its proprietary information, in part, using
confidentiality agreements with its collaborators, employees and consultants and invention assignment agreements with its employees. Mereo also has confidentiality agreements or invention assignment agreements with its collaborators and selected
consultants. These agreements are designed to protect Mereo&#146;s proprietary information and, in the case of the invention assignment agreements, to grant Mereo ownership of technologies that are developed through a relationship with a third
party. These agreements may be breached, and Mereo may not have adequate remedies for any breach. In addition, Mereo&#146;s trade secrets may otherwise become known or be independently discovered by competitors. To the extent that Mereo&#146;s
collaborators, employees and consultants use intellectual property owned by others in their work for Mereo, disputes may arise as to the rights in related or resulting <FONT STYLE="white-space:nowrap">know-how</FONT> and inventions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s commercial success will also depend in part on not infringing upon the proprietary rights of third parties. It is uncertain
whether the issuance of any third-party patent would require Mereo to alter its development or commercial strategies, or Mereo product candidates or processes, obtain licenses or cease certain activities. Mereo&#146;s breach of any license
agreements or failure to obtain a license to proprietary rights that Mereo may require to develop or commercialize its product candidates may have an adverse impact on Mereo. If third parties have prepared and filed patent applications prior to
March&nbsp;16, 2013 in the United States that also claim technology to which Mereo has rights, Mereo may have to participate in interference proceedings in the USPTO, to determine priority of invention. For more information, please see &#147;Item 3.
Key Information&#151;D. Risk Factors&#151;Risks Related to Intellectual Property and Data Protection.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Government Regulation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Among others, the FDA, the EMA, U.S. Department of Health and Human Services Office of Inspector General, CMS and comparable regulatory
authorities in state and local jurisdictions and in other countries impose substantial and burdensome requirements upon companies involved in the clinical development, manufacture, marketing and distribution of drugs such as those Mereo is
developing. These agencies and other federal, state and local entities regulate, among other things, the research and development, testing, manufacture, quality control, safety, effectiveness, labeling, storage, record keeping, approval, advertising
and promotion, distribution, post-approval monitoring and reporting, sampling and export and import of Mereo&#146;s product candidates. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>U.S. Government Regulation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the United States, the FDA regulates drugs under the FDCA and its implementing regulations, and biological products, or biologics, under
both the FDCA and the PHSA and its implementing regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The process of obtaining regulatory approvals and the subsequent compliance
with applicable federal, state, local and foreign statutes and regulations requires the expenditure of substantial time and financial resources. Failure to comply with the applicable U.S. requirements at any time during the product development
process, approval process or after approval, may subject an applicant to a variety of administrative or judicial sanctions, such as the FDA&#146;s refusal to approve pending applications, withdrawal of an approval, imposition of a clinical hold,
issuance of warning letters, product recalls, product seizures, total or partial suspension of production or distribution, injunctions, fines, refusals of government contracts, restitution, disgorgement or civil or criminal penalties. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">88 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The process required by the FDA before a drug or biologic may be marketed in the United
States generally involves the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">completion of <FONT STYLE="white-space:nowrap">pre-clinical</FONT> laboratory tests, animal studies and
formulation studies in compliance with the FDA&#146;s GLP regulations; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">submission to the FDA of an investigational new drug application (an &#147;IND&#148;), which must become
effective before human clinical trials may begin; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">approval by an IRB at each clinical site before each trial may be initiated; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">performance of adequate and well-controlled human clinical trials in accordance with GCP requirements to
establish the safety and efficacy of the proposed drug product for each indication; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">submission to the FDA of an NDA or BLA; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">satisfactory completion of an FDA advisory committee review, if applicable; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">satisfactory completion of an FDA inspection of the manufacturing facility or facilities at which the product is
produced to assess compliance with cGMP requirements and to assure that the facilities, methods and controls are adequate to preserve the product&#146;s identity, strength, quality and purity; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">satisfactory completion of potential FDA audits of clinical trials sites and the sponsor&#146;s clinical trial
records to assure compliance with GCPs and the integrity of the clinical data; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">payment of user fees and FDA review and approval of the NDA or BLA; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">compliance with any post-approval requirements, including the potential requirement to implement a REMS and the
potential requirement to conduct post-approval studies. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">Pre-clinical</FONT>
Studies </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Pre-clinical</FONT> studies include laboratory evaluation of product chemistry, toxicity
and formulation, as well as animal studies to assess potential safety and efficacy. The conduct of the <FONT STYLE="white-space:nowrap">pre-clinical</FONT> tests must comply with federal regulations and requirements, including GLPs. An IND sponsor
must submit the results of the <FONT STYLE="white-space:nowrap">pre-clinical</FONT> tests, together with manufacturing information, analytical data and any available clinical data or literature, among other things, to the FDA as part of an IND. Some
<FONT STYLE="white-space:nowrap">pre-clinical</FONT> testing may continue even after the IND is submitted. An IND automatically becomes effective 30 days after receipt by the FDA, unless before that time the FDA raises concerns or questions related
to one or more proposed clinical trials and places the clinical trial on a clinical hold. In such a case, the IND sponsor and the FDA must resolve any outstanding concerns before the clinical trial can begin. As a result, submission of an IND may
not result in the FDA allowing clinical trials to commence. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Clinical Trials </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Clinical trials involve the administration of the investigational new drug or biologic to human subjects under the supervision of qualified
investigators in accordance with GCP requirements, which include the requirement that all research subjects provide their informed consent in writing for their participation in any clinical trial. Clinical trials are conducted under protocols
detailing, among other things, the objectives or endpoints of the trial, the parameters to be used in monitoring safety, and the effectiveness criteria to be evaluated. A protocol for each clinical trial and any subsequent protocol amendments must
be submitted to the FDA as part of the IND. In addition, an IRB must review and approve the plan for a clinical trial. This can be a central or local IRB. In the case of a central IRB a single IRB will be the source of record for all sites in a
trial; otherwise, a local IRB at each institution participating in the clinical trial must review and approve the plan for any clinical trial before it commences at that institution. Information about certain clinical trials must be submitted within
specific timeframes to the National Institutes of Health for public dissemination on their website, www.clinicaltrials.gov. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Human
clinical trials are typically conducted in three sequential phases, which may overlap or be combined: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Phase 1: The product candidate is initially introduced into healthy human subjects or patients with the target
disease or condition and tested for safety, dosage tolerance, absorption, metabolism, distribution, excretion and, if possible, to gain an early indication of its effectiveness. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">89 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Phase 2: The product candidate is administered to a limited patient population to identify possible adverse
effects and safety risks, to preliminarily evaluate the efficacy of the product for specific targeted diseases and to determine dosage tolerance and optimal dosage. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Phase 3: The product candidate is administered to an expanded patient population, generally at geographically
dispersed clinical trial sites, in well-controlled clinical trials to generate enough data to statistically evaluate the efficacy and safety of the product for approval, to establish the overall risk-benefit profile of the product, and to provide
adequate information for the labeling of the product. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Progress reports detailing the results of the clinical trials
must be submitted at least annually to the FDA and more frequently if serious adverse events occur. Phase 1, Phase 2 and Phase 3 clinical trials may not be completed successfully within any specified period, or at all. Furthermore, the FDA or the
sponsor may suspend or terminate a clinical trial at any time on various grounds, including a finding that the research subjects are being exposed to an unacceptable health risk. Similarly, an IRB can suspend or terminate approval of a clinical
trial at its institution if the clinical trial is not being conducted in accordance with the IRB&#146;s requirements or if the product candidate has been associated with unexpected serious harm to patients. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Special FDA Expedited Review and Approval </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The FDA has various programs, including fast track designation, breakthrough therapy designation, accelerated approval, and priority review,
which are intended to expedite or simplify the process for the development and FDA review of drugs and biologics that are intended for the treatment of serious or life-threatening diseases or conditions and demonstrate the potential to address unmet
medical needs. The purpose of these programs is to provide important new drugs and biologics to patients earlier than under standard FDA review procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To be eligible for a fast-track designation, the FDA must determine, based on the request of a sponsor, that a product is intended to treat a
serious or life-threatening disease or condition and demonstrates the potential to address an unmet medical need by providing a therapy where none exists or a therapy that may be potentially superior to existing therapy based on efficacy or safety
factors. Fast-track designation provides opportunities for frequent interactions with the FDA review team to expedite development and review of the product. The FDA may also review sections of the NDA or BLA for a fast-track product on a rolling
basis before the complete application is submitted, if the sponsor and FDA agree on a schedule for the submission of the application sections, and the sponsor pays any required user fees upon submission of the first section of the NDA or BLA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, under the provisions of the Food and Drug Administration Safety and Innovation Act passed in July 2012, a sponsor can request
designation of a product candidate as a &#147;breakthrough therapy.&#148; A breakthrough therapy is defined as a drug or biologic that is intended, alone or in combination with one or more other drugs or biologics, to treat a serious or
life-threatening disease or condition, and preliminary clinical evidence indicates that the drug or biologic may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such as substantial
treatment effects observed early in clinical development. Drugs or biologics designated as breakthrough therapies are also eligible for accelerated approval. The FDA must take certain actions, such as holding timely meetings and providing advice,
intended to expedite the development and review of an application for approval of a breakthrough therapy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Products studied for their
safety and effectiveness in treating serious or life-threatening illnesses and that provide meaningful therapeutic benefit over existing treatments may be eligible for accelerated approval and may be approved on the basis of adequate and
well-controlled clinical trials establishing that the product has an effect on a surrogate endpoint that is reasonably likely to predict clinical benefit, or on a clinical endpoint that can be measured earlier than irreversible morbidity or
mortality (&#147;IMM&#148;) that is reasonably likely to predict an effect on IMM or other clinical benefit, taking into account the severity, rarity or prevalence of the condition and the availability or lack of alternative treatments. As a
condition of approval, the FDA may require a sponsor of a product receiving accelerated approval to perform post-marketing studies to verify and describe the predicted effect on IMM or other clinical endpoint, and the product may be subject to
accelerated withdrawal procedures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Once an NDA or BLA is submitted for a product intended to treat a serious condition, the FDA may
assign a priority review designation if the FDA determines that the product, if approved, would provide a significant improvement in safety or effectiveness. Under priority review, the FDA must review an application in six months, compared to 10
months for a standard review. Most products that are eligible for fast-track or breakthrough therapy designation are also likely to be considered appropriate to receive a priority review. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">90 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Even if a product qualifies for one or more of these programs, the FDA may later decide that
the product no longer meets the conditions for qualification or decide that the time period for FDA review or approval will not be shortened. Furthermore, fast-track designation, breakthrough-therapy designation, accelerated approval and priority
review do not change the standards for approval and may not ultimately expedite the development or approval process. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Orphan Product
Designation and Exclusivity </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Orphan Drug Act, the FDA may grant orphan designation to a drug or biologic product
candidate if it is intended to treat a rare disease or condition (generally meaning that it affects fewer than 200,000 individuals in the United States, or more in cases in which there is no reasonable expectation that the cost of developing and
making a drug product available in the United States for treatment of the disease or condition will be recovered from sales of the product). A company must request orphan product designation before submitting an NDA or BLA. If the request is
granted, the FDA will publicly disclose the identity of the therapeutic agent and its potential use. Mereo has been granted orphan product designation by the FDA for Mereo&#146;s product candidate <FONT STYLE="white-space:nowrap">BPS-804</FONT> for
the treatment of OI. Orphan product designation does not convey any advantage in or shorten the duration of the regulatory review and approval process. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a product with orphan status receives the first FDA approval for the disease or condition for which it has such designation or for a select
indication or use within the rare disease or condition for which it was designated, the product is entitled to orphan-product exclusivity. Orphan-product exclusivity means that the FDA may not approve any other applications for the same product for
the same indication for seven years, except in certain limited circumstances. If a product candidate designated as an orphan product ultimately receives marketing approval for an indication broader than what was designated in its orphan-product
application, it may not be entitled to exclusivity. Orphan exclusivity will not bar approval of another product under certain circumstances, including if a subsequent product with the same active ingredient for the same indication is shown to be
clinically superior to the approved product on the basis of greater efficacy or safety, or providing a major contribution to patient care, or if the company with orphan drug exclusivity is not able to meet market demand. Further, the FDA may approve
more than one product for the same orphan indication or disease as long as the products contain different active ingredients. Moreover, competitors may receive approval of different products for the indication for which the orphan product has
exclusivity or obtain approval for the same product but for a different indication for which the orphan product has exclusivity. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Marketing Approval </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Assuming successful completion of the required clinical testing, the results of the <FONT STYLE="white-space:nowrap">pre-clinical</FONT>
studies and clinical trials, together with detailed information relating to the product&#146;s chemistry, manufacture, controls and proposed labeling, among other things, are submitted to the FDA as part of an NDA or BLA requesting approval to
market the product for one or more indications. In most cases, the submission of an NDA or BLA is subject to a substantial application user fee. Under the goals and policies agreed to by the FDA under the Prescription Drug User Fee Act
(&#147;PDUFA&#148;) for new molecular entity NDAs and original BLAs, the FDA has 10 months from the filing date in which to complete its initial review of a standard application and respond to the applicant, and six months from the filing date for
an application with priority review. The FDA does not always meet its PDUFA goal dates, and the review process is often significantly extended by FDA requests for additional information or clarification. This review typically takes 12 months from
the date the NDA or BLA is submitted to the FDA because the FDA has approximately two months to make a &#147;filing&#148; decision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
addition, under the Pediatric Research Equity Act of 2003, as amended and reauthorized, certain NDAs, BLAs or supplements to an NDA or BLA must contain data that are adequate to assess the safety and effectiveness of the product candidate for the
claimed indications in all relevant pediatric subpopulations, and to support dosing and administration for each pediatric subpopulation for which the product is safe and effective. The FDA may, on its own initiative or at the request of the
applicant, grant deferrals for submission of some or all pediatric data until after approval of the product for use in adults, or full or partial waivers from the pediatric data requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The FDA may also require submission of a REMS plan if it determines that a REMS is necessary to ensure that the benefits of the product
outweigh its risks. Depending on the specific serious risk(s) to be addressed, the FDA may require that the REMS include a medication guide or patient package insert, physician communication plans, assessment plans, and/or elements to assure safe
use, such as restricted distribution methods, patient registries, or other risk minimization tools. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">91 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The FDA conducts a preliminary review of all NDAs and BLAs within the first 60 days after
submission, before accepting them for filing, to determine whether they are sufficiently complete to permit substantive review. The FDA may request additional information rather than accept an application for filing. In this event, the application
must be resubmitted with the additional information. The resubmitted application is also subject to review before the FDA accepts it for filing. Once the submission is accepted for filing, the FDA begins an
<FONT STYLE="white-space:nowrap">in-depth</FONT> substantive review. The FDA reviews an application to determine, among other things, whether the drug is safe and effective (for biologics, the standard is referred to as safe, pure and potent) and
whether the facility in which it is manufactured, processed, packaged or held meets standards designed to assure the product&#146;s continued safety, quality and purity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The FDA may refer an application for a novel drug or biologic candidate to an advisory committee. An advisory committee is a panel of
independent experts, including clinicians and other scientific experts, that reviews, evaluates and provides a recommendation as to whether the application should be approved and under what conditions. The FDA is not bound by the recommendations of
an advisory committee, but it considers such recommendations carefully when making decisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Before approving an application, the FDA
typically will inspect the facility or facilities where the product is manufactured. The FDA will not approve an application unless it determines that the manufacturing processes and facilities are in compliance with cGMP requirements and adequate
to assure consistent production of the product within required specifications. Additionally, before approving an application, the FDA may inspect the sponsor and one or more clinical trial sites to assure compliance with GCP requirements and the
integrity of the clinical data submitted in an NDA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After evaluating the application and all related information, including the advisory
committee recommendation, if any, and inspection reports regarding the manufacturing facilities and clinical trial sites, the FDA may issue an approval letter, or, in some cases, a complete response letter. A complete response letter generally
details specific conditions that must be met in order to secure final approval of the application and may require additional clinical or <FONT STYLE="white-space:nowrap">pre-clinical</FONT> testing in order for FDA to reconsider the application.
Even with submission of this additional information, the FDA ultimately may decide that the application does not satisfy the regulatory criteria for approval. If and when those conditions have been met to the FDA&#146;s satisfaction, the FDA will
typically issue an approval letter. An approval letter authorizes commercial marketing of the product with specific prescribing information for specific indications. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Even if the FDA approves a product, it may limit the approved indications for use of the product, require additional contraindications,
warnings or precautions to be included in the product labeling, require that post-approval studies, including Phase 4 clinical trials, be conducted to further assess a product&#146;s safety after approval, require testing and surveillance programs
to monitor the product after commercialization, or impose other conditions, including distribution and use restrictions or other risk management mechanisms under a REMS, which can materially affect the potential market and profitability of the
product. The FDA may prevent or limit further marketing of a product based on the results of post-marketing studies or surveillance programs. After approval, some types of changes to the approved product, such as adding new indications,
manufacturing changes, and additional labeling claims, are subject to further testing requirements and FDA review and approval. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Post-Approval Requirements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Drugs and biologics manufactured or distributed pursuant to FDA approvals are subject to pervasive and continuing regulation by the FDA,
including, among other things, requirements relating to recordkeeping, periodic reporting, product sampling and distribution, advertising and promotion and reporting of adverse experiences with the product. After approval, most changes to the
approved product, such as adding new indications or other labeling claims are subject to prior FDA review and approval. There also are continuing, annual user fee requirements for any marketed products and the establishments at which such products
are manufactured, as well as new application fees for supplemental applications with clinical data. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The FDA may impose a number of
post-approval requirements as a condition of approval of an NDA or BLA. For example, the FDA may require post-marketing testing, including Phase 4 clinical trials, and surveillance to further assess and monitor the product&#146;s safety and
effectiveness after commercialization. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">92 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, manufacturers and other entities involved in the manufacture and distribution
of approved products are required to register their establishments with the FDA and state agencies, and are subject to periodic unannounced inspections by the FDA and these state agencies for compliance with cGMP requirements. Changes to the
manufacturing process are strictly regulated and often require prior FDA approval before being implemented. FDA regulations also require investigation and correction of any deviations from cGMP requirements and impose reporting and documentation
requirements upon the sponsor and any third-party manufacturers that the sponsor may decide to use. Accordingly, manufacturers must continue to expend time, money and effort in the area of production and quality control to maintain cGMP compliance.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Once an approval is granted, the FDA may withdraw the approval if compliance with regulatory requirements and standards is not maintained
or if problems occur after the product reaches the market. Later discovery of previously unknown problems with a product, including adverse events of unanticipated severity or frequency, or with manufacturing processes, or failure to comply with
regulatory requirements, may result in mandatory revisions to the approved labeling to add new safety information; imposition of post-market studies or clinical trials to assess new safety risks; or imposition of distribution or other restrictions
under a REMS program. Other potential consequences include, among other things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">restrictions on the marketing or manufacturing of the product, complete withdrawal of the product from the market
or product recalls; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">fines, warning letters or holds on post-approval clinical trials; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">refusal of the FDA to approve pending applications or supplements to approved applications, or suspension or
revocation of product approvals; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">product seizure or detention, or refusal to permit the import or export of products; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">injunctions or the imposition of civil or criminal penalties; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">consent decrees, corporate integrity agreements, debarment, or exclusion from federal healthcare programs;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">mandated modification of promotional materials and labeling and the issuance of corrective information; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the FDA or other regulatory authorities may issue safety alerts, &#147;Dear Healthcare Provider&#148; letters,
press releases or other communications containing warnings or other safety information about the product. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The FDA
strictly regulates marketing, labeling, advertising and promotion of products that are placed on the market. Products may be promoted only for the approved indications and in accordance with the provisions of the approved label. The FDA and other
agencies actively enforce the laws and regulations prohibiting the promotion of <FONT STYLE="white-space:nowrap">off-label</FONT> uses, and a company that is found to have improperly promoted <FONT STYLE="white-space:nowrap">off-label</FONT> uses
may be subject to significant liability. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Foreign Government Regulation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s product candidates will be subject to similar laws and regulations imposed by jurisdictions outside of the United States, and, in
particular, Europe, which may include, for instance, applicable post-marketing requirements, including safety surveillance, anti-fraud and abuse laws and implementation of corporate compliance programs and reporting of payments or other transfers of
value to healthcare professionals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to market Mereo&#146;s future products in the European Economic Area (which is comprised of
the 28 Member States of the EU plus Norway, Iceland and Liechtenstein) (the &#147;EEA&#148;), and many other foreign jurisdictions, Mereo must obtain separate regulatory approvals. More concretely, in the EEA, medicinal products can only be
commercialized after obtaining a Marketing Authorization (&#147;MA&#148;). There are two types of marketing authorizations: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the &#147;Community MA&#148;, which is issued by the European Commission through the Centralized Procedure, based
on the opinion of the Committee for Medicinal Products for Human Use of the European Medicines Agency, and which is valid throughout the entire territory of the EEA. The Centralized Procedure is mandatory for certain types of products, such as
biotechnology medicinal products, orphan medicinal </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">93 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
products and medicinal products indicated for the treatment of AIDS, cancer, neurodegenerative disorders, diabetes, auto-immune and viral diseases. The Centralized Procedure is optional for
products containing a new active substance not yet authorized in the EEA, or for products that constitute a significant therapeutic, scientific or technical innovation or which are in the interest of public health in the EU; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;National MAs&#148;, which are issued by the competent authorities of the Member States of the EEA and only
cover their respective territory, are available for products not falling within the mandatory scope of the Centralized Procedure. Where a product has already been authorized for marketing in a Member State of the EEA, this National MA can be
recognized in another Member State through the Mutual Recognition Procedure. If the product has not received a National MA in any Member State at the time of application, it can be approved simultaneously in various Member States through the
Decentralized Procedure. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the above described procedures, before granting the MA, the EMA or the competent
authorities of the Member States of the EEA make an assessment of the risk-benefit balance of the product on the basis of scientific criteria concerning its quality, safety and efficacy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Data and marketing exclusivity.</I> In the EEA, new products authorized for marketing, or reference products, qualify for eight years of
data exclusivity and an additional two years of market exclusivity upon marketing authorization. The data exclusivity period prevents generic or biosimilar applicants from relying on the <FONT STYLE="white-space:nowrap">pre-clinical</FONT> and
clinical trial data contained in the dossier of the reference product when applying for a generic or biosimilar marketing authorization in the EU during a period of eight years from the date on which the reference product was first authorized in the
EU. The market exclusivity period prevents a successful generic or biosimilar applicant from commercializing its product in the EU until 10 years have elapsed from the initial authorization of the reference product in the EU. The <FONT
STYLE="white-space:nowrap">10-year</FONT> market exclusivity period can be extended to a maximum of eleven years if, during the first eight years of those 10 years, the marketing authorization holder obtains an authorization for one or more new
therapeutic indications which, during the scientific evaluation prior to their authorization, are held to bring a significant clinical benefit in comparison with existing therapies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Pediatric investigation plan.</I> In the EEA, marketing authorization applications for new medicinal products not authorized have to
include the results of studies conducted in the pediatric population, in compliance with a pediatric investigation plan (&#147;PIP&#148;), agreed with the EMA&#146;s Pediatric Committee (&#147;PDCO&#148;). The PIP sets out the timing and measures
proposed to generate data to support a pediatric indication of the drug for which marketing authorization is being sought. The PDCO can grant a deferral of the obligation to implement some or all of the measures of the PIP until there are sufficient
data to demonstrate the efficacy and safety of the product in adults. Further, the obligation to provide pediatric clinical trial data can be waived by the PDCO when these data are not needed or appropriate because the product is likely to be
ineffective or unsafe in children, the disease or condition for which the product is intended occurs only in adult populations, or when the product does not represent a significant therapeutic benefit over existing treatments for pediatric patients.
Once the marketing authorization is obtained in all Member States of the EU and study results are included in the product information, even when negative, the product is eligible for a <FONT STYLE="white-space:nowrap">six-month</FONT> supplementary
protection certificate extension. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Orphan drug designation.</I> In the EEA, a medicinal product can be designated as an orphan drug if
its sponsor can establish that the product is intended for the diagnosis, prevention or treatment of a life-threatening or chronically-debilitating condition affecting not more than five in 10,000 persons in the EU when the application is made, or
that the product is intended for the diagnosis, prevention or treatment of a life-threatening, seriously-debilitating or serious and chronic condition in the European Community and that without incentives it is unlikely that the marketing of the
drug in the EU would generate sufficient return to justify the necessary investment. For either of these conditions, the applicant must demonstrate that there exists no satisfactory method of diagnosis, prevention or treatment of the condition in
question that has been authorized in the EU or, if such method exists, the drug will be of significant benefit to those affected by that condition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the EEA, an application for designation as an orphan product can be made any time prior to the filing of an application for approval to
market the product. Marketing authorization for an orphan drug leads to a <FONT STYLE="white-space:nowrap">ten-year</FONT> period of market exclusivity. During this market exclusivity period, the EMA or the competent authorities of the Member
States, cannot accept another application for a marketing authorization, or grant a marketing authorization, for a similar medicinal product for the same indication. The period of market exclusivity is extended by two years for medicines that have
also complied with an agreed PIP. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">94 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This period may, however, be reduced to six years if, at the end of the fifth year, it is
established that the product no longer meets the criteria for orphan drug designation, for example because the product is sufficiently profitable not to justify market exclusivity. Market exclusivity can be revoked only in very selected cases, such
as consent from the marketing authorization holder, inability to supply sufficient quantities of the product, demonstration of &#147;clinical superiority&#148; by a similar medicinal product, or, after a review by the COMP, requested by a member
state in the fifth year of the marketing exclusivity period (if the designation criteria are believed to no longer apply). Medicinal products designated as orphan drugs are eligible for incentives made available by the EU and its Member States to
support research into, and the development and availability of, orphan drugs. In March 2016, Mereo obtained orphan drug designation for <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of OI in the EU. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Adaptive pathways.</I> The EMA has an adaptive pathways program which allows for early and progressive patient access to a medicine. The
adaptive pathways concept is an approach to medicines approval that aims to improve patients&#146; access to medicines in cases of high unmet medical need. To achieve this goal, several approaches are envisaged: identifying small populations with
severe disease where a medicine&#146;s benefit-risk balance could be favorable; making more use of real-world data where appropriate to support clinical trial data; and involving health technology assessment bodies early in development to increase
the chance that medicines will be recommended for payment and ultimately covered by national healthcare systems. The adaptive pathways concept applies primarily to treatments in areas of high medical need where it is difficult to collect data via
traditional routes and where large clinical trials would unnecessarily expose patients who are unlikely to benefit from the medicine. The approach builds on regulatory processes already in place within the existing EU legal framework. These include:
scientific advice; compassionate use; the conditional approval mechanism (for medicines addressing life-threatening conditions); patient registries and other pharmacovigilance tools that allow collection of real-life data and development of a
risk-management plan for each medicine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The adaptive pathways program does not change the standards for the evaluation of benefits and
risks or the requirement to demonstrate a positive benefit-risk balance to obtain marketing authorization. In February 2017, <FONT STYLE="white-space:nowrap">BPS-804</FONT> was accepted into the adaptive pathways program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>PRIME scheme.</I> In July 2016, the EMA launched its Priority Medicines scheme (&#147;PRIME&#148;). PRIME is a voluntary scheme aimed at
enhancing the EMA&#146;s support for the development of medicines that target unmet medical needs. It is based on increased interaction and early dialogue with companies developing promising medicines, to optimize their product development plans and
speed up their evaluation to help them reach patients earlier. Product developers that benefit from PRIME designation can expect to be eligible for accelerated assessment but this is however not guaranteed. The benefits of a PRIME designation
includes the appointment of a rapporteur from the Committee for Medicinal Products for Human Use before submission of an MAA, early dialogue and scientific advice at key development milestones, and the potential to qualify products for accelerated
review earlier in the application process. In November 2017, the EMA granted PRIME designation for <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of OI. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Other U.S. Healthcare Laws </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to FDA restrictions on marketing of pharmaceutical and biologic products, other U.S. federal and state healthcare regulatory laws
restrict business practices in the pharmaceutical and biotechnology industry, which include, but are not limited to, state and federal anti-kickback, false claims, data privacy and security and physician payment and pricing transparency laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.S. federal Anti-Kickback Statute prohibits, among other things, any person or entity from knowingly and willfully offering, paying,
soliciting, receiving or providing any remuneration, directly or indirectly, overtly or covertly, to induce or in return for purchasing, leasing, ordering, or arranging for or recommending the purchase, lease, or order of any good, facility, item or
service reimbursable, in whole or in part, under Medicare, Medicaid or other federal healthcare programs. The term &#147;remuneration&#148; has been broadly interpreted to include anything of value. The Anti-Kickback Statute has been interpreted to
apply to arrangements, such as those between pharmaceutical manufacturers on the one hand and prescribers, purchasers, formulary managers and beneficiaries on the other. Although there are a number of statutory exceptions and regulatory safe harbors
protecting some common activities from prosecution, the exceptions and safe harbors are drawn narrowly. Practices that involve remuneration that may be alleged to be intended to induce prescribing, purchases, or recommendations may be subject to
scrutiny if they do not meet the requirements of a statutory or regulatory exception or safe harbor. Failure to meet all of the requirements of a particular applicable statutory exception or regulatory safe harbor does not make the conduct per se
illegal under the U.S. federal Anti-Kickback Statute. Instead, the legality of the arrangement will be evaluated on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT>
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">95 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
basis based on a cumulative review of all facts and circumstances. Several courts have interpreted the statute&#146;s intent requirement to mean that if any one purpose of an arrangement
involving remuneration is to induce referrals of federal healthcare covered business, the statute has been violated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, the
intent standard under the U.S. federal Anti-Kickback Statute was amended by the ACA to a stricter standard such that a person or entity does not need to have actual knowledge of the statute or specific intent to violate it in order to have committed
a violation. In addition, the ACA codified case law that a claim including items or services resulting from a violation of the U.S. federal Anti-Kickback Statute constitutes a false or fraudulent claim for purposes of the federal civil False Claims
Act. The majority of states also have anti-kickback laws, which establish similar prohibitions and in some cases may apply to items or services reimbursed by any third-party payor, including commercial insurers, or to
<FONT STYLE="white-space:nowrap">self-pay</FONT> patients. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The federal false claims and civil monetary penalties laws, including the
civil False Claims Act, prohibit any person or entity from, among other things, knowingly presenting, or causing to be presented, a false, fictitious or fraudulent claim for payment to, or approval by, the federal government, knowingly making,
using, or causing to be made or used a false record or statement material to a false or fraudulent claim to the federal government, or from knowingly making a false statement to avoid, decrease or conceal an obligation to pay money to the U.S.
federal government. A claim includes &#147;any request or demand&#148; for money or property presented to the U.S. government. Actions under the civil False Claims Act may be brought by the Attorney General or as a qui tam action by a private
individual in the name of the government. Violations of the civil False Claims Act can result in very significant monetary penalties and treble damages. Several pharmaceutical and other healthcare companies have been prosecuted under these laws for,
among other things, allegedly providing free product to customers with the expectation that the customers would bill federal programs for the product. Other companies have been prosecuted for causing false claims to be submitted because of the
companies&#146; marketing of products for unapproved, or <FONT STYLE="white-space:nowrap">off-label,</FONT> uses. In addition, the civil monetary penalties statute imposes penalties against any person who is determined to have presented or caused to
be presented a claim to a federal health program that the person knows or should know is for an item or service that was not provided as claimed or is false or fraudulent. Many states also have similar fraud and abuse statutes or regulations that
apply to items and services reimbursed under Medicaid and other state programs, or, in several states, apply regardless of the payor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">HIPAA created additional federal criminal statutes that prohibit, among other actions, knowingly and willfully executing, or attempting to
execute, a scheme to defraud any healthcare benefit program, including private third-party payors, knowingly and willfully embezzling or stealing from a healthcare benefit program, willfully obstructing a criminal investigation of a healthcare
offense and knowingly and willfully falsifying, concealing or covering up a material fact or making any materially false, fictitious or fraudulent statement in connection with the delivery of or payment for healthcare benefits, items or services.
Similar to the U.S. federal Anti-Kickback Statute, the ACA broadened the reach of certain criminal healthcare fraud statutes created under HIPAA by amending the intent requirement such that a person or entity does not need to have actual knowledge
of the statute or specific intent to violate it in order to have committed a violation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, there has been a trend of increased
federal and state regulation of payments made to physicians and certain other healthcare providers. The ACA imposed, among other things, new annual reporting requirements through the Physician Payments Sunshine Act for applicable manufacturers for
certain payments and &#147;transfers of value&#148; provided to physicians and teaching hospitals, as well as ownership and investment interests held by physicians and their immediate family members. Failure to submit timely, accurately and
completely the required information for all payments, transfers of value and ownership or investment interests may result in civil monetary penalties. Applicable manufacturers must submit reports by the 90th day of each subsequent calendar year. In
addition, certain states require implementation of compliance programs and compliance with the pharmaceutical industry&#146;s voluntary compliance guidelines and the relevant compliance guidance promulgated by the federal government, impose
restrictions on marketing practices and/or tracking and reporting of gifts, compensation and other remuneration or items of value provided to physicians and other healthcare professionals and entities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo may also be subject to data privacy and security regulation by both the federal government and the states in which it conducts its
business. HIPAA, as amended by HITECH, and their respective implementing regulations, including the Final HIPAA Omnibus Rule published on January&nbsp;25, 2013, impose specified requirements relating to the privacy, security and transmission of
individually identifiable health information held by covered entities and their business associates. Among other things, HITECH made HIPAA&#146;s security standards directly applicable to &#147;business associates,&#148; defined as independent
contractors or agents of covered entities that create, receive, maintain or transmit </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">96 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
protected health information in connection with providing a service for or on behalf of a covered entity. HITECH also increased the civil and criminal penalties that may be imposed against
covered entities, business associates and possibly other persons, and gave state attorneys general new authority to file civil actions for damages or injunctions in federal courts to enforce the federal HIPAA laws and seek attorney&#146;s fees and
costs associated with pursuing federal civil actions. In addition, state laws govern the privacy and security of health information in certain circumstances, many of which differ from each other in significant ways and may not have the same
requirements, thus complicating compliance efforts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The scope and enforcement of each of these laws is uncertain and subject to rapid
change in the current environment of healthcare reform, especially in light of the lack of applicable precedent and regulations. Ensuring that internal operations and business arrangements with third parties comply with applicable healthcare laws
and regulations involve substantial costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Violations of any of these laws may be punishable by criminal and civil sanctions, including
fines and civil monetary penalties, the possibility of exclusion from federal healthcare programs (including Medicare and Medicaid), disgorgement and corporate integrity agreements, which impose, among other things, rigorous operational and
monitoring requirements on companies. Similar sanctions and penalties, as well as imprisonment, also can be imposed upon executive officers and employees of such companies. Given the significant size of actual and potential settlements, it is
expected that the government authorities will continue to devote substantial resources to investigating healthcare providers&#146; and manufacturers&#146; compliance with applicable laws. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Privacy and Data Protection Laws in Europe </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is subject to European laws relating to its and its suppliers&#146;, partners&#146; and subcontractors&#146; collection, control,
processing and other use of personal data (i.e. any data relating to an identifiable living individual, whether that individual can be identified directly or indirectly). Mereo is subject to the supervision of local data protection authorities in
those jurisdictions where Mereo is established, where Mereo offers goods or services to EU residents and where Mereo monitors the behavior of individuals in the EU (i.e. undertaking clinical trials). Mereo and its suppliers, partners and
subcontractors process personal data including in relation to Mereo&#146;s employees, employees of customers, clinical trial patients, healthcare professionals and employees of suppliers including health and medical information. The data privacy
regime in the EU includes the GDPR, the <FONT STYLE="white-space:nowrap">e-Privacy</FONT> Directive and the <FONT STYLE="white-space:nowrap">e-Privacy</FONT> Regulation (once in force) and the national laws and regulations implementing or
supplementing each of them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The GDPR requires that personal data is only collected for specified, explicit and legal purposes as set out
in the GDPR or local laws, and the data may then only be processed in a manner consistent with those purposes. The personal data collected and processed must be adequate, relevant and not excessive in relation to the purposes for which it is
collected and processed, it must be held securely, not transferred outside of the EEA (unless certain steps are taken to ensure an adequate level of protection), and must not be retained for longer than necessary for the purposes for which it was
collected. In addition, the GDPR requires companies processing personal data to take certain organizational steps to ensure that they have adequate records, policies, security, training and governance frameworks in place to ensure the protection of
data subject rights, including as required to respond to complaints and requests from data subjects. For example, the GDPR requires Mereo to make more detailed disclosures to data subjects, requires disclosure of the legal basis on which Mereo can
process personal data, makes it harder for Mereo to obtain valid consent for processing, will require the appointment of a data protection officer where sensitive personal data (i.e. health data) is processed on a large scale, introduces mandatory
data breach notification throughout the EU and imposes additional obligations on Mereo when it is contracting with service providers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
addition, to the extent a company processes, controls or otherwise uses &#147;special category&#148; personal data (including patients&#146; health or medical information, genetic information and biometric information), more stringent rules apply,
further limiting the circumstances and the manner in which a company is legally permitted to process that data. Finally, the GDPR provides a broad right for EU member states to create supplemental national laws which may result in divergence across
Europe making it harder to maintain a consistent operating model or standard operating procedures. Such laws, for example, may relate to the processing of health, genetic and biometric data, which could further limit Mereo&#146;s ability to use and
share such data or could cause its costs to increase, and harm its business and financial condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo depends on a number of third
parties in relation to the provision of its services, a number of which process personal data on Mereo&#146;s behalf. With each such provider Mereo enters into contractual arrangements to ensure that
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">97 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
they only process personal data according to Mereo&#146;s instructions, and that they have sufficient technical and organizational security measures in place. Where Mereo transfer personal data
outside the EU, it does so in compliance with the relevant data export requirements from time to time. Mereo takes its data protection obligations seriously, as any improper, unlawful or accidental disclosure, loss, alteration or access to, personal
data, particularly sensitive personal data (i.e. special category), could negatively impact its business and/or its reputation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is
also subject to EU laws on personal data export, as it may transfer personal data from the EU to other jurisdictions which are not considered by the European Commission to offer adequate protection of personal data. Such transfers need to be
legitimized by a valid transfer mechanism under the GDPR. There is currently ongoing litigation challenging the commonly used transfer mechanisms, the EU Commission approved model clauses. In addition, the
<FONT STYLE="white-space:nowrap">EU-U.S.</FONT> Privacy Shield (the &#147;Privacy Shield&#148;) is currently under review by the European Commission. As such, it is uncertain whether the Privacy Shield framework and/or model clauses will be
invalidated in the near future. These changes may require Mereo to find alternative bases for the compliant transfer of personal data from the EU to the United States and Mereo is monitoring developments in this area. Invalidation of any mechanism
on which Mereo relies could require operational changes and increased costs and may lead to governmental enforcement actions, litigation, fines and penalties or adverse publicity that could have an adverse effect on Mereo&#146;s business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The EU is in the process of replacing the <FONT STYLE="white-space:nowrap">e-Privacy</FONT> Directive with a new set of rules taking the form
of a regulation, which will be directly implemented in the laws of each European member state, without the need for further enactment. The draft <FONT STYLE="white-space:nowrap">e-Privacy</FONT> Regulation imposes strict <FONT
STYLE="white-space:nowrap">opt-in</FONT> marketing rules with limited exceptions for <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">business-to-business</FONT></FONT> communications and alters rules on third-party cookies, web
beacons and similar technology. Regulation of cookies and web beacons may lead to broader restrictions on online research activities, including efforts to understand users&#146; internet usage. The current draft also significantly increases fining
powers to the same levels as GDPR (i.e. the greater of 20&nbsp;million Euros or 4% of total global annual revenue). While no official timeframe has been provided, commentators have stated that the <FONT STYLE="white-space:nowrap">e-Privacy</FONT>
Regulation is likely to be agreed in 2019 and to come into force during the second half of 2020 or during 2021 following a transition period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There are costs and administrative burdens associated with compliance with the GDPR and the resultant changes in the EU and EEA member
states&#146; national laws and the introduction of the <FONT STYLE="white-space:nowrap">e-Privacy</FONT> Regulation once it takes effect. Any failure or perceived failure to comply with global privacy laws carries with it the risk of significant
penalties and sanctions of up to &#128;20&nbsp;million or 4% of global turnover. These laws or new interpretations, enactments or supplementary forms of these laws, could create liability for Mereo, could impose additional operational requirements
on Mereo&#146;s business, could affect the manner in which it uses and transmits patient information and could increase its cost of doing business. Claims of violations of privacy rights or contractual breaches, even if Mereo is not found liable,
could be expensive and time-consuming to defend and could result in adverse publicity that could harm Mereo&#146;s business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Coverage and
Reimbursement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Significant uncertainty exists as to the coverage and reimbursement status of any pharmaceutical or biological product
for which Mereo obtains regulatory approval. In the United States and markets in other countries, patients who are prescribed treatments for their conditions and providers performing the prescribed services generally rely on third-party payors to
reimburse all or part of the associated healthcare costs. Patients are unlikely to use Mereo&#146;s products unless coverage is provided and reimbursement is adequate to cover a significant portion of the cost of Mereo&#146;s products. Sales of any
products for which Mereo receives regulatory approval for commercial sale will therefore depend, in part, on the availability of coverage and adequate reimbursement from third-party payors. Third-party payors include government authorities, managed
care plans, private health insurers and other organizations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the United States, the process for determining whether a third-party
payor will provide coverage for a pharmaceutical or biologic product typically is separate from the process for setting the price of such product or for establishing the reimbursement rate that the payor will pay for the product once coverage is
approved. Third-party payors may limit coverage to specific products on an approved list, also known as a formulary, which might not include all of the <FONT STYLE="white-space:nowrap">FDA-approved</FONT> products for a particular indication. A
decision by a third-party payor not to cover Mereo&#146;s product candidates could reduce physician utilization of its products once approved and have a material adverse effect on Mereo&#146;s sales, results of operations and financial condition.
Moreover, a third-party payor&#146;s decision to provide coverage for a pharmaceutical or biologic product does not imply that an adequate reimbursement rate will be approved. Adequate third-party reimbursement may not be available to enable Mereo
to maintain price levels </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">98 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
sufficient to realize an appropriate return on Mereo&#146;s investment in product development. Additionally, coverage and reimbursement for products can differ significantly from payor to payor.
One third-party payor&#146;s decision to cover a particular medical product or service does not ensure that other payors will also provide coverage for the medical product or service, or will provide coverage at an adequate reimbursement rate. As a
result, the coverage-determination process will require Mereo to provide scientific and clinical support for the use of its products to each payor separately and will be a time-consuming process. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the EEA, governments influence the price of products through their pricing and reimbursement rules and control of national health care
systems that fund a large part of the cost of those products to consumers. Some jurisdictions operate positive and negative list systems under which products may only be marketed once a reimbursement price has been agreed to by the government. To
obtain reimbursement or pricing approval, some of these countries may require the completion of clinical trials that compare the cost effectiveness of a particular product candidate to currently available therapies. Other member states allow
companies to fix their own prices for medicines, but monitor and control company profits. The downward pressure on health care costs in general, particularly prescription products, has become very intense. As a result, increasingly high barriers are
being erected to the entry of new products. In addition, in some countries, cross-border imports from <FONT STYLE="white-space:nowrap">low-priced</FONT> markets exert a commercial pressure on pricing within a country. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The containment of healthcare costs has become a priority of federal, state and foreign governments, and the prices of pharmaceutical or
biological products have been a focus in this effort. Third-party payors are increasingly challenging the prices charged for medical products and services, examining the medical necessity and reviewing the cost-effectiveness of pharmaceutical or
biological products, medical devices and medical services, in addition to questioning safety and efficacy. If these third-party payors do not consider Mereo&#146;s products to be cost effective compared to other available therapies, they may not
cover Mereo&#146;s products after approval, if any, or, if they do, the level of payment may not be sufficient to allow Mereo to sell its products at a profit. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Healthcare Reform </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A primary trend in the
U.S. healthcare industry and elsewhere is cost containment. Government authorities and other third-party payors have attempted to control costs by limiting coverage and the amount of reimbursement for particular medical products. For example, the
ACA, among other things, increased the minimum Medicaid rebates owed by most manufacturers under the Medicaid Drug Rebate Program; introduced a new methodology by which rebates owed by manufacturers under the Medicaid Drug Rebate Program are
calculated for products that are inhaled, infused, instilled, implanted or injected; extended the Medicaid Drug Rebate Program to utilization of prescriptions of individuals enrolled in Medicaid-managed care plans; imposed mandatory discounts for
certain Medicare Part D beneficiaries as a condition for manufacturers&#146; outpatient drugs coverage under Medicare Part D; subjected manufacturers to new annual fees based on pharmaceutical companies&#146; share of sales to federal healthcare
programs; created a new Patient Centered Outcomes Research Institute to oversee, identify priorities in, and conduct comparative clinical effectiveness research, along with funding for such research; created the Independent Payment Advisory Board,
which, once empaneled, will have authority to recommend certain changes to the Medicare program that could result in reduced payments for prescription drugs and biologics; and established a Center for Medicare Innovation at CMS to test innovative
payment and service delivery models to lower Medicare and Medicaid spending. Since its enactment, the U.S. federal government has delayed or suspended implementation of certain provisions of the ACA. In addition, there have been judicial and
Congressional challenges to certain aspects of the ACA, and Mereo expects there will be additional challenges and amendments to the ACA in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo expects that the ACA, as well as other healthcare reform measures that may be adopted in the future, may result in more rigorous
coverage criteria and lower reimbursement, and additional downward pressure on the price that Mereo receives for any approved product. Any reduction in reimbursement from Medicare or other government-funded programs may result in a similar reduction
in payments from private payors. Moreover, recently there has been heightened governmental scrutiny over the manner in which manufacturers set prices for their marketed products. The implementation of cost containment measures or other healthcare
reforms may prevent Mereo from being able to generate revenue, attain profitability or commercialize Mereo&#146;s product candidates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, in August, 2011, the Budget Control Act of 2011 was signed into law, which, among other things, included aggregate reductions of
Medicare payments to providers of 2% per fiscal year. These reductions went into effect on April&nbsp;1, 2013 and, due to subsequent legislative amendments to the statute, will stay in effect through 2025 unless additional action is taken by
Congress. In January, 2013, the American Taxpayer Relief Act of 2012 was signed </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">99 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
into law, which, among other things, further reduced Medicare payments to several types of providers, including hospitals, imaging centers and cancer treatment centers, and increased the statute
of limitations period for the government to recover overpayments to providers from three to five years. More recently, there has been heightened governmental scrutiny over the manner in which manufacturers set prices for their marketed products,
which have resulted in several Congressional inquiries and proposed bills designed to, among other things, bring more transparency to product pricing, review the relationship between pricing and manufacturer patient programs, and reform government
program reimbursement methodologies for pharmaceutical and biologic products. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo expects that additional state and federal healthcare
reform measures will be adopted in the future, any of which could limit the amounts that federal and state governments will pay for healthcare products and services, which could result in reduced demand for Mereo&#146;s products once approved or
additional pricing pressures. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Employees </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2018, Mereo had 31 employees, excluding <FONT STYLE="white-space:nowrap">non-executive</FONT> directors. Following the
Merger, Mereo had 42 employees, excluding <FONT STYLE="white-space:nowrap">non-executive</FONT> directors. None of Mereo&#146;s employees is subject to a collective bargaining agreement or represented by a trade or labor union. Mereo considers its
relationship with its employees to be good. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Legal Proceedings </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There are no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which Mereo is
aware) that may have, or have had in the recent past (covering the 12 months immediately preceding the date of this annual report), significant effects on Mereo&#146;s financial position or profitability. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.C. Organizational Structure </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo
BioPharma Group plc was formed as a private limited company organized under the laws of England and Wales on March&nbsp;10, 2015 and <FONT STYLE="white-space:nowrap">re-registered</FONT> as a public limited company on June&nbsp;3, 2016. Mereo
BioPharma Group plc has the following wholly-owned direct or indirect subsidiaries: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Jurisdiction&nbsp;of<BR>Organization</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Legal&nbsp;Name&nbsp;of&nbsp;Subsidiary</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma 1 Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">United Kingdom</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma 2 Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">United&nbsp;Kingdom</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma 3 Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">United Kingdom</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma 4 Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">United Kingdom</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma Ireland Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ireland</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo US Holdings Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">OncoMed Pharmaceuticals, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NAVI Subsidiary, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Delaware</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.D. Property, Plants and Equipment </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s principal office is located at 4th Floor, One Cavendish Place, London W1G 0QF, United Kingdom, where Mereo leases approximately
4,000 square feet of office space. Mereo leases this office space under a lease that terminates on August&nbsp;16, 2025. As a result of the Merger, Mereo leases approximately 45,000 square feet in Redwood City, California of which approximately
15,000 square feet is subject to third party <FONT STYLE="white-space:nowrap">sub-leases.</FONT> Mereo intends to add new facilities as it adds employees, and believes that suitable additional or substitute space will be available as needed to
accommodate any such expansion of its operations. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_6"></A>Item&nbsp;4A.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Unresolved Staff Comments </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_7"></A>Item&nbsp;5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Operating And Financial Review And Prospects </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.A. Operating Results </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following
discussion of our financial condition and results of operations should be read in conjunction with Mereo&#146;s audited consolidated financial statements and related notes included elsewhere in this annual report. The following discussion is based
on Mereo&#146;s financial information prepared in accordance with IFRS as issued by the IASB, which may differ in material respects from generally accepted accounting principles in other jurisdictions, including generally accepted accounting
principles in the United States. The following discussion includes forward-looking statements that involve risks, uncertainties, and assumptions. Mereo&#146;s actual results may differ materially from those anticipated in these forward-looking
statements as a result of many factors, including but not limited to those described under &#147;Item 3. Key Information&#151;D. Risk Factors&#148; and elsewhere in this annual report. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Overview </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is a biopharmaceutical
company focused on the development and commercialization of innovative therapeutics that aim to improve outcomes for patients with rare diseases. Mereo&#146;s portfolio consists of six clinical-stage product candidates, four of which were acquired
from large pharmaceutical companies and two anti-cancer product candidates which we acquired in the Merger. Mereo is developing <FONT STYLE="white-space:nowrap">BPS-804</FONT> for the treatment of OI, <FONT STYLE="white-space:nowrap">MPH-966</FONT>
for the treatment of severe AATD, <FONT STYLE="white-space:nowrap">BCT-197</FONT> for the treatment of AECOPD and <FONT STYLE="white-space:nowrap">BGS-649</FONT> for the treatment of HH in obese men. Each of Mereo&#146;s product candidates has
generated positive clinical data for Mereo&#146;s target indication or for a related indication. Our two anti-cancer therapeutic candidates, <FONT STYLE="white-space:nowrap">OMP-305B83</FONT> and <FONT STYLE="white-space:nowrap">OMP-313M32,</FONT>
are currently in clinical development. Mereo believes its portfolio is well diversified because each of its product candidates employs a different mechanism of action and targets a separate indication. Mereo intends to develop and directly
commercialize Mereo&#146;s rare disease product candidates. For its specialty disease product candidates, Mereo intends to seek strategic relationships for further clinical development and commercialization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s strategy is to selectively acquire product candidates that have already received significant investment from pharmaceutical
companies and that have substantial <FONT STYLE="white-space:nowrap">pre-clinical,</FONT> clinical, and manufacturing data packages. Since Mereo&#146;s formation in March 2015, it has successfully executed on this strategy by acquiring its current
product candidates from Novartis and AstraZeneca. Mereo has commenced or completed large, randomized, placebo-controlled Phase 2 clinical trials for all of its product candidates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo does not have any approved products and, as a result, has not generated any revenue from product sales. Mereo&#146;s ability to generate
revenue sufficient to achieve profitability will depend on its successful development and eventual commercialization of its product candidates, if approved. Since Mereo&#146;s formation, it has incurred significant operating losses. For the years
ended December&nbsp;31, 2016, 2017 and 2018, Mereo incurred net losses of &pound;28.4&nbsp;million, &pound;38.8&nbsp;million and &pound;32.0&nbsp;million, respectively. As of December&nbsp;31, 2018, Mereo had an accumulated loss of
&pound;111.2&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo expects to continue to incur significant expenses and operating losses for the foreseeable future as it
advances the clinical development of its product candidates and seeks regulatory approval. In addition, if Mereo obtains regulatory approval for any of its product candidates and does not enter into a third-party commercialization relationship,
Mereo expects to incur significant commercialization expenses related to product manufacturing, marketing, sales, and distribution. Mereo also expects to incur expenses in connection with the <FONT STYLE="white-space:nowrap">in-license</FONT> or
acquisition of additional product candidates and the potential clinical development of any such product candidates. Furthermore, Mereo expects to incur additional costs associated with operating as a U.S. public company listed on Nasdaq in addition
to operating as a U.K. public company admitted for trading on AIM, including significant legal, accounting, investor relations, and other expenses that it did not incur prior to the Merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of these anticipated expenditures, Mereo will need additional financing to support its continuing operations. Until such time as
Mereo can generate significant revenue from product sales, if ever, Mereo expects to finance its operations through a combination of public or private equity or debt financings or other sources, which may include collaborations with third parties.
Adequate additional financing may not be available to Mereo on acceptable terms, or at all. Mereo&#146;s inability to raise capital as and when needed would have a negative impact on its financial condition and its ability to pursue its business
strategy. Mereo will need to generate significant revenue to achieve profitability, and it may never do so. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">101 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo was incorporated in March 2015 and is headquartered in London, United Kingdom. Since
June&nbsp;9, 2016, Mereo ordinary shares have traded on AIM under the symbol &#147;MPH.&#148; Since its formation, Mereo has raised a total of &pound;102.9&nbsp;million in gross proceeds from private and public placements of its ordinary shares to
institutional investors and &pound;3.5&nbsp;million from the issuance of the Novartis Notes. In August 2017, Mereo also entered into a credit facility in the amount of &pound;20.0&nbsp;million which was fully drawn by December&nbsp;31, 2017. As of
December&nbsp;31, 2018, Mereo had cash and short-term deposits and short-term investments of &pound;27.5&nbsp;million. As at April&nbsp;23, 2019, immediately following the completion of the Merger with OncoMed, Mereo&#146;s aggregate cash,
short-term deposits and short-term investments were approximately &pound;53.9&nbsp;million ($70.1 million). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is organized into a
single segment following management&#146;s view of the business as a single portfolio of product candidates. Research and development expenses are monitored at a product candidate level; however, decisions over resource allocation are made at an
overall portfolio level. Mereo&#146;s financing is managed and monitored on a consolidated basis. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Asset Purchase Agreements with Novartis </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In July 2015, three of Mereo&#146;s wholly-owned subsidiaries, Mereo BioPharma 3 Limited, Mereo BioPharma 2 Limited, and Mereo BioPharma 1
Limited entered into the Purchase Agreements to acquire from Novartis rights to the Novartis Assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the acquisition
of the Novartis Assets, Mereo issued 3,849,000 Mereo ordinary shares to Novartis pursuant to a subscription agreement. See &#147;Item 7. Major Shareholders and Related Party Transactions&#151;B. Related Party Transactions&#151;Subscription
Agreement.&#148; In addition, Mereo paid Novartis $1.5&nbsp;million for a payment made by Novartis to a third party in full satisfaction of all monetary obligations of Novartis to such third party with respect to
<FONT STYLE="white-space:nowrap">BCT-197.</FONT> Under the Purchase Agreements, Mereo has agreed to make tiered royalty payments to Novartis based on annual worldwide net sales of the Acquired Novartis Products, at percentages ranging from the high
single digits to low double digits. In the event that the parties agree or it is otherwise determined in accordance with the Purchase Agreements that Mereo require third-party intellectual property rights to exploit the Acquired Novartis Products,
Mereo is entitled to offset a specified percentage of amounts paid to such third parties in consideration for such intellectual property rights against the royalties due to Novartis. The royalty payments are payable for a period of ten years after
the first commercial sale of an Acquired Novartis Product. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo further agreed that in the event of a change in control that involves
the transfer, license, assignment, or lease of all or substantially all of a subsidiary&#146;s assets, including a Compound and related assets, Mereo will pay Novartis a percentage of the proceeds of such transaction, with the majority of the
proceeds being retained by Mereo. No payment, however, is required with respect to any transaction of Mereo involving its equity interests, a merger or consolidation of it, or a sale of any of its assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo also entered into the Sublicense Agreement, pursuant to which Novartis granted Mereo an exclusive, worldwide, royalty-bearing sublicense
for the Antibody Products, including <FONT STYLE="white-space:nowrap">BPS-804.</FONT> Under the Sublicense Agreement, Mereo has agreed to pay Novartis royalties in the low single digits on worldwide net sales of Antibody Products. Mereo has also
agreed to pay Novartis up to $3.25&nbsp;million in development and regulatory milestones, and to use commercially reasonable efforts to develop and commercialize an Antibody Product. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>License Agreement with AstraZeneca </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
October 2017, Mereo&#146;s wholly-owned subsidiary Mereo BioPharma 4 Limited entered into the License Agreement, to obtain from AstraZeneca an exclusive worldwide, <FONT STYLE="white-space:nowrap">sub-licensable</FONT> license under
AstraZeneca&#146;s intellectual property rights relating to certain products containing a NE inhibitor, including products that contain <FONT STYLE="white-space:nowrap">MPH-966,</FONT> with an option to acquire such intellectual property rights,
following commencement of a pivotal trial and payment of related milestone payments, together with the acquisition of certain related assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon entering into the License Agreement, Mereo made an upfront payment of $3.0&nbsp;million to AstraZeneca in cash and issued 490,798 new
Mereo ordinary shares for an aggregate upfront payment equal to $5.0&nbsp;million. In connection with certain development and regulatory milestones, Mereo has agreed to make payments of up to $115.5&nbsp;million in the aggregate and issue additional
Mereo ordinary shares to AstraZeneca for licensed products containing <FONT STYLE="white-space:nowrap">MPH-966.</FONT> In addition, Mereo has agreed to make payments to AstraZeneca based on specified commercial milestones of the product. In the
event that Mereo <FONT STYLE="white-space:nowrap">sub-license</FONT> <FONT STYLE="white-space:nowrap">MPH-966,</FONT> it has also agreed to pay a specified percentage of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">102 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
sublicensing revenue to AstraZeneca. Otherwise, Mereo has agreed to make royalty payments to AstraZeneca equal to ascending specified percentages of tiered annual worldwide net sales by Mereo or
its affiliates of licensed products (subject to certain reductions), ranging from the high single digits to low double digits. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Merger Agreement with
OncoMed </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;23, 2019, we completed the Merger under which an indirect, wholly-owned subsidiary of Mereo was merged with and
into OncoMed, with OncoMed continuing as the surviving corporation in the Merger and an indirect, wholly-owned subsidiary of Mereo. Upon completion of the Merger, Mereo issued 24,783,320 ordinary shares and OncoMed stockholders received, in exchange
for each share of OncoMed common stock owned immediately prior to the Merger: (1)&nbsp;0.127694 ADSs, each representing five Mereo ordinary shares, and (2)&nbsp;one contingent value right per OncoMed stockholder, each representing the right to
receive contingent consideration upon the achievement of certain milestones relating to certain OncoMed products or product candidates. Immediately following the effective time of the Merger, former OncoMed stockholders owned 25.8% of Mereo and its
subsidiaries (including OncoMed) on an undiluted basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo believes that (1)&nbsp;the combination of Mereo&#146;s biopharmaceutical
portfolio of four products with OncoMed&#146;s two lead products will create a diversified combined portfolio, resulting in an increased number of potential near-term catalysts with a core focus remaining on Mereo&#146;s strategy to develop and
commercialize products for rare diseases, (2)&nbsp;the cash position of the Mereo will provide an extended operational runway, with the potential for such runway to be extended significantly through partnering deals with respect to Mereo&#146;s <FONT
STYLE="white-space:nowrap">non-Orphan</FONT> products, OncoMed&#146;s navicixzumab products and the potential Celgene Option Exercise and (3)&nbsp;the Nasdaq listing of Mereo in connection with the Merger, in addition to Mereo&#146;s existing AIM
listing, will provide a diversified international shareholder base for Mereo following the Merger. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise noted, the following
discussion and analysis of our results of operations and our liquidity and capital resources focuses on our existing operations exclusive of the impact of the acquisition of OncoMed. Any forward-looking statements contained herein do not take into
account the impact of this acquisition. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Financial Overview </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Revenue </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo does
not currently have any approved products. Accordingly, Mereo has not generated any revenue and does not expect to do so unless it obtains regulatory approval and commercializes any of its product candidates or until it receives revenues from
collaborations with third parties, neither of which may occur. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Research and Development Expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Research and development expenses include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">employee-related expenses, such as salaries, share-based compensation, and other benefits, for Mereo&#146;s
research and development personnel; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">costs for production of drug substance and drug product and development of Mereo&#146;s manufacturing processes
by CMOs; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">fees and other costs paid to CROs, consultants, and other suppliers to conduct Mereo&#146;s clinical trials and <FONT
STYLE="white-space:nowrap">pre-clinical</FONT> and <FONT STYLE="white-space:nowrap">non-clinical</FONT> studies; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">costs of facilities, materials, and equipment related to drug production and Mereo&#146;s clinical trials and <FONT
STYLE="white-space:nowrap">pre-clinical</FONT> and <FONT STYLE="white-space:nowrap">non-clinical</FONT> studies. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s direct research and development expenses are allocated on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">product-by-product</FONT></FONT> basis. Mereo allocates employee-related expenses for Mereo&#146;s research and development personnel and other related expenses to specific product
candidate development programs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Product candidates in a later stage of clinical development generally have higher development costs than
those in earlier stages of clinical development, primarily due to the increased size and duration of later stage clinical trials. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">103 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Mereo expects that its research and development expense will increase substantially as it continues to advance the clinical development of its product candidates, including through its ongoing
Phase 2b clinical trial of <FONT STYLE="white-space:nowrap">BPS-804</FONT> in adults and its planned Phase 3 clinical trial of <FONT STYLE="white-space:nowrap">BPS-804</FONT> in children, its ongoing Phase 2 <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">proof-of-concept</FONT></FONT> trial for <FONT STYLE="white-space:nowrap">MPH-966;</FONT> hire additional clinical, scientific, and commercial personnel; and acquire or <FONT STYLE="white-space:nowrap">in-license</FONT>
future product candidates and technologies. As a result, Mereo expects its research and development expenses will increase for the foreseeable future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The successful development, approval, and commercialization of Mereo&#146;s product candidates is highly uncertain. At this time, Mereo cannot
reasonably estimate the nature, timing, and estimated costs of the efforts that will be necessary to complete the development of, or the period, if any, in which material net cash inflows may commence from any of Mereo&#146;s product candidates.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s future expenditure on developing its product candidates is therefore highly uncertain. This is due to numerous risks and
uncertainties associated with developing Mereo&#146;s drugs, including the uncertainty of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the scope, rate of progress, and expense of Mereo&#146;s research and development activities;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the progress and results of Mereo&#146;s clinical trials and Mereo&#146;s
<FONT STYLE="white-space:nowrap">pre-clinical</FONT> and <FONT STYLE="white-space:nowrap">non-clinical</FONT> studies; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the terms and timing of regulatory approvals, if any; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">establishment of arrangements with Mereo&#146;s third-party manufacturers to obtain manufacturing supply;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">protection of Mereo&#146;s rights in its intellectual property portfolio; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">launch of commercial sales of any of Mereo&#146;s product candidates, if approved, whether alone or in
collaboration with others; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">third party strategic relationships for late-stage clinical development and/or commercialization of Mereo&#146;s
specialty product candidates and performance of Mereo&#146;s strategic partners under these arrangements; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">acceptance of any of Mereo&#146;s product candidates, if approved, by patients, the medical community and payors;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">competition with other therapies; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">continued acceptable safety profile of any of Mereo&#146;s product candidates following approval.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any of these variables with respect to the development of Mereo&#146;s product candidates or any other future candidate
that Mereo may develop could result in a significant change in the costs and timing associated with their development. For example, if the FDA, the EMA, or another regulatory authority were to require Mereo to conduct
<FONT STYLE="white-space:nowrap">pre-clinical</FONT> studies and clinical trials beyond those that Mereo currently anticipates will be required for the completion of clinical development or if Mereo experiences significant delays in enrollment in
any clinical trials, Mereo could be required to expend significant additional financial resources and time on the completion of Mereo&#146;s clinical development programs. Mereo may never succeed in obtaining regulatory approval for any of its
product candidates. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>General and Administrative Expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s general and administrative expenses principally consist of salaries and related benefits, including share-based compensation, for
personnel in Mereo&#146;s executive, finance and other administrative functions. Other general and administrative costs include facility-related costs and professional services fees for auditing, tax and general legal services, as well as expenses
associated with the Merger with OncoMed, Mereo&#146;s requirements of being a listed public company on AIM and costs incurred relating to the issue of equity to the extent not capitalized, including the costs associated with the aborted initial
public offering in the United States of Mereo ordinary shares in 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo expects that its general and administrative costs will
increase in the future as its business expands and increases its headcount to support the expected growth in its operating activities. These increases will likely include increased costs related to the hiring of additional personnel and fees to
outside consultants, lawyers and accountants, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">104 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
among other expenses. In addition, Mereo expects to continue to grant share-based compensation awards to existing and future key management personnel and other employees. Additionally, Mereo
anticipates increased costs associated with being a U.S. public company, including expenses related to services associated with maintaining compliance with Nasdaq rules and SEC requirements, director compensation, insurance, and investor relation
costs. If any of Mereo&#146;s product candidates that Mereo intends to directly commercialize obtains regulatory approval, Mereo expects that it will incur expenses associated with building a sales and marketing team. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Finance Income </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Finance income consists of interest earned on Mereo short-term cash deposits and short-term investments. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Finance Charge </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Finance charge consists of interest on the Novartis Notes, interest on Mereo&#146;s credit facility and losses on short term deposits. For
further information on the terms of the Novartis Notes and Mereo&#146;s credit facility see &#147;Item 5. Operating and Financial Review and Prospects&#151;B. Liquidity and Capital Resources&#151;Indebtedness.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Net Foreign Exchange Gain/(Loss) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s functional currency is pound sterling. Mereo initially records transactions in foreign currencies at the rate ruling on the date
the transaction first qualifies for recognition. Net foreign exchange gain/(loss) consists of the difference arising on settlement or translation of Mereo&#146;s foreign currencies, which are primarily held in U.S. dollars. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Taxation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a
U.K. resident trading entity, Mereo is subject to U.K. corporate taxation. Due to the nature of Mereo&#146;s business, it has generated losses since formation. As of December&nbsp;31, 2016, 2017 and 2018, Mereo had cumulative carryforward tax losses
of &pound;16.3&nbsp;million, &pound;36.0&nbsp;million and &pound;44.2&nbsp;million, respectively. Subject to any relevant restrictions, Mereo expects these to be available to carry forward and offset against future profits. As a company that carries
out extensive research and development (&#147;R&amp;D&#148;) activities, Mereo benefits from the U.K. R&amp;D small or <FONT STYLE="white-space:nowrap">medium-sized</FONT> enterprise tax credit regime and is able to surrender some of its trading
losses that arise from its research and development activities for a cash rebate of up to 33.35% of eligible R&amp;D expenditure. Qualifying expenditures largely comprise employment costs for research staff, subcontracted CRO and CMO costs,
consumables and certain internal overhead costs incurred as part of research projects. Certain subcontracted qualifying research expenditures are eligible for a cash rebate of up to 21.67%. Mereo&#146;s effective cash rebate on qualifying R&amp;D
expenditure in 2017 was &pound;8.2&nbsp;million, which it received in August 2018. Mereo&#146;s cash rebate for 2016 was &pound;5.3&nbsp;million, which it received in May 2017. The cash rebate Mereo received in 2018 with respect to 2017 increased by
&pound;2.9&nbsp;million, reflecting the higher level of qualifying R&amp;D spend in 2017. Mereo may not be able to continue to claim payable R&amp;D tax credits in the future because it may no longer qualify as a small or <FONT
STYLE="white-space:nowrap">medium-sized</FONT> company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event Mereo generates revenues in the future, it may benefit from the U.K.
&#147;patent box&#148; regime that allows profits attributable to revenues from patents or patented products to be taxed at an effective rate of 10%. This relief applies to profits earned from April&nbsp;1, 2013. When taken in combination with the
enhanced relief available on Mereo&#146;s R&amp;D expenditures, Mereo expects a long-term lower rate of corporation tax to apply to Mereo. If, however, there are unexpected adverse changes to the U.K. R&amp;D tax credit regime or the &#147;patent
box&#148; regime, or for any reason Mereo is unable to qualify for such advantageous tax legislation, or is unable to use net operating loss and tax credit carryforwards and certain <FONT STYLE="white-space:nowrap">built-in</FONT> losses to reduce
future tax payments, its business, results of operations, and financial condition may be adversely affected. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">105 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Results of Operations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth Mereo&#146;s results of operations for the years ended December&nbsp;31, 2016, 2017 and 2018. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;thousands&nbsp;of&nbsp;pounds)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Research and development expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24,563</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(34,607</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22,704</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,617</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,697</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,505</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(36,180</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(45,304</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(35,208</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">827</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance charge</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(180</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,090</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,361</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net foreign exchange gain/(loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,263</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,384</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(44</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss before tax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,722</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(46,951</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(37,306</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax benefit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,331</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,277</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss attributable to equity holders of Mereo</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28,391</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,799</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,029</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Comparison of Years Ended December&nbsp;31, 2017 and 2018 </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Research and Development Expenses </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth Mereo&#146;s research and development expenses by product development program for the years ended
December&nbsp;31, 2017 and 2018. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;thousands&nbsp;of&nbsp;pounds)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">BPS-804</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,304</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">MPH-966</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,722</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">BGS-649</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,014</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,091</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">BCT-197</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,801</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,285</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unallocated costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">410</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total research and development expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,704</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s total R&amp;D expenses decreased by &pound;11.9&nbsp;million, or 34.4%, from
&pound;34.6&nbsp;million in 2017 to &pound;22.7&nbsp;million in 2018. This was a result of the focus in 2018 on our two orphan product candidate development programs and the completion of two Phase 2 clinical trials for two of our product
candidates, <FONT STYLE="white-space:nowrap">BCT-197</FONT> and <FONT STYLE="white-space:nowrap">BGS-649.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Total R&amp;D expenses
included payments Mereo made to CROs and other suppliers for the ongoing clinical development of each of <FONT STYLE="white-space:nowrap">BPS-804</FONT> and <FONT STYLE="white-space:nowrap">MPH-966</FONT> and for completing the clinical trials of <FONT
STYLE="white-space:nowrap">BCT-197</FONT> and <FONT STYLE="white-space:nowrap">BGS-649.</FONT> Clinical trial costs decreased from &pound;22.8&nbsp;million in 2017 to &pound;14.9&nbsp;million in 2018. Additionally, Mereo&#146;s R&amp;D employee
related costs decreased from &pound;4.3&nbsp;million in 2017 to &pound;2.9&nbsp;million in 2018, reflecting lower share-based payment charges in 2018 and partially offset by higher payroll expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s payments to CMOs for the provision of drug substance and drug product and associated manufacturing development to support
Mereo&#146;s clinical trials and further development and <FONT STYLE="white-space:nowrap">scale-up</FONT> activities associated with Mereo&#146;s <FONT STYLE="white-space:nowrap">BPO-804</FONT> monoclonal antibody manufacturing development decreased
from &pound;7.3&nbsp;million in 2017 to &pound;4.2&nbsp;million in 2018, reflecting higher costs related to the manufacture of clinical trial supplies for our ongoing <FONT STYLE="white-space:nowrap">BPS-804</FONT> adults study in 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Direct research and development expenses related to <FONT STYLE="white-space:nowrap">BPS-804</FONT> decreased by &pound;2.1&nbsp;million, from
&pound;13.4&nbsp;million in 2017 to &pound;11.3&nbsp;million in 2018, due to higher costs in 2017 related to the transfer of production of <FONT STYLE="white-space:nowrap">BPS-804</FONT> from Novartis to Mereo&#146;s CMO, manufacture of clinical
trial supplies in preparation for the start of the adult Phase 2b trial and a full year of clinical costs relating to this trial. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Direct
research and development expenses for <FONT STYLE="white-space:nowrap">MPH-966</FONT> increased by &pound;3.7&nbsp;million, due to the commencement of the Phase 2 study during the year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Direct research and development expenses related to <FONT STYLE="white-space:nowrap">BGS-649</FONT> decreased by &pound;5.7&nbsp;million, from
&pound;10.8&nbsp;million in 2017 to &pound;5.1&nbsp;million in 2018, due to the completion of the main part of the Phase 2 trial during 2018. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">106 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Direct research and development expenses related to
<FONT STYLE="white-space:nowrap">BCT-197</FONT> decreased by &pound;7.7&nbsp;million, from &pound;10.0&nbsp;million in 2017 to &pound;2.3&nbsp;million in 2018, due to the completion of the Phase 2 trial in the first half of 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unallocated research and development expenses consisted primarily of costs related to employees and associated payroll costs, including costs
related to external research and development contractors that are not specific to any of our product candidates. These costs decreased by &pound;0.1&nbsp;million, from &pound;0.4&nbsp;million in 2017 to &pound;0.3&nbsp;million in 2018. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>General and Administrative Expenses </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">General and administrative (&#147;G&amp;A&#148;) expenses increased by &pound;1.8&nbsp;million, or 16.8%, from &pound;10.7&nbsp;million in 2017
to &pound;12.5&nbsp;million in 2018. This increase was primarily due to an increase in Mereo&#146;s total professional fees, which was partially offset by a decrease in staff expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our total professional fees increased from &pound;1.9&nbsp;million in 2017 to &pound;6.3&nbsp;million in 2018. This increase was due to
expenses relating to our aborted initial public offering of equity securities on Nasdaq in 2018, of which &pound;1.0&nbsp;million was held on the balance sheet as prepayments as at December&nbsp;31, 2017 and released during 2018, together with the
expenses associated with the Merger with OncoMed and fees in respect of a bank loan renegotiation. Total general and administrative staff expenses decreased by &pound;2.4&nbsp;million from &pound;6.9&nbsp;million in 2017 to &pound;4.5&nbsp;million
in 2018 after taking account of a reduction in share-based payment charges of &pound;3.1&nbsp;million and an increase in underlying staff costs of &pound;0.7&nbsp;million. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Finance Income </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interest
earned on Mereo&#146;s short-term cash deposits decreased from &pound;0.8&nbsp;million in 2017 to &pound;0.3&nbsp;million in 2018, reflecting lower balances held on deposit during the year. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Finance Charge </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Finance
charges increased by &pound;1.3&nbsp;million from &pound;1.1&nbsp;million in 2017 to &pound;2.4&nbsp;million in 2018, primarily reflecting a full year of interest charges on the bank loan in the year. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Net Foreign Exchange Gains/(Losses) </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2017, net foreign exchange loss was &pound;1.4&nbsp;million, reflecting a weakening of the U.S. dollar against pound sterling during the
year which negatively impacted the translation of Mereo&#146;s foreign deposits and investments at December&nbsp;31, 2017. In 2018, the net foreign exchange gain was &pound;0.1&nbsp;million, representing the unrealized gain on translation of cash
deposits held primarily in U.S. dollars at <FONT STYLE="white-space:nowrap">year-end,</FONT> and reflecting lower exchange rate variance <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-year</FONT></FONT> on lower U.S.
denominated cash balances held at the end of 2018. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Income Tax Benefit </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo recorded a tax credit of &pound;8.2&nbsp;million in 2017 and &pound;5.3&nbsp;million in 2018. The tax credit represents the cash rebate
from the U.K. tax authorities Mereo qualified for in respect of eligible research and development activities during the years. The reduction in the tax credit accrued is due to a reduction in qualifying R&amp;D expenditure in 2018. The tax credit
for 2017 was received in 2018 and Mereo expects to receive the tax credit for 2018 in 2019. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Comparison of the Years Ended
December&nbsp;31, 2016 and 2017 </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Research and Development Expenses </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth Mereo&#146;s research and development expenses by product development program for the years ended
December&nbsp;31, 2016 and 2017. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;thousands&nbsp;of&nbsp;pounds)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">BPS-804</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,804</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">BGS-649</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,734</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,014</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">BCT-197</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,432</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,801</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">MPH-966</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unallocated costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">593</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">410</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total research and development expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,563</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">107 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s total research and development expenses increased by &pound;10.0&nbsp;million,
or 41%, from &pound;24.6&nbsp;million in 2016 to &pound;34.6&nbsp;million in 2017. This was a result of increased spending on clinical development as Mereo continued the Phase 2 programs for <FONT STYLE="white-space:nowrap">BCT-197</FONT> and <FONT
STYLE="white-space:nowrap">BGS-649</FONT> and commenced the adult Phase 2b program for <FONT STYLE="white-space:nowrap">BPS-804.</FONT> Total R&amp;D expenses included payments Mereo made to CROs and other suppliers for the ongoing clinical
development of each of <FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> and <FONT STYLE="white-space:nowrap">BGS-649,</FONT> which increased from &pound;17.9&nbsp;million in 2016 to
&pound;22.8&nbsp;million in 2017, reflecting the inclusion of expenses relating to the adult Phase 2b study for <FONT STYLE="white-space:nowrap">BPS-804.</FONT> Additionally, Mereo&#146;s R&amp;D employee related costs increased from
&pound;3.1&nbsp;million in 2016 to &pound;4.1&nbsp;million in 2017, reflecting increased headcount, higher other employee-related expenses, including travel, and higher bonus amounts earned in 2017. Mereo&#146;s payments to CMOs for the provision of
drug substance and drug product and associated manufacturing development to support Mereo&#146;s clinical trials and the transfer of manufacturing of drug substance and drug product from Novartis to third-party manufacturers increased from
&pound;2.9&nbsp;million in 2016 to &pound;7.3&nbsp;million in 2017, reflecting ongoing manufacturing activity primarily due to the manufacture of additional clinical trial materials in respect of <FONT STYLE="white-space:nowrap">BPS-804.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Direct research and development expenses related to <FONT STYLE="white-space:nowrap">BPS-804</FONT> increased by &pound;8.6&nbsp;million, from
&pound;4.8&nbsp;million in 2016 to &pound;13.4&nbsp;million in 2017, due to the commencement of the adult Phase 2b study for <FONT STYLE="white-space:nowrap">BPS-804</FONT> during 2017 and the completion of the manufacture of associated clinical
trial materials. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Direct research and development expenses related to <FONT STYLE="white-space:nowrap">BCT-197</FONT> increased by
&pound;0.3&nbsp;million, from &pound;9.7&nbsp;million in 2016 to &pound;10.0&nbsp;million in 2017, due to the completion of the Phase 2 clinical trial for <FONT STYLE="white-space:nowrap">BCT-197</FONT> in the fourth quarter of 2017, which trial
commenced in the first half of 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Direct research and development expenses related to <FONT STYLE="white-space:nowrap">BGS-649</FONT>
increased by &pound;1.4&nbsp;million, from &pound;9.4&nbsp;million in 2016 to &pound;10.8&nbsp;million in 2017, due to the continuation of the Phase 2b study for <FONT STYLE="white-space:nowrap">BGS-649</FONT> and the commencement of the Phase 2b
extension study. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>General and Administrative Expenses </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">General and administrative expenses decreased by &pound;0.9&nbsp;million, or 7.8%, from &pound;11.6&nbsp;million in 2016 to
&pound;10.7&nbsp;million in 2017. This decrease was due to a decrease in share-based payment expenses of &pound;2.8&nbsp;million, reflecting the lower level of share option awards in 2017, partially offset by a rise in other general and
administrative costs of &pound;1.9&nbsp;million, reflecting an increase in payroll-related costs due to a higher headcount and higher bonus amounts earned in 2017, together with additional legal and professional fees in connection with the equity
financing in April 2017, the entering into a credit facility in August 2017, and the acquisition of <FONT STYLE="white-space:nowrap">MPH-966</FONT> in October 2017. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Finance Income </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interest
earned on Mereo&#146;s short-term cash deposits increased from &pound;0.4&nbsp;million in 2016 to &pound;0.8&nbsp;million in 2017, reflecting higher cash balances held in deposit in 2017. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Finance Charge </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Finance
charge increased from &pound;0.2&nbsp;million in 2016 to &pound;1.1&nbsp;million in 2017, reflecting interest costs on additional borrowings under Mereo&#146;s credit facility during 2017 and lower costs related to the Novartis Notes after the
exercise of a portion of these notes in April 2017. Finance charge in 2017 also included &pound;0.3&nbsp;million of losses on short term deposits. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Net Foreign Exchange Gain/(Loss) </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2016, the net foreign exchange gain was &pound;2.3&nbsp;million, primarily as a result of the unrealized gain on translation of cash
deposits held primarily in U.S. dollars at year end, reflecting a strengthening of the U.S. dollar against pound </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">108 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
sterling during the year. In 2017, net foreign exchange loss was &pound;1.4&nbsp;million, reflecting a weakening of the U.S. dollar against pound sterling during the year which negatively
impacted the translation of Mereo&#146;s foreign deposits and investments at December&nbsp;31, 2017. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Income Tax Benefit </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo recorded a tax credit of &pound;5.3&nbsp;million in 2016 and &pound;8.2&nbsp;million in 2017. The tax credit represents the cash rebate
from the U.K. tax authorities Mereo qualified for in respect of eligible research and development activities during the years. Due to the increase in qualifying R&amp;D expenditure in 2017, the 2017 tax credit increased by &pound;2.9&nbsp;million
from the 2016 tax credit. The 2016 tax credit was received in May 2017. The 2017 tax credit of &pound;8.2&nbsp;million was received in August 2018. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.B. Liquidity and Capital Resources </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Overview
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since Mereo&#146;s formation, it has incurred significant operating losses. Mereo expects to incur significant expenses and operating
losses for the foreseeable future as it advances the clinical development of its product candidates. Mereo expects that its research and development and general and administrative costs will increase in connection with conducting clinical trials for
its product candidates and any new product candidates it acquires and due to the costs in seeking marketing approval for its product candidates in Europe and the United States as well as other jurisdictions. As a result, Mereo will need additional
capital to fund its operations, which it may obtain from additional debt or equity financings, collaborations, licensing arrangements, or other sources. In addition, Mereo will need a limited amount of capital to fund the <FONT
STYLE="white-space:nowrap">close-out</FONT> of OncoMed&#146;s existing clinical studies and to fund the ongoing general and administrative expenses relating to OncoMed following the Merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo does not currently have any approved products and has never generated any revenue from product sales or otherwise. To date, Mereo has
financed its operations primarily through the issuances of its equity securities and convertible debt and its credit facility, which Mereo entered into in August 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2018, Mereo had cash and short-term deposits and short-term investments (together &#147;cash resources&#148;) of
&pound;27.5&nbsp;million compared to &pound;52.5&nbsp;million as at December&nbsp;31, 2017. Immediately following completion of the Merger with OncoMed on April&nbsp;23, 2019 Mereo, had cash resources of &pound;53.9&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In August 2017, Mereo entered into a credit facility in the amount of &pound;20.0&nbsp;million which it has fully drawn down during 2017. On
September&nbsp;30, 2018, Mereo entered into a revised loan agreement which enabled Mereo to amend the term to increase the interest only period of the loan from September&nbsp;30, 2018 to April&nbsp;30, 2019. In connection with the revised loan
agreement, Mereo issued 225,074 additional warrants to the lenders to subscribe for its ordinary shares at an exercise price of &pound;2.31 per ordinary share, increasing the total warrants issued to Mereo&#146;s lenders to 922,464. On
April&nbsp;23, 2019 Mereo entered into a further revision to the loan agreement which extended the interest only period to December&nbsp;31, 2019. Following completion of the merger with OncoMed, under the terms of the loan agreement, Mereo expects
to issue approximately 321,444 additional warrants to its lenders giving them the right to subscribe for ordinary shares at an exercise price of &pound;2.95. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;8, 2018 Mereo entered into a funding agreement with the <FONT STYLE="white-space:nowrap">Alpha-1</FONT> Project
(&#147;TAP&#148;) which provided for funding of up to $0.4&nbsp;million as a contribution towards the development of Mereo&#146;s product candidate <FONT STYLE="white-space:nowrap">MPH-966.</FONT> On November&nbsp;1, 2018 the first tranche of
$0.1&nbsp;million was received and as a result Mereo issued 41,286 warrants to subscribe for its ordinary shares at an exercise price of &pound;0.003 per share. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cash Flows </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Comparison of Years
Ended December&nbsp;31, 2017 and 2018 </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The table below summarizes Mereo&#146;s cash flows for the periods presented. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;thousands&nbsp;of&nbsp;pounds)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash used in operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,148</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23,137</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash (used in) from investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,744</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">251</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash from (used in) financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,073</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net decrease in cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,149</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24,958</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">109 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Operating Activities </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The decrease in net cash used in operating activities was &pound;9.0&nbsp;million, from &pound;32.1&nbsp;million in 2017 to
&pound;23.1&nbsp;million in 2018. This was due to a reduction in the loss before taxation of &pound;6.8&nbsp;million, reflecting lower research and development activity. In addition, there was a decrease in payables over receivables of &pound;0.6 as
the payables balance in 2017 unwound due to lower levels of activity in 2018 and due to timing differences on cash payments to suppliers, partially offset by an increase in R&amp;D tax credits received of &pound;2.8&nbsp;million reflecting higher
research and development expenses in 2017 compared to 2016. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Investing Activities </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s net cash from investing activities was &pound;0.3&nbsp;million in 2018, compared to net cash used in investing activities of
&pound;3.7&nbsp;million in 2017. The increase was primarily due to the investment in 2017 of &pound;2.3&nbsp;million in the acquisition of a license for <FONT STYLE="white-space:nowrap">MPH-966</FONT> from AstraZeneca and a reduction in investment
in short term investments of &pound;2.5&nbsp;million, combined with lower interest earned of &pound;0.3&nbsp;million in 2018 compared to &pound;1.1&nbsp;million in 2017 reflecting lower average cash balances held in 2018. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Financing Activities </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s net cash from financing activities reduced from &pound;33.7&nbsp;million in 2017 to &pound;2.0&nbsp;million in 2018. In April
2017, Mereo raised gross proceeds of &pound;15.0&nbsp;million in a placement of Mereo ordinary shares with institutional investors, for which the cash expense associated with the financing amounted to &pound;0.8&nbsp;million. In August 2017, Mereo
borrowed the first &pound;10.0&nbsp;million tranche under its credit facility and in December 2017 it borrowed the second and final tranche under its credit facility for another &pound;10.0&nbsp;million. In addition, in 2017, Mereo paid an aggregate
of &pound;0.3&nbsp;million of interest on its outstanding borrowings under its credit facility compared to &pound;1.6&nbsp;million in 2018. In June 2018, Mereo raised gross proceeds of &pound;0.3&nbsp;million from a placement of its ordinary shares
with retail investors. In September 2018 Mereo&#146;s borrowing under its credit facility increased by &pound;0.5&nbsp;million with associated costs of &pound;0.9&nbsp;million, including a &pound;0.7&nbsp;million modification loss in respect of the
revaluation of the loan under IFRS 9. In November 2018, Mereo received the first tranche of &pound;0.1&nbsp;million under the agreement with TAP. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Comparison of Years Ended December&nbsp;31, 2016 and 2017 </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The table below summarizes Mereo&#146;s cash flows for the periods presented. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;thousands&nbsp;of&nbsp;pounds)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash used in operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29,662</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,148</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash from (used in) investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">373</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,745</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash from financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68,356</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net increase (decrease) in cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,067</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,149</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Operating Activities </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The increase in net cash used in operating activities was &pound;2.4&nbsp;million, from &pound;29.7&nbsp;million in 2016 to
&pound;32.1&nbsp;million in 2017. This was largely due to the increased loss before taxation due to higher levels of R&amp;D activity in 2017, offset in part by the increase in cash tax credit received from &pound;0.9&nbsp;million in 2016 to
&pound;5.3&nbsp;million in 2017. In addition there were changes in the <FONT STYLE="white-space:nowrap">add-backs</FONT> for <FONT STYLE="white-space:nowrap">non-cash</FONT> expenses as follows: (i)&nbsp;share based payment <FONT
STYLE="white-space:nowrap">add-backs</FONT> were reduced from &pound;6.5&nbsp;million to &pound;3.7&nbsp;million, reflecting lower share based payments charge in 2017, (ii) foreign exchange <FONT STYLE="white-space:nowrap">add-backs</FONT> increased
by &pound;3.6&nbsp;million in 2017, reflecting the movement from a foreign exchange gain of &pound;2.3&nbsp;million in 2016 to a loss of &pound;1.4&nbsp;million in 2017, (iii) interest earned increased by &pound;0.5&nbsp;million in 2017 as a result
of higher cash </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">110 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
held in deposits throughout 2017 and increased interest rates, (iv) &pound;0.3&nbsp;million on interest expense on the credit facility entered into in August 2017, (v) &pound;0.3&nbsp;million of
loss on short-term deposits in 2017 and (vi)&nbsp;working capital increased by &pound;5.6&nbsp;million in 2017, reflecting higher creditor and accrual balances at December&nbsp;31, 2017 compared to 2016. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Investing Activities </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s net cash from investing activities reduced from &pound;0.4&nbsp;million in 2016 to net cash used in investing activities of
&pound;3.7&nbsp;million in 2017, largely due to the &pound;2.3&nbsp;million cash cost of purchasing a license for <FONT STYLE="white-space:nowrap">MPH-966</FONT> from AstraZeneca in October 2017 and &pound;2.5&nbsp;million of cash transferred into
short-term investments held on deposit, partially offset by &pound;1.1&nbsp;million of interests received on Mereo&#146;s short-term deposits. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Financing Activities </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s net cash from financing activities reduced from &pound;68.4&nbsp;million in 2016 to &pound;33.7&nbsp;million in 2017. In June
2016, Mereo raised gross proceeds of &pound;56.5&nbsp;million in the second tranche of a private placement entered into in 2015. In June 2016, in connection with Mereo ordinary shares being admitted to trading on the AIM market, Mereo raised gross
proceeds of &pound;11.4&nbsp;million in private placements of its Mereo ordinary shares with institutional investors. In addition, and as part of that transaction, Mereo raised &pound;3.5&nbsp;million gross proceeds in the form of the Novartis
Notes. Mereo&#146;s total costs in respect of the foregoing transactions were &pound;3.0&nbsp;million. In April 2017, Mereo raised gross proceeds of &pound;15.0&nbsp;million in a placement of Mereo ordinary shares with institutional investors, for
which the cash cost amounted to &pound;0.8&nbsp;million. In August 2017, Mereo borrowed the first &pound;10.0&nbsp;million tranche under its credit facility and in December 2017 it borrowed the second and final tranche under its credit facility for
another &pound;10.0&nbsp;million. In addition, in 2017, Mereo paid an aggregate of &pound;0.3&nbsp;million of interest on its outstanding borrowings under its credit facility. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Operating and Capital Expenditure Requirements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2018, Mereo had an accumulated loss of &pound;111.2&nbsp;million. Mereo expects to continue to report significant
operating losses for the foreseeable future as it continues its research and development efforts and seeks to obtain regulatory approval of its current product candidates and any future product candidate Mereo may develop. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo expects its expenses to increase substantially in connection with its ongoing development activities related to its product candidates.
In addition, as a result of the Merger, Mereo expects to incur additional costs associated with operating as a U.S. public company listed on Nasdaq in addition to operating as a U.K. public company listed on AIM. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo anticipates that its expenses will increase substantially due to the costs associated with its current and planned clinical trials,
Mereo&#146;s outsourced manufacturing activities and other associated costs including the management of its intellectual property portfolio. These costs will increase further if Mereo: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">seeks to develop additional product candidates; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">seeks regulatory approvals for any of Mereo&#146;s product candidates that successfully completes clinical
trials; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">potentially establishes a sales, marketing, and distribution infrastructure and
<FONT STYLE="white-space:nowrap">scale-up</FONT> manufacturing capabilities to commercialize any products for which Mereo may obtain regulatory approval and chose to commercialize directly; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">expands Mereo&#146;s intellectual property portfolio; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">adds further central clinical, scientific, operational, financial and management information systems, and
personnel, including personnel to support Mereo&#146;s development and to support Mereo&#146;s operations as a U.S. public company listed on Nasdaq; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">experiences any delays or encounter any issues from any of the above, including but not limited to failed
studies, complex results, safety issues, or other regulatory challenges. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo expects that its existing cash
resources, will enable it to fund its currently committed clinical trials and operating expenses and capital expenditure requirements into <FONT STYLE="white-space:nowrap">mid-2020.</FONT> Mereo has based these estimates on assumptions that may
prove to be wrong, and it may use its available capital resources sooner than it currently expects. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Because of the numerous risks and uncertainties associated with the development of Mereo&#146;s product candidates and any future product candidates and because the extent to which Mereo may
enter into collaborations with third parties for development of any of Mereo&#146;s product candidates is unknown, Mereo is unable to estimate the amounts of increased capital outlays and operating expenses associated with completing the research
and development of its product candidates. Mereo&#146;s future capital requirements will depend on many factors, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the costs, timing and results of Mereo&#146;s ongoing Phase 2b clinical trial for
<FONT STYLE="white-space:nowrap">BPS-804</FONT> and its ongoing Phase 2 clinical trial for <FONT STYLE="white-space:nowrap">MPH-966;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the costs and timing of manufacturing clinical supplies of Mereo&#146;s product candidates;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the costs, timing, and outcome of regulatory review of Mereo&#146;s product candidates, including post-marketing
studies that could be required by regulatory authorities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the costs, timing, and outcome of potential future commercialization activities, including manufacturing,
marketing, sales and distribution, for Mereo&#146;s product candidates that Mereo commercialize directly; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the timing and amount of revenue, if any, received from commercial sales of Mereo&#146;s product candidates;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the costs and timing of preparing, filing, and prosecuting patent applications, maintaining and enforcing
Mereo&#146;s intellectual property rights and defending any intellectual property-related claims, including any claims by third parties that Mereo is infringing upon their intellectual property rights; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the sales price and availability of adequate third-party coverage and reimbursement for Mereo&#146;s product
candidates; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the effect of competitors and market developments; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the extent to which Mereo is able to acquire new product candidates or enter into licensing or collaboration
arrangements for its product candidates, although Mereo currently have no commitments or agreements to complete any such transactions; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">milestone and deferred payments under Mereo&#146;s license and option agreement with AstraZeneca.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s revenues, if any, will be derived from sales of any products that it is able to successfully develop,
receive regulatory approval for, and commercialize in future years. In the meantime, Mereo will need to obtain substantial additional funds to achieve its business objective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Adequate additional funds may not be available to Mereo on acceptable terms, or at all. To the extent that Mereo raise additional capital
through the sale of equity or convertible debt securities, your ownership interest will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect your rights as a shareholder. Any future debt
financing or preferred equity financing, if available, may involve agreements that include covenants limiting or restricting Mereo&#146;s ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring
dividends and may require the issuance of warrants, which could potentially dilute your ownership interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Mereo raised additional
funds through collaborations, strategic alliances, or licensing arrangements with third parties, Mereo may have to relinquish valuable rights to its technologies, future revenue streams, research programs or product candidates or grant licenses on
terms that may not be favorable to Mereo. If Mereo is unable to raise additional funds through equity or debt financings when needed, Mereo may be required to delay, limit, reduce, or terminate Mereo&#146;s product development programs or any future
commercialization efforts or grant rights to develop and market product candidates that Mereo would otherwise prefer to develop and market itself. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Indebtedness </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Novartis Notes
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;3, 2016, as part of the fundraising for Mereo&#146;s product development programs and for general corporate purposes
and in connection with Mereo ordinary shares being admitted to trading on AIM, Mereo issued 3,463,563 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">112 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
unsecured convertible loan notes to Novartis (the &#147;Novartis Notes&#148;) for aggregate proceeds of &pound;3,463,563. The Novartis Notes bear interest at 4% per annum payable annually and
accruing daily and rank senior to any other unsecured obligations Mereo may have. Novartis may at any time convert all or some of the Novartis Notes, together with accrued interest, into Mereo ordinary shares at a conversion price of &pound;2.21 per
Mereo ordinary share as long as, following such conversion, Novartis holds no more than 19.5% of the aggregate voting rights of Mereo. In addition, upon conversion, Novartis is entitled to receive an additional number of Mereo ordinary shares equal
to the number of shares into which such Novartis Notes and accrued interest are converted multiplied by 0.93 (the &#147;Bonus Shares&#148;). At December&nbsp;31, 2016, Novartis was entitled to receive up to 1,453,520 Bonus Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;6, 2017, Novartis delivered to Mereo a notice of conversion with respect to &pound;1,398,552 aggregate principal amount of
Novartis Notes. Pursuant to such notice, on April&nbsp;26, 2017, &pound;1,398,552 aggregate principal amount of Novartis Notes was converted into 632,829 fully paid Mereo ordinary shares. Additionally, in connection with such conversion, Mereo
issued 588,532 Bonus Shares to Novartis. At December&nbsp;31, 2018, Novartis was entitled to receive up to 864,988 Bonus Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the
extent any of the Novartis Notes remain outstanding on March 2, 2021, Mereo is obligated to pay Novartis the principal amount of such outstanding Novartis Notes together with any accrued interest. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Credit Facility </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;7, 2017, Mereo entered into a loan agreement (the &#147;Original Loan Agreement&#148;) with Silicon Valley Bank and Kreos
Capital V (UK) Limited, which provided for total borrowings of &pound;20.0&nbsp;million. Mereo borrowed &pound;10.0&nbsp;million on each of August&nbsp;21, 2017 and December&nbsp;29, 2017, for general working capital purposes. Under the Original
Loan Agreement, Mereo was obligated to make interest-only payments on the loan amount until September&nbsp;30, 2018, and thereafter Mereo was obligated to pay interest and principal in 30 equal monthly installments until March 2021. The loan bore
interest at an annual fixed rate equal to 9.0%. On September&nbsp;28, 2018, Mereo, Silicon Valley Bank and Kreos Capital V (UK) Limited entered into a new loan agreement (the &#147;New Loan Agreement&#148;), which replaced the Original Loan
Agreement in its entirety and (i)&nbsp;increased the total commitments of the lenders to &pound;20,455,000, (ii) extended the interest-only period from September&nbsp;30, 2018 to April&nbsp;30, 2019, and (iii)&nbsp;reduced the interest rate from
9.0% to 8.5%. Under the New Loan Agreement, both the interest-only period and the maturity date may be further extended subject to the achievement by Mereo of certain conditions set forth in the New Loan Agreement. The New Loan Agreement is secured
by substantially all of Mereo&#146;s assets, including intellectual property rights owned or controlled by Mereo. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the
New Loan Agreement, Mereo has issued warrants giving the lenders the right to subscribe for 225,974 Mereo ordinary shares at an exercise price of &pound;2.31 per Mereo ordinary share. These warrants will be capable of exercise until October&nbsp;1,
2028. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;23, 2019 Mereo entered into a further revision to the New Loan Agreement, which extended the interest-only period to
December&nbsp;31, 2019. In connection with the revised New Loan Agreement and following completion of the Merger with OncoMed on April&nbsp;23, 2019, Mereo expects to issue additional warrants giving the lenders the right to subscribe for
approximately 321,444 Mereo ordinary shares at an exercise price of &pound;2.95 per Mereo ordinary share. These warrants, when issued, will be capable of exercise until October&nbsp;1, 2028. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Critical Accounting Judgments and Estimates </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s financial statements have been prepared in accordance with IFRS as issued by the IASB. In the application of Mereo&#146;s
accounting policies, it is required to make judgments, estimates, and assumptions about the value of assets and liabilities for which there is no definitive third-party reference. The estimates and associated assumptions are based on historical
experience and other factors that Mereo considered to be relevant. Actual results may differ from these estimates. Mereo reviews its estimates and assumptions on an ongoing basis. Revisions to accounting estimates are recognized in the period in
which the estimate is revised if the revision affects only that period or in the period of the revisions and future periods if the revision affects both current and future periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following are Mereo&#146;s critical judgments and estimates that it has made in the process of applying its accounting policies and that
have the most significant effect on the amounts recognized in its consolidated financial statements included elsewhere in this annual report. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">113 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Measurement of Share-Based Compensation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Through December&nbsp;31, 2018, Mereo granted share options and awards under the following four equity award plans: (i)&nbsp;the 2015 Plan;
(ii)&nbsp;the Share Option Plan; (iii)&nbsp;the LTIP; and (iv)&nbsp;the 2016 DBSP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo measures share options at fair value at its
grant date in accordance with IFRS 2, &#147;Share-based Payment.&#148; Mereo calculates the fair value of the share options using either the Black-Scholes model, or for options with performance conditions, a simulation model. Mereo charges the fair
value to the statement of comprehensive income over the expected vesting period. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>2015 Plan </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the 2015 Plan, Mereo has granted share options to its employees, including its senior executives, and its
<FONT STYLE="white-space:nowrap">non-executive</FONT> directors. For all employees, share options vest over four years with 25% vesting 12 months after the vesting start date and the balance vesting equally over the next 36 months. For <FONT
STYLE="white-space:nowrap">non-executive</FONT> directors, share options vest over three years in three equal annual installments. There have been no performance conditions attached to the share options granted under the 2015 Plan. Certain rules
apply for accelerated vesting and exercise of share options in the event of an offer for the company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo measures the share options
under the 2015 Plan at fair value at its grant date in accordance with IFRS 2, &#147;Share-based Payment,&#148; using the Black-Scholes model. The exercise price of the share options under the 2015 Plan is in the range of &pound;1.29 to &pound;2.21
per Mereo Share and the share options were granted between September 2015 and May 2016 with an exercise period of 10 years from the date of grant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other inputs to determine the fair value included: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Volatility(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk-free rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.48&nbsp;to&nbsp;2.07</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&pound;nil</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Measured by reference to a basket of similar companies trading on AIM. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fair value of such share-based compensation is recognized as an expense over the respective vesting period. Share-based compensation
expense under the 2015 Plan was &pound;6.2&nbsp;million in 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since there is no historical data in relation to the expected life of
the share options, the contractual life of the options was used in calculating the expense for the year. Volatility was estimated by reference to the share price volatility of a group of comparable companies over a retrospective year equal to the
expected life of the share options. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Share Option Plan </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Share Option Plan, Mereo has granted 1,881,555 share options to executive officers and other employees and 84,633 options have
lapsed. The weighted-average remaining contractual life for the share options outstanding as of December&nbsp;31, 2017 and December&nbsp;31, 2018 was 9.4 years and 8.6, respectively. The weighted-average fair value of options granted during the year
ended December&nbsp;31, 2017 and December&nbsp;31, 2018 was &pound;1.85 and &pound;2.29 per share, respectively. Share options outstanding as of December&nbsp;31, 2017 had an exercise price of between &pound;3.03 and &pound;3.23, respectively per
share and as of December&nbsp;31, 2018, between &pound;2.76 and &pound;3.23 per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The weighted-average inputs to the models used for
the fair value of share options were as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected volatility (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">49-51</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">65-67</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk-free interest rate (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">1.06-1.33</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">1.39-1.53</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected life of share options (years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Market price of ordinary shares (&pound;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">3.03-3.23</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">2.76-3.25</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Model used</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Black&nbsp;Scholes</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Black&nbsp;Scholes</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">114 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since there is no historical data in relation to the expected life of the share options, the
contractual life of the options was used in calculating the expense for the year. Volatility was estimated by reference to the share price volatility of a group of comparable companies over a retrospective year equal to the expected life of the
share options. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Long Term Incentive Plan </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the LTIP, share options were granted to executive officers on June&nbsp;9, 2016 and April&nbsp;4, 2017. 75% of these share options have
specific performance conditions and vest up to 33.3% on June&nbsp;9, 2019 (Tranche 1), 33.3% on June&nbsp;9, 2020 (Tranche 2) and 33.3% on June&nbsp;9, 2021 (Tranche 3) depending on achieving share price increases relative to the share price at
January&nbsp;1 2019, January&nbsp;1, 2020 and January&nbsp;1, 2021 relative to the share price at admission to AIM. The share options were granted at a weighted-average fair value of &pound;1.34 per Mereo Share and have an exercise price of
&pound;nil. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other inputs used to determine the fair value of the strategic element of the LTIP share options were:</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Tranche&nbsp;1</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Tranche&nbsp;2</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Tranche&nbsp;3</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Volatility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk-free rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.48</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.61</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.74</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&pound;nil</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&pound;nil</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&pound;nil</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo measures the fair value of the share price element of the LTIP share options at its grant date in
accordance with IFRS 2, &#147;Share-based Payment,&#148; using a Monte Carlo simulation model. Share options have an exercise period of one year from vesting date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">25% of the LTIP share options are subject to strategic targets and share options vest three years from the date of grant. LTIP share options
were granted at a weighted-average fair value of &pound;1.34 per Mereo Share and have an exercise price of &pound;nil. Mereo measures the fair value of the strategic element of the LTIP share options using the Black-Scholes model. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other inputs used to determine the fair value of LTIP share options were: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Volatility</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk-free rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.74</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&pound;nil</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fair value of the total share-based compensation is recognized as an expense over the respective vesting
period. Share-based compensation expense under the LTIP was &pound;0.2&nbsp;million in 2018 and &pound;0.3&nbsp;million in 2017. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Deferred Bonus Share Plan </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the 2016 DBSP, 100,817 share options were granted to executive officers on April&nbsp;26, 2018 in respect of the year ended
December&nbsp;31, 2017. Share options have no performance conditions, an exercise price of &pound;nil, a normal vesting date of 3 years from grant and are exercisable within one year of vesting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since the 2016 DBSP awards are equity-settled, they are valued using the grant date model based on the fair value at the date of issue. Given
there are no market conditions nor any <FONT STYLE="white-space:nowrap">non-vesting</FONT> conditions, the value of the awards will be the monetary value of the shares issued at the date of issue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fair value of such share-based compensation is recognized as an expense over the respective vesting period. Share-based compensation
expense under the 2016 DBSP for the years ended December&nbsp;31, 2018 and 2017 were &pound;nil million and &pound;0.3&nbsp;million respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo accounts for related social security contributions on all share options as cash-settled share-based payment transactions. Mereo
recognizes a liability over the vesting period in respect of share options to be exercised. The total charge in respect of social security was a negative charge of &pound;1.4&nbsp;million in 2018 and a charge of &pound;1.1&nbsp;million in 2017. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">115 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo expects to grant additional share options that will result in additional share-based
compensation expense. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Measuring the Fair Value of Mereo&#146;s Intangible Assets </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At each <FONT STYLE="white-space:nowrap">year-end</FONT> reporting date, Mereo reviews the carrying value of its intangible assets to
determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset&#146;s fair value less costs to sell and value in use, is compared to
the asset&#146;s carrying value. Any excess of the asset&#146;s carrying value over its recoverable amount is expensed to the income statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo considers the future development costs, the probability of successfully progressing each program to product approval and likely
commercial returns after product approval, among other factors, when reviewing for indicators of impairment. The results of this testing did not indicate any impairment of the acquired products&#146; rights in the years ended December&nbsp;31, 2016
and December&nbsp;31, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The acquired development programs are assets which are not used in launched products. These assets have not
yet begun to be amortized but have been tested for impairment by assessing their value in use. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Value-in-use</FONT></FONT> calculations for each program are utilized to calculate the
recoverable amount. The calculations use <FONT STYLE="white-space:nowrap">pre-tax</FONT> cash flow projections covering the period through product development to commercial sales up to the later of loss of patent protection or market exclusivity,
which extend beyond five years from the balance sheet date; no cash flows are included after this date. Approved products are assumed to be <FONT STYLE="white-space:nowrap">out-licensed</FONT> such that Mereo receives upfront fees, milestone
payments, and royalties on sales; therefore, Mereo does not incur any costs of commercialization after <FONT STYLE="white-space:nowrap">out-licensing.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Key assumptions Mereo has used for the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">value-in-use</FONT></FONT>
calculations are described as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">development costs to obtain regulatory approval&#151;costs are estimated net of any contributions expected from
collaborative arrangements with future partners. Mereo&#146;s directors have developed cost estimates based on Mereo&#146;s previous experience and in conjunction with the expertise of Mereo&#146;s clinical development partners;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">launch dates of products&#151;these reflect Mereo&#146;s expected date of launch for products based on the
timeline of development programs required to obtain regulatory approval. The assumptions are based on Mereo&#146;s directors&#146; prior experience together with the outcome of discussions with regulators; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">probability of successful development&#151;Mereo estimate probabilities of success for each phase of development
based on industry averages and knowledge of specific programs; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">out-licensing</FONT> upfront fees, milestones, and royalty rates on
sales&#151;Mereo estimate these amounts based on prior experience and access to values from similar transactions in the industry, which are collated and accessible from specialist third-party sources; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">sales projections&#151;these are based on Mereo&#146;s internal projections using external market data and market
research commissioned by us; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">profit margins and other operational expenses&#151;these are based on Mereo&#146;s internal projections of
current product manufacturing costings, with input from manufacturing partners where applicable, and estimates of operating costs based on Mereo&#146;s prior industry experience; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">cash flow projections&#151;the periods over which cash flows are forecast (based on the current patent protection
periods relevant to the asset), are as follows: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">BCT-197&#151;18</FONT> years; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">BGS-649&#151;17</FONT> years; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">BPS-804&#151;14</FONT> years; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">MPH-966&#151;16</FONT> years </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">116 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">discount rates&#151;the discount rate is estimated on a <FONT STYLE="white-space:nowrap">pre-tax</FONT> basis
reflecting Mereo&#146;s estimated cost of capital and is applied consistently across each of the operating segments. The cost of capital in 2018 and 2017 was 15.3%. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At this stage of product development, Mereo believes the key sensitivity for all three development programs is the probability of successful
completion of clinical trials in order to obtain regulatory approval for sale. Therefore, full impairment of a development program is expected should such related trials be unsuccessful and development halted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Determining whether an intangible asset is impaired requires an estimation of whether there are any indications that its carrying value is not
recoverable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Fair Value of Provision for Deferred Cash Consideration </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Provision for deferred cash consideration represents the potential future cash payments in respect of the
<FONT STYLE="white-space:nowrap">MPH-966</FONT> acquisition. As this is in respect of a product which is not yet approved, this provision for deferred cash consideration includes all contingent payments up to the point of exercise of the right to
acquire the intellectual property and excludes potential downstream milestones, royalties or other payments because they are unquantifiable. The provision is recognized as a liability at each balance sheet date with the amounts calculated as the
risk adjusted net present value of certain future payments Mereo may make. The payments are dependent on reaching specific milestones based on the commencement and outcome of clinical trials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The total amount of provision for deferred cash consideration at December&nbsp;31, 2018 was &pound;1.6&nbsp;million and at December&nbsp;31,
2017 was &pound;2.1&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Key inputs used to determine the value of the provision for deferred consideration include: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Discount rate: 15.3% </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Likely payment date: Based on the expected timing of the ongoing Phase 2 study for
<FONT STYLE="white-space:nowrap">MPH-966</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Risk adjustment: Standard risk adjustments for orphan asset development programs </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Fair Value of Deferred Equity Consideration </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deferred equity consideration is accounted for as equity-settled share-based payment transactions in accordance with IFRS 2. Fair value is
determined by the share price at the date of purchase. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Deferred Tax and Current Tax Credits </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognized in the statement of operations, except to the
extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax is the expected tax payable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous years. Tax credits are accrued for the year based on calculations that conform to the U.K. research and development tax credit regime applicable to small and <FONT
STYLE="white-space:nowrap">medium-sized</FONT> companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo may not be able to continue to claim research and development tax credits
in the future under the current research and development tax credit scheme when it becomes a U.S. public company because it may no longer qualify as a small or <FONT STYLE="white-space:nowrap">medium-sized</FONT> company. However, Mereo may be able
to file under a large-company scheme. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax
is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognized only to the extent that it
is probable that future taxable profits will be available against which the asset can be utilized. No deferred tax assets are recognized on Mereo&#146;s losses carried forward because there is currently no indication that Mereo will make sufficient
profits to utilize these tax losses. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">117 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Fair Value of Warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the borrowings under the credit facility in 2017, we issued to the lenders warrants to subscribe for an aggregate of 363,156
of our ordinary shares at an exercise price of &pound;3.029 per ordinary share and warrants to subscribe for an aggregate of 333,334 of our ordinary shares at an exercise price of &pound;3.30 per ordinary share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, on September&nbsp;30, 2018, Mereo entered into a revised loan agreement with the intention that this would replace the old loan
(with the proceeds of the new loan being used to settle the old loan). The new loan is viewed as a modification of the original loan because it was agreed with the same lenders as under the old loan and the old loan was not repayable at par with no
penalty. On the same date, Mereo issued 225,974 additional warrants, for &pound;nil consideration to the lender with the same key terms as the original warrants. The fair value of the additional warrants as of their grant date (September 30, 2018)
was &pound;375,343. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The new loan has a principal amount of &pound;20.5&nbsp;million and will mature on March&nbsp;1, 2021, unless
extended on reaching certain milestones. The modification loss has been calculated accordingly in the amount of &pound;730,037 and has been recognized in profit and loss as of the date of the modification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fair value of the warrants is measured using the Black-Scholes model taking into account any appropriate amendments to inputs in respect
of volatility and remaining expected life of the warrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The weighted-average inputs to the models used for the fair value of warrants
granted during the period ended December&nbsp;31, 2018 were as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended<BR>December&nbsp;31,&nbsp;2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected volatility (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk-free interest rate (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected life of share options (years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Market price of ordinary shares (&pound;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Model used</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Black&nbsp;Scholes</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fair value of the warrants at December&nbsp;31, 2018 was &pound;1.0&nbsp;million. The carrying value of
the loan at December&nbsp;31, 2018 was &pound;19.4&nbsp;million. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Recent Accounting Pronouncements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo refers to Note 2.2 to its consolidated financial statements for the year ended December&nbsp;31, 2018 included elsewhere in this annual
report for a discussion of new standards and interpretations not yet adopted by Mereo. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During the year ended December&nbsp;31, 2018,
Mereo adopted IFRS 9 Financial Instruments (as revised in July 2014, &#147;IFRS 9&#148;) and the related consequential amendments to other IFRSs. IFRS 9 introduces new requirements for (i)&nbsp;the classification and measurement of financial assets
and financial liabilities, (ii)&nbsp;impairment for financial assets, (iii)&nbsp;general hedge accounting and (iv)&nbsp;new accounting for certain modifications and exchanges of financial liabilities measured at amortised cost. The only impact on
Mereo is in relation to the <FONT STYLE="white-space:nowrap">non-substantial</FONT> modification of the convertible loan notes, as detailed below. Mereo has applied IFRS 9 in full without restating comparatives with an initial date of application of
January&nbsp;1, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In relation to the <FONT STYLE="white-space:nowrap">non-substantial</FONT> modification of financial liabilities,
IFRS 9 requires the recognition of a modification gain or loss for exchanges or modifications of financial liabilities that do not result in derecognition of the financial liability. As a result, under IFRS 9 the carrying value of the convertible
loan notes at the date of modification, as more fully described in Mereo&#146;s unaudited consolidated interim financial statements for the year ended December&nbsp;31, 2018 included elsewhere in this annual report, was adjusted to recognize the
modification gain in the retained earnings as of the date of initial application of IFRS 9 (January 1, 2018). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Interest bearing loans
and borrowings&#151;Convertible loan notes </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At January&nbsp;1, 2018 calculated under IAS 39</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,977,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amounts restated through retained earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(123,865</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2018 under IFRS 9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,853,528</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">118 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.C. Research and development, patents and licenses, etc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a description of the Company&#146;s research and development policies for the last three years see &#147;Item 5. Operating and Financial
Review and Prospects&#151;A. Operating Results&#151;Financial Overview&#151;Research and Development Expenses.&#148; For a description of Mereo&#146;s intellectual property, see &#147;Item 4. Information On the Company&#151;B. Business
Overview&#151;Intellectual Property.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.D. Trend Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are currently in the development stage and we expect to remain in that stage for the upcoming year, and therefore trends relating to
production, sales, inventory, backlog and selling prices are not applicable. See &#147;&#151;A. Operating Results.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.E. <FONT
STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We did not have during the period presented, and do not currently
have, any <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet arrangements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.F. Contractual Obligations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The table below summarizes Mereo&#146;s contractual obligations at December&nbsp;31, 2018. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Payments&nbsp;Due&nbsp;by&nbsp;Period</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Up&nbsp;to&nbsp;1&nbsp;year</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">1-3&nbsp;Years</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">3-5&nbsp;Years</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Over&nbsp;5&nbsp;Years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B>(in&nbsp;thousands&nbsp;of&nbsp;pounds)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Novartis Notes(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,162</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,327</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank loan(2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,260</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,589</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating lease(3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">204</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">536</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,674</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,955</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,712</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes interest. See &#147;&#151;B. Liquidity and Capital Resources&#151;Indebtedness&#151;Novartis
Notes.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes interest. See &#147;&#151;B. Liquidity and Capital Resources&#151;Indebtedness&#151;Novartis
Notes.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Reflects payments due for Mereo&#146;s office lease under a lease agreement that expires in August 2025. Mereo
may terminate this agreement in August 2020 and, as such, no amounts due under the agreement after August 2020 are reflected. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As further described above under &#147;&#151;A. Operating Results&#151;Asset Purchase Agreements with Novartis&#148; and &#147;&#151;A.
Operating Results&#151;License Agreement with AstraZeneca,&#148; under various agreements with Novartis and AstraZeneca, Mereo has agreed to make milestone payments and pay royalties. Mereo has not included any deferred payment obligations, such as
milestones or royalties, in the table above, as the amount, timing, and likelihood of such payments are not known and will remain uncertain for the foreseeable future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Mereo enters into contracts in the ordinary course of business with CROs, CMOs, and other vendors to assist in the performance of
its research and development activities and other services and products for operating purposes. These contracts generally provide for termination on notice, and therefore are cancelable contracts and not included in the table of contractual
obligations and commitments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.G. Safe Harbor </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This annual report contains forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the
Exchange Act and as defined in the Private Securities Litigation Reform Act of 1995. See the section titled &#147;Special Note Regarding Forward-Looking Statements&#148; at the beginning of this annual report. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">119 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_8"></A>Item&nbsp;6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Directors, Senior Management And Employees </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.A. Directors, Senior Management and Employees </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Executive Officers and Directors </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
following table presents information about Mereo&#146;s executive officers and directors, including their ages, as of the date of this annual report: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="44%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Age</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Position</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Executive&nbsp;Officers</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Denise Scots-Knight, Ph.D.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer and Director</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Richard Jones</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer and Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alastair MacKinnon, MBBS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chief Medical Officer</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John Richard</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Head of Corporate Development</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Charles Sermon</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">General Counsel</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alexandra (Wills) Hughes-Wilson</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Head of Patient Access and Commercial Planning</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-Executive</FONT> Directors</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Peter Fellner, Ph.D.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Chairman of the Board</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Peter Bains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Paul Blackburn</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Anders Ekblom, M.D., Ph.D.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Kunal Kashyap</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deepika R. Pakianathan, Ph.D.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Michael S. Wyzga</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The current business addresses for Mereo&#146;s executive officers and directors is c/o Mereo BioPharma Group
plc, 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, One Cavendish Place, London, W1G 0QF, United Kingdom. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following
are brief biographies of Mereo&#146;s executive officers and directors: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Denise Scots-Knight, Ph.D. </I></B>Dr.&nbsp;Scots-Knight
has served as Mereo&#146;s Chief Executive Officer since July 2015 and as a member of the Mereo Board since Mereo&#146;s formation. From 2010 until joining Mereo, Dr.&nbsp;Scots-Knight was the Managing Partner of Phase4 Partners Ltd.
(&#147;Phase4&#148;), a global life science venture capital firm. Dr.&nbsp;Scots-Knight is currently a board member of Phase4 and of Elanco Animal Health Incorporated. Dr.&nbsp;Scots-Knight holds a B.Sc. (Hons.) and a Ph.D. from Birmingham
University. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Richard Jones. </I></B>Mr.&nbsp;Jones has served as Mereo&#146;s Chief Financial Officer and as a member of the Mereo
Board since January 2017. From 2011 until joining Mereo, Mr.&nbsp;Jones was the Chief Financial Officer and Company Secretary of Shield Therapeutics plc, where he also served as a <FONT STYLE="white-space:nowrap">Non-Executive</FONT> Director from
2010 to 2011. Mr.&nbsp;Jones serves as a <FONT STYLE="white-space:nowrap">non-executive</FONT> director on the board of Alliance Pharma plc. Mr.&nbsp;Jones is a qualified chartered accountant (ACA) with the Institute of Chartered Accountants in
England and Wales (ICAEW) and holds a B.Eng. (Hons.) from the University of Newcastle upon Tyne. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Alastair MacKinnon, MBBS.
</I></B>Dr.&nbsp;MacKinnon has served as Mereo&#146;s Chief Medical Officer since July 2015. From 2010 until joining Mereo, Dr.&nbsp;MacKinnon was a Partner of Phase4, where he currently serves as a member of the board of directors.
Dr.&nbsp;MacKinnon holds a B.Sc. and a MBBS from King&#146;s College London and is a Member of the Royal College of Surgeons in Edinburgh. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>John Richard. </I></B>Mr.&nbsp;Richard has served as Mereo&#146;s Head of Corporate Development since July 2015. Prior to joining Mereo,
he was a consultant for Nomura, a global investment bank, and Phase4. Mr.&nbsp;Richard serves on the boards of Vaxart, Inc., Catalyst Biosciences, QUE Oncology, and Phase4. Mr.&nbsp;Richard holds a B.S. from Stanford University and an MBA from
Harvard Business School. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Charles Sermon. </I></B>Mr.&nbsp;Sermon has served as Mereo&#146;s General Counsel and Company Secretary
since July 2015. From 2010 until joining Mereo, Mr.&nbsp;Sermon was a Partner of Phase4, where he currently serves as a member of the board of directors. Mr.&nbsp;Sermon trained and qualified as a lawyer with Freshfields after completing the Law
Society&#146;s Final Examination. Mr.&nbsp;Sermon holds an LL.B. (Hons.) from Hull University. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">120 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Alexandra (Wills) Hughes-Wilson</I></B>. Ms.&nbsp;Hughes-Wilson has served as
Mereo&#146;s Head of Patient Access and Commercial Planning since March 2018. Prior to joining Mereo, Ms.&nbsp;Hughes-Wilson was Senior Vice President, Chief Patient Access Officer at Swedish Orphan Biovitrum (publ.) AB, a biotechnology company,
from 2012 to 2018, and prior to that served as Vice President Health&nbsp;&amp; Market Access Policy EMEA at Genzyme (now Sanofi Genzyme), a biotechnology company. Ms.&nbsp;Hughes-Wilson holds a Bachelor&#146;s Degree in Law and Politics (Hons.)
from the University of Durham, U.K. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Peter Fellner, Ph.D</I></B>. Dr.&nbsp;Fellner has been Chairman of the Mereo Board since July
2015. He also serves as Chairman of the board of directors of Consort Medical plc, and was Chairman of the board of directors of Ablynx NV from November 2013 until January 2018 and Vernalis plc until October 2018. Dr.&nbsp;Fellner was previously
Chairman of the board of directors of Acambis plc from 2006 until its acquisition by Sanofi Pasteur and Optos plc from 2000 until its acquisition by Nikon Corporation, and Vice Chairman of Astex Pharmaceuticals Inc. until its acquisition by Otsuka
Pharmaceutical Company. He also served as a Director of UCB SA and was CEO and then Chairman of Celltech Group plc. Dr.&nbsp;Fellner holds a B.Sc. (Hons.) from the University of Sheffield and a Ph.D. from the University of Cambridge. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Peter Bains. </I></B>Mr.&nbsp;Bains has served on the Mereo Board since July 2015. Mr.&nbsp;Bains was Representative Executive Officer
and Chief Executive Officer of Sosei Group Corporation, a biotechnology company until 31&nbsp;December 2018. Previously, he was Chief Executive Officer of Syngene International Ltd. (&#147;Syngene&#148;), and served as a <FONT
STYLE="white-space:nowrap">Non-Executive</FONT> Director until 2016. Mr.&nbsp;Bains currently serves as <FONT STYLE="white-space:nowrap">Non-Executive</FONT> Director for Phase4 and MiNA Therapeutics Ltd. Mr.&nbsp;Bains served as <FONT
STYLE="white-space:nowrap">Non-Executive</FONT> Chairman of Fermenta Biotech Ltd. until April 2018. Mr.&nbsp;Bains holds a B.Sc. (Hons.) from Sheffield University. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Paul Blackburn. </I></B>Mr.&nbsp;Blackburn has served on the Mereo Board since October 2015. Mr.&nbsp;Blackburn was Senior Vice
President Strategic Finance Projects and Financial Controller at GlaxoSmithKline. Mr.&nbsp;Blackburn currently serves on the Board of Directors of Syngene. Mr.&nbsp;Blackburn is a member of the Chartered Institute of Managed Accountants.
Mr.&nbsp;Blackburn holds a B.Sc. from Warwick University. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Anders Ekblom, M.D., Ph.D. </I></B>Dr.&nbsp;Ekblom has served on the
Mereo Board since July 2015. Dr.&nbsp;Ekblom has held a number of executive positions at AstraZeneca, including Executive Vice President Global Drug Development, Executive Vice President Global Medicines Development, Global Head Clinical
Development, Global Therapy Area Head, Global Head Science&nbsp;&amp; Technology Integration, and Chief Executive Officer of AstraZeneca AB Sweden. He currently serves as Chairman of the Board of Elypta AB and TFS International AB, and on the boards
of directors of Alligator Bioscience AB, AnaMar AB, Infant Bacterial Therapeutics AB and LEO Pharma A/S. Dr.&nbsp;Ekblom is a board-certified medical doctor and an Associate Professor at the Karolinska Institutet. Dr.&nbsp;Ekblom holds a D.D.S.,
M.D. and Ph.D. from Karolinska Institutet. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Kunal Kashyap. </I></B>Mr.&nbsp;Kashyap has served on the Mereo Board since July 2015.
Mr.&nbsp;Kashyap is Chairman and Managing Director of Allegro Capital Advisors and also serves as an Independent Director of GlaxoSmithKline Consumer Healthcare Ltd and a <FONT STYLE="white-space:nowrap">Non-Executive</FONT> Director of Phase4.
Mr.&nbsp;Kashyap was a partner with Arthur Andersen responsible for establishing and managing their operations in South India. Mr.&nbsp;Kashyap is also the Founder and was the Executive Director of Celstream Technologies Private Limited.
Mr.&nbsp;Kashyap is a Chartered Accountant from the Institute of Chartered Accountants of India. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Deepika R. Pakianathan,
Ph.D.</I></B>&nbsp;Dr.&nbsp;Pakianathan has served on the Mereo Board since April 2019 following completion of the Merger and served as a director of OncoMed since December 2008 until the closing of the Merger. Since 2001, Dr.&nbsp;Pakianathan has
been a Managing Member at Delphi Ventures, a venture capital firm focused on biotechnology and medical device investments. Dr.&nbsp;Pakianathan serves on the boards of directors of Alder Biopharmaceuticals, Inc., Karyopharm Therapeutics, Inc., and
Calithera Biosciences, Inc. Dr.&nbsp;Pakianathan previously served on the boards of directors of Alexza Pharmaceuticals, Inc., PTC Therapeutics, Inc. and Relypsa, Inc. Dr.&nbsp;Pakianathan received a B.Sc. from the University of Bombay, India, a
M.Sc. from The Cancer Research Institute at the University of Bombay, India, and an M.S. and Ph.D. from Wake Forest University. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Michael S. Wyzga. </I></B>Mr.&nbsp;Wyzga has served on the Mereo Board since April 2019 following completion of the Merger and had
served as a director of OncoMed since October 2013 until the closing of the Merger. Mr.&nbsp;Wyzga is currently the President of MSW Consulting Inc., a strategic consulting group focused in the life sciences area. From December 2011 until November
2013, Mr.&nbsp;Wyzga served as President and Chief Executive Officer and a member of the board of directors of Radius Health, Inc. Prior to that, Mr.&nbsp;Wyzga served in various senior management positions at Genzyme Corporation, including as Chief
Financial Officer from July 1999 until November 2011. Mr.&nbsp;Wyzga is a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">121 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
member of the boards of directors of Exact Sciences Corporation and LogicBio, and is Chairman of the board of directors of GenSight Biologics S.A. and of X4 Biologics. Mr.&nbsp;Wyzga previously
served as a member of the boards of directors of Idenix Pharmaceuticals, Inc. and Altus Pharmaceuticals, Inc., and as a member of the supervisory board of Prosensa Holding B.V. He received an M.B.A. from Providence College and a B.S. from Suffolk
University. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Arrangements Concerning Election of Directors; Family Relationships </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are not a party to, and are not aware of, any voting agreements among our shareholders. In addition, there are no family relationships among
our executive officers and directors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.B. Compensation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Executive Officer Remuneration </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
following table sets forth the approximate remuneration paid during the year ended December&nbsp;31, 2018. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name&nbsp;and&nbsp;Principal&nbsp;Position</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Salary</B><br><B>(&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cash&nbsp;Bonus(1)</B><br><B>(&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>All&nbsp;Other</B><br><B>Compensation(2)</B><br><B>(&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total(3)</B><br><B>(&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Denise Scots-Knight, Ph.D.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">379,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">303,680</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,560</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">747,840</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Richard Jones</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">260,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,481</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">501,481</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alastair MacKinnon, MBBS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">281,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">225,280</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,698</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">537,578</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John Richard(4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">277,861</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">230,053</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">507,914</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Charles Sermon</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">282,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">225,992</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,975</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">543,457</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alexandra Hughes-Wilson</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amount shown reflects cash bonuses awarded for achievement of performance goals. In 2018, 30% of the annual
cash bonus awarded was made (after deduction of income tax and the relevant employee&#146;s national insurance contributions) to Mereo&#146;s current executive officers to acquire Mereo ordinary shares under the 2019 DBP (as defined below). See
&#147;&#151;D. Share Ownership&#151;Equity Compensation Arrangements.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amount shown represents health benefit payments and pension contributions made by us. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Total compensation set out in this table does not include any amounts for awards under the 2016 DBSP or the
value of options to acquire Mereo ordinary shares or awards granted to or held by current senior management, which is described in &#147;&#151;Equity Compensation Arrangements.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Richard provided services to Mereo in 2018 under a consultancy agreement and currently provides
services to Mereo under a consultancy agreement and an employment agreement. These agreements are described in &#147;&#151;Executive Officer Employment and Consultancy Agreements&#151;John Richard.&#148; </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Executive Officer Employment and Consultancy Agreements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Denise Scots-Knight, Ph.D. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo entered into an employment agreement with Dr.&nbsp;Scots-Knight on July&nbsp;29, 2015. This agreement entitles Dr.&nbsp;Scots-Knight to
receive an initial annual base salary of &pound;275,000 (which was subsequently increased to &pound;379,600 for 2018 and to &pound;390,988 for 2019) and an opportunity to earn an annual discretionary performance-based bonus, subject to the
achievement of performance goals determined in accordance with Mereo&#146;s annual bonus plan. Mereo currently contributes to Dr.&nbsp;Scots-Knight&#146;s Self-Invested Personal Pension Scheme an amount equal to 15% of Dr.&nbsp;Scots-Knight&#146;s
annual salary, provided that she contributes 4% or more of her annual salary to that scheme. In lieu of a pension contribution, Mereo may, at Dr.&nbsp;Scots-Knight&#146;s request, pay a <FONT STYLE="white-space:nowrap">pro-rata</FONT> amount equal
to 10% of her base salary as additional compensation. Either party may terminate the employment agreement by giving the other party not less than 12 months&#146; written notice, provided that Mereo may terminate Dr.&nbsp;Scots-Knight at any time
with immediate effect for cause or by giving written notice to Dr.&nbsp;Scots-Knight that Mereo will instead pay her basic salary for any remaining notice period. Dr.&nbsp;Scots-Knight&#146;s employment agreement also contains restrictive covenants
pursuant to which she has agreed to refrain from competing with Mereo or soliciting Mereo&#146;s key employees for a period of six months following her termination of employment or soliciting Mereo&#146;s customers for a period of nine months
following her termination of employment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">122 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Richard Jones </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo entered into an employment agreement with Mr.&nbsp;Jones on November&nbsp;7, 2016 pursuant to which he commenced employment with Mereo on
January&nbsp;28, 2017. This agreement entitles Mr.&nbsp;Jones to receive an initial annual base salary of &pound;250,000 (which was subsequently increased to &pound;260,000 for 2018 and to &pound;291,200 for 2019) and an opportunity to earn an
annual discretionary performance-based bonus, subject to the achievement of performance goals determined in accordance with Mereo&#146;s annual bonus plan. Mr.&nbsp;Jones is also eligible to participate in Mereo&#146;s group personal pension scheme
and Mereo has agreed to contribute to the pension scheme an amount equal to 10% of Mr.&nbsp;Jones&#146;s annual salary provided that he contributes 4% or more of his annual salary to that scheme. In lieu of a pension contribution, Mereo may, at
Mr.&nbsp;Jones&#146;s request, pay a <FONT STYLE="white-space:nowrap">pro-rata</FONT> amount equal to 10% of his base salary as additional compensation. Either party may terminate the employment agreement by giving the other party not less than six
months&#146; written notice, provided that Mereo may terminate Mr.&nbsp;Jones at any time with immediate effect for cause or by giving written notice to Mr.&nbsp;Jones that Mereo will instead pay his basic salary for any remaining notice period.
Mr.&nbsp;Jones&#146;s employment agreement also contains restrictive covenants pursuant to which he has agreed to refrain from competing with Mereo or soliciting Mereo&#146;s key employees for a period of six months following his termination of
employment or soliciting Mereo&#146;s customers for a period of nine months following his termination of employment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Alastair
MacKinnon, MBBS </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo entered into an employment agreement with Dr.&nbsp;MacKinnon on July&nbsp;29, 2015, and subsequently amended
the agreement on November&nbsp;24, 2017. This agreement entitles Dr.&nbsp;MacKinnon to receive an initial annual base salary of &pound;210,000 (which was subsequently increased to &pound;281,600 for 2018 and to &pound;290,048 for 2019) and an
opportunity to earn an annual discretionary performance-based bonus, subject to the achievement of performance goals determined in accordance with Mereo&#146;s annual bonus plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dr.&nbsp;MacKinnon is also eligible to participate in Mereo&#146;s group personal pension scheme and Mereo has agreed to contribute to the
pension scheme an amount equal to 10% of Dr.&nbsp;MacKinnon&#146;s annual salary provided that he contributes 4% or more of his annual salary to that scheme. In lieu of a pension contribution, Mereo may, at Dr.&nbsp;MacKinnon&#146;s request, pay a <FONT
STYLE="white-space:nowrap">pro-rata</FONT> amount equal to 10% of his base salary as additional compensation. Either party may terminate the employment agreement by giving the other party not less than six months&#146; written notice, provided that
Mereo may terminate Dr.&nbsp;MacKinnon at any time with immediate effect for cause or by giving written notice to Dr.&nbsp;MacKinnon that Mereo instead pay his basic salary for any remaining notice period. Dr.&nbsp;MacKinnon&#146;s employment
agreement also contains restrictive covenants pursuant to which he has agreed to refrain from competing with Mereo for a period of three months following his termination of employment, soliciting Mereo&#146;s key employees for a period of six months
following his termination of employment, or soliciting Mereo&#146;s customers for a period of nine months following his termination of employment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>John Richard </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo entered into a consultancy agreement with Mr.&nbsp;Richard on February&nbsp;1, 2018, pursuant to which he provided services to Mereo
during 2018 and which has subsequently expired. Mr.&nbsp;Richard currently provides services to Mereo pursuant to an employment agreement dated February&nbsp;26, 2018 (the &#147;Richard Employment Agreement&#148;), and a consultancy agreement dated
January&nbsp;23, 2019 (the &#147;Richard Consulting Agreement&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Richard Employment Agreement entitles Mr.&nbsp;Richard to
receive an initial base salary of &pound;3,900 per month, which was subsequently increased to &pound;4,017 per month from January 2019, and an opportunity to earn an annual discretionary performance-based bonus, subject to the achievement of
performance goals determined in accordance with Mereo&#146;s annual bonus plan. Mr.&nbsp;Richard is also eligible to participate in Mereo&#146;s group personal pension scheme and Mereo has agreed to contribute to the pension scheme an amount equal
to 10% of Mr.&nbsp;Richard&#146;s annual salary provided that he contributes 4% or more of his annual salary to that scheme. In lieu of a pension contribution, Mereo may, at Mr.&nbsp;Richard&#146;s request, pay a
<FONT STYLE="white-space:nowrap">pro-rata</FONT> amount equal to 10% of his base salary as additional compensation. Either party may terminate the employment agreement by giving the other party not less than six months&#146; written notice, provided
that Mereo may terminate Mr.&nbsp;Richard at any time with immediate effect for cause or by giving written notice to Mr.&nbsp;Richard that Mereo will instead pay his basic salary for any remaining notice period. Mr.&nbsp;Richard&#146;s employment
agreement also contains restrictive covenants pursuant to which he has agreed to refrain from competing with Mereo or soliciting Mereo&#146;s key employees for a period of six months following his termination of employment, or soliciting
Mereo&#146;s customers for a period of nine months following his termination of employment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">123 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Richard Consulting Agreement, Mr.&nbsp;Richard also provides services to
Mereo as a consultant. The Richard Consulting Agreement is expected to remain in effect until January&nbsp;31, 2020. The Richard Consulting Agreement entitles Mr.&nbsp;Richard to receive a retainer of $26,316 per month and an opportunity to earn a <FONT
STYLE="white-space:nowrap">one-time</FONT> discretionary payment from Mereo based upon the achievement of agreed-upon performance goals with regard to the preceding <FONT STYLE="white-space:nowrap">12-month</FONT> period. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Charles Sermon </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo entered into an employment agreement with Mr.&nbsp;Sermon on July&nbsp;29, 2015. This agreement entitles Mr.&nbsp;Sermon to receive an
initial annual base salary of &pound;245,000 (which was subsequently increased to &pound;282,490 for 2018 and to &pound;290,964 for 2019) and an opportunity to earn an annual discretionary performance-based bonus, subject to the achievement of
performance goals determined in accordance with Mereo&#146;s annual bonus plan. Mereo has agreed to contribute to Mr.&nbsp;Sermon&#146;s Self-Invested Personal Pension Scheme an amount equal to 10% of Mr.&nbsp;Sermon&#146;s annual salary provided
that he contributes 4% or more of his annual salary to that scheme. In lieu of a pension contribution, Mereo may, at Mr.&nbsp;Sermon&#146;s request, pay a <FONT STYLE="white-space:nowrap">pro-rata</FONT> amount equal to 10% of his base salary as
additional compensation. Either party may terminate the employment agreement by giving the other party not less than six months&#146; written notice, provided that Mereo may terminate Mr.&nbsp;Sermon at any time with immediate effect for cause or by
giving written notice to Mr.&nbsp;Sermon that Mereo will instead pay his basic salary for any remaining notice period. Mr.&nbsp;Sermon&#146;s employment agreement also contains restrictive covenants pursuant to which he has agreed to refrain from
competing with Mereo or soliciting Mereo&#146;s key employees for a period of six months following his termination of employment or soliciting Mereo&#146;s customers for a period of nine months following his termination of employment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Alexandra (Wills) Hughes-Wilson </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo entered into a part-time employment agreement with Ms.&nbsp;Alexandra (Wills) Hughes-Wilson on February&nbsp;19, 2018, and subsequently
amended the agreement on May 29, 2018 and on March&nbsp;8, 2019. Ms.&nbsp;Hughes-Wilson commenced part-time employment with Mereo as its Head of Patient Access and Commercial Planning on March 5, 2018. The employment agreement entitles
Ms.&nbsp;Hughes-Wilson to receive an initial annual base salary of &pound;185,400 and an opportunity to earn an annual discretionary performance-based bonus, subject to the achievement of performance goals determined in accordance with Mereo&#146;s
annual bonus plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Hughes-Wilson is also eligible to participate in Mereo&#146;s group personal pension scheme and Mereo has
agreed to contribute to the pension scheme an amount equal to 10% of Ms.&nbsp;Hughes-Wilson annual salary provided that she contributes 4% or more of her annual salary to that scheme. In lieu of a pension contribution, Mereo may, at
Ms.&nbsp;Hughes-Wilson&#146;s request, pay a <FONT STYLE="white-space:nowrap">pro-rata</FONT> amount equal to 10% of her base salary as additional compensation. Either party may terminate the employment agreement by giving the other party not less
than six months&#146; written notice, provided that Mereo may terminate Ms.&nbsp;Hughes-Wilson at any time with immediate effect for cause or by giving written notice to Ms.&nbsp;Hughes-Wilson that Mereo instead pay her basic salary for any
remaining notice period. Ms.&nbsp;Hughes-Wilson&#146;s employment agreement also contains restrictive covenants pursuant to which she has agreed to refrain from competing with Mereo or soliciting its key employees for a period of six months
following her termination of employment or soliciting Mereo customers for a period of nine months following her termination of employment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">124 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Equity Compensation Awards to Directors and Executive Officers of Mereo </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table summarizes: (i)&nbsp;the outstanding number of options and awards under the equity incentive plans; and (ii)&nbsp;the
number of shares granted to the current directors, executive officers, and <FONT STYLE="white-space:nowrap">non-executive</FONT> directors, as of December&nbsp;31, 2018: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ordinary<BR>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ordinary<BR>Shares<BR>Underlying<BR>Options</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exercise&nbsp;Price<BR>Per&nbsp;Ordinary<BR>Share&nbsp;(&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Grant&nbsp;Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Expiration&nbsp;Date</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Denise Scots-Knight, Ph.D.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,544,745</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;25,&nbsp;2015</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;25,&nbsp;2025</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">461,538</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">nil</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">June&nbsp;9, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">June&nbsp;9, 2026</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,319</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">nil</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">April&nbsp;4, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">April&nbsp;4, 2021</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,205</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">nil</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">April&nbsp;26, 2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">January&nbsp;31,2022</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">844,199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Richard Jones</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">650,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">3.02</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">April&nbsp;4, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">April&nbsp;4, 2027</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">185,950</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">nil</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">April&nbsp;4, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">June&nbsp;9, 2026</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,058</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">nil</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">April&nbsp;26, 2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">January&nbsp;31, 2022</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alastair MacKinnon, MBBS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">772,371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;25,&nbsp;2015</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;25,&nbsp;2025</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">234,162</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">June&nbsp;9, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">June&nbsp;9, 2026</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,127</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">April&nbsp;4, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">April&nbsp;4, 2021</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,588</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">April&nbsp;26, 2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">January&nbsp;31, 2022</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">425,974</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John Richard</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">772,371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;25, 2015</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;25, 2025</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2.321</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">June&nbsp;1, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">June&nbsp;1, 2026</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">249,658</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Charles Sermon</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">772,371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;25, 2015</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;25, 2025</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">269,796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">nil</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">June&nbsp;9, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">June&nbsp;9, 2026</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,734</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">nil</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">April&nbsp;4, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">April&nbsp;4, 2021</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,966</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">nil</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">April&nbsp;26, 2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">January&nbsp;31, 2022</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">524,504</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alexandra (Wills) Hughes-Wilson</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,769</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">3.25</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">May&nbsp;2, 2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">May&nbsp;2, 2028</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">3.25</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">May&nbsp;2, 2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">May&nbsp;2, 2028</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Peter Fellner</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,692,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;29, 2015</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;29, 2025</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Peter Bains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">710,583</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;29, 2015</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;29, 2025</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107,906</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Paul Blackburn</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">236,974</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.84</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">May&nbsp;11, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">May&nbsp;11, 2026</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,624</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Anders Ekblom</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">216,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;29, 2015</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;29, 2025</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Kunal Kashyap</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">216,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1.29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;29, 2015</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">September&nbsp;29, 2025</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,497,735</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a description of the equity incentive plans see &#147;&#151;E. Share Ownership&#151;Equity Compensation
Arrangements.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-Employee</FONT> Directors Remuneration </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the remuneration paid during 2018 to the current <FONT STYLE="white-space:nowrap">non-employee</FONT> directors,
all of which was in the form of annual fees: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Annual&nbsp;Fees&nbsp;(&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Peter Bains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Paul Blackburn</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Anders Ekblom</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Peter Fellner</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Kunal Kashyap</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director Service Contracts </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The remuneration of the <FONT STYLE="white-space:nowrap">non-executive</FONT> directors is determined by the Mereo Board as a whole, based on a
review of current practices in other companies. Mereo has entered into service contracts with Mereo&#146;s directors for their services, which are subject to a three-month termination period. There are no arrangements under which any <FONT
STYLE="white-space:nowrap">non-executive</FONT> director is entitled to receive compensation upon the early termination of his or her appointment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">125 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pension, Retirement or Similar Benefits </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo operates a defined contribution pension scheme which is available to all employees. Mereo makes payments of up to 10% of basic salary for
executives (up to 15% for Mereo&#146;s Chief Executive Officer) into any pension scheme or similar arrangement as the participating executive may reasonably request (or a payment in lieu thereof). Such payments are not counted for the purposes of
determining bonuses or awards under the LTIP. The total amount set aside or accrued by Mereo to provide pension, retirement or similar benefits to Mereo&#146;s current directors and Mereo&#146;s senior management with respect to 2018 was
&pound;145,724, which represents contributions made by Mereo in 2018 in respect of a defined contribution scheme. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.C. Board practices </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Composition of the Mereo Board </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mereo
Board currently consists of nine members. None of the members of the Mereo Board have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and each is
&#147;independent&#148; as that term is defined under the rules of Nasdaq. As a foreign private issuer, Mereo is not required to meet the Nasdaq rule that the Mereo Board be comprised of a majority of independent directors. However, Mereo currently
complies and intends to continue to comply with this requirement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with Mereo&#146;s Articles, each of its directors serves
for a term of three years. Retiring directors are eligible for <FONT STYLE="white-space:nowrap">re-election</FONT> and, if no other director is elected to fill his or her position and the director is willing, shall be
<FONT STYLE="white-space:nowrap">re-elected</FONT> by default. The current term for all of its directors expires in 2021, except for Mr.&nbsp;Jones, whose current term expires in 2020, and for Michael S. Wyzga and Deepika R. Pakianathan, who each
will retire at Mereo&#146;s next annual general meeting. The Articles provide that if a director has been appointed by the Mereo Board since the previous annual general meeting, he or she shall retire. In accordance with the Articles, Mr.&nbsp;Wyzga
and Ms.&nbsp;Pakianathan shall both retire but will be eligible for <FONT STYLE="white-space:nowrap">re-appointment</FONT> at Mereo&#146;s next annual general meeting. Mereo&#146;s shareholders elect directors in accordance with Mereo&#146;s
Articles. If Mereo&#146;s shareholders do not elect a new director, then the retiring director may, if willing to serve, continue as a director. See &#147;Item 10. Additional Information&#151;B. Memorandum and Articles of
Association&#151;Directors&#151;Appointment of Directors.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Insurance and Indemnification </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the extent permitted by the U.K. Companies Act 2006, Mereo is empowered to indemnify its directors against any liability they incur by
reason of their directorship. Mereo maintains directors&#146; and officers&#146; insurance to ensure such persons against certain liabilities. Mereo has entered into a deed of indemnity with each of its directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Insofar as indemnification of liabilities arising under the Securities Act may be permitted to the Mereo Board, executive officers, or persons
controlling Mereo pursuant to the forgoing provisions, Mereo has been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Committees of the Mereo Board </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mereo
Board has four standing committees: an audit and risk committee, a remuneration committee, a nomination committee, and a research and development committee. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Audit and Risk Committee </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The audit and risk committee, which consists of Paul Blackburn, Kunal Kashyap and Anders Ekblom, assists the board in overseeing Mereo&#146;s
accounting and financial reporting processes and the audits of Mereo&#146;s financial statements. Mr.&nbsp;Blackburn serves as Chairman of the committee. The audit and risk committee consists exclusively of members of the Mereo Board who are
financially literate, and Mr.&nbsp;Blackburn is considered an &#147;audit committee financial expert&#148; as defined by applicable SEC rules and has the requisite financial sophistication as defined under the applicable Nasdaq rules and
regulations. All of the members of the audit and risk committee satisfy the &#147;independence&#148; requirements set forth in Rule <FONT STYLE="white-space:nowrap">10A-3</FONT> under the Exchange Act. The audit and risk committee is governed by a
charter that complies with Nasdaq rules. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">126 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The audit and risk committee&#146;s responsibilities include: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">recommending the appointment of the independent auditor to the general meeting of shareholders;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the appointment, compensation, retention and oversight of any accounting firm engaged for the purpose of
preparing or issuing an audit report or performing other audit services; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">pre-approving</FONT> the audit services and
<FONT STYLE="white-space:nowrap">non-audit</FONT> services to be provided by Mereo&#146;s independent auditor before the auditor is engaged to render such services; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">evaluating the independent auditor&#146;s qualifications, performance and independence, and presenting its
conclusions to the full board on at least an annual basis; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewing and discussing with the executive officers, the board, and the independent auditor Mereo&#146;s
financial statements and Mereo&#146;s financial reporting process; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">approving or ratifying any related person transaction (as defined in Mereo&#146;s related person transaction
policy) in accordance with Mereo&#146;s related person transaction policy. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The audit and risk committee meets as often
as one or more members of the audit and risk committee deem necessary, but in any event meets at least four times per year. The audit and risk committee meets at least once per year with Mereo&#146;s independent accountant, without Mereo&#146;s
senior management being present. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Remuneration Committee </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The remuneration committee, which consists of Peter Bains and Anders Ekblom, assists the board in determining senior management compensation.
Dr.&nbsp;Ekblom serves as Chairman of the committee. Under SEC and Nasdaq rules, there are heightened independence standards for members of the remuneration committee, including a prohibition against the receipt of any compensation from Mereo other
than standard board member fees. However, foreign private issuers are not required to meet this heightened standard. Nonetheless, Mr.&nbsp;Bains and Dr.&nbsp;Ekblom meet this heightened standard. The remuneration committee is governed by a charter
that complies with Nasdaq rules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The remuneration committee&#146;s responsibilities include: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">identifying, reviewing, and proposing policies relevant to senior management compensation; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">evaluating each member of senior management&#146;s performance in light of such policies and reporting to the
board; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">analyzing the possible outcomes of the variable compensation components and how they may affect the compensation
of senior management; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">recommending any equity long-term incentive component of each member of senior management&#146;s compensation in
line with any compensation policy and reviewing Mereo&#146;s senior management compensation and benefits policies generally; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewing and assessing risks arising from Mereo&#146;s compensation policies and practices.
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Nomination Committee </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The nomination committee, which consists of Peter Bains, Anders Ekblom, and Peter Fellner, assists the Mereo Board in identifying individuals
qualified to become members of the Mereo Board and senior management consistent with criteria established by the Mereo Board and in developing Mereo&#146;s corporate governance principles. Dr.&nbsp;Fellner serves as Chairman of the nomination
committee. The nomination committee is governed by a charter that complies with Nasdaq rules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The nomination committee&#146;s
responsibilities include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">drawing up selection criteria and appointment procedures for board members; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">127 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewing and evaluating the size and composition of the Mereo Board and making a proposal for a composition
profile of the board at least annually; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">recommending nominees for election to the Mereo Board and its corresponding committees; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">assessing the functioning of individual members of the board and senior management and reporting the results of
such assessment to the board; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">developing and recommending to the board rules governing the board, reviewing and reassessing the adequacy of
such rules governing the board, and recommending any proposed changes to the board. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Research and Development
Committee </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The research and development committee, which consists of Peter Bains and Anders Ekblom, assists Mereo&#146;s senior
management with oversight and guidance related to research and development matters and provides guidance and makes recommendations to the Mereo Board regarding research and development matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The research and development committee&#146;s responsibilities include oversight of: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo&#146;s strategic development plans for products, taking into account any regulatory feedback; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the acquisition of new products. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the research and development committee is tasked with keeping itself informed of strategic issues and commercial changes
affecting Mereo&#146;s development programs and potential product acquisitions.</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.D. Employees </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2018, 2017 and 2016, Mereo had 37, 31 and 24 employees, respectively. Following the Merger, Mereo had 50 employees. All
of Mereo&#146;s employees are engaged in either general and administrative or research and development functions. None of Mereo&#146;s employees are covered by a collective bargaining agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.E. Share Ownership </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table
sets forth information relating to the beneficial ownership of Mereo ordinary shares as of April&nbsp;24, 2019<B><I> </I></B>by each member of the Mereo Board and each of Mereo&#146;s other executive officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The number of Mereo ordinary shares beneficially owned by each board member or executive officer is determined in accordance with the rules of
the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares over which the individual has sole or shared voting power or investment power as
well as any shares that the individual has the right to acquire within 60 days of April&nbsp;24, 2019 through the exercise of any option, warrant or other right. Except as otherwise indicated, and subject to applicable community property laws, the
persons named in the table have sole voting and investment power with respect to all Mereo ordinary shares held by that person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
percentage of Mereo ordinary shares beneficially owned as of April&nbsp;24, 2019 is computed on the basis of 96,023,592 Mereo ordinary shares outstanding as of April&nbsp;24, 2019. As of the date of this annual report, Mereo&#146;s share capital
(fully subscribed and paid up) is 96,023,592 Mereo ordinary shares. Mereo ordinary shares that a person has the right to acquire within 60 days of April&nbsp;24, 2019 are deemed outstanding for purposes of computing the percentage ownership of the
person holding such rights, but are not deemed outstanding for purposes of computing the percentage ownership of any other person, except with respect to the percentage ownership of all board members and executive officers as a group. Unless
otherwise indicated below, the address for each beneficial owner listed is c/o Mereo BioPharma Group plc, 4th Floor, One Cavendish Place, London W1G 0QF, United Kingdom </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">128 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name&nbsp;of&nbsp;beneficial&nbsp;owner</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;ordinary<BR>shares&nbsp;Beneficially<BR>Owned(1)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percentage&nbsp;of&nbsp;ordinary<BR>shares&nbsp;Beneficially<BR>Owned(1)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>as of April&nbsp;24, 2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Executive Officers and Directors:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Denise Scots-Knight, Ph.D.(2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,292,358</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Richard Jones</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alastair MacKinnon, MBBS(3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,150,083</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John Richard(4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,009,191</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Charles Sermon(5)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,248,613</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Peter Fellner, Ph.D.(6)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,702,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Peter Bains(7)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">818,489</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Paul Blackburn(8)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">180,608</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Anders Ekblom, M.D., Ph.D.(9)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">309,266</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Kunal Kashyap(10)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,713,999</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alexandra (Wills) Hughes-Wilson</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deepika R. Pakianathan, Ph.D.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,283,670</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Michael S. Wyzga</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Indicates beneficial ownership of less than 1% of the total outstanding Mereo ordinary shares.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Ordinary shares figures include ordinary shares represented by ADSs. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes 6,300 Mereo ordinary shares held by Dr.&nbsp;Scots-Knight&#146;s husband and options to purchase
2,063,807 Mereo ordinary shares that are or will be immediately exercisable within 60 days of April&nbsp;24, 2019. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes options to purchase 1,046,248 Mereo ordinary shares that are or will be immediately exercisable within
60 days of April&nbsp;24, 2019. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes options to purchase 822,371 Mereo ordinary shares that are or will be immediately exercisable within
60 days of April&nbsp;24, 2019. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes options to purchase 1,085,867 Mereo ordinary shares that are or will be immediately exercisable within
60 days of April&nbsp;24, 2019. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes options to purchase 1,692,673 Mereo ordinary shares that are or will be immediately exercisable within
60 days of April&nbsp;24, 2019. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes options to purchase 710,583 Mereo ordinary shares that are or will be immediately exercisable within
60 days of April&nbsp;24, 2019. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes options to purchase 157,984 Mereo ordinary shares that are or will be immediately exercisable within
60 days of April&nbsp;24, 2019. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(9)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes options to purchase 216,264 Mereo ordinary shares that are or will be immediately exercisable within
60 days of April&nbsp;24, 2019. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(10)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes options to purchase 216,264 Mereo ordinary shares that are or will be immediately exercisable within
60 days of April&nbsp;24, 2019. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To Mereo&#146;s knowledge, and other than changes in percentage ownership as a result
of the shares issued in connection with Mereo&#146;s initial public offering in the United Kingdom, there has been no significant change in the percentage ownership held by the major shareholders listed above in the last three years, except as
discussed in &#147;Item 7. Major Shareholders and Related Party Transactions&#151;B. Related Party Transactions&#151;Subscription Agreement.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Equity Compensation Arrangements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo
has granted or may grant or intend to grant share options and awards under the following five equity award plans (the &#147;Mereo Share Plans&#148;): (i) the 2015 Plan; (ii)&nbsp;the Share Option Plan; (iii)&nbsp;the LTIP; (iv)&nbsp;the 2016 DBSP;
(v)&nbsp;the Mereo 2019 DBP; (vi)&nbsp;the Mereo 2019 Equity Incentive Plan (the 2019 Plan), (vii) the 2019 NED Equity Incentive Plan (the 2019 NED plan) (each as defined below). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The 2015 Plan </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to the admission of Mereo ordinary shares to trading on AIM (&#147;Admission&#148;), Mereo granted options under the 2015 Plan. No
further grants have been made under the 2015 Plan since Admission. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">129 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Eligibility, Awards and Administration </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The 2015 Plan provides for the grant of options to executive directors, <FONT STYLE="white-space:nowrap">non-executive</FONT> directors,
employees and consultants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Options granted under the 2015 Plan vest in accordance with the vesting schedule set out in each option
holder&#146;s option agreement, in normal circumstances, between the first and fourth anniversary (or between the first and third anniversary for <FONT STYLE="white-space:nowrap">non-executive</FONT> directors) of the vesting start date (typically
the date of commencement of employment, appointment as a director, or entering into a consultancy agreement with us). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Admission did not
automatically accelerate the vesting of options, and unvested options continue to vest in accordance with their original vesting schedule, subject to the rules of the 2015 Plan. The options are not subject to performance conditions other than
continued service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Options are not automatically exercisable on vesting, but upon Admission became exercisable to the extent vested.
Options may generally be exercised until the day immediately preceding the tenth anniversary of the date of grant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Options have been
granted under the 2015 Plan with an exercise price ranging from &pound;1.29 per Mereo ordinary share to &pound;2.21 per Mereo ordinary share. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Plan Leavers </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Options
held by option holders who leave their office or employment will lapse immediately, unless the option holder is a Good Leaver (as defined in the plan rules). If the option holder is a Good Leaver, the option may be exercised to the extent vested at
the date of cessation of services and for such period as the Mereo Board determines and communicates to the option holder at that time (except upon death, in which case, options may be exercised for a period of one year), after which time they will
lapse. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Certain Transactions </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the 2015 Plan, certain corporate events such as a Takeover or a Trade Sale (as defined in the plan rules) will accelerate the vesting of
all unvested options upon the occurrence of such event. Options will then be exercisable for a period of 40 days thereafter, after which they will lapse. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Adjustments </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event
of any capitalization, rights issue, consolidation, subdivision, reduction or any other variation of Mereo&#146;s share capital, the number of Mereo ordinary shares subject to an option and the exercise price applying to an option may be varied in
such manner as the Mereo Board may determine. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Amendment and Termination </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mereo Board may, at any time, amend the rules of the 2015 Plan with effect from a current, future or past date by way of a resolution,
except that no amendment may be made which would abrogate or adversely affect the subsisting rights of option holders, unless consent from a majority of the affected option holders is obtained (by reference to the number of Mereo ordinary shares
subject to options). However, any amendment to benefit the administration of the 2015 Plan, to take account of legislative changes, a Takeover or a Trade Sale (as defined in the plan rules) or to obtain or maintain favorable tax treatment or
regulatory treatment may be made by the Mereo Board without the consent of option holders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The Mereo Share Option Plan (the
&#147;Share Option Plan&#148;) </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mereo Board adopted the Share Option Plan on June&nbsp;9, 2016, and has subsequently amended
it. Except where the context indicates otherwise, references to Mereo ordinary shares shall be deemed to include a number of our ADSs representing the right to receive our ordinary shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">130 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Eligibility, Awards and Administration </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Share Option Plan provides for the grant of options to acquire Mereo ordinary shares to employees and executive directors. Options may be
granted to all eligible employees on commencement of employment and may be granted on a periodic basis after that. The Share Option Plan is administered by the Mereo Board who also set the terms and conditions of all options granted under the Share
Option Plan, including any vesting and vesting acceleration conditions. Options are granted under the Share Option Plan at the discretion of the Mereo Board. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Vesting and Exercise </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Share Option Plan, the Mereo Board may determine the vesting schedule of an option and whether the vesting of an option will be
subject to the satisfaction of a performance condition, although options are not currently granted subject to performance conditions other than continued service with Mereo. Once an option has vested, it may be exercised during the period ending on
the tenth anniversary of the date of grant, after which time it will lapse. The exercise price of an option may not be less than the greater of: (i)&nbsp;the market value of a share on the date of grant; or (ii)&nbsp;if the shares are to be
subscribed, the nominal value of a share. The Mereo Board may determine that an option be settled in cash or by &#147;net exercise&#148; of the option. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Limitation on Awards </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No
eligible employee may be granted options that, at the time they are granted, would cause the market value of shares subject to the options granted to the employee in respect of a financial year to exceed 400% of the employee&#146;s salary. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Plan Leavers </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a
participant ceases to hold office or employment with Mereo as a result of dismissal for gross misconduct, any option the participant holds, whether vested or unvested, will lapse. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a participant ceases to hold office or employment with Mereo for any reason other than dismissal for gross misconduct then: (i)&nbsp;if the
option is already vested, it may be exercised within six months from the date of cessation of services if such cessation did not occur as a result of the participant&#146;s death, and within 12 months from the date of cessation of services if such
cessation occurred as a result of the participant&#146;s death; and (ii)&nbsp;if the option is not already vested, it will vest on the normal vesting date as described above, unless the Mereo Board determines that the option will vest on the date of
cessation of services. Where an option vests in these circumstances, any performance condition will be taken into account and, unless the Mereo Board determines otherwise, will be <FONT STYLE="white-space:nowrap">pro-rated</FONT> for time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the board determines otherwise, options may not be transferred in any way and will lapse immediately on any attempt to do so, except
that options may be transferred to a participant&#146;s personal representative upon death. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Certain Transactions </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Share Option Plan, if certain changes are made in, or events occur with respect to, Mereo ordinary shares (including any variation of
share capital, demerger, delisting, special dividend, rights issue or any other event, which may, in the opinion of the Mereo Board affect the current or future value of Mereo ordinary shares), the number of shares subject to an option or the
exercise price of an option may be adjusted as determined by the Mereo Board. In addition, upon such an event, the Mereo Board will determine: (i)&nbsp;whether and to what extent options which have not yet vested will vest; and (ii)&nbsp;the period
of time during which any vested option may be exercised. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event of certain corporate transactions, including a scheme of
arrangement or general offer, the vesting and exercisability of all options will accelerate to the extent determined by the Mereo Board, after which they will be exercisable for one month (or such longer period as determined by the Mereo Board, but
not exceeding six months), following which they will lapse. However, if there is an internal reorganization, unless the Mereo Board determines otherwise, an option will generally be exchanged in consideration of the grant of a new option which, as
determined by the Mereo Board, is equivalent to the option but relates to shares in a different company (whether the acquiring company or a different company). Any option that does not vest or is not exchanged will lapse immediately. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">131 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Amendment and Termination </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mereo Board may, at any time, amend the rules of the Share Option Plan, except that no amendment may be made: (i)&nbsp;which would be to
the material disadvantage of the existing rights of participants unless every participant who may be affected by such amendment has been invited to indicate whether he or she approves the amendment and the amendment is approved by a majority of such
participants; or (ii)&nbsp;which would prevent the Share Option Plan from being an employees&#146; share scheme in accordance with the U.K. Companies Act 2006. No options may be granted pursuant to the Share Option Plan after the tenth anniversary
of the date of Mereo&#146;s Admission. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The Mereo Long Term Incentive Plan (the &#147;LTIP&#148;) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to further incentivize Mereo&#146;s employees and align their interests with shareholders, the Mereo Board adopted the LTIP on
June&nbsp;9, 2016 and has subsequently amended it. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Eligibility, Awards and Administration </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The LTIP provides for the grant of <FONT STYLE="white-space:nowrap">nil-cost</FONT> options, conditional awards, cash conditional awards or
cash options (the &#147;LTIP Awards&#148;), to Mereo&#146;s employees. The shares used to satisfy the LTIP Awards are currently delivered through the Mereo BioPharma Group plc Employee Benefit Trust, which is based in Jersey. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mereo Board may determine that the LTIP Awards are settled in cash. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Vesting and Exercise </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
LTIP Awards are subject to a vesting schedule as determined by the Mereo Board. LTIP Awards granted to key executive directors and senior management are subject to: (i)&nbsp;a share price performance condition; and (ii)&nbsp;the achievement of
strategic operational targets. If on the date a LTIP Award is due to vest or be exercisable a restriction on share dealing (as may be imposed by Mereo&#146;s share dealing code or the AIM rules) applies to the award, then the award will vest on the
date on which such dealing restriction lifts. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Limitation on Awards </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No eligible employee may be granted LTIP Awards that, at the time they are granted, would cause the market value of shares subject to the LTIP
Awards granted to the employee in respect of a financial year to exceed 300% of the employee&#146;s salary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The LTIP Awards may be:
(i)&nbsp;reduced; or (ii)&nbsp;where the underlying shares or cash has already been transferred to the participant following vesting or exercise of the LTIP Award (as applicable), clawed back, where prior to the second anniversary of the end of the
relevant performance period there has been a material misstatement of Mereo&#146;s accounts, an error in assessing a performance condition such that the LTIP Award vests to a greater extent than it would have vested, or fraudulent or material
misconduct on the part of the participant. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Scheme Leavers </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The LTIP Awards will usually lapse on the participant&#146;s cessation of employment or office, unless the cessation is because of death, ill
health, injury or disability, or where the participant is no longer employed by Mereo, or for any other reason at the Mereo Board&#146;s discretion, except where the participant is summarily dismissed, in which case any unvested LTIP Awards will
usually continue until the normal vesting date, unless the Mereo Board determines otherwise. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Certain Transactions </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the LTIP, if certain changes are made in or events occur with respect to Mereo ordinary shares (including any variation of share capital,
any demerger, delisting, special dividend, rights issue or other event which may, in the opinion of the Mereo Board, affect the current or future value of Mereo ordinary shares), the number of shares subject to a LTIP Award, or any performance
condition, may be adjusted as determined by the Mereo Board. In addition, upon such an event, the Mereo Board will determine: (i)&nbsp;whether and to what extent awards which have not yet vested will vest; and (ii)&nbsp;the period of time during
which any vested option may be exercised. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">132 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event of certain corporate transactions, including a general offer or a scheme of
arrangement, the vesting and exercisability of all LTIP Awards will accelerate to the extent determined by the Mereo Board (taking into account the extent to which any performance conditions have been satisfied and usually the period of time from
the date of grant to the date of the corporate transaction), and any <FONT STYLE="white-space:nowrap">nil-cost</FONT> options will remain exercisable for one month (or such other period as determined by the Mereo Board), following which they will
lapse. However, if there is an internal reorganization, a LTIP Award will be exchanged in consideration of the grant of a new award which, as determined by the Mereo Board, is equivalent to the LTIP Award but relates to shares in a different company
(whether the acquiring company or a different company). Any LTIP Award that does not vest or is not exchanged will lapse immediately. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Amendment and Termination </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mereo Board may, at any time, amend the rules of the LTIP or the terms of any LTIP Award, except that no amendment may be made:
(i)&nbsp;which would be to the material disadvantage of the existing rights of participants unless every participant who may be affected by such amendment has been invited to indicate whether he or she approves the amendment and the amendment is
approved by a majority of such participants; or (ii)&nbsp;which would prevent the LTIP from being an employees&#146; share scheme in accordance with the U.K. Companies Act 2006. No LTIP Awards may be granted pursuant to the LTIP after the tenth
anniversary of the date of Admission. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The Mereo Deferred Bonus Share Plan (the &#147;2016 DBSP&#148;) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mereo Board adopted the 2016 DBSP on June&nbsp;9, 2016 and has subsequently amended it. Following the adoption of the 2019 DBP in January
2019, no further grants are expected to be made under the 2016 DBSP. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Eligibility, Awards and Administration </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The 2016 DBSP provides for the deferral of a percentage (currently 30%) of the annual bonuses awarded to Mereo&#146;s employees into the right
to acquire shares equal in value to the amount deferred, free of charge. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the 2016 DBSP, conditional awards or <FONT
STYLE="white-space:nowrap">nil-cost</FONT> options (the &#147;2016 DBSP Awards&#148;) may only be granted to participants who have earned a bonus, pursuant to Mereo&#146;s annual bonus plan, for the financial year immediately preceding the financial
year in which the grant date occurs. A 2016 DBSP Award will be granted over such number of shares as have at the grant date a market value, as determined by the Mereo Board, equal to the deferred bonus (the amount of bonus which is to be delivered
in the form of a conditional award or a <FONT STYLE="white-space:nowrap">nil-cost</FONT> option). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Vesting and Exercise </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The 2016 DBSP Awards will generally vest three years after the date of grant and have no performance conditions or service condition. The 2016
DBSP Awards may be settled in cash if determined by the Mereo Board. The shares used to satisfy the 2016 DBSP Awards are currently delivered through the Mereo BioPharma Group plc Employee Benefit Trust, which is based in Jersey. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If on the date a 2016 DBSP Award is due to vest or be exercisable a restriction on share dealing (as may be imposed by Mereo&#146;s share
dealing code or the AIM rules) applies to the award, then the award will vest on the date on which such dealing restriction lifts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Once a
<FONT STYLE="white-space:nowrap">nil-cost</FONT> option has vested, it may be exercised during the period ending on the first anniversary of the date on which it vested in such manner as the Mereo Board determines, after which time it will lapse.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Limitation on Awards </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No eligible employee may be granted 2016 DBSP Awards that, at the time they are granted, would cause the market value of shares subject to the
2016 DBSP Awards granted to the employee in respect of a financial year to exceed 100% of the employee&#146;s salary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The 2016 DBSP
Awards may, prior to the third anniversary of the grant date, be: (i)&nbsp;reduced; or (ii)&nbsp;where the underlying shares or cash have already been transferred to the participant following vesting or exercise of the 2016 DBSP Award (as
applicable), clawed back, where there has been a material misstatement of Mereo&#146;s accounts, an error in assessing the information on which the bonus was determined such that the bonus was overpaid, or fraudulent or material misconduct on the
part of the participant. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">133 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Certain Transactions </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the 2016 DBSP, if certain changes are made in or events occur with respect to Mereo ordinary shares (including any variation of share
capital, any demerger, delisting, special dividend, rights issue or other event which may in the opinion of the Mereo Board, affect the current or future value of Mereo ordinary shares), the number of shares subject to a 2016 DBSP Award may be
adjusted as determined by the Mereo Board. In addition, upon such an event, the Mereo Board will determine: (i)&nbsp;whether and to what extent 2016 DBSP Awards which have not yet vested will vest; and (ii)&nbsp;the period of time during which any
vested option may be exercised. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event of certain corporate transactions, including a general offer or a scheme of arrangement, the
vesting and exercisability of all 2016 DBSP Awards will accelerate to the extent determined by the Mereo Board, after which, the 2016 DBSP Awards will be exercisable for one month (or such other period as or determined by the Mereo Board), following
which they will lapse. However, if there is an internal reorganization, a 2016 DBSP Award will be exchanged in consideration of the grant of a new award which, as determined by the Mereo Board, is equivalent to the 2016 DBSP Award but relates to
shares in a different company (whether the acquiring company or a different company). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Scheme Leavers </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except for where a participant is summarily dismissed (in which case the awards will be forfeited), the 2016 DBSP Awards usually will continue
upon cessation of office or employment with Mereo and vest in full on the normal vesting date as described above. Options will remain exercisable for a period of 12 months from the date of vesting. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Amendment and Termination </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mereo Board may, at any time, amend the rules of the 2016 DBSP, except that no amendment may be made: (i)&nbsp;which would be to the
material disadvantage of the existing rights of participants unless every participant who may be affected by such amendment has been invited to indicate whether he or she approves of the amendment and the amendment is approved by a majority of such
participants; or (ii)&nbsp;which would prevent the 2016 DBSP from being an employees&#146; share scheme in accordance with the U.K. Companies Act 2006. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No 2016 DBSP Awards may be granted pursuant to the 2016 DBSP after the tenth anniversary of the date of Admission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo&#146;s Remuneration Committee has approved awards under the 2016 DBSP in respect of bonuses awarded to certain of Mereo&#146;s executive
officers for 2017. These awards are in the form of <FONT STYLE="white-space:nowrap">nil-cost</FONT> option grants under the 2016 DBSP in the following amounts: Dr.&nbsp;Scots-Knight: 32,205 shares subject to the option; Mr.&nbsp;Jones: 22,058 shares
subject to the option; Dr.&nbsp;MacKinnon: 22,588 shares subject to the option; and Mr.&nbsp;Sermon: 23,966 shares subject to the option. The options are scheduled to vest on the third anniversary of the date of grant. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The Mereo New Deferred Bonus Plan (the &#147;2019 DBP&#148;) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mereo Board adopted Mereo&#146;s the 2019 DBP on January&nbsp;15, 2019. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Holding of Deferred Shares </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the 2019 DBP, Mereo ordinary shares may be purchased by participants using an <FONT STYLE="white-space:nowrap">after-tax</FONT> bonus
amount paid to them pursuant to Mereo&#146;s annual bonus plan (&#147;Deferred Shares&#148;). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Restrictions on Deferred Shares </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The participants must hold the Deferred Shares for two years (or such other period as the Mereo Board may determine in advance) beginning on
the date or dates on which a participant purchases those shares with the bonus. Participants must not transfer, assign, charge, sell or dispose of or encumber any Deferred Shares during this period except as permitted under the 2019 DBP or by the
Mereo Board. The 2019 DBP permits participants to transfer Deferred Shares to an immediate family member or nominee to hold for them or as a beneficiary, or to a personal representative in the event of the participant&#146;s death. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">134 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Cessation of Employment </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a participant ceases employment with Mereo, he or she must continue to hold the Deferred Shares in accordance with the restrictions under
the 2019 DBP unless the Mereo Board disapply some or all of the restrictions in respect of some or all of that participant&#146;s Deferred Shares. The Mereo Board will not have discretion to disapply any of the restrictions in the case of a
participant who has been dismissed lawfully without notice or could have been so dismissed if he or she had not resigned. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Certain
Transactions </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the 2019 DBP, if any person obtains control of Mereo (by means of holding shares, the possession of voting power,
or as a result of any powers conferred by Mereo&#146;s Articles or other document relating to Mereo), the restrictions on Deferred Shares under the 2019 DBP will cease to apply from that date unless the Mereo Board determines otherwise. The Mereo
Board may not extend the restrictions under the 2019 DBP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an internal reorganization occurs (whereby immediately after a change of
control of Mereo, all or substantially all of the issued share capital of the acquiring company is owned directly or indirectly by the persons who were shareholders in Mereo before the change of control) and the Deferred Shares are exchanged for
shares in another company, the rules of the 2019 DBP will apply to those shares as if they were Deferred Shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Regulatory Issues
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The purchase or transfer of Mereo ordinary shares under the 2019 DBP will be subject to obtaining any approval or consent required by
AIM or Nasdaq (or any other relevant authority) and any restrictions imposed by Mereo&#146;s share dealing code, the AIM rules, or any applicable laws or regulations which impose restrictions on share dealing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Amendment and Termination </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mereo Board may, at any time, amend the rules of the 2019 DBP or the terms of the Deferred Shares, except that no amendment may be made:
(i)&nbsp;which would be to the material disadvantage of the existing rights of participants unless every participant who may be affected by such amendment has been invited to indicate whether he or she approves of the amendment and the amendment is
approved by a majority of such participants; or (ii)&nbsp;which would prevent the 2019 DBP from being an employees&#146; share scheme in accordance with the U.K. Companies Act 2006. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The 2019 DBP will terminate on the tenth anniversary of its adoption by the Mereo Board or at any earlier time by resolution of the Mereo
Board. Termination of the 2019 DBP will be without prejudice to the existing rights of participants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The Mereo 2019 Equity
Incentive Plan (the &#147;2019 Plan&#148;) </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;4, 2019 we established The Mereo 2019 Equity Incentive Plan. Under the
2019 Plan it is anticipated that market value options will be granted to executives and other employees with a four-year vesting period and no performance conditions. No grants have been made under the 2019 Plan as at the date of this annual report.
The 2019 Plan provides a framework for the grant of market value options and/or restricted stock unit awards to officers of Mereo (or of any subsidiary). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The Mereo 2019 NED Equity Incentive Plan (the &#147;2019 NED Plan&#148;) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;4, 2019 we established The Mereo 2019 NED Equity Incentive Plan. Under the 2019 NED Plan it is anticipated that market value
options will be granted to <FONT STYLE="white-space:nowrap">non-executive</FONT> directors with no performance conditions. Options to existing <FONT STYLE="white-space:nowrap">non-executive</FONT> directors will be granted with a <FONT
STYLE="white-space:nowrap">one-year</FONT> vesting period and options to newly appointed <FONT STYLE="white-space:nowrap">non-executive</FONT> directors will be granted with a three-year vesting period. No grants have been made under the 2019 NED
Plan as at the date of this annual report. The plan provides a framework for a range of different types of share related awards (including market value options, share appreciation rights, restricted stock and restricted stock units). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">135 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_9"></A>Item&nbsp;7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Major Shareholders And Related Party Transactions </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.A. Major Shareholders </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following
table sets forth information relating to the beneficial ownership of Mereo ordinary shares as of April&nbsp;24, 2019 by each person, or group of affiliated persons, known by Mereo to own beneficially 3% or more of the outstanding Mereo ordinary
shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The number of Mereo ordinary shares beneficially owned by each entity, person, board member, or executive officer is determined
in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares over which the individual has sole or shared voting
power or investment power as well as any shares that the individual has the right to acquire within 60 days of April&nbsp;24, 2019 through the exercise of any option, warrant or other right. Except as otherwise indicated, and subject to applicable
community property laws, the persons named in the table have sole voting and investment power with respect to all Mereo ordinary shares held by that person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The percentage of Mereo ordinary shares beneficially owned as of April&nbsp;24, 2019 is computed on the basis of 96,023,592 Mereo ordinary
shares outstanding as of April&nbsp;24, 2019. As of the date of this annual report, Mereo&#146;s share capital (fully subscribed and paid up) is 96,023,592 Mereo ordinary shares. Mereo ordinary shares that a person has the right to acquire within 60
days of April&nbsp;24, 2019 are deemed outstanding for purposes of computing the percentage ownership of the person holding such rights, but are not deemed outstanding for purposes of computing the percentage ownership of any other person, except
with respect to the percentage ownership of all board members and executive officers as a group. Unless otherwise indicated below, the address for each beneficial owner listed is c/o Mereo BioPharma Group plc, 4<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, One Cavendish Place, London W1G 0QF, United Kingdom. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name&nbsp;and&nbsp;address&nbsp;of&nbsp;beneficial&nbsp;owner</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;ordinary<BR>shares&nbsp;Beneficially<BR>Owned(1)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percentage&nbsp;of&nbsp;ordinary<BR>shares&nbsp;Beneficially<BR>Owned(1)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>as&nbsp;of&nbsp;April&nbsp;24,&nbsp;2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>3%&nbsp;or&nbsp;Greater&nbsp;Shareholders:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Woodford Investment Management(2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,843,946</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Invesco Asset Management(3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,149,176</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Novartis Pharma AG(4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,698,649</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Canaccord Genuity Wealth Management(5)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,870,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Ordinary shares figures include ordinary shares represented by ADSs. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Consists of (i) 16,853,667 Mereo ordinary shares held CF Woodford Equity Income Fund, a sub fund of CF Woodford
Investment Fund (&#147;WEIF&#148;), (ii) 2,023,636 Mereo ordinary shares held by Omnis Income&nbsp;&amp; Growth Fund, a sub fund of Omnis Portfolio Investments ICVC (&#147;OIGF&#148;), (iii) 1,070,770 Mereo ordinary shares held by Old Mutual
Woodford Equity Income Fund (&#147;OMWEIF&#148;), and (iv) 9,895,873 Mereo ordinary shares held by Woodford Patient Capital Trust, Plc (&#147;WPCT&#148;). Woodford Investment Management Limited acts as agent for and on behalf of WEIF, OIGF, OMWEIF,
and WPCT, each as a discretionary managed client. Woodford Investment Management Limited has the power to direct the vote and disposition of the common stock held by WEIF, OIGF, OMWEIF and WPCT. Accordingly, Woodford Investment Management Limited
may be deemed to be the beneficial owner of these Mereo ordinary shares. Neil Woodford is Head of Investments for Woodford Investment Management Limited and may be deemed to share beneficial ownership of these Mereo ordinary shares with Woodford
Investment Management Limited. Mr.&nbsp;Woodford expressly disclaims beneficial ownership of these Mereo ordinary shares, except to the extent of any pecuniary interest therein. Beneficial ownership information is based on information known to Mereo
and a Form TR 1 provided to Mereo on November&nbsp;6, 2017. The address of Woodford Investment Management Limited is 9400 Garsington Road, Oxford, OX4 2HN, United Kingdom. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The share holdings of Invesco Asset Management consist of (i) 13,891,853 Mereo ordinary shares beneficially
owned by Invesco Perpetual High Income Fund and (ii) 5,257,323 Mereo ordinary shares beneficially owned by Invesco Perpetual Income Fund. Beneficial ownership information is based on information known to Mereo and a Form TR 1 provided to Mereo on
April&nbsp;28, 2017. The address of Invesco Asset Management Limited is 30 Finsbury Square, London EC2A 1AG, United Kingdom. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">136 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Consists of 13,767,841 Mereo ordinary shares held by Novartis and 1,930,808 Mereo ordinary shares that Novartis
is able to acquire pursuant to the Novartis Notes within 60 days of April&nbsp;24, 2019. Under the terms of the Novartis Notes, Novartis may only convert its notes into Mereo ordinary shares if, following such conversion, it owns no more than 19.5%
of the aggregate voting power of Mereo. As a result, after giving effect to the Merger, Novartis is able to acquire up to an additional 1,930,808 Mereo ordinary shares pursuant to the Novartis Notes within 60 days of April&nbsp;24, 2019. Novartis AG
is the publicly owned parent company of Novartis and may be deemed to beneficially own the Mereo ordinary shares held by Novartis. Beneficial ownership information is based on information known to Mereo and a Form TR 1 provided to Mereo on
April&nbsp;28, 2017. The address of Novartis AG is Lichtstrasse 35, 4056 Basel, Switzerland. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Consists of 1,250,000 Mereo ordinary shares held by Marlborough Special Situations Fund and 1,620,000 Mereo
ordinary shares held by Marlborough UK Micro Cap Growth Fund, for which Canaccord Genuity Wealth Management acts as manager. Beneficial ownership information is based on information known to us. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To Mereo&#146;s knowledge, and other than changes in percentage ownership as a result of the shares issued in connection with Mereo&#146;s
initial public offering in the United Kingdom, there has been no significant change in the percentage ownership held by the major shareholders listed above in the last three years, except as discussed in &#147;&#151;B. Related Party
Transactions&#148;. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.B. Related Party Transactions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a description of related party transactions Mereo has entered into with the beneficial owners of 3% or more of the Mereo
ordinary shares, which are Mereo&#146;s only voting securities, and senior management and members of the Mereo Board, since Mereo&#146;s incorporation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subscription Agreement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;28,
2015, Mereo entered into a subscription agreement for Mereo ordinary shares (the &#147;Subscription Agreement&#148;) with Invesco Perpetual High Income Fund, Woodford Patient Capital Trust plc and LF Woodford Equity Income Fund (collectively, the
&#147;Existing Investors&#148;) and Novartis. Under the Subscription Agreement, Mereo initially issued 10,869,566 Mereo ordinary shares to the Existing Investors at a price per Mereo ordinary share of &pound;1.84 for total aggregate cash proceeds of
&pound;20.0&nbsp;million, and 3,849,000 Mereo ordinary shares to Novartis in connection with the asset purchase agreements described under &#147;&#151;Other Transactions with Novartis.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Subscription Agreement provided for Mereo to draw down additional investments from the Existing Investors. The Subscription Agreement also
obligated Mereo, upon the issuance of additional Mereo ordinary shares, to issue to Novartis the number of Mereo ordinary shares required to maintain Novartis&#146; percentage ownership of Mereo at 19.5%, with the maximum aggregate number of Mereo
ordinary shares that may be issued to Novartis under the Subscription Agreement set at 14,000,000. On June&nbsp;9, 2016, Mereo issued an additional 30,727,361 Mereo ordinary shares to the Existing Investors pursuant to the drawdown and 8,697,480
Mereo ordinary shares to Novartis to maintain its percentage ownership following the drawdown and an additional private placement of Mereo ordinary shares, for aggregate cash proceeds to Mereo of &pound;72.6&nbsp;million. In accordance with its
terms, the Subscription Agreement was terminated upon the admission of Mereo ordinary shares to trading on AIM on June&nbsp;9, 2016. In lieu of the remaining Mereo ordinary shares that Mereo was obligated to issue to Novartis under the Subscription
Agreement, Novartis is entitled to receive additional shares upon conversion of the convertible notes issued to Novartis on June&nbsp;3, 2016. See &#147;Item 5. Operating and Financial Review and Prospects&#151;B. Liquidity and Capital
Resources&#151;Indebtedness&#151;Novartis Notes.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Transactions with Novartis </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;28, 2015, Mereo entered into asset purchase agreements with Novartis to purchase each of
<FONT STYLE="white-space:nowrap">BPS-804,</FONT> <FONT STYLE="white-space:nowrap">BCT-197,</FONT> and <FONT STYLE="white-space:nowrap">BGS-649.</FONT> See &#147;Item 4. Information On the Company&#151;B. Business Overview&#151;Material
Agreements&#151;Novartis Agreements.&#148; As consideration, Mereo issued 3,849,000 Mereo ordinary shares to Novartis. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Novartis Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;3, 2016, Mereo issued 3,463,563 Novartis Notes to Novartis, for aggregate proceeds to Mereo of &pound;3.5&nbsp;million. The
Novartis Notes bear interest at 4% per annum and accruing daily. Novartis may at any time convert all or some of the Novartis Notes into Mereo ordinary shares at a conversion price of &pound;2.21 per Mereo ordinary share as long as, following such
conversion, Novartis holds no more than 19.5% of the aggregate voting rights of Mereo. In </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">137 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
addition, upon the conversion of any Novartis Notes, Novartis is entitled to receive a number of Bonus Shares equal to the number of shares into which such Novartis Notes are converted multiplied
by 0.93, up to 1,453,520 Bonus Shares in aggregate. To the extent any of the Novartis Notes remain outstanding on March 2, 2021, Mereo is obligated to pay Novartis the principal amount of such outstanding Novartis Notes together with any accrued
interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;6, 2017, Novartis delivered to Mereo a notice of conversion with respect to &pound;1,398,552 aggregate principal
amount of Novartis Notes. Pursuant to such notice, on April&nbsp;26, 2017, &pound;1,398,552 aggregate principal amount of Novartis Notes was converted into 632,829 fully paid Mereo ordinary shares. Additionally, in connection with such conversion,
Mereo issued 588,532 Bonus Shares to Novartis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the date of this annual report, the outstanding principal and accrued interest of
the Novartis Notes is &pound;2.4&nbsp;million. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Supply Payments </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2016, Mereo paid Novartis a total of &pound;968,219. In 2017, Mereo paid Novartis a total of &pound;4,610,106 for the manufacture and supply
of clinical trial material. No payments were made from Mereo to Novartis in 2018. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Novartis Board Observer Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to Mereo&#146;s Articles, for as long as Novartis holds not less than one percent of Mereo&#146;s issued share capital, Novartis may
appoint one observer who may attend, but not participate or vote in, any meeting of the Mereo Board. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Transactions with Mereo&#146;s Executive Officers
and Directors </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo has entered into employment agreements or consultancy agreements with certain of its executive officers. See
&#147;Item 6. Directors, Senior Management and Employees&#151;B. Compensation&#151;Executive Officer Employment and Consultancy Agreement.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Indemnity Agreements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo has entered
into deeds of indemnity with each of its directors. See &#147;Item 6. Directors, Senior Management and Employees&#151;C. Board practices&#151;Composition of the Mereo Board&#151;Insurance and Indemnification.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Related Person Transaction Policy </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Mereo Board has a written related person transaction policy, which sets forth the policies and procedures for the review and approval or ratification of related person transactions. This policy covers any transaction or proposed transaction between
Mereo and a related person that is material to Mereo or the related person, including without limitation, purchases of goods or services by or from the related person or entities in which the related person has a material interest, indebtedness,
guarantees of indebtedness and employment by Mereo of a related person. In reviewing and approving any such transactions, Mereo&#146;s audit and risk committee is tasked to consider all relevant facts and circumstances, including, but not limited
to, whether the transaction is on terms comparable to those that could be obtained in an arm&#146;s length transaction and the extent of the related person&#146;s interest in the transaction. All of the transactions described in this section
occurred prior to the adoption of this policy. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.C. Interests of Experts and Counsel </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_10"></A>Item&nbsp;8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Information </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.A. Consolidated Statements and Other Financial Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See &#147;Item 18. Financial Statements.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">138 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Legal Proceedings </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There are no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which Mereo is
aware) that may have, or have had in the recent past (covering the 12 months immediately preceding the date of this annual report), significant effects on Mereo&#146;s financial position or profitability. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dividend Policy </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo has never paid or
declared any cash dividends on its ordinary shares, and does not anticipate paying any cash dividends on its ordinary shares in the foreseeable future. Mereo intends to retain all available funds and any future earnings to fund the development and
expansion of its business. Under English law, among other things, Mereo may only pay dividends if it has sufficient distributable reserves (on a <FONT STYLE="white-space:nowrap">non-consolidated</FONT> basis), which are calculated as Mereo&#146;s
accumulated realized profits that have not been previously distributed or capitalized less its accumulated realized losses, so far as such losses have not been previously written off in a reduction or reorganization of capital. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the terms of Mereo&#146;s existing loan agreement with Silicon Valley Bank and Kreos Capital V (UK) Limited (&#147;Kreos&#148;),
preclude Mereo from paying cash dividends without Kreos&#146;s consent. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.B. Significant changes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as disclosed elsewhere in this annual report, there have been no other significant changes since December&nbsp;31, 2018. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_11"></A>Item&nbsp;9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The Offer And Listing </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.A.4 Offer and Listing Details </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>ADSs </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our ADSs,
each representing five ordinary shares of ours, with a &pound;0.003 per share nominal value each, have been listed on Nasdaq since April&nbsp;24, 2019. Our ADSs trade under the symbol &#147;MREO.&#148; Prior to that date, there was no public trading
market for our ADSs. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Ordinary shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our ordinary shares have traded on AIM under the symbol &#147;MPH&#148; since June&nbsp;9, 2016. No trading market currently exists for our
ordinary shares in the United States. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.B. Plan of Distribution </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.C. Markets </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a description of our publicly-traded ADSs, see &#147;&#151; A. Offer and Listing Details&#151;ADSs.&#148; For a description of our
publicly-traded ordinary shares, see &#147;&#151; A. Offer and Listing Details&#151;Ordinary Shares.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.D. Selling Shareholders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.E. Dilution </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.F. Expenses of the Issue
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">139 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>I<A NAME="toc734372_12"></A>tem&nbsp;10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Additional Information </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.A.&nbsp;&nbsp;&nbsp;&nbsp;Share Capital </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ordinary
shares </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2018, Mereo&#146;s issued share capital was &pound;213,721. As of December&nbsp;31, 2018, the issued
and outstanding share capital of Mereo was 71,240,272 ordinary shares, with a &pound;0.003 nominal value each. Following the Merger as of April&nbsp;24, 2019, the issued and outstanding share capital of Mereo was 96,023,592 ordinary shares. Each
issued Mereo ordinary share is fully paid. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Options </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2018, there were options to purchase 12,179,131 Mereo ordinary shares outstanding under Mereo&#146;s equity incentive
plans with a weighted average exercise price of &pound;1.47 per Mereo ordinary share. The options generally lapse after 10 years from the date of the grant. As of December&nbsp;31, 2018, there were <FONT STYLE="white-space:nowrap">nil-cost</FONT>
options to purchase 162,997 Mereo ordinary shares outstanding under the 2016 DBSP, which generally lapse one year after vesting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Novartis Notes
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;3, 2016, Mereo issued 3,463,563 Novartis Notes to Novartis. As of the date of this annual report, the outstanding
principal and accrued interest on the Novartis Notes was &pound;2,355,462 which may be converted into 1,065,820 Mereo ordinary shares at a conversion price of &pound;2.21 per Mereo ordinary share at any time until they mature. In connection with any
such conversion, Mereo is also obligated to issue a number of Bonus Shares equal to the number of shares into which the Novartis Notes are converted multiplied by 0.93, up to a maximum of 864,988 Bonus Shares The Novartis Notes mature on March 2,
2021, at which time Mereo will be obligated to pay any outstanding principal together with any accrued interest. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Warrants </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Warrants issued in connection with to the Loan Agreement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the New Loan Agreement with Silicon Valley Bank and Kreos Capital V (UK) Limited, Mereo has issued warrants giving the
lenders the right to subscribe for 225,974 Mereo ordinary shares at an exercise price of &pound;2.31 per Mereo ordinary share. These warrants will be capable of exercise until October&nbsp;1, 2028. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;23, 2019 Mereo entered into a further revision to the New Loan Agreement, which extended the interest only period to
December&nbsp;31, 2019. In connection with the New Loan Agreement and following completion of the Merger with OncoMed on April&nbsp;23, 2019, Mereo expects to issue additional warrants giving the lenders the right to subscribe for approximately
321,444 Mereo ordinary shares at an exercise price of &pound;2.95 per Mereo ordinary share. These warrants, when issued, will be capable of exercise until October&nbsp;1, 2028. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Warrants issued for TAP funding </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;1, 2018, in connection with the funding agreement with TAP, Mereo issued 41,286 warrants to subscribe for our ordinary shares
at an exercise price of &pound;0.003 per share. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.B.&nbsp;&nbsp;&nbsp;&nbsp;Memorandum and Articles of Association </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following is a summary of some of the terms of our ordinary shares, based on our Articles. The following summary is not complete and is
subject to, and is qualified in its entirety by reference to, the provisions of our Articles, and applicable U.K. law, including U.K. corporate law.</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">140 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our company was incorporated on March&nbsp;10, 2015, and was registered as a public limited company under the laws of England and Wales. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Objects </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
corporate objects of Mereo BioPharma Group plc are unrestricted. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Registered Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is required by the U.K. Companies Act 2006 to keep a register of its shareholders. Under English law, our ordinary shares are deemed to
be issued when the name of the shareholder is entered in Mereo&#146;s share register. The share register therefore is prima facie evidence of the identity of Mereo&#146;s shareholders, and the shares that they hold. The share register generally
provides limited, or no, information regarding the ultimate beneficial owners of our ordinary shares. Mereo&#146;s share register is maintained by its registrar, Link Asset Services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of our ADSs are not treated as shareholders and their names are therefore not be entered in Mereo&#146;s share register. The
depositary, the custodian or their nominees are the holders of our ordinary shares underlying our ADSs. Holders of our ADSs have a right to receive our ordinary shares underlying their ADSs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the U.K. Companies Act 2006, Mereo must enter an allotment of its ordinary shares in its share register as soon as practicable and in
any event within two months of the allotment. Mereo has updated its share register to reflect the number of ordinary shares issued to the depositary in connection with the Merger. Mereo is also required by the U.K. Companies Act 2006 to register a
transfer of its ordinary shares (or give the transferee notice of and reasons for refusal as the transferee may reasonably request) as soon as practicable and in any event within two months of receiving notice of the transfer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo, any of Mereo&#146;s shareholders or any other affected person may apply to the court for rectification of the share register if: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the name of any person, without sufficient cause, is entered in or omitted from Mereo&#146;s register of members;
or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a default is made or unnecessary delay takes place in entering on the register the fact of any person having
ceased to be a member or on which Mereo has a lien, provided that such refusal does not prevent dealings in the shares taking place on an open and proper basis. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shares and Rights Attaching to Them </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
following summarizes the rights of holders of Mereo ordinary shares: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each holder of Mereo ordinary shares is entitled to one vote per Mereo ordinary share at a meeting of
shareholders (provided that certain shareholders each have its votes on a poll limited to 19.5% of the total voting share capital and any votes which would have otherwise been exercisable by Mereo shall be deemed to be held and exercisable by the
other shareholders, other than those and certain other shareholders, on a pro rata basis); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the holders of the Mereo ordinary shares shall be entitled to receive notice of, attend, speak, and vote at
Mereo&#146;s general meetings; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">holders of Mereo ordinary shares are entitled to receive such dividends as are recommended by Mereo&#146;s
directors and declared by Mereo&#146;s shareholders. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Share Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to any special rights attaching to shares already in issue, Mereo ordinary shares may be issued with or have attached to them any
rights or restrictions as Mereo may resolve by ordinary resolution of the shareholders or failing such determination, as the board may determine. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">141 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Voting Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Without prejudice to any special rights, privileges or restrictions as to voting rights attached to any shares forming part of Mereo&#146;s
share capital from time to time, the voting rights attaching to shares are as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on a show of hands, every shareholder who (being an individual) is present in person and (being a corporation) is
present by a duly authorized representative shall have one vote; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on a show of hands, each proxy present in person has one vote for and one vote against a resolution if the proxy
has been duly appointed by more than one shareholder and the proxy has been instructed by one or more of those shareholders to vote for the resolution and by one or more other of those shareholders to vote against it; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on a show of hands, each proxy present in person has one vote for and one vote against a resolution if the proxy
has been duly appointed by more than one shareholder entitled to vote on the resolution and either: (1)&nbsp;the proxy has been instructed by one or more of those shareholders to vote for the resolution and has been given any discretion by one or
more other of those shareholders to vote and the proxy exercises that discretion to vote against it; or (2)&nbsp;the proxy has been instructed by one or more of those shareholders to vote against the resolution and has been given any discretion by
one or more other of those shareholders to vote and the proxy exercises that discretion to vote for it; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on a poll every shareholder who is present in person or by proxy shall have one vote for each share of which he
is the holder, provided that certain shareholders have their votes limited to 19.5% of the total voting share capital and any votes which would have otherwise been exercisable by them shall be deemed to be held and exercisable by the other
shareholders, other than those shareholders subject to such cap whose voting rights have already been capped, on a pro rata basis. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands unless a poll is demanded. Subject to
the provisions of the U.K. Companies Act 2006, a poll may be demanded by: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the chairman of the meeting; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the directors; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">two or more persons having the right to vote on the resolution; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a person or persons representing not less than 10% of the total voting rights of all shareholders having the
right to vote on the resolution. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Restrictions on Voting </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No shareholder shall be entitled to vote at any general meeting in respect of any share held by such shareholder unless all sums payable by
such shareholder in respect of that share have been paid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The board may from time to time make calls upon the shareholders in respect of
any money unpaid on their shares and each shareholder shall (subject to at least 14 days&#146; notice specifying when and how the payment is to be made) pay at the time or times so specified the amount called on his, her or its shares. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Dividends </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo
may, subject to the provisions of the U.K. Companies Act 2006 and Mereo&#146;s Articles, by ordinary resolution of shareholders declare dividends out of profits available for distribution in accordance with the respective rights of shareholders but
no such dividend shall exceed the amount recommended by the directors. The board may from time to time pay shareholders such interim dividends as appear to the board to be justified by Mereo&#146;s financial position but, if at any time,
Mereo&#146;s share capital is divided into different classes the board may not pay such interim dividends in respect of those shares which confer on the holders thereof deferred or <FONT STYLE="white-space:nowrap">non-preferential</FONT> rights with
regard to dividends if, at the time of payment, any preferential dividend is in arrears. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">142 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to any special rights attaching to or the terms of issue of any share, all dividends
shall be declared and paid according to the amounts paid up on the shares and shall be apportioned and paid pro rata according to the amounts paid up on the shares during any part or parts of the period in respect of which the dividend is paid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No dividend or other moneys payable by Mereo on or in respect of any share shall bear interest against Mereo unless otherwise provided by the
rights attached to the share or the provisions of another agreement between the shareholder and Mereo. Any dividend unclaimed after a period of 12 years from the date such dividend became due for payment shall be forfeited and cease to remain owing.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dividends may be declared or paid in any currency and the board may decide the rate of exchange for any currency conversions that may be
required, and how any costs involved are to be met, in relation to the currency of any dividend. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any general meeting declaring a dividend
may by ordinary resolution of shareholders, upon the recommendation of the board, direct payment or satisfaction of such dividend wholly or in part by the distribution of <FONT STYLE="white-space:nowrap">non-cash</FONT> assets of equivalent value,
including shares or other securities in any company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The directors may, if authorized by an ordinary resolution of shareholders, offer
any holders of Mereo ordinary shares the right to elect to receive in lieu of a dividend, or part of a dividend, an allotment of Mereo ordinary shares credited as fully paid up. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Change of Control </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There is no specific provision in Mereo&#146;s Articles that would have the effect of delaying, deferring, or preventing a change of control.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Distributions on Winding Up </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Mereo is in liquidation, the liquidator may, if authorized by a special resolution of shareholders and any other authority required at law,
divide among shareholders (excluding Mereo to the extent it is a shareholder by virtue only of holding treasury shares) in specie or in kind the whole or any part of Mereo&#146;s assets (whether or not the assets consist of property of one kind or
consist of properties of different kinds and the liquidator may for such purpose set such value as the liquidator deems fair upon any one or more class or classes of property and may determine how such division shall be carried out as between the
shareholders or different classes of shareholders), or vest the whole or any part of such assets in trustees upon such trusts for the benefit of the shareholders as the liquidator determines (and the liquidation of Mereo may be closed and Mereo
dissolved), but no shareholder shall be compelled to accept any shares or other assets upon which there is any liability or potential liability. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Variation of Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All or any of the rights and privileges attached to any class of shares issued may be varied or abrogated only with the consent in writing of
the holders of not less than three-fourths in nominal value of the issued shares of that class (excluding any shares held as treasury shares) or by special resolution passed at a separate general meeting of the holders of such shares, subject to the
other provisions of the U.K. Companies Act 2006 and the terms of their issue. The U.K. Companies Act 2006 also provides a right to object to the variation of the share capital by the shareholders who did not vote in favor of the variation. Should
15% or more of the shareholders of the issued shares in question apply to the court to have the variation cancelled, the variation shall have no effect unless and until it is confirmed by the court. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Alteration to Share Capital </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo may, by ordinary resolution of shareholders, consolidate all or any of its share capital into shares of larger amount than Mereo&#146;s
existing shares, or <FONT STYLE="white-space:nowrap">sub-divide</FONT> Mereo&#146;s shares or any of them into shares of a smaller amount. Mereo may, by special resolution of shareholders, confirmed by the court, reduce Mereo&#146;s share capital or
any capital redemption reserve or any share premium account in any manner authorized by the U.K. Companies Act 2006. Mereo may redeem or purchase all or any of the Mereo ordinary shares as described in &#147;&#151;Other U.K. Law
Considerations&#151;Purchase of Own Shares.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">143 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Preemption Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In certain circumstances, Mereo&#146;s shareholders may have statutory preemption rights under the U.K. Companies Act 2006 in respect of the
allotment of new shares. English law generally provides shareholders with preemptive rights when new shares are issued for cash; however, it is possible for the articles of association, or shareholders by special resolution, to exclude preemptive
rights. Such an exclusion of preemptive rights may be for a maximum period of up to five years from the date of adoption of the articles of association, if the exclusion is contained in the articles of association, or from the date of the
shareholder resolution, if the exclusion is by shareholder resolution. In either case, this exclusion would need to be renewed by Mereo&#146;s shareholders upon its expiration (i.e., at least every five years). On June&nbsp;2, 2016, Mereo&#146;s
shareholders approved the exclusion of preemptive rights for a period of five years from the date of the approval in respect of the allotment of up to a maximum amount of &pound;350,000 of Mereo ordinary shares of &pound;0.003 each, which exclusion
will need to be renewed upon expiration (i.e., at least every five years) to remain effective, but may be sought more frequently for additional five-year terms (or any shorter period). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Transfer of Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any shareholder holding shares in certificated form may transfer all or any such shares by an instrument of transfer in any usual form or any
other form approved by the board. Any written instrument of transfer shall be signed by or on behalf of the transferor and (in the case of a partly paid share) the transferee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the case of uncertificated shares, the directors may take such action as they consider appropriate to achieve a transfer. The
Uncertificated Securities Regulations 2001 permit shares to be issued and held in uncertificated form and transferred by means of a computer based system. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The board may decline to register any transfer of any share: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">which is not a fully paid share; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">where the transfer is not lodged at Mereo&#146;s registered office or such other place as the directors have
appointed; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">where the transfer is not accompanied by the share certificate to which it relates, or such other evidence as the
board may reasonably require to show the transferor&#146;s right to make the transfer, or evidence of the right of someone other than the transferor to make the transfer on the transferor&#146;s behalf; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">where the transfer is in respect of more than one class of share; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">where the number of joint holders to whom the share is to be transferred exceeds four. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the board declines to register a transfer, it must return to the transferee the instrument of transfer together with notice of the refusal,
unless the board suspects that the proposed transfer may be fraudulent. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CREST </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To be traded on AIM, securities must be able to be transferred and settled through the CREST system. CREST is a computerized paperless share
transfer and settlement system which allows securities to be transferred by electronic means, without the need for a written instrument of transfer. The Articles are consistent with CREST membership and, amongst other things, allow for the holding
and transfer of shares in uncertificated form. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shareholder Meetings </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Annual General Meetings </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with the U.K. Companies Act 2006, Mereo is required in each year to hold an annual general meeting in addition to any other
general meetings in that year and to specify the meeting as such in the notice convening it. The annual general meeting shall be convened whenever and wherever the board sees fit, subject to the requirements of the U.K. Companies Act 2006. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">144 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Notice of General Meetings </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the U.K. Companies Act 2006, 21 clear days&#146; notice must be given for an annual general meeting and any resolutions to be proposed at
that meeting. At least 14 clear days&#146; notice is required for any other general meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the notice requirements of the
U.K. Companies Act 2006, a general meeting of the shareholders of Mereo may be called by the Mereo Board whenever and at such times and places as it shall determine. A general meeting may also be convened by the Mereo Board on the requisition of
Mereo shareholders who hold at least 5% of the <FONT STYLE="white-space:nowrap">paid-up</FONT> capital of Mereo carrying voting rights at a general meeting. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Quorum of General Meetings </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No business, other than the appointment of the chair of the meeting, shall be transacted at any general meeting unless a quorum is present. At
least two shareholders present in person or by proxy and entitled to vote shall be a quorum for all purposes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Class&nbsp;Meetings
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The provisions in the Articles relating to general meetings apply to every separate general meeting of the holders of a class of
shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Directors </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Number of
Directors </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo may not have less than two directors on the board of directors and not more than nine. Mereo may, by ordinary
resolution of the shareholders, vary the minimum and maximum number of directors from time to time. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Appointment of Directors
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the provisions of the Articles, Mereo may, by ordinary resolution of the shareholders or a decision of the directors,
elect any person to be a director, either to fill a casual vacancy or as an addition to the existing board, provided the total number of directors does not exceed the maximum number fixed by or in accordance with the Articles. However, any person
that is not a director retiring from the existing board must be recommended by the board or the person must have confirmed in writing to Mereo their willingness to be elected as a director not later than seven days before the general meeting at
which the relevant resolution is proposed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any director appointed by the board will hold office only until the next following annual
general meeting at which such director must retire. In addition, a director must retire at the third annual general meeting following the annual general meeting at which such director was elected or last
<FONT STYLE="white-space:nowrap">re-elected.</FONT> Such directors are eligible for <FONT STYLE="white-space:nowrap">re-election</FONT> at the annual general meeting at which they retire. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The shareholders may, at the meeting at which a director retires, fill the vacated office by electing a person and in default the retiring
director shall, if willing to continue to act, be deemed to have been <FONT STYLE="white-space:nowrap">re-elected,</FONT> unless at such meeting it is expressly resolved not to fill such vacated office or unless a resolution for the <FONT
STYLE="white-space:nowrap">re-election</FONT> of such director shall have been put to the meeting and lost. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Directors&#146;
Interests </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a situation arises in which a director has, or can have, a direct or indirect interest that conflicts, or possibly
may conflict, with Mereo&#146;s interests (other than a situation that cannot reasonably be regarded as likely to give rise to a conflict of interest or a conflict of interest arising in relation to a transaction or arrangement with Mereo), the
board may authorize in accordance with the U.K. Companies Act 2006 the director&#146;s interest and the continuing performance by the relevant director of his or her duties as a director on such terms as the board may determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A director shall not be accountable to Mereo for any benefit which he derives from or in connection with a relationship involving a conflict
of interest or possible conflict of interest which has been authorized by the directors or by Mereo in a general meeting and any such transaction or arrangement shall not be liable to be avoided on the grounds of any such benefit. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">145 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the requirements under sections 175, 177 and 182 of the U.K. Companies Act 2006,
a director shall declare the nature and extent of such conflicts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A director may participate in the decision-making process and count in
the quorum and vote on a proposed decision of the board which is concerned with such director&#146;s interests (subject to any restrictions imposed by the other directors when providing such consent) if such director has declared the nature and
extent of any interest of his or hers and provided a majority of the other directors consent, or if one of the following situations applies: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the director&#146;s interest arises solely through an interest in shares, debentures or other securities of or
otherwise in or through Mereo; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an ordinary resolution of Mereo permits the director to count in the quorum and vote on the proposed decision;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the director&#146;s interest cannot reasonably be regarded as likely to give rise to a material conflict of
interest; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the conflict of interest arises from one of the following: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a guarantee, security or indemnity given, or to be given, by or to the director in respect of an obligation
incurred by or on behalf of Mereo or any of its subsidiaries; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a subscription, or agreement to subscribe, for shares or other securities of Mereo or any of its subsidiaries, or
to underwrite, <FONT STYLE="white-space:nowrap">sub-underwrite</FONT> or guarantee an offer of any such shares or securities by Mereo or any of its subsidiaries for subscription, purchase or exchange; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">arrangements pursuant to which benefits are made available to employees and directors, or former employees and
directors, of Mereo or any of its subsidiaries which do not provide special benefits for directors or former directors; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the purchase or maintenance of insurance which Mereo is empowered to purchase or maintain for directors or
officers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the giving to the director of an indemnity against liabilities incurred or to be incurred by the director in the
execution and discharge of his or her duties; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the provision of funds to the director to meet expenditure incurred or to be incurred by the director in
defending criminal or civil proceedings against him or her or in connection with any application under certain provisions of the U.K. Companies Act 2006 or otherwise enabling him or her to avoid incurring that expenditure; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">proposals concerning another company in which the director is interested directly or indirectly (whether as
officer, shareholder or otherwise), if the director and any other persons connected with him or her do not to his or her knowledge hold an interest in shares representing 1% or more of the issued shares of any class of the equity share capital of
that company (or of any third company through which his or her or its interest is derived) or of the voting rights available to shareholders of the relevant company. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A director shall not be counted in the quorum present at a meeting in relation to a resolution on which he or she is not entitled to vote by
reason of his or her interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a question arises at a meeting of the board or of a committee of the board as to the right of a
director to vote or be counted in the quorum, and such question is not resolved by his or her voluntarily agreeing to abstain from voting, the question shall be determined by a resolution of the board or such committee (with such director being
excluded from voting on the resolution). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Directors&#146; Fees and Remuneration </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the directors is entitled to remuneration as determined by the board for their service as directors and other services undertaken for
Mereo. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">146 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each director may be paid his or her reasonable expenses in connection with such
director&#146;s attendance at meetings of the board or committees of the board or general meetings or separate meetings of the holders class of shares or of debentures, or otherwise in connection with the exercise of powers and the discharge of
responsibilities in relation to Mereo. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Indemnity </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Every director, officer or former director or officer of Mereo&#146;s group may be indemnified against all costs, charges, losses, expenses and
liabilities incurred by him or her in connection with any negligence, default, breach of duty, or breach of trust by him or her in relation to Mereo or in connection with Mereo&#146;s activities as a trustee of an occupational pension scheme, in the
actual or purported exercise of his or her powers or duties or otherwise as Mereo&#146;s officer, to the extent permitted under the U.K. Companies Act 2006. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Novartis Observer </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For as long as Novartis holds not less than one percent of Mereo&#146;s issued share capital, Novartis may appoint one observer who may attend,
but not participate or vote in, any meeting of the Mereo Board. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other U.K. Law Considerations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Notification of Voting Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A shareholder in a public company incorporated in the United Kingdom whose shares are admitted to trading on AIM is required pursuant to
Chapter 5 of the Disclosure Guidance and Transparency Rules of the U.K. Financial Conduct Authority to notify Mereo of the percentage of his or her voting rights if the percentage of voting rights which he holds as a shareholder or through his or
her direct or indirect holding of financial instruments (or a combination of such holdings) reaches, exceeds, or falls below 3%, 4%, 5%, and each 1% threshold thereafter up to 100% as a result of an acquisition or disposal of shares or financial
instruments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Mandatory Purchases and Acquisitions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to Sections 979 to 991 of the U.K. Companies Act 2006, where a takeover offer has been made for Mereo and the offeror has acquired or
unconditionally contracted to acquire not less than 90% in value of the shares to which the offer relates and not less than 90% of the voting rights carried by those shares, the offeror may give notice to the holder of any shares to which the offer
relates which the offeror has not acquired or unconditionally contracted to acquire that he wishes to acquire, and is entitled to so acquire, those shares on the same terms as the general offer. The offeror would do so by sending a notice to the
outstanding minority shareholders telling them that it will compulsorily acquire their shares. Such notice must be sent within three months of the last day on which the offer can be accepted in the prescribed manner. The compulsory acquisition of
the minority shareholders&#146; shares can be completed at the end of six weeks from the date the notice has been given, subject to the minority shareholders failing to successfully lodge an application to the court to prevent such compulsory
acquisition any time prior to the end of those six weeks following which the offeror can execute a transfer of the outstanding shares in its favor and pay the consideration to Mereo, which would hold the consideration on trust for the outstanding
minority shareholders. The consideration offered to the outstanding minority shareholders whose shares are compulsorily acquired under the U.K. Companies Act 2006 must, in general, be the same as the consideration that was available under the
takeover offer. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Sell Out </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.K. Companies Act 2006 also gives Mereo&#146;s minority shareholders a right to be bought out in certain circumstances by an offeror who
has made a takeover offer for all of the Mereo ordinary shares. The holder of shares to which the offer relates, and who has not otherwise accepted the offer, may require the offeror to acquire such shares if, prior to the expiry of the acceptance
period for such offer, (i)&nbsp;the offeror has acquired or unconditionally agreed to acquire not less than 90% in value of the voting shares, and (ii)&nbsp;not less than 90% of the voting rights carried by those shares. The offeror may impose a
time limit on the rights of minority shareholders to be bought out that is not less than three months after the end of the acceptance period. If a shareholder exercises such shareholder&#146;s rights to be bought out, the offeror is required to
acquire those shares on the terms of the offer or on such other terms as may be agreed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">147 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Disclosure of Interest in Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to Part 22 of the U.K. Companies Act 2006, Mereo is empowered to give notice in writing to any person whom they know or have
reasonable cause to believe to be interested in Mereo ordinary shares, or to have been so interested at any time during the three years immediately preceding the date on which the notice is issued requiring such persons, within a reasonable time, to
disclose to Mereo particulars of that person&#146;s interest and (so far as is within such person&#146;s knowledge) particulars of any other interest that subsists or subsisted in those shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Mereo&#146;s Articles, if a person defaults in supplying Mereo with the required particulars in relation to the shares in question, or
default shares, within the prescribed period, the directors may by notice direct that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in respect of the default shares, the relevant shareholder shall not be entitled to vote (either in person or by
proxy) at any general meeting or to exercise any other right conferred by a shareholding in relation to general meetings; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">where the default shares represent at least 0.25% of their class, (a)&nbsp;any dividend or other money payable in
respect of the default shares shall be retained by Mereo without liability to pay interest and, in circumstances where an option to elect to receive Mereo ordinary shares instead of cash in respect of any dividend is provided to Mereo&#146;s
shareholders, any notice of election to receive such Mereo ordinary shares exercised in respect of the default shares shall not be effective and/or (b)&nbsp;no transfers by the relevant shareholder of any default shares may be registered (unless the
shareholder himself is not in default, the relevant transfer is in respect of part only of such shareholder&#146;s holding and the shareholder provides a certificate, in a form satisfactory to the directors, to the effect that after due and careful
enquiry the shareholder is satisfied that none of the shares to be transferred is a default share); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any share held by the relevant shareholder in uncertificated form shall be converted into certificated form and
that shareholder shall not after that be entitled to convert all or any shares held by him or her into uncertificated form (except with the authority of the directors) unless the shareholder himself is not in default and the shares which the
shareholder wishes to convert </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">are part only of the shareholder&#146;s holding and the shareholder provides a certificate, in a form
satisfactory to the directors, to the effect that after due and careful enquiry the shareholder is satisfied that none of the shares to be converted into uncertificated form is a default share. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Purchase of Own Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under English law, a limited company may only purchase its own shares out of the distributable profits of the company or the proceeds of a
fresh issue of shares made for the purpose of financing the purchase, provided that they are not restricted from doing so by their articles. A limited company may not purchase its own shares if, as a result of the purchase, there would no longer be
any issued shares of the company other than redeemable shares or shares held as treasury shares. Shares must be fully paid in order to be repurchased. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the above, Mereo may purchase its own shares in the manner prescribed below. Mereo may make a market purchase of its own fully paid
shares pursuant to an ordinary resolution of shareholders. The resolution authorizing the purchase must: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">specify the maximum number of shares authorized to be acquired; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">determine the maximum and minimum prices that may be paid for the shares; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">specify a date, not being later than five years after the passing of the resolution, on which the authority to
purchase is to expire. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo may purchase its own fully paid shares otherwise than on a recognized investment exchange
pursuant to a purchase contract authorized by resolution of shareholders before the purchase takes place. Any authority will not be effective if any shareholder from whom Mereo proposes to purchase shares votes on the resolution and the resolution
would not have been passed if he had not done so. The resolution authorizing the purchase must specify a date, not being later than five years after the passing of the resolution, on which the authority to purchase is to expire. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">148 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Distributions and Dividends </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the U.K. Companies Act 2006, before a company can lawfully make a distribution or dividend, it must ensure that it has sufficient
distributable reserves (on a <FONT STYLE="white-space:nowrap">non-consolidated</FONT> basis). The basic rule is that a company&#146;s profits available for the purpose of making a distribution are its accumulated, realized profits, so far as not
previously utilized by distribution or capitalization, less its accumulated, realized losses, so far as not previously written off in a reduction or reorganization of capital duly made. The requirement to have sufficient distributable reserves
before a distribution or dividend can be paid applies to Mereo and to each of its subsidiaries that has been incorporated under English law </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is not sufficient that Mereo, as a public company, has made a distributable profit for the purpose of making a distribution. An additional
capital maintenance requirement is imposed on Mereo to ensure that the net worth of the company is at least equal to the amount of its capital. A public company can only make a distribution: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if, at the time that the distribution is made, the amount of its net assets (that is, the total excess of assets
over liabilities) is not less than the total of its called up share capital and undistributable reserves; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if, and to the extent that, the distribution itself, at the time that it is made, does not reduce the amount of
the net assets to less than that total. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>City Code on Takeovers and Mergers </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a public company incorporated in England and Wales with Mereo&#146;s registered office in England and Wales which has shares admitted to
AIM, Mereo is subject to the U.K. City Code on Takeovers and Mergers (the &#147;U.K. City Code&#148;), which is issued and administered by the U.K. Panel on Takeovers and Mergers (the &#147;Panel&#148;). The U.K. City Code provides a framework
within which takeovers of companies subject to it are conducted. In particular, the U.K. City Code contains certain rules in respect of mandatory offers. Under Rule 9 of the U.K. City Code, if a person: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">acquires an interest in Mereo ordinary shares which, when taken together with shares in which such person, or
persons acting in concert with such person, are interested, carries 30% or more of the voting rights of Mereo&#146;s share capital; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">who, together with persons acting in concert with him, is interested in shares that in the aggregate carry not
less than 30% and not more than 50% of the voting rights of Mereo&#146;s share capital, and such persons, or any person acting in concert with him, acquires additional interests in shares that increase the percentage of shares carrying voting rights
in which that person is interested, the acquirer and, depending on the circumstances, their concert parties, would be required (except with the consent of the Panel) to make a cash offer for Mereo&#146;s outstanding shares at a price not less than
the highest price paid for any interests in the shares by the acquirer or its concert parties during the previous 12 months.</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.C.
Material Contracts </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a description of our material contracts, please see &#147;Item 4. Information on the Company&#151;B. Business
Overview&#151;Material Agreements.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.D. Exchange Controls </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There are no governmental laws, decrees, regulations or other legislation in the United Kingdom that may affect the import or export of
capital, including the availability of cash and cash equivalents for use by Mereo, or that may affect the remittance of dividends, interest, or other payments by Mereo to <FONT STYLE="white-space:nowrap">non-resident</FONT> holders of our ordinary
shares or ADSs, other than withholding tax requirements. There is no limitation imposed by English law or in the Articles on the right of <FONT STYLE="white-space:nowrap">non-residents</FONT> to hold or vote shares. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.E. Taxation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>U.K. Tax Considerations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a general summary of material U.K. tax considerations relating primarily to the ownership and disposal of our ADSs. The U.K.
tax comments set out below are based on current U.K. tax law as applied in England </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">149 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and Wales, and HM Revenue&nbsp;&amp; Customs (&#147;HMRC&#148;) practice (which may not be binding on HMRC) as at the date of this summary, both of which are subject to change, possibly with
retrospective effect. They are intended as a general guide and, save where otherwise stated, only apply to you if you are not resident in the U.K. for U.K. tax purposes and do not hold our ADSs for the purposes of a trade, profession or vocation
that you carry on in the U.K. through a branch, agency or permanent establishment in the U.K. and if you hold our ADSs as an investment for U.K. tax purposes and are not subject to special rules. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This summary does not address all possible tax consequences relating to an investment in our ADSs. In particular it does not cover the U.K.
inheritance tax consequences of holding our ADSs. It assumes that DTC has not made an election under section 97A(1) of the Finance Act 1986. This summary is for general information only and is not intended to be, nor should it be considered to be,
legal or tax advice to any particular holder. Holders of our ADSs are strongly urged to consult their tax advisers in connection with the U.K. tax consequences of their investment in our ADSs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>U.K. Taxation of Dividends </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo will not be required to withhold amounts for or on account of U.K. tax at source when paying a dividend in respect of its ordinary
shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders who hold our ADSs as an investment, who are not resident in the U.K. for U.K. tax purposes and who do not hold their ADSs
in connection with any trade, profession or vocation carried on by them in the U.K. through a branch, agency or permanent establishment in the U.K. should not be subject to U.K. tax in respect of any dividends on our ordinary shares. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>U.K. Taxation of Capital Gains </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An individual holder who is not resident in the U.K. for U.K. tax purposes should not be liable to U.K. capital gains tax on capital gains
realized on the disposal of their ADSs unless such holder carries on a trade, profession or vocation in the U.K. through a branch or agency in the U.K. to which the our ADSs are attributable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any such individual holder of our ADSs who is temporarily <FONT STYLE="white-space:nowrap">non-resident</FONT> for U.K. tax purposes will, in
certain circumstances, become liable to U.K. tax on capital gains in respect of gains realized while they were not resident in the U.K. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A
corporate holder of our ADSs which is not resident in the U.K. for U.K. tax purposes should not be liable for U.K. corporation tax on chargeable gains realized on the disposal of our ADSs unless it carries on a trade in the U.K. through a permanent
establishment in the U.K. to which our ADSs are attributable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>U.K. Withholding Tax in Respect of CVRs </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is not expecting to withhold amounts for or on account of U.K. tax at source in respect of any payments made to CVR holders pursuant to
the CVR Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Stamp Duty and Stamp Duty Reserve Tax </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following statements apply to all holders, regardless of their jurisdiction of tax residence.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is assumed for the purposes of the following statements that all transfers or, or agreements to transfer, our ordinary shares are only made
at times when (i)&nbsp;our ordinary shares are admitted to trading on AIM but are not listed on any market (with the term &#147;listed&#148; being construed in accordance with section 99A of the Finance Act 1986); and (ii)&nbsp;AIM continues to be
accepted as a &#147;recognised growth market&#148; (as construed in accordance with section 99A of the Finance Act 1986). Holders of our ADSs who propose to transfer, or agree to transfer, our ordinary shares during such time as these conditions are
not met (including during any period between the creation and issue of our ADSs and the admission to trading of our ordinary shares on AIM) are strongly urged to obtain their own advice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No stamp duty is payable on the issue of our ordinary shares into a depositary receipt system (such as, Mereo understands, that operated by
Citibank) or a clearance service (such as, Mereo understands, DTC). No stamp duty reserve tax (&#147;SDRT&#148;) should be payable on the issue of our ordinary shares into a depositary receipt system or a clearance service. Accordingly, no stamp
duty or SDRT should be payable on the creation and issue of our ADSs pursuant to the issue of our ordinary shares to Citibank&#146;s custodian. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">150 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No stamp duty or SDRT should be payable on transfers of, or agreements to transfer, our
ordinary shares into a depositary receipt system or a clearance service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No SDRT or stamp duty should be payable on paperless transfers
of, or agreements to transfer, our ADSs through the facilities of DTC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No stamp duty should be payable on a written instrument
transferring, or a written agreement to transfer, our ADSs provided the instrument or agreement is executed and remains at all times outside the U.K. No SDRT should be payable in respect of agreements to transfer our ADSs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No stamp duty or SDRT should be payable on transfers of, or agreements to transfer, our ordinary shares outside of a depositary receipt system
or a clearance service. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Material U.S. Federal Income Tax Considerations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following discussion describes the material U.S. federal income tax consequences to the U.S. Holders described below of owning and
disposing of our ADSs or ordinary shares. This discussion applies only to a U.S. Holder that holds ADSs or ordinary shares as capital assets for tax purposes. In addition, it does not describe all of the tax consequences that may be relevant in
light of the U.S. Holder&#146;s particular circumstances, including any alternative minimum or Medicare contribution tax consequences and any tax consequences applicable to U.S. Holders subject to special rules, such as: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">banks, insurance companies and other financial institutions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">real estate investment trusts or regulated investment companies; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">dealers or traders in securities that use a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> method of tax accounting; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons holding our ADSs or ordinary shares as part of a straddle, integrated transaction or similar transaction;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">entities or arrangements treated as partnerships for U.S. federal income tax purposes and their partners or
investors; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">tax-exempt</FONT> entities, &#147;individual retirement accounts&#148; or
&#147;Roth IRAs&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons who acquired our ordinary shares or ADSs pursuant to the exercise of an employee stock option or
otherwise as compensation; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons that own or are deemed to own 10% or more of our stock by vote or value; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons holding our ADSs or ordinary shares in connection with a trade or business outside the United States.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a partnership (or other entity that is classified as a partnership for U.S. federal income tax purposes) owns our
ADSs or ordinary shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships owning our ADSs or ordinary shares and partners in such partnerships
should consult their tax advisers as to the particular U.S. federal income tax consequences of owning and disposing of our ADSs or ordinary shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), administrative pronouncements, judicial
decisions, and final, temporary and proposed Treasury regulations, all as of the date hereof, any of which is subject to change, possibly with retroactive effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">151 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used herein, a &#147;U.S. Holder&#148; is a person that, for U.S. federal income tax
purposes, is a beneficial owner of our ADSs or ordinary shares and: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a citizen or individual resident of the United States; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United
States, any state therein or the District of Columbia; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">U.S. Holders should consult their tax advisers concerning the U.S. federal, state, local and <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> tax consequences of owning and disposing of our ADSs or ordinary shares in their particular circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, if U.S. Holders own our ADSs, they will be treated as owning the underlying ordinary shares represented by those ADSs for U.S.
federal income tax purposes. Accordingly, no gain or loss will be recognized if a U.S. Holder exchanges our ADSs for the underlying ordinary shares. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Taxation of Distributions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as described under &#147;&#151;Passive Foreign Investment Company Rules&#148; below, distributions paid on ADSs or ordinary shares,
other than certain pro rata distributions of our ordinary shares, will be treated as dividends to the extent paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Because we do not
maintain calculations of our earnings and profits under U.S. federal income tax principles, it is expected that any distributions generally will be reported to U.S. Holders as dividends. Dividends will not be eligible for the dividends-received
deduction generally available to U.S. corporations under the Code. Subject to applicable limitations, dividends paid to certain <FONT STYLE="white-space:nowrap">non-corporate</FONT> U.S. Holders may be eligible for taxation at a preferential tax
rate. <FONT STYLE="white-space:nowrap">Non-corporate</FONT> U.S. Holders should consult their tax advisers regarding the availability of this preferential rate in their particular circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dividends will be included in a U.S. Holder&#146;s income on the date of the U.S. Holder&#146;s, or in the case of our ADSs, the
depositary&#146;s, receipt. Dividends generally will be income from <FONT STYLE="white-space:nowrap">non-U.S.</FONT> sources, which may be relevant in calculating a U.S. Holder&#146;s foreign tax credit limitation. The amount of any dividend income
paid in pound sterling will be the U.S. dollar amount calculated by reference to the spot rate in effect on the date of receipt, regardless of whether the payment is in fact converted into U.S. dollars on such date. If the dividend is converted into
U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect of the dividend. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S.
dollars after the date of receipt. U.S. Holders of our ADSs should consult their tax advisers regarding the application of these rules to the amount of any dividend paid by us in pound sterling that is converted into U.S. dollars by the depositary.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Sale or Other Taxable Disposition </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as described under &#147;&#151;Passive Foreign Investment Company Rules&#148; below, a U.S. Holder will generally recognize capital gain
or loss on a sale or other taxable disposition of our ADSs or ordinary shares in an amount equal to the difference between the amount realized on the sale or disposition and the U.S. Holder&#146;s tax basis in the ADSs or ordinary shares disposed
of, in each case as determined in U.S. dollars. Any gain or loss will be long-term capital gain or loss if at the time of the sale or disposition the U.S. Holder has owned our ADSs or ordinary shares for more than one year. Long-term capital gains
recognized by <FONT STYLE="white-space:nowrap">non-corporate</FONT> U.S. Holders may be subject to a tax rate that is lower than the rate applicable to ordinary income. The deductibility of capital losses is subject to limitations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Passive Foreign Investment Company Rules </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> corporation will be a PFIC for any taxable year in which (i) 75% or more of its
gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets that produce, or are held for the production of, passive income (the &#147;asset test&#148;). For purposes of the above
calculations, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> corporation that directly or indirectly owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the other
corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes interest, dividends, gains from certain </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">152 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
property transactions, rents and royalties (other than certain rents or royalties derived in the active conduct of a trade or business). Cash is a passive asset for PFIC purposes. Goodwill is an
active asset under the PFIC rules to the extent attributable to activities that produce active income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The assets shown on our
consolidated balance sheet (taking into account OncoMed assets acquired as a result of the Merger) are expected to contain a significant amount of cash and cash equivalents in the current taxable year and for the foreseeable future. Therefore,
whether we will satisfy the asset test for the current or any future taxable year generally will depend largely on the quarterly value of our goodwill, and on how quickly we utilize the cash in our business. Because (i)&nbsp;the value of our
goodwill may be determined by reference to the market price of our shares or ADSs, which may be volatile given the nature and early stage of our business, (ii)&nbsp;we expect to continue to hold a significant amount of cash and (iii)&nbsp;a
company&#146;s PFIC status is an annual determination that can be made only after the end of each taxable year, we cannot express a view as to whether we will be a PFIC for the current or any future taxable year. It is therefore possible that we
will be a PFIC for our current or any future taxable year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we were a PFIC for any taxable year and any of our <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> subsidiaries or other companies in which we own equity interests were also a PFIC (any such entity, a &#147;Lower-tier PFIC&#148;), U.S. Holders would be deemed to own a proportionate amount (by value) of
the shares of each Lower-tier PFIC and would be subject to U.S. federal income tax according to the rules described in the subsequent paragraph on (i)&nbsp;certain distributions by a Lower-tier PFIC and (ii)&nbsp;dispositions of shares of Lower-tier
PFICs, in each case as if the U.S. Holders held such shares directly, even though the U.S. Holders had not received the proceeds of those distributions or dispositions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Generally, if we are a PFIC for any taxable year during which a U.S. Holder holds our ADSs or ordinary shares, gain recognized upon a
disposition (including, under certain circumstances, a pledge) of our ADSs or ordinary shares by the U.S. Holder will be allocated ratably over the U.S. Holder&#146;s holding period for such ADSs or ordinary shares. The amounts allocated to the
taxable year of disposition and to years before we became a PFIC will be taxed as ordinary income. The amount allocated to each other taxable year will be subject to tax at the highest rate in effect for that taxable year for individuals or
corporations, as appropriate, and an interest charge will be imposed on the resulting tax liability for each relevant taxable year. Further, to the extent that any distribution received by a U.S. Holder on its our ADSs or ordinary shares exceeds
125% of the average of the annual distributions received on such securities during the preceding three years or the U.S. Holder&#146;s holding period, whichever is shorter (an &#147;excess distribution&#148;), such excess distribution will be
subject to taxation in the same manner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we are a PFIC for any taxable year during which a U.S. Holder owns our ADSs or ordinary
shares, we will generally continue to be treated as a PFIC with respect to such U.S. Holder for all succeeding years during which such U.S. Holder owns our ADSs or ordinary shares, even if we cease to meet the threshold requirements for PFIC status.
If we are a PFIC for any taxable year but cease to be PFIC for subsequent years, U.S. Holders should consult their tax advisers regarding the advisability of making a &#147;deemed sale&#148; election that would allow them to eliminate the continuing
PFIC status under certain circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Alternatively, if we are a PFIC and if our ADSs or ordinary shares are &#147;regularly
traded&#148; on a &#147;qualified exchange,&#148; a U.S. Holder could make a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election that would result in tax treatment different from the general tax
treatment described in the preceding paragraphs. Our ordinary shares would be treated as &#147;regularly traded&#148; in any calendar year in which more than a <I>de minimis</I> quantity of the shares are traded on a qualified exchange on at least
15 days during each calendar quarter. The Nasdaq is a qualified exchange for this purpose. The IRS has not identified specific <FONT STYLE="white-space:nowrap">non-U.S.</FONT> exchanges that are &#147;qualified&#148; for this purpose. If a U.S.
Holder makes the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election, the U.S. Holder generally will recognize as ordinary income any excess of the fair market value of our ADSs or ordinary shares
at the end of each taxable year over their adjusted tax basis, and will recognize an ordinary loss in respect of any excess of the adjusted tax basis of our ADSs or ordinary shares over their fair market value at the end of the taxable year (but
only to the extent of the net amount of income previously included as a result of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election). If a U.S. Holder makes the election, the U.S.
Holder&#146;s tax basis in our ADSs or ordinary shares will be adjusted to reflect these income or loss amounts. Any gain recognized on the sale or other disposition of our ADSs or ordinary shares in a year in which we are a PFIC will be treated as
ordinary income and any loss will be treated as an ordinary loss (but only to the extent of the net amount of income previously included as a result of the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election). U.S. Holders will not be able to make a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election
with respect to Lower-tier PFICs, if any. U.S. Holders should consult their tax advisers as to the availability and desirability of a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election in their
particular circumstances if we are a PFIC for any taxable year. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">153 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A qualified electing fund election, if available, could materially affect the tax
consequences of the ownership and disposition of our ADSs or ordinary shares if we were a PFIC for any taxable year. However, we do not intend to provide the information necessary for U.S. Holders to make qualified electing fund elections.
Therefore, U.S. Holders will not be able to make such elections. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a U.S. Holder owns our ADSs or ordinary shares during any year in
which we are a PFIC, the U.S. Holder generally will be required to file annual reports on IRS Form 8621 (or any successor form) with respect to us, generally with the U.S. Holder&#146;s federal income tax return for that year. U.S. Holders should
consult their tax advisers regarding our PFIC status for any taxable year and the potential application of the PFIC rules to us. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Information Reporting and Backup Withholding </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, payments of dividends and proceeds from the sale or other disposition of our ADSs or ordinary shares that are made within the
United States or through certain U.S.-related financial intermediaries may be subject to information reporting and backup withholding, unless (i)&nbsp;the U.S. Holder is a corporation or other &#147;exempt recipient&#148; and (ii)&nbsp;in the case
of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit
against the U.S. Holder&#146;s U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the IRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain U.S. Holders who are individuals (or certain specified entities) may be required to report information relating to their ownership of
our ADSs or ordinary shares, or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> accounts through which our ADSs or ordinary shares are held. U.S. Holders should consult their tax advisers regarding their reporting obligations with respect to our
ADSs or ordinary shares.</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.F. Dividends and Paying Agents </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.G. Statement by Experts
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.H. Documents on
Display </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are subject to certain of the information reporting requirements of the Exchange Act. As a foreign private issuer, we are
exempt from the rules and regulations under the Exchange Act prescribing the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions
contained in Section&nbsp;16 of the Exchange Act, with respect to their purchase and sale of our shares. In addition, we are not required to file reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose
securities are registered under the Exchange Act. However, we are required to file with the SEC, within four months after the end of each fiscal year, an annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> containing financial
statements audited by an independent accounting firm. We publish unaudited interim financial information after the end of each quarter. We furnish this quarterly financial information to the SEC under cover of a Form
<FONT STYLE="white-space:nowrap">6-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SEC maintains a website that contains reports, proxy and information statements and
other information regarding issuers that file electronically with the SEC. The address of this website is http://www.sec.gov. The company&#146;s website is www.mereobiopharma.com. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.I. Subsidiary Information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not
applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_13"></A>Item&nbsp;11.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Quantitative And Qualitative Disclosures About Market Risk </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo is exposed to a variety of financial risks. Mereo&#146;s overall risk management program seeks to minimize potential adverse effects of
these financial risks on its financial performance. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">154 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Interest Rate Risk </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo manages interest rate risk by monitoring short and medium-term interest rates and placing cash on deposit for periods that optimize the
amount of interest earned while maintaining access to sufficient funds to meet <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> cash requirements. Mereo has a committed borrowing facility in an amount of
&pound;20.5&nbsp;million which was fully drawn as of the date of this annual report. Loans under the credit facility bear interest at a fixed rate of 9.0% per annum. The interest payable on the Novartis Notes is fixed at 4.0% per annum.
Consequently, there is no material exposure to interest rate risk in respect of interest payable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Credit Risk </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo considers all of its material counterparties to be creditworthy. Mereo considers the credit risk for each of its major counterparties to
be low. Mereo is, however, dependent on a number of third parties for the delivery of its programs and, in addition, where appropriate it pays upfront deposits and fees in advance of the delivery of services where required. Mereo continues to assess
credit risk as part of its management of these third-party relationships. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Liquidity Risk </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo manages its liquidity risk by maintaining adequate cash reserves at banking facilities and invested in short term money market accounts,
and by continuously monitoring its cash forecasts, its actual cash flows and by matching the maturity profiles of financial assets and liabilities. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Foreign Currency Risk </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Foreign currency risk reflects the risk that the value of a financial commitment or recognized asset or liability will fluctuate due to changes
in foreign currency rates. The majority of Mereo&#146;s operating costs are denominated in pound sterling, Euros, and U.S. dollars. Mereo&#146;s financial position, as expressed in pound sterling, is exposed to movements in foreign exchange rates
against the U.S. dollar and the euro. Mereo&#146;s main trading currencies are pound sterling and U.S. dollars. Mereo is exposed to foreign currency risk as a result of operating transactions and the translation of foreign currency bank accounts and
short-term deposits. Mereo monitors its exposure to foreign exchange risk. Mereo has not entered into foreign exchange contracts to hedge against foreign exchange fluctuations but maintain cash and investments in U.S. dollars to cover anticipated
forward commitments. For the year ended December&nbsp;31, 2018, Mereo recorded a net foreign exchange loss of &pound;0.04&nbsp;million, compared to a &pound;1.4&nbsp;million loss for the year ended December&nbsp;31, 2017, primarily as a result of
the accretion in value of Mereo&#146;s U.S. dollar cash deposits measured at the balance sheet date compared to the date of conversion. These deposits amounted to $15.0&nbsp;million and $2.3&nbsp;million as of December&nbsp;31, 2017 and 2018,
respectively. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_14"></A>Item&nbsp;12.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Description of Securities Other Than Equity Securities </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12.A. Debt Securities </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12.B. Warrants and Rights </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not
applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12.C. Other Securities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">155 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12.D. American Depositary Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fees and Charges </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As an ADS holder, you
are required to pay the following fees under the terms of the deposit agreement: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Service</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Fee</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuance of ADSs (e.g., an issuance of our ADSs upon a deposit of our ordinary shares, upon a
change in our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ADS-to-ordinary</FONT></FONT> shares ratio), excluding ADS issuances as a result of distributions of our ordinary shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Up to $5.00 per 100 ADSs (or fraction thereof) issued</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cancellation of ADSs (e.g., a cancellation of our ADSs for delivery of deposited property, upon a
change in our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ADS-to-ordinary</FONT></FONT> shares ratio, or for any other reason)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Up to $5.00 per 100 ADSs (or fraction thereof) cancelled</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other
entitlements)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Up to $5.00 per 100 ADSs (or fraction thereof) held</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Distribution of ADSs pursuant to (i)&nbsp;stock dividends or other free stock distributions, or
(ii)&nbsp;exercise of rights to purchase additional ADSs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Up to $5.00 per 100 ADSs (or fraction thereof) held</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Distribution of securities other than our ADSs or rights to purchase additional ADSs (e.g., upon a
<FONT STYLE="white-space:nowrap">spin-off)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Up to $5.00 per 100 ADSs (or fraction thereof) held</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ADS Services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Up to $5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the depositary</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Registration of ADS Transfers (e.g., upon a registration of the transfer of registered ownership
of our ADSs, upon a transfer of our ADSs into DTC and vice versa, or for any other reason)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Up to $5.00 per 100 ADSs (or fraction thereof) transferred</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conversion of our ADSs of one series for our ADSs of another series (e.g., upon conversion of
Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of Restricted ADSs (each as defined in the deposit agreement) into freely transferable ADSs, and vice versa)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Up to $5.00 per 100 ADSs (or fraction thereof) converted</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a holder of our ADSs, you are also responsible for paying certain charges such as: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">taxes (including applicable interest and penalties) and other governmental charges; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the registration fees as may from time to time be in effect for the registration of our ordinary shares on the
share register and applicable to transfers of our ordinary shares to or from the name of the custodian, the depositary, or any nominees upon the making of deposits and withdrawals, respectively; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">certain cable, telex, and facsimile transmission and delivery expenses; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the expenses and charges incurred by the depositary in the conversion of foreign currency; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the fees and expenses incurred by the depositary in connection with compliance with exchange control regulations
and other regulatory requirements applicable to our ordinary shares, our ADSs, and ADRs; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the fees, charges, costs and expenses incurred by the depositary, the custodian, or any nominee in connection
with our ADR program. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Fees and charges for (i)&nbsp;the issuance of our ADSs, and (ii)&nbsp;the cancellation of our
ADSs are charged to the person for whom our ADSs are issued (in the case of our ADS issuances) and to the person for whose our ADSs are cancelled (in the case of our ADS cancellations). In the case of our ADSs issued by the depositary into DTC, our
ADS issuance and cancellation fees and charges may be deducted from distributions made through DTC, and may be charged to the DTC participant(s) receiving our ADSs being issued or the DTC participant(s) holding our ADSs being cancelled, as the case
may be, on behalf of the beneficial owner(s) and will be charged by the DTC participant(s) to the account of the applicable beneficial owner(s) in accordance with the procedures and practices of the DTC participants as in effect at the time. our ADS
fees and charges in respect of distributions and our ADS service fee are charged to the holders as of the applicable ADS record date. In the case of distributions of cash, the amount of the applicable ADS fees and charges is deducted from the funds
being distributed. In the case of (i)&nbsp;distributions other than cash and (ii)&nbsp;our ADS service fee, holders as of our ADS record date will be invoiced for the amount of our ADS fees and charges and such ADS fees and charges may be deducted
from distributions made to holders of our ADSs. For our ADSs held through DTC, such ADS fees and charges for distributions other than cash and our ADS service fee may be deducted from distributions made through DTC, and may be charged to the DTC
participants in accordance with the procedures and practices prescribed by DTC and the DTC participants in turn charge the amount of such ADS fees and charges to the beneficial owners for whom they hold our ADSs. In the case of (i)&nbsp;registration
of our ADS transfers, our ADS transfer </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">156 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
fee will be payable by the Holders of our ADS whose ADSs are being transferred or by the person to whom our ADSs are transferred, and (ii)&nbsp;conversion of our ADSs of one series for our ADSs
of another series, the ADS conversion fee will be payable by the Holder whose ADSs are converted or by the person to whom the converted ADSs are delivered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event of refusal to pay the depositary fees, the depositary may, under the terms of the deposit agreement, refuse the requested service
until payment is received or may set off the amount of the depositary fees from any distribution to be made to the ADS holder. Note that the fees and charges you may be required to pay may vary over time and may be changed by Mereo and by the
depositary. You will receive prior notice of such changes. The depositary may reimburse Mereo for certain expenses incurred by Mereo in respect of the ADR program, by making available a portion of the ADS fees charged in respect of the ADR program
or otherwise, upon such terms and conditions as Mereo and the depositary agree from time to time. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc734372_15"></A>PART TWO
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_16"></A>Item&nbsp;13.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Defaults, Dividend Arrearages And Delinquencies </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;14.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><A NAME="toc734372_17"></A>Material Modifications To The Rights Of Security Holders And Use Of Proceeds
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">A.-D.</FONT> Material Modifications to the Rights of Security Holders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;23, 2019, pursuant to the terms of the Merger Agreement, OncoMed merged with and into an indirect wholly-owned subsidiary of
Mereo. Upon completion of the Merger, each OncoMed common stock was cancelled and converted into the right to receive (1)&nbsp;0.127694 ADSs, representing five ordinary shares in the capital of Mereo, as determined by the exchange ratio set forth in
the Merger Agreement, and (2)&nbsp;one contingent value right, representing the right to receive contingent consideration upon the achievement of certain milestones relating to certain OncoMed products or product candidates. Accordingly, the shares
became governed by Mereo&#146;s Articles. See &#147;Item 10. Additional Information&#151;B. Memorandum and Articles of Association.&#148; On April&nbsp;24, 2019, our ADSs were listed on Nasdaq under the symbol of &#147;MREO&#148;. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>E. Use of Proceeds </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_18"></A>Item&nbsp;15.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Controls And Procedures </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(a)</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Disclosure Controls and Procedures</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our
disclosure controls and procedures (as such term is defined in Rules <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(e)</FONT> under the Exchange Act and regulations promulgated thereunder) as of
December&nbsp;31, 2018, or the Evaluation Date. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the Evaluation Date, our disclosure controls and procedures were effective in recording,
processing, summarizing and reporting, on a timely basis, information required to be included in periodic filings under the Exchange Act and that such information is accumulated and communicated to management, including our Chief Executive Officer
and Chief Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(b)</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Management&#146;s Annual Report on Internal Control over Financial Reporting</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This annual report does not include a report of management&#146;s assessment regarding internal control over financial reporting due to a
transition period established by rules of the SEC for newly public companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further, as long as we are deemed to be an Emerging Growth
Company, we will not be required to include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting, due to an exemption for Emerging Growth Companies provided in the Jumpstart
Our Business Startups Act of 2012. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">157 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Attestation Report of the Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(c)</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Changes in Internal Control over Financial Reporting</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There were no changes in our internal control over financial reporting (as such term is defined in Rules
<FONT STYLE="white-space:nowrap">13a-15(f)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(f)</FONT> under the Exchange Act) that occurred during the period covered by this annual report that have materially affected, or that are reasonably
likely to materially affect, our internal control over financial reporting. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_19"></A>Item&nbsp;16A.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Audit Committee Financial Expert </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our board has determined that Mr.&nbsp;Paul Blackburn qualifies to serve as an &#147;audit committee financial expert&#148; as defined under
the SEC rules, and has the requisite financial sophistication as defined under the applicable Nasdaq rules and regulations. Mr.&nbsp;Paul Blackburn also qualifies as an independent director under the corporate governance standards of the Nasdaq
listing requirements and the audit committee independence requirements of Rule <FONT STYLE="white-space:nowrap">10A-3</FONT> of the Exchange Act. For more information see &#147;Item 6. Directors, Senior Management and Employees&#151;C. Board
Practices&#151;Committees of the Mereo Board&#151;Audit and Risk Committee.&#148; </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_20"></A>Item&nbsp;16B.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Code of Ethics </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Code of Business Conduct and Ethics and Anti-Bribery and Anti-Corruption Policy </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have adopted a Code of Business Conduct and Ethics and an Anti-Bribery and Anti-Corruption Policy applicable to all of our directors,
executive officers and employees, including our Chief Executive Officer, Chief Financial Officer, controller or principal accounting officer, or other persons performing similar functions, which is a code of ethics as defined in Item 16B of Form <FONT
STYLE="white-space:nowrap">20-F</FONT> promulgated by the SEC. The full text of the Code of Business Conduct and Ethics and the Anti-Bribery and Anti-Corruption Policy can be found on our website at www.mereobiopharma.com. Information contained on,
or that can be accessed through, our website does not constitute a part of this report and is not incorporated by reference herein. If we make any amendment to the Code of Business Conduct and Ethics or the Anti-Bribery and Anti-Corruption Policy or
grant any waivers, including any implicit waiver, from a provision of the code of ethics, we will disclose the nature of such amendment or waiver on our website to the extent required by the rules and regulations of the SEC. Under Item 16B of Form <FONT
STYLE="white-space:nowrap">20-F,</FONT> if a waiver or amendment of the Code of Business Conduct and Ethics applies to our principal executive officer, principal financial officer, principal accounting officer or controller and relates to standards
promoting any of the values described in Item 16B(b) of Form <FONT STYLE="white-space:nowrap">20-F,</FONT> we are required to disclose such waiver or amendment on our website in accordance with the requirements of Instruction 4 to such Item 16B.
</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_21"></A>Item&nbsp;16C.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Principal Accountant Fees and Services </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our financial statements have been prepared in accordance with IFRS and are audited by Ernst&nbsp;&amp; Young LLP, our independent registered
public accounting firm registered with the Public Company Accounting Oversight Board in the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ernst&nbsp;&amp; Young LLP,
has served as our independent registered public accounting firm for each of the two years ended December 31, 2017 and 2018, for which audited financial statements appear in this annual report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table provides information regarding fees paid by us to Ernst&nbsp;&amp; Young LLP for all services, for the years ended
December&nbsp;31, 2017 and 2018: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;thousands&nbsp;of&nbsp;pounds)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Audit fees<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">368</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Audit related fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">156</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">202</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">534</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes professional services rendered in connection with the audit of our annual financial statements and the
review of our interim financial statements and services related to the company&#146;s aborted initial public offering and other registration statements. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">158 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Audit Committee <FONT STYLE="white-space:nowrap">Pre-Approval</FONT> Policies and
Procedures </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our audit committee&#146;s specific responsibilities in carrying out its oversight of the quality and integrity of the
accounting, auditing and reporting practices of Mereo include the approval of audit and <FONT STYLE="white-space:nowrap">non-audit</FONT> services to be provided by the independent auditor before the auditor is engaged to render such services. The
audit committee approves in advance the particular services or categories of services to be provided to Mereo during the following yearly period and also sets forth a specific budget for such audit and
<FONT STYLE="white-space:nowrap">non-audit</FONT> services. Additional <FONT STYLE="white-space:nowrap">non-audit</FONT> services may be <FONT STYLE="white-space:nowrap">pre-approved</FONT> by the audit committee. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_22"></A>Item&nbsp;16D.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exemptions From The Listing Standards For Audit Committees </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_23"></A>Item&nbsp;16E.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Purchases of Equity Securities By The Issuer And Affiliated Purchasers </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the year ending December&nbsp;31, 2018, Mereo purchased 163,000 ordinary shares into Treasury through an Employee Benefit Trust
(&#147;EBT&#148;). As at December&nbsp;31, 2018 a total balance of &pound;21,762 was held by EBT. Mereo utilizes the EBT to buy shares at nominal value from Mereo in sufficient quantity to fulfill awards made under the Mereo Share Plans. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total&nbsp;Number&nbsp;of<BR>Ordinary&nbsp;Shares<BR>Purchased</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Average&nbsp;Price&nbsp;Paid&nbsp;Per<BR>Ordinary&nbsp;Share</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total&nbsp;Number&nbsp;of<BR>Ordinary&nbsp;Shares<BR>Purchased&nbsp;as&nbsp;Part&nbsp;of<BR>Publicly&nbsp;Announced<BR>Plans&nbsp;or&nbsp;
Programs(1)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum&nbsp;Number&nbsp;of<BR>Ordinary&nbsp;Shares&nbsp;that<BR>May&nbsp;Yet&nbsp;Be&nbsp;Purchased<BR>Under&nbsp;the&nbsp;Plans&nbsp;
or<BR>Programs</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Month #1 (October 1, 2018 &#150; October&nbsp;31, 2018)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">131,487</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">1.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Month #2 (December 1, 2018 &#150; December&nbsp;31, 2018)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">1.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">163,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">1.88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The ordinary shares were not purchased as part of a publicly announced plan or program. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_24"></A>Item&nbsp;16F.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Change In Registrant&#146;s Certifying Accountant </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_25"></A>Item&nbsp;16G.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Corporate Governance </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Foreign Private Issuer Exemption </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a
&#147;foreign private issuer,&#148; as defined by the SEC, Mereo is permitted to follow home country corporate governance practices, instead of certain corporate governance practices required by Nasdaq for U.S. domestic issuers. While Mereo intends
to follow most Nasdaq corporate governance rules, it intends to follow U.K. corporate governance practices in lieu of Nasdaq corporate governance rules as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo does not intend to follow Nasdaq Rule 5620(c) regarding quorum requirements applicable to meetings of
shareholders. Such quorum requirements are not required under English law. In accordance with generally accepted business practice, Mereo&#146;s Articles provide alternative quorum requirements that are generally applicable to meetings of
shareholders. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mereo does not intend to follow Nasdaq Rule 5605(b)(2), which requires that independent directors regularly have
scheduled meetings at which only independent directors are present. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">159 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although Mereo may rely on certain home country corporate governance practices, Mereo must
comply with Nasdaq Rule 5640 Notification of Noncompliance and Rule 5640 Voting Rights. Further, Mereo must have an audit committee that satisfies Rule 5605(c)(3), which addresses audit committee responsibilities and authority, and that consists of
committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo intends to take all actions necessary for it
to maintain compliance as a foreign private issuer under the applicable corporate governance requirements of the Sarbanes-Oxley Act of 2002, the rules adopted by the SEC and the Nasdaq corporate governance rules and listing standards. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because Mereo is a foreign private issuer, Mereo&#146;s directors and senior management are not subject to short-swing profit and insider
trading reporting obligations under Section&nbsp;16 of the Exchange Act. Mereo will, however, be subject to the obligations to report changes in share ownership under Section&nbsp;13 of the Exchange Act and related SEC rules. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Compliance with the Quoted Companies Alliance Corporate Governance Code </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All companies with securities admitted to trading on AIM are required to include on their website details of a recognized corporate governance
code that the board of directors of the company has decided to apply, how the company complies with that code, and where it departs from its chosen corporate governance code an explanation of the reasons for doing so. This information is required to
be reviewed annually. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo applies the Corporate Governance Code published by the Quoted Companies Alliance (the &#147;QCA Code&#148;).
The QCA Code sets out a standard of minimum best practice for small and midsize quoted companies in the U.K. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mereo Shareholder Rights Under U.K. Law
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The rights of the holders of our ordinary shares are governed by the laws of England and Wales and Mereo&#146;s Articles. The rights
of a holder of our ADSs are also be governed by the deposit agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Purchase and Redemption Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the U.K. Companies Act 2006, a public limited company may issue redeemable shares if authorized by its articles of association, subject
to any conditions stated therein. No redeemable shares may be issued at a time when there are no issued shares of the company existing which are not redeemable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the U.K. Companies Act 2006, a company may redeem shares only if the shares are fully paid and, in the case of public limited companies,
only out of: (1)&nbsp;distributable profits; or (2)&nbsp;the proceeds of a new issue of shares made for the purpose of such redemption. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Preemptive Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the U.K. Companies Act 2006, the issuance of &#147;equity securities&#148; (being (1)&nbsp;shares in a company other than shares that,
with respect to dividends and capital, carry a right to participate only up to a specified amount in a distribution or (2)&nbsp;rights to subscribe for, or to convert securities into, such shares) that are to be paid for wholly in cash must be
offered first to the existing holders of Mereo Shares in proportion to the respective nominal values (i.e., par values) of their holdings on the same or more favorable terms, unless an exception applies or a special resolution to the contrary has
been passed or the articles of association otherwise provide, in each case in accordance with the provisions of the U.K. Companies Act 2006 and Mereo&#146;s Articles. An exclusion of <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights can be
granted for a maximum of five years from the date that Mereo&#146;s directors are granted authority to allot the relevant Mereo ordinary shares, after which shareholders&#146; approval would be required to renew such exclusion. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Inspection Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under English law, a company must retain and keep available for inspection by shareholders, free of charge, and by any other person on payment
of a prescribed fee, its register of members. It must also keep available for inspection by shareholders, free of charge, records of all resolutions passed by and minutes of meetings of shareholders for a period of at least ten years from the date
of the relevant resolution or meeting, and for a fee, provide copies of such records to shareholders who request them. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">160 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Appraisal Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There is no mandatory provision in English law for appraisal rights. Such rights could, in theory, be provided for in the articles of
association or in a shareholders&#146; agreement. Mereo&#146;s Articles do not provide for appraisal/dissenters&#146; rights. However, English law provides dissenters&#146; rights which would permit a shareholder to object to a court of England and
Wales in the context of the compulsory acquisition of minority shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Votes on Certain Transactions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.K. Companies Act 2006 provides for schemes of arrangement, which are arrangements or compromises between a company and any class of
shareholders or creditors and used in certain types of reconstructions, amalgamations, capital reorganizations or takeovers. These arrangements require: (1)&nbsp;the approval, at a shareholders&#146; or creditors&#146; meeting convened by order of a
court of England and Wales, of a majority in number representing 75% in value of the creditors or class of creditors or members or class of members (as the case may be) present and voting, either in person or by proxy; and (2)&nbsp;the approval of a
court of England and Wales. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Amendment of Corporate Governance Documents </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the U.K. Companies Act 2006, a company incorporated in England and Wales may amend its articles of association by way of a special
resolution. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Shareholder Action by Written Consent </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the U.K. Companies Act 2006, a resolution of the members (or of a class of members) of a public company must be passed at a general
meeting of the members. Written resolutions are not permitted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing: (1)&nbsp;English law currently provides
that certain matters could be effected by a company otherwise than by passing a resolution where it can be shown that all shareholders of that company have provided unanimous informed consented to the relevant matter; and (2)&nbsp;under the U.K.
Companies Act 2006, rights attached to a class of the company&#146;s shares may, where the company&#146;s articles contain no provision for the variation of the relevant rights, be carried by consent in writing from the holders of at least
three-quarters in nominal value of the issued shares of that class. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Shareholder Meetings </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.K. Companies Act 2006 requires that a public limited company, such as Mereo, must convene an annual general meeting within six months
following its accounting reference date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the notice requirements of the U.K. Companies Act 2006 outlined below, a general
meeting of the shareholders of Mereo may be called by the Mereo Board whenever and at such times and places as it shall determine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A
general meeting may also be convened by the Mereo Board on the requisition of Mereo shareholders who hold at least 5% of the <FONT STYLE="white-space:nowrap">paid-up</FONT> capital of Mereo carrying voting rights at a general meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">General meetings at which special resolutions are proposed and passed generally involve proposals to change the name of the company, permit
the company to issue new shares for cash without the shareholders&#146; <FONT STYLE="white-space:nowrap">pre-emptive</FONT> right, amend the company&#146;s articles of association, or carry out other matters where either the company&#146;s articles
of association or the U.K. Companies Act 2006 prescribe that a special resolution is required. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other proposals relating to the ordinary
course of the company&#146;s business, such as the election of directors, would generally be the subject of an ordinary resolution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under
the U.K. Companies Act 2006, 21 clear days&#146; notice must be given for an annual general meeting and any resolutions to be proposed at that meeting. At least 14 clear days&#146; notice is required for any other general meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, certain matters, such as the removal of directors or auditors, require special notice, which is 28 clear days&#146; notice. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">161 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Shareholder Proposals and Shareholder Nomination of Directors </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the U.K. Companies Act 2006, shareholders of a company may require the directors to call a general meeting of the company and may specify
the text of a resolution to be voted on at that meeting if the request is made by shareholders holding at least 5% of the <FONT STYLE="white-space:nowrap">paid-up</FONT> capital of Mereo carrying voting rights at a general meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In certain circumstances, shareholders may also require the company to circulate to shareholders that are entitled to receive notice of a
general meeting, a statement of not more than 1,000 words with respect to (1)&nbsp;a matter referred to in a proposed resolution to be dealt with at that meeting, or (2)&nbsp;other business to be deal with at that meeting. A company is required to
circulate a statement once it has received requests to do so from (1)&nbsp;shareholders representing at least 5% of the total voting rights of all shareholders who have a relevant right to vote, or (2)&nbsp;by at least 100 shareholders who have a
relevant right to vote and hold shares in the company on which there has been paid up an average sum, per shareholder, of at least &pound;100. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Resolutions to appoint or <FONT STYLE="white-space:nowrap">re-appoint</FONT> directors to a public limited company such as Mereo must
generally be put to shareholders on the basis of one resolution for each nominated director. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Number of Directors </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the U.K. Companies Act 2006, a public limited company must have at least two directors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Classification of the Board </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the U.K. Companies Act 2006, a company may not enter into a service contract with a fixed term of more than two years with a director or
(where the director is a director of a holding company) with a member of the group consisting of that company and its subsidiaries unless such contract has been approved by an ordinary resolution of the shareholders of the company or (in the case of
a director of a holding company) of the shareholders of the holding company. Such a resolution must not be passed unless a memorandum setting out the proposed contract incorporating the provision is made available to members of the company both
(1)&nbsp;at the company&#146;s registered office for not less than 15 days ending with the date of the meeting; and (2)&nbsp;at the meeting itself. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Removal of Directors </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the U.K. Companies Act 2006, a company may remove a director without cause at a general meeting by way of an ordinary resolution of
shareholders, irrespective of any provision of any agreement or service contract between the director and the company, provided that 28 clear days&#146; notice of the proposed resolution to remove the director is given and certain other procedural
requirements under the U.K. Companies Act 2006 are followed (such as allowing the director to make representations against his or her removal either at the meeting or in writing). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Limitation of Director Liability </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the U.K. Companies Act 2006, any provision (whether contained in a company&#146;s articles of association or any contract or otherwise)
that purports to exempt a director of a company (to any extent) from any liability that would otherwise attach to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company is void, and any provision
where the company is seeking to indemnify a director for such liability is also void except as allowed by the provision of insurance. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Directors and Officers Indemnity </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any provision by which Mereo directly or indirectly provides an indemnity (to any extent) for a director of the company or of an
&#147;associated company&#148; (i.e., a company that is a parent, subsidiary or sister company of Mereo) against any liability attaching to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company
of which he or she is a director is void except as permitted by the U.K. Companies Act 2006, which provides exceptions for Mereo to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">purchase and maintain director and officer insurance insuring its directors or the directors of an associated
company against any liability attaching in connection with any negligence, default, breach of duty or breach of trust in relation to the company of which he or she is a director; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">162 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">provide a &#147;qualifying third party indemnity,&#148; which is an indemnity against liability incurred by
Mereo&#146;s directors and directors of an associated company to a person other than Mereo or an associated company. Such indemnity must not cover criminal fines, penalties imposed by regulatory bodies, the defense costs of criminal proceedings
where the director is found guilty, the defense costs of civil proceedings successfully brought against the director by the company or an associated company, or the costs of unsuccessful applications by the director for relief from liabilities for
such matters; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">provide a &#147;qualifying pension scheme indemnity,&#148; which is an indemnity against liability incurred in
connection with the company&#146;s activities as trustee of an occupational pension plan. Such indemnity must not cover a fine imposed in criminal proceedings, or sum payable to a regulatory authority by way of a penalty in respect of <FONT
STYLE="white-space:nowrap">non-compliance</FONT> with any requirement of a regulatory nature (however arising), or any liability incurred by the director in defending criminal proceedings in which he or she is convicted. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.K. Companies Act 2006 also provides that Mereo may lend a director of Mereo funds to meet expenditure incurred by him in defending any
criminal or civil proceedings in connection with any alleged negligence, default, breach of duty or breach of trust by him in relation to Mereo or an associated company, or in connection with an application for certain specified relief, subject to
the requirement that the loan must be on terms that it is to be repaid if the defense or the application for relief is unsuccessful. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Derivative Suits and Class&nbsp;Action Suits </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under English law, generally, the company, rather than its shareholders, is the proper claimant in an action in respect of a wrong done to the
company or where there is an irregularity in the company&#146;s internal management. Notwithstanding this general position, the U.K. Companies Act 2006 provides that (1)&nbsp;a court may allow a shareholder to bring a derivative claim (that is, an
action in respect of and on behalf of the company) in respect of a cause of action arising from a director&#146;s negligence, default, breach of duty or breach of trust and (2)&nbsp;a shareholder may bring a claim for a court order on the ground
that the company&#146;s affairs have been or are being conducted in a manner that is unfairly prejudicial to the interests of its shareholders generally or of some of its shareholders, or that an actual or proposed act or omission of the company is
or would be so prejudicial. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.K. Limitation Act 1980 imposes a limitation period, with certain exceptions, of civil claims. The
period is six years in respect of actions in contract and tort, and 12 years for &#147;actions on a specialty,&#148; such as a breach of any obligation contained in a deed. The limitation period begins to run from the date on which the action
accrued. In the case of contract, this is the date on which the breach of contract occurred, and in tort this is the date on which the damage is suffered. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Conflicts of Interest Transactions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under English law, a director is under a duty to avoid conflicts of interest, and is obliged to declare his or her interest (whether direct or
indirect) in a proposed transaction with the company to the other directors. It is an offense to fail to declare an interest (whether direct or indirect) in an existing transaction with the company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The duty to avoid a conflict of interest is not infringed if the situation cannot reasonably be regarded as likely to give rise to a conflict
of interest or if the matter has been authorized by the directors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Reporting Requirements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">According to the AIM Rules, which apply to Mereo due to the quotation of our ordinary shares on AIM, Mereo must publish: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">its annual audited accounts as of the end of each financial year within six months after the end of each
financial year at the latest; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">half-yearly financial statements for the first six months of a financial year within three months after the end
of each reporting period at the latest. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, according to the EU Market Abuse Regulation (Regulation EU
No.&nbsp;596/2014), Mereo must, as soon as possible, publish all inside information that directly concerns it. In particular, inside information directly concerns an issuer if it relates to developments within the issuer&#146;s sphere of activity.
Inside information is, broadly, any specific information about circumstances that are not public knowledge relating to Mereo or the Mereo Shares that, if it became publicly known, would have a significant effect on the price of Mereo Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">163 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any Mereo shareholder who holds voting rights in Mereo, directly or indirectly, the
percentage of which reaches, exceeds or falls below 3%, 4% and each 1% threshold thereafter up to 100% as a result of an acquisition or disposal of shares or financial instruments, shall, without undue delay, and within two trading days at the
latest as from the transaction, notify this to Mereo and simultaneously to the FCA. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Short-Swing Profits </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Directors, officers and other persons discharging managerial responsibilities, as well as persons closely related to them, are required to
notify certain own account transactions in our ordinary shares to Mereo and the FCA. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other U.K. Law Considerations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See &#147;Item 10. Additional Information&#151;B. Memorandum and Articles of Association&#151;Other U.K. Law Considerations&#148; for other
applicable corporate governance practices. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_26"></A>Item&nbsp;16H.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Mine Safety Disclosure </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">164 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc734372_27"></A>PART THREE </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_28"></A>Item&nbsp;17.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have elected to provide financial statements pursuant to Item 18. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_29"></A>Item&nbsp;18.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our audited consolidated financial statements are included in this annual report beginning at Page <FONT STYLE="white-space:nowrap">F-1.</FONT>
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">165 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD COLSPAN="3" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Audited Financial Statements</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin734372_1">Report of Independent Registered Public Accounting
Firm</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin734372_2">Consolidated Statements of Comprehensive Loss</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin734372_3">Consolidated Balance Sheet</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin734372_4">Consolidated Statement of Cash Flows</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin734372_5">Consolidated Statement of Changes in Equity</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin734372_6">Notes to the Consolidated Financial Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-1 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="fin734372_1"></A>Report of Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Shareholders and Board of Directors of Mereo BioPharma Group plc </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Opinion on the Financial Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
have audited the accompanying consolidated balance sheets of Mereo BioPharma Group plc (the &#147;Company&#148;) as of December&nbsp;31, 2018 and 2017, and the related consolidated statements of comprehensive loss, changes in equity, and cash flows
for each of the three years in the period ended December&nbsp;31, 2018, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material
respects, the financial position of the Company at December&nbsp;31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years in the period ended December&nbsp;31, 2018, in conformity with International
Financial Reporting Standards as issued by the International Accounting Standards Board. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Basis for Opinion </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These financial statements are the responsibility of the Company&#146;s management. Our responsibility is to express an opinion on the
Company&#146;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform an audit of the Company&#146;s internal control over
financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#146;s internal control over
financial reporting. Accordingly, we express no such opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable
basis for our opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Ernst&nbsp;&amp; Young LLP </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
have served as the Company&#146;s auditor since 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reading, United Kingdom </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;29, 2019 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="fin734372_2"></A>Consolidated statement of comprehensive loss </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>for the years ended December&nbsp;31, 2016, 2017 and 2018 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Notes</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in &pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Research and development expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24,562,502</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(34,606,649</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(22,703,553</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,616,816</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,697,194</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(12,504,887</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating loss</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(36,179,318</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(45,303,843</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(35,208,440</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">374,906</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">826,855</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>306,831</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance charge</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(179,765</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,089,925</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(2,360,648</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net foreign exchange gain/(loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,262,626</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,384,225</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(43,863</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Loss before tax</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,721,551</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(46,951,138</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(37,306,120</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,331,271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,152,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,277,380</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Loss attributable to equity holders of the parent</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28,390,280</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,799,054</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(32,028,740</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other comprehensive income for the year, net of tax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total comprehensive loss for the year, net of tax and attributable to the equity holders of the
parent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28,390,280</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,799,054</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(32,028,740</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Basic and diluted loss per share</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.63</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.56</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(0.45</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>The accompanying notes form an integral part of these consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-3 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="fin734372_3"></A>Consolidated balance sheet </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as at December&nbsp;31, 2017 and 2018 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Notes</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-current&nbsp;assets</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Property, plant and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">153,361</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>148,934</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,005,229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>32,632,229</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,158,590</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>32,781,164</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Current assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepayments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,970,781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,066,932</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">R&amp;D tax credits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,152,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,277,380</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">509,350</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>608,893</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Short-term investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,500,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and short-term deposits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,044,672</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>25,041,945</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,176,887</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>34,495,150</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96,335,477</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>67,276,314</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Equity and liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Equity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">213,285</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>213,721</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share premium</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,226,956</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>118,492,073</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other capital reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,359,169</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>18,592,618</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employee Benefit Trust shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(306,838</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>7,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,315,920</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(111,220,794</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total equity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,483,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>32,770,780</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-current</FONT> liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,075,386</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,641,353</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest-bearing loans and borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,812,511</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>14,646,753</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Warrant liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,346,484</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,005,613</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>34,289</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,234,381</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>18,328,008</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Current liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade and other payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,024,026</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,570,307</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accruals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,379,774</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,437,321</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">274,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>332,014</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest-bearing loans and borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,939,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>6,837,884</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,617,606</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>16,177,526</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,851,987</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>34,505,534</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total equity and liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96,335,477</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>67,276,314</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>The accompanying notes form an integral part of these consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="fin734372_4"></A>Consolidated statement of cash flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>for the years ended December&nbsp;31, 2016, 2017 and 2018 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Notes</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating&nbsp;activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss before tax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,721,551</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(46,951,138</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(37,306,120</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustments to reconcile loss before tax to net cash flows:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation of property, plant and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,940</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,076</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>37,796</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payment expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,494,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,651,898</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,189,293</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net foreign exchange loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,262,626</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,384,225</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>43,863</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for social security contributions on employee share options</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,031,109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,115,966</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,446,019</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for deferred cash consideration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(374,906</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>443,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest earned</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(826,855</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(306,831</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">179,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,089,925</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,917,649</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Modification loss on bank loan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18b</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>730,037</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Working capital adjustments:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Decrease)/Increase in receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,219,202</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(839,751</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>804,306</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase in payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(768,402</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,860,412</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,603,828</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax received</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">946,681</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,331,271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,152,085</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net cash flows from operating activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29,662,174</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,147,971</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(23,137,113</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Investing activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchase of property, plant and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,467</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15,568</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(35,536</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchase of license</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,280,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposal of property, plant and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,175</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,166</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Short-term investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,500,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest earned</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">374,906</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,051,620</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>284,928</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net cash flows from (used in) investing activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">372,614</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,743,948</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>251,558</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Financing activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from issue of ordinary shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67,888,820</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>273,064</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transaction costs on issue of shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,995,864</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(729,632</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(7,511</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from issue of convertible loan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,463,563</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from issue of bank loan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18b</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>455,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transaction costs on bank loan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(200,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(920,859</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest paid on bank loan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(327,123</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,644,610</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from TAP agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>78,445</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchase of treasury shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(306,838</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net cash flows from (used in) financing activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68,356,519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,743,245</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(2,073,309</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net (decrease) in cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,066,959</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,148,674</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(24,958,864</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents at January&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,247,986</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,577,571</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>50,044,672</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Effect of exchange rate changes on cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,262,626</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,384,225</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(43,863</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash and cash equivalents at December&nbsp;31</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,577,571</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,044,672</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>25,041,945</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>The accompanying notes form an integral part of these consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-5 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="fin734372_5"></A>Consolidated statement of changes in equity </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>for the years ended December&nbsp;31, 2016, 2017 and 2018 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Issued</B><br><B>capital</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Share&nbsp;premium</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other&nbsp;capital</B><br><B>reserves</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Employee</B><br><B>Benefit&nbsp;Trust</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other&nbsp;reserves</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated</B><br><B>losses</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total&nbsp;equity</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At January&nbsp;1, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">213,285</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,226,956</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,359,169</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,315,920</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,483,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total comprehensive loss for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28,390,280</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28,390,280</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issue of share capital (Note 17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107,709</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67,781,112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67,888,821</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payments &#150; share options (Note 25)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,185,067</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,185,067</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payments &#150; LTIPs (Note 25)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133,601</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133,601</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payments &#150; deferred bonus shares (Note 25)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175,350</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175,350</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issue of share capital (Note 17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,092</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,977,271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,003,363</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity element of convertible loan (Note 18a)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">516,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">516,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share capital reduction (Note 17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,000,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transaction costs on issuance of share capital (Note 17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,995,864</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,995,864</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">193,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,975,399</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,667,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(40,579,241</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79,256,742</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss for the year to December&nbsp;31, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,799,054</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,799,054</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payments &#150; share options (Note 25)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,027,963</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,027,963</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payments &#150; LTIPs (Note 25)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">298,287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">298,287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payments &#150; deferred bonus shares (Note 25)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">325,648</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">325,648</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payments &#150; deferred equity consideration (Note 25)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,331,288</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,331,288</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issue of share capital on April&nbsp;4, 2017 (Note 17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,984,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issue of share capital on conversion of loan note (Note 17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,899</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,396,654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,398,553</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issue of share capital for Novartis bonus shares (Note 17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,766</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,081,133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,082,899</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity element of convertible loan (Note&nbsp;18a)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(208,680</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(208,680</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conversion of convertible loan (Note 18a)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issue of share capital on October&nbsp;31, 2017 (Note&nbsp;17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,473</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,518,527</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,520,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transaction costs on issuance of share capital (Note 17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(729,632</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(729,632</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">213,285</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,226,956</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,359,169</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,315,920</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,483,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss for the year to December&nbsp;31, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,028,740</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,028,740</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adoption of IFRS 9 (Note 2.2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">123,866</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">123,866</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payments &#150; share options (Note 25)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,869,955</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,869,955</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payments &#150; LTIPs (Note 25)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">319,338</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">319,338</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issue of share capital on June&nbsp;1, 2018 (Note 17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150,078</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150,228</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issue of share capital on August&nbsp;3, 2018 on exercise of options (Note 17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,870</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issue of share capital on October&nbsp;22, 2018 on exercise of options (Note 17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">256</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109,680</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109,936</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issue of warrants for TAP agreement (Note 17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,156</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,156</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transaction costs on issuance of share capital (Note 17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,511</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,511</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchase of treasury shares (Note 27)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(306,838</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(306,838</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>213,721</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>118,492,073</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>18,592,618</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(306,838</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>7,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(111,220,794</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>32,770,780</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-6 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="fin734372_6"></A>Notes to the Consolidated Financial Statements </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. Corporate information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo BioPharma
Group plc (the &#147;Company&#148;) is a clinical-stage, U.K.-based biopharmaceutical company focused on rare diseases. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company is a
public limited company incorporated and domiciled in the U.K., and registered in England, with our shares publicly traded on the Alternative Investment Market of the London Stock Exchange under the ticker symbol &#147;MPH&#148;. As of April&nbsp;24,
2019, we are also listed on the Nasdaq Global Exchange via American Depositary Receipts (ADRs) under the ticker symbol &#147;MREO&#148; following the completion of the merger with OncoMed Pharmaceuticals, Inc. (&#147;OncoMed&#148;). Our registered
office is located at Fourth Floor, 1 Cavendish Place, London W1G 0QF. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of Mereo BioPharma Group plc
and its subsidiaries (collectively, the &#147;Group&#148;) for the year ended December&nbsp;31, 2018 were authorized for issue in accordance with a resolution of the directors on April&nbsp;28, 2019. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Significant accounting policies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>2.1 Basis of preparation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group&#146;s annual financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued
by the International Accounting Standards Board (IASB). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The financial information is presented in pounds sterling (&#147;Sterling&#148;).
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>2.2 Adoption of new accounting policies </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following policies have been adopted since the start of the period: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>a) IFRS 9 Financial Instruments. </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the current period the Group has applied IFRS 9 Financial Instruments (as revised in July 2014) and the related consequential amendments to
other IFRS. IFRS 9 introduces new requirements for 1) the classification and measurement of financial assets and financial liabilities, 2) impairment for financial assets, 3) general hedge accounting and 4) new accounting for certain modifications
and exchanges of financial liabilities measured at amortized cost. The only impact on the Group is in relation to the <FONT STYLE="white-space:nowrap">non-substantial</FONT> modification of the convertible loan notes, as detailed below. The Group
has applied IFRS 9 in full without restating comparatives with an initial date of application of January&nbsp;1, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In relation to the
<FONT STYLE="white-space:nowrap">non-substantial</FONT> modification of financial liabilities, IFRS 9 requires the recognition of a modification gain or loss for exchanges or modifications of financial liabilities that do not result in derecognition
of the financial liability. As a result, under IFRS 9 the carrying value of the convertible loan notes at the date of modification, as more fully described in Note 18a, was adjusted to recognize the modification gain in the retained earnings as of
the date of initial application of IFRS 9 (January 1, 2018). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Interest-bearing loans and borrowings &#150; convertible loan notes
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At January&nbsp;1, 2018 calculated under IAS 39</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,977,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amounts restated through retained earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(123,865</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2018 under IFRS 9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,853,528</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group has considered the adoption of IFRS 9 on receivables and determined the expected credit loss to be
immaterial, and therefore no adjustment has been made for this. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>b) IFRS 15 Revenue from Contracts with Customers </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the current period the Group has adopted IFRS 15 Revenue from Contracts with Customers. The new revenue standard is applicable to all
entities and will supersede all current revenue recognition requirements under IFRS. There has been no impact on Group reporting in the period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-7 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>c) IFRS 16 Leases </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General impact of application of IFRS 16 Leases </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IFRS 16 provides a comprehensive model for the identification of lease arrangements and their treatment in the financial statements for both
lessors and lessees. IFRS 16 will supersede the current lease guidance including IAS 17 Leases and the related Interpretations when it becomes effective for accounting periods beginning on or after January&nbsp;1, 2019. The date of initial
application of IFRS 16 for the Group will be January&nbsp;1, 2019. The Group has chosen the modified retrospective application of IFRS 16 in accordance with IFRS 16:C5(b). Consequently, the Group will not restate the comparative information. In
contrast to lessee accounting, IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Impact of the new definition of a
lease </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group will make use of the practical expedient available on transition to IFRS 16 not to reassess whether a contract is or
contains a lease. Accordingly, the definition of a lease in accordance with IAS 17 and IFRIC 4 will continue to apply to those leases entered or modified before 1&nbsp;January 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The change in definition of a lease mainly relates to the concept of control. IFRS 16 distinguishes between leases and service contracts on
the basis of whether the use of an identified asset is controlled by the customer. Control is considered to exist if the customer has: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the right to obtain substantially all of the economic benefits from the use of an identified asset; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the right to direct the use of that asset. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group will apply the definition of a lease and related guidance set out in IFRS 16 to all lease contracts entered into or modified on or
after January&nbsp;1, 2019 (whether it is a lessor or a lessee in the lease contract). In preparation for the first-time application of IFRS 16, the Group has carried out an implementation project. The project has shown that the new definition in
IFRS 16 will not change significantly the scope of contracts that meet the definition of a lease for the Group. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Impact on lessee accounting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IFRS 16 will change how the Group accounts for leases previously classified as operating leases under IAS 17, which were <FONT
STYLE="white-space:nowrap">off-balance</FONT> sheet. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On initial application of IFRS 16, for all leases (except as noted below), the Group
will: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">recognize <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets
and lease liabilities in the consolidated statement of financial position, initially measured at the present value of the future lease payments; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">recognize depreciation of
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets and interest on lease liabilities in the consolidated statement of profit or loss; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">separate the total amount of cash paid into a principal portion (presented within financing activities) and
interest (presented within operating activities) in the consolidated cash flow statement. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Lease incentives (e.g.
rent-free period) will be recognized as part of the measurement of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets and lease liabilities whereas under IAS 17 they resulted in the recognition of
a lease liability incentive, amortized as a reduction of rental expenses on a straight-line basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under IFRS 16, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets will be tested for impairment in accordance with IAS 36 Impairment of Assets. This will replace the previous requirement to recognize a provision for
onerous lease contracts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For short-term leases (lease term of 12 months or less) and leases of
<FONT STYLE="white-space:nowrap">low-value</FONT> assets (such as personal computers and office furniture), the Group will opt to recognize a lease expense on a straight-line basis as permitted by IFRS 16. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As at December&nbsp;31, 2018, the Group had <FONT STYLE="white-space:nowrap">non-cancellable</FONT> operating lease commitments of
&pound;535,665. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">non-cancellable</FONT> operating lease commitment and the expected lease liability
balance to be recognized upon transition differs as a result of IFRS 16&#146;s requirement to include, within the lease term, the <FONT STYLE="white-space:nowrap">non-cancellable</FONT> period of a lease, together with periods covered by an option
to extend, if that option is reasonably certain to be exercised and periods covered by an option to terminate, if that option is reasonably certain to not be exercised. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-8 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A preliminary assessment indicates that all of these arrangements relate to leases other
than short-term leases and leases of <FONT STYLE="white-space:nowrap">low-value</FONT> assets, and hence the Group will recognise a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset of
&pound;2,551,810 and a corresponding lease liability of &pound;2,533,647 in respect of all these leases. The impact on 2019 profit or loss is to decrease other expenses by &pound;1,093,920, to increase depreciation by &pound;696,948 and to increase
interest expense by &pound;322,662. Lease liability incentives of &pound;32,090 previously recognized in respect of the operating leases will be derecognized and the amount factored into the measurement of the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">right-to-use</FONT></FONT> assets and lease liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The preliminary assessment indicates that &pound;nil
of these arrangements relate to short-term leases and leases of <FONT STYLE="white-space:nowrap">low-value</FONT> assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under IAS 17,
all lease payments on operating leases are presented as part of cash flows from operating activities. The impact of the changes under IFRS 16 to the 2019 statement of cash flows would be to reduce the cash used in operating activities by
&pound;932,268 and to increase net cash used in financing activities by the same amount. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>2.3 Going concern </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Though the Group continues to make losses, the directors believe it is appropriate to prepare the financial information on the going concern
basis. This is because the Group&#146;s research into new products continues to progress according to plan and the funding secured to date, together with the funds that have come into the Group since the year end by way of the completed merger with
OncoMed (as described more fully in Note 29) will allow it to meet its liabilities as they fall due for at least 12 months from the date of authorization for the issue of these consolidated financial statements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>2.4 Basis of consolidation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial information comprises the financial statements of Mereo BioPharma Group plc and its subsidiaries as at
December&nbsp;31, 2018. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subsidiaries are fully consolidated from the date on which control is transferred to the
Group. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated in preparing the consolidated financial statements. Accounting policies
of subsidiaries are consistent with the policies adopted by the Group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has an employee share trust to facilitate share
transactions pursuant to employee share schemes. Although the trust is a separate legal entity from the Group, it is consolidated into the Group&#146;s results in accordance with the IFRS 10 rules on special purpose vehicles. The Company is deemed
to control the trust principally because the trust cannot operate without the funding the Group provides. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All Group subsidiaries prepare
yearly financial information to December&nbsp;31 consistent with the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>2.5 Summary of significant accounting policies
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>a) Taxes </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Current income
tax </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities, and include R&amp;D tax credits receivable under the HM Revenue and Customs (HMRC) small or medium enterprise (SME) scheme, which provides additional taxation relief for qualifying expenditure on R&amp;D activities, and allows for the
surrender of tax losses in exchange for a cash payment from HMRC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Current income tax relating to items recognized directly in equity is
recognized in equity and not in the statement of comprehensive loss. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-9 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Income tax credit </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group benefits from the U.K. R&amp;D tax credit regime whereby a portion of the Group&#146;s losses can be surrendered for a cash rebate of
up to 33.35% of eligible expenditures. Such credits are accounted for within the tax provision, in the year in which the expenditures were incurred. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Deferred tax </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deferred tax is provided
using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax credits and unused tax losses,
to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilized. The carrying amount of deferred income tax
assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized
deferred income tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply to the year when the
asset is realized, based on tax rates (and tax laws) enacted or substantively enacted at the end of the reporting period. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>b) Foreign
currencies </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The functional currency of the Company and its subsidiaries is Sterling. Transactions in foreign currencies are initially
recorded by the Group&#146;s entities at the rate ruling on the date the transaction first qualifies for recognition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Differences arising
on settlement or translation of monetary items are recognized in profit or loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Gains or losses on the retranslation of foreign currency
balances at the year end are recognized in the consolidated statement of comprehensive loss under net foreign exchange gains/(losses). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>c) Property, plant and equipment </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes
the cost of replacing part of the plant and equipment if the recognition criteria are met. All other repair and maintenance costs are recognized in profit or loss as incurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Leasehold improvements &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ten years </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Office equipment
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;five years </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IT equipment
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;three years </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future
economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of
comprehensive loss when the asset is derecognized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The residual values, useful lives and methods of depreciation of property, plant and
equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>d) Leases </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases.
Payments made under operating leases (net of any incentives received from the lessor) are charged to the statement of comprehensive loss on a straight-line basis over the period of the lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group leases its premises (see Note 26). The Company recognizes any lease incentives on a straight-line basis over the entire period of
the lease, assuming that any break clauses available will not be exercised. By not exercising any break clauses, the Group receives a 50% rent discount from the landlord for a fixed period of time as described in Note 26. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-10 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The determination of whether an arrangement is, or contains, a lease is based on the
substance of the arrangement at the inception date. The arrangement is assessed for whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset or assets, even if
that right is not explicitly specified in an arrangement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>e) Intangible assets </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Intangible assets, relating to intellectual property rights acquired through licensing or assigning patents and
<FONT STYLE="white-space:nowrap">know-how,</FONT> are initially recognized at cost which has been determined as the fair value of the consideration paid and payable. Consideration comprises cash paid together with the net present value of any
provision for deferred cash consideration (see Note 2.5p) and the fair value of consideration settled in shares. The fair value of consideration is regularly reviewed based on the probability of achieving the contractual milestones. Where share
transfer occurs, the cost is measured at fair value of the shares issued or to be issued in accordance with IFRS 2. Intangible assets are held at cost less accumulated amortization and provision for impairment, if any. Where a finite useful life of
the acquired intangible asset cannot be determined or the intangible asset is not yet available for use, the asset is tested annually for impairment by allocating the assets to the cash-generating units to which they relate. Amortization would
commence when product candidates underpinned by the intellectual property rights become available for commercial use. No amortization has been charged to date, as the product candidates underpinned by the intellectual property rights are not yet
available for commercial use. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>f) Fair value measurement </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in the principal market for the asset or liability; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in the absence of a principal market, in the most advantageous market for the asset or liability.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal or the most advantageous market must be accessible by the Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or
liability, assuming that market participants act in their economic best interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group uses valuation techniques that are
appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value
hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Level&nbsp;1 &#151; quoted (unadjusted) market prices in active markets for identical assets or liabilities.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Level&nbsp;2 &#151; valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or&nbsp;indirectly observable. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Level&nbsp;3 &#151; valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For assets and liabilities that are recognized in the financial statements on a recurring
basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting
period. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>g) Impairment of <FONT STYLE="white-space:nowrap">non-financial</FONT> assets </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further disclosures relating to impairment of <FONT STYLE="white-space:nowrap">non-financial</FONT> assets are also provided in the following
notes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Disclosures for significant assumptions Note 3 </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Property, plant and equipment Note 11 </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Intangible assets not yet available for use Notes 12 and 13 </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-11 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group assesses, at each reporting date, whether there is an indication that an asset may
be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset&#146;s recoverable amount. An asset&#146;s recoverable amount is the higher of an asset&#146;s or cash-generating
unit&#146;s (CGU) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups
of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In assessing value in use, the estimated future cash flows are discounted to their present value using a
<FONT STYLE="white-space:nowrap">pre-tax</FONT> discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are
taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value
indicators. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Impairment losses are recognized in the statement of comprehensive loss in expense categories consistent with the function of
the impaired asset. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An assessment is made at each reporting date to determine whether there is an indication that previously recognized
impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset&#146;s or CGU&#146;s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the
assumptions used to determine the asset&#146;s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount
that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of comprehensive loss unless the asset is carried at a revalued amount, in which
case the reversal is treated as a revaluation increase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Intangible assets not yet available for use are tested for impairment annually as
at December&nbsp;31 at the CGU level, as appropriate, and when circumstances indicate that the carrying value may be impaired. An impairment test was performed at December&nbsp;31, 2018. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>h) Cash and short-term deposits </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cash and
short-term deposits in the balance sheet comprise cash at banks and on hand and short-term deposits with a maturity of three months or less, which are subject to an insignificant risk of changes in value. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>i) Short-term investments </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cash on
deposit for terms greater than three months are recognized at fair value in the balance sheet. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>j) Provisions </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Provisions are recognized when
the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The
expense relating to a provision is presented in the statement of comprehensive loss net of any reimbursement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the effect of the time
value of money is material, provisions are discounted using a current <FONT STYLE="white-space:nowrap">pre-tax</FONT> rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision
due to the passage of time is recognized as a finance cost. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>k) Share-based payments </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render
services as consideration for equity instruments (equity settled transactions). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Incentives in the form of shares are provided to
employees under the Share Option Plan. Executive officers are also provided with shares under a deferred bonus share plan (&#147;DBSP Plan&#148;) and a long-term incentive plan (&#147;LTIP Plan&#148;). In accordance with IFRS 2 Share-based Payment
(&#147;IFRS 2&#148;), charges for these incentives are expensed through the consolidated statement of comprehensive loss on a straight-line basis over their vesting period, based on the Group&#146;s estimate of shares that will eventually vest. The
total amount to be expensed is determined by reference to the fair value </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-12 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
of the options or awards at the date they were granted. For LTIP shares, the fair value excludes the impact of any <FONT STYLE="white-space:nowrap">non-market</FONT> vesting conditions. The fair
value of LTIP shares, which have market conditions attached, includes an adjustment based on the probability of the shares vesting at the end of the vesting period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the 2015 Plan, options were historically awarded to employees, NEDs and certain consultants. Share options awarded to <FONT
STYLE="white-space:nowrap">non-employees</FONT> under the 2015 Plan are accounted for as options awarded to employees as the value of <FONT STYLE="white-space:nowrap">non-employee</FONT> services could be readily determined. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with IFRS 2, the cancellation of share options is accounted for as an acceleration of the vesting period and therefore any
amount unrecognized that would otherwise have been charged in future accounting periods is recognized immediately. When options are forfeited, the accounting expense for any unvested awards is reversed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Purchases, where consideration is satisfied by issuing equity shares is accounted for as equity settled share-based payment transactions in
accordance with IFRS 2. Fair value is determined by the share price at the date of purchase. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>l) Costs of issuing capital </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group deducts directly attributable costs of issuing capital from the proceeds in accordance with IAS 39 Financial Instruments: Recognition
and Measurement. Incremental costs incurred and directly attributable to the offering of equity securities are deducted from the related proceeds of the offering. The net amount is recorded as share premium in the period when such shares are issued.
Where such expenses are incurred prior to the offering they are recorded in prepayments until the offering completes. Other costs incurred in such offerings are expensed as incurred and included in general and administrative expenses. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>m) Convertible loan instrument </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Convertible loan notes are regarded as compound instruments consisting of a liability component and an equity component. At the date of issue
the fair value of the liability component is estimated using a discount rate for an equivalent liability without the conversion feature. The difference between the proceeds of issue of the convertible loan note and the fair value assigned to the
liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An
exchange between an existing borrower and lender of debt instruments with substantially different terms are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability as per IAS 39 and
IFRS 9. Similarly, a substantial modification of the terms of an existing financial liability, or a part of it (whether or not due to the financial difficulty of the debtor) should be accounted for as an extinguishment of the original financial
liability and the recognition of a new financial liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In line with IAS 39 the terms of exchanged or modified debt are regarded as
substantially different if the net present value of the cash flows under the new terms (including any fees paid net of any fees received) discounted at the original effective interest rate is at least 10% different from the discounted present value
of the remaining cash flows of the original debt instrument. Where such modifications are less than 10% different, the effective interest rate is adjusted to take account of the new terms. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>n) Employee Benefit Trust </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group operates an Employee Benefit Trust (EBT): Mereo BioPharma Group plc Employee Benefit Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The EBT has been established to fulfil awards made under the Deferred Bonus Share Plan and the Long Term Incentive Plan. The EBT is a
Jersey-based trust which is funded by a loan from the Company, which it will utilize to buy shares at nominal value from the Company in sufficient quantity to fulfil the envisaged awards. The EBT will acquire shares in the Company and these will be
deducted from the shareholders&#146; funds on the consolidated balance sheet at the cost of acquisition less proceeds on disposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
compliance with IAS 32 Financial Instruments: Presentation Group, shares held by the EBT are included in the consolidated balance sheet as a reduction in equity. Gains and losses on Group shares are recognized directly in equity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-13 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group consolidated accounts treat the EBT as an extension of the Group and the Company
as it is controlled and therefore consolidated. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>o) Research and development </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Expenditure on product development is capitalized as an intangible asset and amortized over the expected useful economic life of the product
candidate concerned. Capitalization commences from the point at which technical feasibility and commercial viability of the product candidate can be demonstrated and the Group is satisfied that it is probable that future economic benefits will
result from the product candidate once completed. Capitalization ceases when the product candidate receives regulatory approval for launch. No such costs have been capitalized to date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Expenditure on R&amp;D activities that do not meet the above criteria, including ongoing costs associated with acquired intellectual property
rights and intellectual property rights generated internally by the Group, is charged to the statement of comprehensive loss as incurred. Intellectual property and <FONT STYLE="white-space:nowrap">in-process</FONT> research and development from
asset acquisitions are recognized as intangible assets at cost. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>p) Provision for deferred cash consideration </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Provision for deferred cash consideration consists of future payments which are contractually committed but not yet certain. In respect of
products which are not yet approved, such deferred cash consideration excludes potential milestones, royalties or other payments that are deemed to be so uncertain as to be unquantifiable. Deferred cash consideration is recognized as a liability
with the amounts calculated as the risk adjusted net present value of anticipated deferred payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The provision is reviewed at each
balance sheet date and adjusted based on the likelihood of contractual milestones being achieved and therefore the deferred payment being settled. Increases in the provision relating to changes in the probability are recognized as an intangible
asset. Increases in the provision relating to the unwinding of the time value of money are recognized as a finance expense. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>q) Bank
loan and associated warrants </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized
cost using the effective interest rate (EIR) method. The EIR amortization is included as a finance charge in the statement of comprehensive loss. This category applies to interest-bearing borrowings, trade and other payables. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As the terms of the warrant instrument allow for a cashless exercise, in line with IAS 32 the associated warrants are measured at fair value
with changes recorded through the statement of comprehensive loss (see Note 20). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An exchange between an existing borrower and lender of
debt instruments with substantially different terms are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability as per IAS 39 and IFRS 9. Similarly, a substantial modification of the
terms of an existing financial liability, or a part of it, (whether or not due to the financial difficulty of the debtor) should be accounted for as an extinguishment of the original financial liability and the recognition of a new financial
liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In line with IAS 39 the terms of exchanged or modified debt are regarded as substantially different if the net present value
of the cash flows under the new terms (including any fees paid net of any fees received) discounted at the original effective interest rate is at least 10% different from the discounted present value of the remaining cash flows of the original debt
instrument. Where such modifications are less than 10% different, the effective interest rate is adjusted to take account of the new terms. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>r) The <FONT STYLE="white-space:nowrap">Alpha-1</FONT> Project (TAP) funding agreement and associated warrants </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The agreement is regarded as a compound instrument which includes both debt and equity components. As per IAS 32:31 the liability is measured
first at fair value and the residual value allocated to the equity component. The difference between the funding payment amount received and the measurement of the liability will be allocated to the warrants and recognized in equity. The value of
warrants in equity will not be subsequently <FONT STYLE="white-space:nowrap">re-measured,</FONT> as the warrants will be settled by providing a fixed number of shares for a fixed amount of cash. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-14 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3. Significant accounting judgments, estimates and assumptions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The preparation of the consolidated accounts requires the management of the Group to make estimates and judgments that affect the reported
amounts of assets, liabilities, revenues and expenses. The Group bases its estimates and judgments on historical experience and on various other assumptions that it considers to be reasonable. Actual results may differ from these estimates under
different assumptions or conditions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Judgements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Share-based compensation </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Incentives in the form of shares are provided to employees under a share option plan, long-term incentive plan and deferred bonus share plan.
The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The expense is based upon a number of assumptions disclosed in Note 25. The selection of different assumptions could affect the
results of the Group. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Impairment of intangible assets and property, plant and equipment </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An assessment was made in respect of indicators of impairment in the carrying value of the Group&#146;s intangible assets (see Note 13) and
leasehold improvements, office equipment and IT equipment as at December&nbsp;31, 2018. If such an indication exists, the recoverable amount of the asset, being the higher of the asset&#146;s fair value less costs to sell and value in use, is
compared to the asset&#146;s carrying value. Any excess of the asset&#146;s carrying value over its recoverable amount is expensed to the income statement. The assessment of intangible assets involves a number of judgments regarding the likelihood
of successful product approval, the costs of reaching approval and the subsequent commercial profitability of the product once approved. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Estimates </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Deferred license consideration </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deferred consideration in the form of cash is recognized as a provision at each balance sheet date, to the extent its amount is quantifiable at
the inception of the arrangement. The amount provided is based on a number of estimates regarding the timing and progress of the related research. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deferred consideration in the form of shares is recognized as a share-based payment when it is probable that shares will be transferred. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Bank loan and associated warrants </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As part of the bank loan the Group has issued warrants to subscribe for shares. The fair value of the warrants issued is assessed at each
balance sheet date based upon a number of estimates, as disclosed in Note 20. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4. Segment information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Management views the business as a single portfolio of product candidates. Only R&amp;D expenses are monitored at a product candidate level,
however the Chief Operating Decision Maker (CODM) makes decisions over resource allocation at an overall portfolio level. The Group&#146;s financing is managed and monitored on a consolidated basis. All
<FONT STYLE="white-space:nowrap">non-current</FONT> assets held by the Group are located in the U.K. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s CODM is the
executive management team (comprised of the Chief Executive Officer, Chief Financial Officer, Chief Medical Officer, General Counsel, the Head of Corporate Development and the Head of Patient Access and Commercial Planning) which manages the
operating results of the business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-15 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5. Group information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Information about subsidiaries </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of the Group include: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><B>%&nbsp;equity&nbsp;interest</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><B>December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Principal&nbsp;activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Country&nbsp;of</B><br><B>incorporation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma 1 Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pharmaceutical R&amp;D</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">U.K.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma 2 Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pharmaceutical R&amp;D</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">U.K.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma 3 Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pharmaceutical R&amp;D</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">U.K.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma 4 Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pharmaceutical R&amp;D</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">U.K.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma Ireland Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pharmaceutical R&amp;D</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ireland</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo US Holdings Inc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Holding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">U.S.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo MergerCo One Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Holding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">U.S.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma Group plc Employee&nbsp;Benefit Trust</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employee share scheme</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Jersey</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6. Compensation of key management personnel of the Group </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Key management includes directors (executive and <FONT STYLE="white-space:nowrap">non-executive)</FONT> and executive officers being the
General Counsel, the Chief Medical Officer, the Head of Corporate Development and the Head of Patient Access and Commercial Planning. The compensation paid or payable to key management is set out below: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Short-term benefits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;2,111,712</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;2,756,979</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;3,176,168</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Post-employment benefits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">106,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87,269</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,522</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">IFRS 2 share-based payment charge</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,631,853</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,726,337</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;1,470,025</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total compensation paid to key management personnel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,850,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,570,585</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,705,715</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7. Finance income and Finance charge </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Finance income </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank interest earned</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">374,906</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">826,855</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">306,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Finance charge </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest payable on convertible loan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(179,765</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(103,115</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(185,352</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest payable on bank loan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(327,123</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,644,610</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accreted interest on bank loan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(66,935</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(781,998</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transaction costs on bank loan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(200,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on short-term deposits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(338,279</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,903</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase in provision for deferred cash consideration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(443,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change in warrant fair value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(54,473</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">716,214</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total finance charge</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(179,765</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,089,925</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,360,648</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-16 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8. Employee benefits expense </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Included&nbsp;in&nbsp;research&nbsp;and&nbsp;development&nbsp;expenses:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Salaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,150,222</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,640,373</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,791,679</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Social security costs (See Note 19)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">344,467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">420,417</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29,670</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pension contributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,864</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77,425</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73,401</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payment expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,550,884</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">822,173</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">525,972</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Included in administrative expenses:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Salaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,132,920</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,253,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,902,759</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Social security costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,040,409</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,159,548</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(827,509</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pension contributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109,187</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96,598</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,962</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payment expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;4,943,133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;2,829,725</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;1,663,322</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total employee benefits expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,322,086</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,299,652</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,197,916</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9. Income tax </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group is entitled to claim tax credits in the U.K. under the U.K. R&amp;D small or <FONT STYLE="white-space:nowrap">medium-sized</FONT>
enterprise (SME) scheme, which provides additional taxation relief for qualifying expenditure on R&amp;D activities and includes an option to surrender a portion of tax losses arising from qualifying activities in return for a cash payment from HM
Revenue&nbsp;&amp; Customs (HMRC). The amount included in the financial statements represents the credit receivable by the Group for the year. The claims in respect of the year ended December&nbsp;31, 2016 were received by the Group in May 2017. The
claims in respect of the year ended December&nbsp;31, 2017 were received by the Group in August 2018. In the year ended December&nbsp;31, 2018 amounts have not yet been agreed with the relevant tax authorities. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U.K. corporation tax R&amp;D credit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;5,331,271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;8,152,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;5,277,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax credit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,331,271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,152,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,277,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The charge for the year can be reconciled to the loss per the income statement as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year-ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on ordinary activities before income tax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,721,551</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(46,951,138</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(37,306,120</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on ordinary activities before tax at the U.K.&#146;s statutory income tax rate
of&nbsp;19%&nbsp;(2017: 19.25%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,744,310</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,038,094</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,088,163</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expenses not deductible for tax purposes (permanent differences)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15,116</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,316</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,069,606</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Temporary timing differences</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,300,044</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(711,677</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(276,881</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">R&amp;D relief uplift</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,134,107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,447,474</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,270,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Losses (unrecognized)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,231,986</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,784,801</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,803,796</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred income from MBG loan guarantee costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">177,310</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68,723</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax credit for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,331,271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,152,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,277,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2018 the Group had tax losses to be carried forward of approximately &pound;50,611,184
(2017: &pound;36,010,916). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Deferred tax </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deferred tax relates to the following: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Losses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,778,396</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,121,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,603,902</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fixed assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,883</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,011</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,210</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,888</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Temporary differences trading</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,266,798</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">494,779</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net deferred tax asset</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,770,723</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,388,198</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,104,580</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-17 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The deferred tax asset has not been recognized as there is uncertainty regarding when
suitable future profits against which to offset the accumulated tax losses will arise. There is no expiration date for the accumulated tax losses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A reduction in the rate of U.K. corporation tax to 19% from April&nbsp;1, 2017 and to 17% from April&nbsp;1, 2020 has been substantively
enacted. The standard rate of corporation tax applied to reported loss is 19% (2017: 19.25%) and any U.K. deferred tax assets and liabilities would be recognized at a rate of 17%. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10. Loss per share </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Basic loss per share
is calculated by dividing the loss attributable for the year to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. As net losses from continuing operations were recorded in the year,
the dilutive potential shares are anti-dilutive for the earnings per share calculation. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="28%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="34" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Loss<BR>&pound;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted<BR>shares<BR>number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Loss&nbsp;per<BR>share<BR>&pound;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Loss<BR>&pound;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted<BR>shares<BR>number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Loss&nbsp;per<BR>share<BR>&pound;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Loss<BR>&pound;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted<BR>shares<BR>number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Loss&nbsp;per<BR>share<BR>&pound;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28,390,280</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,789,893</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.63</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,799,054</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,012,348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.56</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,028,740</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71,144,786</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.45</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company operates share option schemes (see Note 25) which could potentially dilute basic earnings per
share in the future. In addition, there exist within equity 864,988 (2017: 864,988) shares to be issued which also have the potential to dilute basic earnings per share in the future (see Note 17). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As part of a license and option agreement with AstraZeneca (see Note 26), additional future payments of a maximum of 1,349,692 new ordinary
shares would be payable on reaching certain clinical milestones. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Warrants totalling 41,286 were issued in 2018 that could potentially
dilute basic earnings per share if converted. Warrants totalling 696,490 were issued in 2017 that could potentially dilute basic earnings per share if converted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorization of these
financial statements, see Note 29. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11. Property, plant and equipment </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Leasehold<BR>improvements</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Office<BR>equipment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>IT<BR>equipment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cost&nbsp;or&nbsp;valuation</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">155,494</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,360</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">215,878</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,175</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,175</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>155,494</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>20,024</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>42,652</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>218,170</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Depreciation and impairment</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At January&nbsp;1, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(5,625</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,335</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(4,401</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(11,361</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">457</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">457</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15,549</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,005</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,843</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,397</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(21,174</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(5,340</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(17,787</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(44,301</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net book value</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">149,869</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,959</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">204,517</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>134,320</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>14,684</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>24,865</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>173,869</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-18 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Leasehold<BR>improvements</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Office<BR>equipment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>IT<BR>equipment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cost&nbsp;or&nbsp;valuation</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">155,494</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42,652</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">218,170</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,461</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,568</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>155,494</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>30,131</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>48,113</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>233,738</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Depreciation and impairment</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At January&nbsp;1, 2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(21,174</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(5,340</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(17,787</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(44,301</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15,549</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,386</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15,141</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(36,076</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(36,723</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(10,726</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(32,928</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(80,377</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net book value</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">134,320</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,684</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">173,869</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>118,771</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>19,405</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>15,185</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>153,361</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Leasehold<BR>improvements</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Office<BR>equipment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>IT<BR>equipment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cost&nbsp;or&nbsp;valuation</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">155,494</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">233,738</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,270</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,536</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,167</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,167</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>164,613</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>31,401</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>71,093</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>267,107</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Depreciation and impairment</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At January&nbsp;1, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(36,723</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(10,726</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(32,928</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(80,377</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,685</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,685</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15,909</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,238</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(17,334</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(39,481</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>52,632</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>16,964</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>48,577</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>118,173</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net book value</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,771</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,405</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,185</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">153,361</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>111,981</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>14,437</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>22,516</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>148,934</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12. Intangible assets </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Acquired<BR>Development<BR>Programs</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost at January&nbsp;1, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,812,941</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Additions</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,812,941</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Amortization and impairment</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impairment (Note 13)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net book value</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,812,941</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,812,941</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-19 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Acquired<BR>Development<BR>Programs</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost at January&nbsp;1, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,812,941</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Additions</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,192,288</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,005,229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Amortization and impairment</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impairment (Note 13)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net book value</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,812,941</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,005,229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Acquired<BR>Development<BR>Programs</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost at January&nbsp;1, 2018 and December&nbsp;31, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,005,229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Amortization and impairment</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revision to estimated value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(373,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(373,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net book value</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,005,229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,632,229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group&#146;s strategy is to acquire clinical-stage development programs for the treatment of <FONT
STYLE="white-space:nowrap">non-rare</FONT> and rare diseases from large pharmaceutical companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;28, 2017, the Group
acquired the exclusive license for <FONT STYLE="white-space:nowrap">MPH-966</FONT> and included the option to acquire certain assets from AstraZeneca AB (&#147;AstraZeneca&#148;). <FONT STYLE="white-space:nowrap">MPH-966</FONT> is being developed
for the treatment of severe <FONT STYLE="white-space:nowrap">alpha-1</FONT> antitrypsin deficiency, at a cost of &pound;7,192,288 as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash payment in October 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,280,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,280,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity issued (see Note 17)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,520,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,520,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred equity consideration (see Note 25)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,331,288</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,331,288</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for deferred cash consideration (see Note 19)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,061,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,688,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,192,288</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,819,288</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The present value of the provision for deferred cash consideration was reviewed at December&nbsp;31, 2018 (see
Note 19). The decrease in present value due to changes in timelines and probability of contractual milestones being achieved was &pound;373,000 and is recognized in the intangible asset in line with our accounting policies. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13. Impairment testing of acquired development programs not yet available for use </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Acquired development programs not yet available for use are assessed annually for impairment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The carrying amount of acquired development programs is as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;at&nbsp;December&nbsp;31,&nbsp;2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">BPS-804</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">MPH-966</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">BGS-649</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">BCT-197</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(setrusumab)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(alvelestat)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(leflutrozole)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(acumapimod)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquired development programs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,615,824</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,192,288</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,886,356</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,310,761</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,005,229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;at&nbsp;December&nbsp;31,&nbsp;2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">BPS-804</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">MPH-966</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">BGS-649</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">BCT-197</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(setrusumab)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(alvelestat)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(leflutrozole)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(acumapimod)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquired development programs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,615,824</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,819,288</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,886,356</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,310,761</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,632,229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-20 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group considers the future development costs, the probability of successfully
progressing each program to product approval and the likely commercial returns after product approval, among other factors, when reviewing for indicators of impairment. The results of this testing did not indicate any impairment of the acquired
products&#146; rights in the year to December&nbsp;31, 2018. The directors believe that the likelihood of a materially different outcome using different assumptions is remote. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The acquired development programs are assets which are not used in launched products. These assets have not yet begun to be amortized but have
been tested for impairment by assessing their value in use. Value in use calculations for each program are utilized to calculate the recoverable amount. The calculations use <FONT STYLE="white-space:nowrap">pre-tax</FONT> cash flow projections
covering the period through product development to commercial sales up to the later of loss of patent protection or market exclusivity, which extend beyond five years from the balance sheet date. Approved products are assumed to be <FONT
STYLE="white-space:nowrap">out-licensed</FONT> such that the Group receives signature fees, milestone receipts and royalties on sales; therefore, the Group does not incur any costs of commercialization after
<FONT STYLE="white-space:nowrap">out-licensing.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Key assumptions for the value in use calculations are described as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">development costs to obtain regulatory approval &#150; costs are estimated net of any contributions expected from
collaborative arrangements with future partners. The directors have developed cost estimates based on their previous experience and in conjunction with the expertise of their clinical development partners; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">launch dates of products &#150; these reflect management&#146;s expected date of launch for products based on the
timeline of development programs required to obtain regulatory approval. The assumptions are based on the directors&#146; and clinical development partners&#146; prior experience; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">probability of successful development &#150; management estimates probabilities of success for each phase of
development based on industry averages and knowledge of specific programs; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">out-licensing</FONT> signature fees, milestones and royalty rates on sales
&#150; management estimates these amounts based on prior experience and access to values from similar transactions in the industry, which are collated and accessible from specialist third-party sources; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">sales projections &#150; these are based on management&#146;s internal projections using external market data and
market research commissioned by the Company; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">profit margins and other operational expenses &#150; these are based on the Company&#146;s internal projections
of current product manufacturing costings, with input from manufacturing partners where applicable, and estimates of operating costs based on management&#146;s prior industry experience; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">cash flow projections &#150; for all assets, cash flows are assessed over an industry-standard asset life of 20
years; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">discount rates &#150; the discount rate is estimated on a <FONT STYLE="white-space:nowrap">pre-tax</FONT> basis
reflecting the estimated cost of capital of the Group and is applied consistently across each of the operating segments. The cost of capital was calculated at 15.3% (2017: 15.3%). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At this stage of product development, the key sensitivity for all three development programs is the probability of successful completion of
clinical trials in order to obtain regulatory approval for sale. Therefore, full impairment of a development program is expected should such related trials be unsuccessful. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-21 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14. Other receivables </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rent deposit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293,328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>293,328</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">VAT recoverable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">212,422</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315,565</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash held by Employee Benefit Trust</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">509,350</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>608,893</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15. Cash and short-term deposits </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash at banks and on hand</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,005,675</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,343,975</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Short-term deposits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,038,997</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>19,697,970</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,044,672</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>25,041,945</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cash at banks earns interest at floating rates based on daily bank deposit rates, with maturity of three
months or less. Short-term deposits are available immediately and earn fixed interest at the respective short-term deposit rates and are held in a diversified portfolio of counterparties. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>16. Short-term investments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Short-term investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>&nbsp;&nbsp;2,500,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Short-term investments consist of cash deposits held with greater than three months term to maturity. None of
these investments are held with terms greater than a year. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>17. Issued capital and reserves </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Ordinary&nbsp;share&nbsp;capital</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at beginning of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuances in the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133,801</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Nominal share capital as at December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">193,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Ordinary shares issued and fully paid</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,740,296</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued on June&nbsp;9, 2016 for private financing round</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,464,540</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued on June 9. 2016 for private placement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,135,962</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,340,798</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Nominal value at December</B><B></B><B>&nbsp;31, 2016 (</B>&pound;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Issued capital at December</B><B></B><B>&nbsp;31, 2016 (</B>&pound;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">193,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-22 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Ordinary&nbsp;share&nbsp;capital</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at beginning of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">193,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuances in the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,263</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Nominal share capital as at December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">213,285</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Ordinary shares issued and fully paid</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued on April&nbsp;3, 2017 for private placement financing round</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,042,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued on April&nbsp;26, 2017 for conversion of loan note</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,221,361</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued on October&nbsp;28, 2017 for acquisition of license</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">490,798</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71,094,974</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Nominal value at December</B><B></B><B>&nbsp;31, 2017 (</B>&pound;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Issued capital at December</B><B></B><B>&nbsp;31, 2017 (</B>&pound;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">213,285</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Ordinary&nbsp;share&nbsp;capital</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at beginning of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>213,285</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuances in the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>436</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Nominal share capital as at December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>213,721</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Ordinary shares issued and fully paid</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>71,094,974</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued on June&nbsp;1, 2018 for public offering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>50,076</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued on August&nbsp;3, 2018 for exercise of share options</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>10,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued on October&nbsp;22, 2018 for exercise of share options</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>85,222</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>71,240,272</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Nominal value at December&nbsp;31, 2018 (&pound;)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>0.003</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Issued capital at December</B><B></B><B>&nbsp;31, 2018 (</B>&pound;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>213,721</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since January&nbsp;1, 2016, the following alterations to the Company&#146;s share capital have been made: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">under the subscription agreement dated July&nbsp;28, 2015, as amended by an agreement dated June&nbsp;1, 2016,
the Company issued and allotted 39,464,540 ordinary shares of &pound;0.003 in nominal value in the capital of the Company on June&nbsp;9, 2016 at a price of &pound;1.84 per share. 39,699 of these ordinary shares were issued to WG Partners LLP, for
no cash consideration, as payment for financial advisory services; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on March&nbsp;21, 2016 the Directors of the Company signed a solvency statement with the agreement of all
shareholders and undertook a capital reduction, reducing the share premium account by &pound;7,000,000 and crediting a new Other reserve by the same amount; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">under a private placement dated June&nbsp;9, 2016, the Company issued and allotted 5,135,962 ordinary shares of
&pound;0.003 in nominal value in the capital of the Company on June&nbsp;9, 2016 at a price of &pound;2.21 per share; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on June&nbsp;9, 2016, the Company&#146;s ordinary shares were admitted to trading on the AIM market of the London
Stock Exchange. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">under the private placement dated April&nbsp;3, 2017, the Company issued and allotted 5,042,017 ordinary shares
of &pound;0.003 in nominal value in the capital of the Company on April&nbsp;3, 2017 at a price of &pound;2.975 per share to institutional investors. Gross cash received was &pound;15,000,000; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on April&nbsp;26, 2017 Novartis converted &pound;1,398,552 of loan notes dated June&nbsp;3, 2016 into 632,829
ordinary shares of &pound;0.003 in&nbsp;nominal value in the capital of the Company at the fixed conversion price of &pound;2.21 per share. Under the terms of the notes, Novartis also received 588,532 bonus shares; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on October&nbsp;31, 2017, Mereo BioPharma Group plc issued 490,798 ordinary shares of &pound;0.003 in nominal
value in the capital of the&nbsp;Company to AstraZeneca AB as part payment for the acquisition by Mereo BioPharma 4 Limited of an exclusive license and option to acquire certain assets; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-23 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">under the public offering dated June&nbsp;1, 2018, the Company issued and allotted 50,076 ordinary shares of
&pound;0.003 in nominal value in the capital of the Company on June&nbsp;1, 2018 at a price of &pound;3.00 per share to investors. Gross cash received was &pound;150,228; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on August&nbsp;3, 2018 the Company issued and allotted 10,000 ordinary shares of &pound;0.003 in nominal value in
the capital of the Company pursuant to an exercise of employee share options; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">on October&nbsp;22, 2018 the Company issued and allotted 85,222 ordinary shares of &pound;0.003 in nominal value
in the capital of the Company pursuant to an exercise of employee share options. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Share&nbsp;premium</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At January&nbsp;1, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,212,880</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share capital reduction on March&nbsp;21, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,000,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuance of share capital for private financing round on June&nbsp;9, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72,423,314</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuance of share capital for private placement on June&nbsp;9, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,335,069</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transaction costs for issued share capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,995,864</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,975,399</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Share&nbsp;premium</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At January&nbsp;1, 2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,975,399</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued on April&nbsp;3, 2017 for private placement financing round</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,984,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued on April&nbsp;26, 2017 for conversion of loan note</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,477,787</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued on October&nbsp;28, 2017 for acquisition of license</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,518,527</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transaction costs for issued share capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(729,632</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,226,956</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Share&nbsp;premium</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At&nbsp;January&nbsp;1,&nbsp;2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>118,226,956</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued on June&nbsp;1, 2018 for public offering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>150,078</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued on August&nbsp;3, 2018 for exercise of share options</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>12,870</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued on October&nbsp;22, 2018 for exercise of share options</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>109,681</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transaction costs for issued share capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(7,512</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>118,492,073</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Other capital reserves </I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares&nbsp;to<BR>be&nbsp;issued</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Share-based</FONT><BR>payments</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Equity<BR>component&nbsp;of<BR>convertible&nbsp;loan</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At January&nbsp;1, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,677,840</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,982,265</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,660,105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payments expense during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,494,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,494,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shares issued</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,003,363</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,003,363</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity component of convertible loan instrument</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">516,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">516,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,674,477</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,476,283</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">516,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,667,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-24 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares&nbsp;to<BR>be&nbsp;issued</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Share-based</FONT><BR>payments</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Equity<BR>component&nbsp;of<BR>convertible&nbsp;loan</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At January&nbsp;1, 2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,674,477</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,476,283</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">516,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,667,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payments expense during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,983,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,983,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shares issued</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,082,899</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,082,899</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity component of convertible loan instrument</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(208,680</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(208,680</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,591,578</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,459,469</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">308,122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,359,169</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares&nbsp;to<BR>be&nbsp;issued</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Share-based<BR>payments</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Equity<BR>component&nbsp;of<BR>convertible&nbsp;loan</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Warrants&nbsp;issued<BR>for&nbsp;TAP&nbsp;funding</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At January&nbsp;1, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,591,578</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,459,469</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">308,122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,359,169</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payments expense during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,302,335</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,302,335</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payments release for exercise of options</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(113,042</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(113,042</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Warrants issued for TAP funding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,156</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,156</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,591,578</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>16,648,762</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>308,122</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>44,156</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>18,592,618</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Share-based payments </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group has various share option schemes under which options to subscribe for the Group&#146;s shares have been granted to certain
executives, NEDs and employees (see Note 25 for further details). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The share-based payment reserve is used to recognize a) the value of
equity settled share-based payments provided to employees, including key management personnel, as part of their remuneration and b) deferred equity consideration. Refer to Note 25 for further details of these plans. Of the &pound;6,494,018
share-based payment expense in 2016, &pound;298,836 is an accelerated charge relating to 500,000 share options which were cancelled on June&nbsp;9, 2016. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Shares issued/to be issued </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shares to be issued at January&nbsp;1, 2016 of &pound;18,677,840 represented a maximum potential 10,151,000 bonus shares due to Novartis under
the terms of an investment in the prior year. Of the 44,600,502 ordinary shares issued on June&nbsp;9, 2016, 8,697,480 shares were issued to Novartis as fully paid up bonus shares (for &pound;nil consideration), the number of which was calculated to
maintain its shareholding at 19.5%. The fair value of these shares was &pound;1.84 per share. At December&nbsp;31, 2016, &pound;2,674,477 representing a maximum of 1,453,520 shares at &pound;1.84 were remaining to be issued to Novartis pro rata to
their percentage shareholding as and when the Company issues further ordinary shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Of the 1,221,361 ordinary shares issued on
April&nbsp;26, 2017, 588,532 shares were issued to Novartis as fully paid up bonus shares (for &pound;nil consideration), the number of which was calculated to maintain its shareholding at 19.5%. The fair value of these shares was &pound;1.84 per
share. At December&nbsp;31, 2018 and December&nbsp;31, 2017, &pound;1,591,578 representing a maximum of 864,988 shares at &pound;1.84 were remaining to be issued to Novartis pro rata to its percentage shareholding as and when the Company issues
further ordinary shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Equity component of convertible loan instrument </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The convertible loan notes issued to Novartis are a compound instrument consisting of a liability and an equity component (see Note 18a). The
value of the equity component (cost of the conversion option) as at December&nbsp;31, 2018 is &pound;308,122 (2017: &pound;308,122; 2016: &pound;516,802). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Warrants issued for TAP funding </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The funding arrangements with The <FONT STYLE="white-space:nowrap">Alpha-1</FONT> Project are a compound instrument consisting of a liability
and an equity component (see Note 21). The value of the equity component (consideration received for the warrants) as at December&nbsp;31, 2018 is &pound;44,156 (2017: &pound;nil; 2016: &pound;nil). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-25 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Accumulated loss </I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in &pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated losses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(40,579,241</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,315,920</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(111,220,794</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,579,241</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(72,315,920</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(104,220,794</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>18. Interest-bearing loans and borrowings </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in &pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Novartis Notes &#150; see Note 18a</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,977,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,038,881</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank loan &#150; see Note 18b</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,774,924</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,445,756</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,752,317</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,484,637</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,939,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,837,884</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-current</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,812,511</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,646,753</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>18a. Convertible loan note </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;3, 2016, the Company issued 3,463,563 &pound;1 unsecured convertible loan notes (&#147;Novartis Notes&#148;) to Novartis Pharma
AG, a shareholder of the Company (see Note 26) in consideration for an investment in cash by Novartis at the time of the private placement on June&nbsp;9, 2016. The Novartis Notes attract an interest rate of 4% per annum, accruing daily, and
constitute direct, unsecured obligations of the Company ranking ahead of any other unsecured obligations of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
April&nbsp;26, 2017 Novartis converted &pound;1,398,553 of loan notes into 632,829 ordinary shares at the fixed conversion price of &pound;2.21 per share. This has been recorded as a &pound;1,187,974 reduction in interest-bearing loans and
borrowings, a reduction in other capital reserves of &pound;208,680 and a reduction in accumulated losses of &pound;62,375. Under the terms of the notes, Novartis also received 588,532 bonus shares. Novartis holds &pound;2,065,011 principal value of
notes at December&nbsp;31, 2017 representing 934,394 ordinary shares if converted, together with 864,988 potential bonus shares; together these represent 2.5% of the current share capital of the Company as at December&nbsp;31, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In August 2017, in connection with the new loan agreements (see Note 18b), Novartis agreed to amend the terms of its Novartis Notes. Under the
revised terms of the Novartis Notes, the loan is subordinated to the Silicon Valley Bank and Kreos Capital loan such that Novartis shall be entitled, at any time up to the repayment of the foregoing loan, being March&nbsp;2, 2021, to serve a
conversion notice on the Company to convert all or some only of the outstanding Novartis Notes into fully paid ordinary shares at a conversion price of &pound;2.21 per share. To the extent the Novartis Notes are not converted at that date, the
outstanding principal amount of the Novartis Notes, together with any accrued and unconverted interest, is redeemable. Upon conversion of any Novartis Notes, in addition to the relevant number of conversion shares, Novartis is entitled to receive an
additional number of ordinary shares in the Company equal to the number of conversion shares into which such Novartis Notes are to convert, multiplied by 0.93, up to a maximum aggregate number of 864,988 such bonus shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The value of the debt component of the notes at the date of issue was calculated as &pound;2,946,761. The cash flows attached to the note up
to the maturity date were calculated and discounted at an appropriate venture debt rate of 10%. The carrying amount at December&nbsp;31, 2018 is &pound;2,038,881 (2017: &pound;1,977,393). The Group has applied IFRS 9 Financial Instruments in full
without restating comparatives with an initial date of application of January&nbsp;1, 2018 (see Note 2.2). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The value of the equity
component of the Notes at December&nbsp;31, 2018 was calculated as &pound;308,123 (2017: &pound;308,123). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>18b. Bank loan </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;7, 2017, the Group entered into a loan agreement with Silicon Valley Bank and Kreos Capital V (UK) Limited, which provides for
total borrowings of &pound;20.0&nbsp;million and the issue of warrants over shares in the Company (see Note 20). &pound;10.0&nbsp;million was drawn down on each of August&nbsp;21, 2017 (Tranche 1) and December&nbsp;29, 2017 (Tranche 2) for general
working capital purposes. The Group was obligated to make interest-only </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-26 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
payments on the loan amount until September&nbsp;30, 2018, and thereafter the Group was obligated to pay interest and principal in 30 equal monthly instalments until March&nbsp;31, 2021, the
maturity date. The loan bore interest at an annual fixed rate equal to 9.0%. In addition, a final payment of 7.5% of the principal loan amount was due upon the earlier of the maturity date, prepayment in whole of the loan amount, mandatory
repayment, acceleration of the loan, and the loan becoming immediately due and payable due to an event of default. The loan was secured by substantially all of the Group&#146;s assets, including intellectual property rights owned or controlled by
the Group. The terms of the debt facility included an interest-only period to September&nbsp;30, 2018, a <FONT STYLE="white-space:nowrap">30-month</FONT> capital and interest repayment period thereafter, a 9% headline interest rate and customary
security over all assets of the Group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fair value of warrants issued as part of Tranche 1 on August&nbsp;21, 2017 was &pound;657,676.
The fair value of the loan liability of Tranche 1 on August&nbsp;21, 2017 was &pound;9,342,324. Application of the effective interest method was required to accrete the initial loan liability value up to the face value of the loan at the end of the
loan term. This <FONT STYLE="white-space:nowrap">non-cash</FONT> interest charge was to be made in each statutory reporting period. The annual value of this interest charge was &pound;182,133, which was an effective interest rate of 1.95%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fair value of warrants issued as part of Tranche 2 on December&nbsp;29, 2017 was &pound;634,335. The fair value of the loan liability of
Tranche 2 on December&nbsp;29, 2017 was &pound;9,365,665. Application of the effective interest method was required to accrete the initial loan liability value up to the face value of the loan at the end of the loan term. This <FONT
STYLE="white-space:nowrap">non-cash</FONT> interest charge was to be made in each statutory reporting period. The annual value of this interest charge is &pound;194,892, which was an effective interest rate of 2.08%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On 30&nbsp;September 2018 (the &#147;modification date&#148;), the Group and the lender signed a revised loan agreement (the &#147;new
loan&#148;), with the intention that this would replace the old loan (with the proceeds of the new loan being used to settle the old loan). The new loan is viewed as a modification of the original loan because it was agreed with the same lenders as
under the old loan and the old loan was not repayable at par with no penalty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The new loan has a principal amount of &pound;20,455,000
and will mature on March&nbsp;1, 2021, unless extended on reaching certain milestones. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group is obligated to make interest-only
payments on the loan amount until April&nbsp;30, 2019, and thereafter the Group is obligated to pay interest and principal in 23 equal monthly instalments until March&nbsp;31, 2021, the maturity date. The loan bears interest at an annual fixed rate
equal to 8.5%. In addition, a final payment of 10.5% of the principal loan amount is due upon the earlier of the maturity date, prepayment in whole of the loan amount, mandatory repayment, acceleration of the loan, and the loan becoming immediately
due and payable due to an event of default. The loan is secured by substantially all of the Group&#146;s assets, including intellectual property rights owned or controlled by the Group. The terms of the debt facility include an interest-only period
to April&nbsp;30, 2019, a <FONT STYLE="white-space:nowrap">23-month</FONT> capital and interest repayment period thereafter, a 8.5% headline interest rate and customary security over all assets of the Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The modification loss is calculated as the difference in the present value of the cash flows under the original and modified terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The modification loss has been calculated accordingly in the amount of &pound;730,037 and has been recognized in profit and loss as of the
date of the modification. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The old loan was not derecognized; instead, at the point of modification, the carrying value of the loan was
revised to reflect the new cash flows discounted by the original EIR as well as costs and fees incurred for the modification and any cash paid to or received from the lender under the terms of the new loan. Once the carrying amount of the liability
was adjusted for costs and fees incurred as part of the modification, the EIR was recalculated to spread those costs and fees over the life of the modified liability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the modification date, the Group issued 225,974 additional warrants (&#147;additional warrants&#148;), for nil consideration, to the lender
with the same key terms as the original warrants. The fair value of the additional warrants as of their grant date (30&nbsp;September 2018) was &pound;375,343. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The total carrying value of the loan at December&nbsp;31, 2018 was &pound;19,445,756 (2017: &pound;18,774,924). &pound;6,837,884 (2017:
&pound;1,939,806) is a current liability and &pound;12,607,872 (2017: &pound;16,835,118) is a <FONT STYLE="white-space:nowrap">non-current</FONT> liability. A total of &pound;781,998 (2017: &pound;66,935) of
<FONT STYLE="white-space:nowrap">non-cash</FONT> interest has been charged to the statement of comprehensive loss in the period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-27 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>19. Provisions </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Social security contributions on share options</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,288,386</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>842,367</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for deferred cash consideration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,061,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,131,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,349,386</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,973,367</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">274,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>332,014</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-current</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,075,386</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,641,353</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Social&nbsp;security&nbsp;contributions&nbsp;on&nbsp;share&nbsp;options</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At beginning of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">141,311</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,172,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,288,386</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accretion of discount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,293</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Arising during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,084,181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,115,966</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Released</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(60,365</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,446,019</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,172,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,288,386</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>842,367</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-current</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,172,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,288,386</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>842,367</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The provision for social security contributions on share options is calculated based on the number of options
outstanding at the reporting date that are expected to be exercised. The provision is based on the estimated gain arising on exercise of the share options, using the best estimate of the market price at the balance sheet date. Since the directors
assume the options will be held for their full contractual life of ten years (see Note 25) the liability has been classified as <FONT STYLE="white-space:nowrap">non-current.</FONT> The provision has been discounted. The negative charge in 2018 is
due to the fall in the Company&#146;s share price between December&nbsp;31, 2017 and December&nbsp;31, 2018. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Provisions&nbsp;for&nbsp;deferred&nbsp;cash&nbsp;consideration</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At beginning of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>&nbsp;2,061,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Arising during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,061,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase in provision due to the unwinding of the time value of money</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>443,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Decrease in provision due to a change in estimates relating to timelines and probabilities of
contractual milestones being achieved (see Note 12)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(373,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,061,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,131,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">274,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>332,014</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-current</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,787,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,798,986</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The deferred cash consideration is the estimate of the quantifiable but not certain future cash payment
obligations due to AstraZeneca for the acquisition of certain assets (see Note 12). This liability is calculated as the risk-adjusted net present value of future cash payments to be made by the Group. The payments are dependent on reaching certain
milestones based on the commencement and outcome of clinical trials. The likelihood of achieving such milestones is reviewed at the balance sheet date and increased or decreased as appropriate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-28 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>20. Warrant liability </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At beginning of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>&nbsp;1,346,484</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Arising during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,292,011</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>375,343</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Movement during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54,473</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(716,214</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,346,484</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,005,613</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As part of the bank loan facility (see Note 18b), 363,156 warrants to subscribe for shares were issued to the
lenders on August&nbsp;21, 2017. These warrants will be capable of exercise until August&nbsp;7, 2027 at an exercise price of &pound;3.029. A further 333,334 warrants were issued to the lenders on December&nbsp;29, 2017. These warrants will be
capable of exercise until August&nbsp;7, 2027 at an exercise price of &pound;3.30. A further 225,974 warrants were issued to the lenders on October&nbsp;1, 2018. These warrants will be capable of exercise until October&nbsp;1, 2028 at an exercise
price of &pound;2.31. The total of 922,464 warrants is equivalent to 1.30% of ordinary share capital at December&nbsp;31, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms
of the warrant instrument allow for a cashless exercise. In line with IAS 32, the future number of shares to be issued to the warrant holder under a cashless exercise can only be determined at that future date. At each balance sheet date, the fair
value of the warrants will be assessed using the Black Scholes model taking into account appropriate amendments to inputs in respect of volatility and remaining expected life of the warrants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table lists the weighted average inputs to the models used for the fair value of warrants granted during the year ended December
31: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected volatility (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50&#150;51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk-free interest rate (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.10&#150;1.25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected life of share options (years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.6&#150;10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Market price of ordinary shares (&pound;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.00&#150;3.25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Model used</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Black&nbsp;Scholes</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Black&nbsp;Scholes</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fair value of the warrants at grant was &pound;1,667,353. At December&nbsp;31, 2018 it was
&pound;1,005,612 (2017: &pound;1,346,484). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since there is no historical data in relation to the expected life of the warrants, the
contractual life of the options was used in calculating the expense for the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Volatility was estimated by reference to the share
price volatility of a group of comparable companies over a retrospective year equal to the expected life of the warrants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>21. Other liability </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended<BR>December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At beginning of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Arising during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>34,289</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>34,289</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;8, 2018, the Group entered into a funding agreement with The
<FONT STYLE="white-space:nowrap">Alpha-1</FONT> Project (&#147;TAP&#148;), which provides for total potential payments to Mereo of $400,000 as contributions towards the development of <FONT STYLE="white-space:nowrap">MPH-966</FONT> upon completion
of certain milestones by the Group. In exchange, on receipt of such funding, the Group will issue warrants allowing TAP to subscribe for shares in the company (see Note 17). Under the agreement, TAP is potentially entitled to receive a payment
equivalent to amounts received by Mereo (up to a maximum of $400,000) conditional on and within thirty days of the first regulatory approval received by the Group for <FONT STYLE="white-space:nowrap">MPH-966.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-29 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The first payment (&#147;Payment 1&#148;) of $100,000 (&pound;78,445) was made to Mereo on
November&nbsp;16, 2018. The fair value of the liability of Payment 1 on November&nbsp;16, 2018 was &pound;34,289. Application of the effective interest method is required to accrete the initial liability value up to the face value of the liability
over a period of five years, being the estimate of the earliest date that the liability could be repaid and assuming that the agreement is not terminated earlier. This <FONT STYLE="white-space:nowrap">non-cash</FONT> interest charge will be made in
each statutory reporting period. The annual value of this interest charge is 25.8%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fair value of warrants issued as part of Payment
1 on November&nbsp;16, 2018 was &pound;44,156. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The total carrying value of the liability at December&nbsp;31, 2018 was &pound;34,289.
&pound;34,289 is a <FONT STYLE="white-space:nowrap">non-current</FONT> liability. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>22. Trade and other payables </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,860,303</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,392,602</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Social security and other taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>160,719</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>16,986</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,024,026</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,570,307</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Terms and conditions of the above financial liabilities: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">trade payables are <FONT STYLE="white-space:nowrap">non-interest</FONT> bearing and are normally settled on <FONT
STYLE="white-space:nowrap">30-day</FONT> terms; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">other payables are <FONT STYLE="white-space:nowrap">non-interest</FONT> bearing and have an average term of one
month. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>23. Changes in liabilities arising from financing activities </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Bank&nbsp;loan</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Novartis<BR>notes</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Warrant<BR>liability</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Deferred<BR>cash<BR>consideration</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TAP<BR>Agreement</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="10" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>January&nbsp;1, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,774,924</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,977,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,346,484</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,061,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,159,801</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net increase in bank loan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">455,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">455,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase in TAP funding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,289</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,289</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,644,610</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,644,610</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank loan transaction costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(920,859</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(920,859</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-cash</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank modification loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">730,037</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">730,037</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fair value of additional warrants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(375,344</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(305,344</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increase in warrant liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">375,344</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">375,344</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Novartis Notes - amounts restated through retained earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(123,864</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(123,864</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change in fair value warrant</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(716,215</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(716,215</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for deferred cash consideration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest accrual</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,644,610</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,644,610</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accreted interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">781,998</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">185,352</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">967,350</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>19,445,756</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,038,881</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,005,613</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,131,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>34,289</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>24,655,539</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-30 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>24. Financial and capital risk management and fair value measurement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>24.1. Capital risk management </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purpose of the Group&#146;s capital management, capital includes issued capital, share premium, the equity component of a convertible
loan note and all other equity reserves attributable to the equity holders of the parent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group&#146;s objectives when managing
capital are to safeguard the ability to continue as a going concern and ensure that sufficient capital is in place to fund the Group&#146;s R&amp;D activities. The Group&#146;s principal method of adjusting the capital available is through issuing
new shares or arranging suitable debt financing, including any related warrants. The Group&#146;s share capital and share premium are disclosed in Note 17. The Group&#146;s loans are disclosed in Note 18. The Group monitors the availability of
capital with regard to its committed and planned forecast future expenditure on an ongoing basis. The Group has set up an Employee Benefit Trust which makes market purchases of the Company&#146;s shares to provide some cover against future exercise
of options under the Company&#146;s share option schemes (see Note 27). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>24.2. Financial risk management objectives and policies
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Monitoring of financial risk is part of the Board&#146;s ongoing risk management, the effectiveness of which is reviewed annually.
Our agreed policies are implemented by the Chief Financial Officer, who submits periodic reports to the Board. The Group seeks to maintain a balance between equity capital and convertible and secured debt to provide sufficient cash resources to
execute the business plan. In addition, the Group maintains a balance between cash held on deposit and short-term investments in Sterling and other currencies to reduce its exposure to foreign exchange fluctuations in respect of its planned
expenditure. During the year, in order to maintain a strong cash runway the Group completed an equity placing and arranged and drew down a new bank debt facility, which includes an initial interest-only period until September 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except for the bank loans and the existing convertible loan notes issued in 2016, the Group&#146;s principal financial instruments comprise
trade payables which arise directly from its operations and are not designed as a means of raising finance for the Group&#146;s operations. The Group has various financial assets, such as receivables and cash and short-term deposits. The Group does
not consider that its financial instruments gave rise to any material financial risks during the year to December&nbsp;31, 2018. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Interest rate risk </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Group&#146;s policy in relation to interest rate risk is to monitor short and medium-term interest rates and to place cash on deposit for periods that optimize the amount of interest earned while maintaining access to sufficient funds to meet <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> cash requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The interest payable on both the
convertible loan note and bank loan is fixed. Consequently, there is no material exposure to interest rate risk in respect of interest payable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Foreign currency risk </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group currently has no revenue. The majority of operating costs are denominated in Sterling, Euros and U.S. Dollars (USD). Funding to date
has been secured in a mixture of Sterling and USD (in respect of funding attributable to the merger with OncoMed) and therefore a level of natural hedging exists in respect of operating costs. Foreign exchange risk arises from commercial
transactions and recognized assets and liabilities in foreign currencies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-31 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Credit risks </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group&#146;s policy is to place funds with financial institutions which have a minimum long-term credit rating with Standard&nbsp;&amp;
Poor&#146;s of A. The Group also allocates a quota to individual institutions in respect of cash deposits and also seeks to diversify its investments where this is consistent with achieving competitive rates of return. It is the Group&#146;s policy
to place not more than &pound;10&nbsp;million with any one investment counterparty and no more than &pound;5&nbsp;million with any one cash deposit counterparty. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Cash flow and liquidity risk </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Credit risk from balances with banks and financial institutions is managed by the Group&#146;s finance department in accordance with the
Group&#146;s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Group&#146;s Board of directors on an annual basis,
and may be updated throughout the year subject to approval of the Group&#146;s Audit and Risk Committee. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through a counterparty&#146;s potential failure
to make payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group&#146;s maximum exposure to credit risk for the components of the balance sheet at December&nbsp;31, 2018 is
the carrying amounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group monitors its funding requirements through preparation of short-term,
<FONT STYLE="white-space:nowrap">mid-term</FONT> and long-term forecasts. All short-term deposits are immediately convertible to liquid funds without penalty and are recorded in the balance sheet at their open market value. Please refer to Note 2.3
regarding the directors&#146; assessment of liquidity for further information. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>24.3. Fair value hierarchy </I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fair&nbsp;value&nbsp;measurement&nbsp;using</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Date&nbsp;of&nbsp;valuation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Quoted&nbsp;prices<BR>in&nbsp;active<BR>markets<BR>(Level&nbsp;1)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Significant<BR>observable<BR>inputs<BR>(Level&nbsp;2)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Significant<BR>unobservable<BR>inputs<BR>(Level&nbsp;3)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Liabilities&nbsp;measured&nbsp;at&nbsp;fair&nbsp;value</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for deferred cash consideration (Note 19)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">December&nbsp;31,&nbsp;2018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">2,131,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">2,131,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Warrant liability (Note 20)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">December&nbsp;31, 2018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">1,005,613</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">1,005,613</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Liabilities for which fair values are disclosed</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Convertible loan (Note 18a)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">December&nbsp;31, 2018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">2,038,881</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">2,038,881</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank loan (Note 18b)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">December&nbsp;31, 2018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">19,445,756</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">19,445,756</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TAP funding liability (Note 21)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">December&nbsp;31, 2018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">34,289</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">34,289</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There were no transfers between Level&nbsp;1 and Level&nbsp;2 during 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Fair value measurement hierarchy for liabilities as at December&nbsp;31, 2017: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fair&nbsp;value&nbsp;measurement&nbsp;using</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Date&nbsp;of&nbsp;valuation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Quoted&nbsp;prices<BR>in&nbsp;active<BR>markets<BR>(Level&nbsp;1)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Significant<BR>observable<BR>inputs<BR>(Level&nbsp;2)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Significant<BR>unobservable<BR>inputs<BR>(Level&nbsp;3)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Liabilities&nbsp;measured&nbsp;at&nbsp;fair&nbsp;value</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for deferred cash consideration (Note 19)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">December&nbsp;31,&nbsp;2017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">2,061,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">2,061,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Warrant liability (Note 20)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">December&nbsp;31, 2017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">1,346,484</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">1,346,484</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Liabilities for which fair values are disclosed</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Convertible loan (Note 18a)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">December&nbsp;31, 2017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">1,977,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">1,977,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank loan (Note 18b)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">December&nbsp;31, 2017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">18,774,924</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&pound;</TD>
<TD VALIGN="bottom" ALIGN="right">18,774,924</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There were no transfers between Level&nbsp;1 and Level&nbsp;2 during 2017. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-32 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set out below is a comparison, by class, of the carrying amounts and fair values of the
Group&#146;s financial instruments: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD ROWSPAN="3" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,&nbsp;2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,&nbsp;2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Carrying<BR>amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fair<BR>value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Carrying<BR>amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fair<BR>value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for deferred cash consideration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,061,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,061,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,131,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,131,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Warrant liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,346,484</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,346,484</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,005,613</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,005,613</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The management of the Group assessed that the fair values of cash and short-term deposits, other receivables,
trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following methods and assumptions were used to estimate the fair values: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The fair value of the provision for deferred cash consideration is estimated by discounting future cash flows
using rates currently available for debt on similar terms and credit risk. In addition to being sensitive to a reasonably possible change in the forecast cash flows or the discount rate, the fair value of the deferred cash consideration is also
sensitive to a reasonably possible change in the probability of reaching certain milestones. The valuation requires management to use unobservable inputs in the model, of which the significant unobservable inputs are disclosed in the tables below.
Management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines their impact on the total fair value. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The warrant liability is estimated using the Black Scholes model taking into account appropriate amendments to
inputs in respect of volatility, remaining expected life of the warrants, cost of capital, probability of success and rates of interest. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The significant unobservable inputs used in the fair value measurements categorized within Level&nbsp;3 of the fair value hierarchy, together
with a quantitative sensitivity analysis as at December&nbsp;31, 2018 and 2017 are as shown below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Valuation<BR>technique</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Significant<BR>unobservable<BR>inputs</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Range<BR>weighted<BR>(average)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Sensitivity&nbsp;of&nbsp;the&nbsp;input&nbsp;to&nbsp;fair&nbsp;value</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Provision for deferred cash consideration</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">DCF</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">WACC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2018:&nbsp;15.3%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1% increase/(decrease) would result in a decrease/(increase) in fair value by &pound;33,000.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">WACC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2017:&nbsp;15.3%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1% increase/(decrease) would result in a decrease/(increase) in fair value by &pound;30,000.</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Probability of<BR>success</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="white-space:nowrap">2018:&nbsp;28%-95%</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">10% increase/(decrease) would result in an&nbsp;increase/(decrease) in fair value by &pound;600,000.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Probability of<BR>success</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="white-space:nowrap">2017:&nbsp;28%-85%</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">10% increase/(decrease) would result in an&nbsp;increase/(decrease) in fair value by &pound;600,000.</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Warrant liability</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Black&nbsp;Scholes</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Risk-free&nbsp;interest</FONT><BR>rate</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2018:&nbsp;1.33%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1% increase/(decrease) would result in an increase/(decrease) of &pound;25,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Risk-free interest<BR>rate</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2017:&nbsp;1.25%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1% increase/(decrease) would result in an increase/(decrease) of &pound;46,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Volatility</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2018: 65%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">10% increase/(decrease) would result in&nbsp;an increase/(decrease) of &pound;145,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Volatility</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2017: 50%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">10% increase/(decrease) would result in&nbsp;an increase/(decrease) of &pound;200,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Remaining life</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2018:&nbsp;3,254&nbsp;days</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Increase/(decrease) of 365 days would result in an increase/(decrease) of &pound;56,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Remaining&nbsp;life</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2017: 3,519 days</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Increase/(decrease) of 365 days would result in an increase/(decrease) of &pound;54,000</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The table below summarizes the maturity profile of the Group&#146;s financial liabilities based on contractual
undiscounted payments at December&nbsp;31, 2018: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Payments&nbsp;due&nbsp;by&nbsp;period</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Up&nbsp;to&nbsp;1&nbsp;year</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>1&#150;3&nbsp;years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>3&#150;5&nbsp;years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Over&nbsp;5&nbsp;years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Novartis Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>82,600</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,161,642</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,244,242</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank loan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,260,337</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>15,589,137</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>23,849,474</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating lease (see Note 26)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>331,527</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>204,138</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>535,665</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,674,464</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>17,954,917</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>26,629,381</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-33 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The table below summarizes our contractual obligations at December&nbsp;31, 2017: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD ROWSPAN="3" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Payments&nbsp;due&nbsp;by&nbsp;period</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Up&nbsp;to&nbsp;1&nbsp;year</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>1&#150;3&nbsp;years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>3&#150;5&nbsp;years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Over&nbsp;5&nbsp;years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Novartis Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>82,600</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>165,427</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,078,815</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,326,842</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank loan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,574,208</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>17,793,665</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,982,805</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>24,350,678</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating lease (see Note 26)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>743,858</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>535,203</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,279,061</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,400,666</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>18,494,295</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,061,620</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>27,956,581</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group may incur potential payments upon achievement of clinical, regulatory and commercial milestones, as
applicable, or royalty payments that may be required to be made under license agreements the Group entered into with various entities pursuant to which the Group has <FONT STYLE="white-space:nowrap">in-licensed</FONT> certain intellectual property,
including license agreements with Novartis and AstraZeneca. Due to the uncertainty of the achievement and timing of the events requiring payment under these agreements, the amounts to be paid are not fixed or determinable at this time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>25. Share-based payments </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The charge for
share-based payments under IFRS 2 arises across the following schemes: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2015 Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,185,067</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,441,671</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">805,738</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma Group plc Share Option Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">586,291</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,064,217</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long Term Incentive Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133,601</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">298,287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">319,338</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred Bonus Share Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175,350</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">325,649</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,494,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,651,898</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,189,293</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The 2015 Plan </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Mereo BioPharma Group Limited Share Option Plan (the &#147;2015 Plan&#148;), the Group, at its discretion, granted share options to
employees, including executive management, and NEDs. Share options vest over four years for executive management and employees and over three years for NEDs. There are no performance conditions attached to the options issued under the Option Plan.
The fair value of share options granted was estimated at the date of grant using a Black Scholes pricing model, taking into account the terms and conditions upon which the share options were granted. The fair value calculation does not include any
allowance for dividends as the Company has no available profits for distribution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The exercise price of the share options will be equal
to the market price of the underlying shares on the date of grant, less a discount agreed with the Group&#146;s institutional investors. The contractual term of the share options is ten years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Of the &pound;6,185,067 expense recognized under the option plan for employee services received during 2016, &pound;298,836 is an accelerated
charge relating to 500,000 options which were cancelled on June&nbsp;9, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No share options were issued during the year under the 2015
Share Plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Movements during the year </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, options for the 2015 Plan during
the year: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>WAEP<BR>&pound;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>WAEP<BR>&pound;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>WAEP<BR>&pound;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding at beginning of the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,964,394</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,198,655</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>9,124,610</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.32</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Granted during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,316,117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cancelled during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(500,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Forfeited during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(581,856</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(74,045</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(46,255</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.29</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exercised during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(95,222</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.29</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding at December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,198,655</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,124,610</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,983,133</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.32</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exercisable at December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,115,337</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,655,676</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,007,029</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.31</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-34 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The weighted average remaining contractual life for the share options outstanding as at
December&nbsp;31, 2018 was 6.6 years (2017: 7.6 years; 2016: 8.3 years). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The weighted average fair value of options granted during 2016
was &pound;1.29. There were no options granted in 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Options outstanding at the end of the year had an exercise price of between
&pound;1.29 and &pound;2.21. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following tables list the weighted average inputs to the models used for the fair value of share options
granted during the years ended December&nbsp;31, 2016, 2017 and 2018: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected volatility (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk-free interest rate (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">1.48-2.07</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected life of share options (years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Market price of ordinary shares (&pound;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">1.84-2.21</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Model used</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Black&nbsp;Scholes</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since there is no historical data in relation to the expected life of the share options the contractual life
of the options was used in calculating the expense for the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Volatility was estimated by reference to the share price volatility of a
group of comparable companies over a retrospective year equal to the expected life of the share options. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The Mereo BioPharma Group
plc Share Option Plan </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Mereo BioPharma Group plc Share Option Plan (&#147;Share Option Plan&#148;) provides for the grant of
options to acquire our ordinary shares to employees, executive directors and executive officers. Options may be granted to all eligible employees on commencement of employment and may be granted on a periodic basis after that. Under the Share Option
Plan, our Board of directors may determine if the vesting of an option will be subject to the satisfaction of a performance condition. With regard to an option which is subject to satisfaction of a performance condition, the option will normally
vest on the later of: (i)&nbsp;the date on which our Board of directors determines that the performance condition has been satisfied; and (ii)&nbsp;the third anniversary of the date of grant. With regard to an option which is not subject to the
satisfaction of a performance condition, the option will normally vest on the third anniversary of the date of grant, or such other date determined by our Board of directors and notified to the participant. Once an option has vested, it may be
exercised during the period ending on the tenth anniversary of the date of grant, after which time it will lapse. The exercise price of an option may not be less than the greater of: (i)&nbsp;the market value of a share on the date of grant; or
(ii)&nbsp;if the shares are to be subscribed, the nominal value of a share. Options are not currently subject to performance conditions other than continued service with us and typically vest on the third anniversary of the date of grant, after
which they remain exercisable generally until the tenth anniversary of the grant date. Our Board of directors may determine that an option be settled in cash or by net exercise of the option. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Movements during the year </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, options for the Option Plan during
the year: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>WAEP<BR>&pound;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>WAEP<BR>&pound;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>WAEP<BR>&pound;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding at beginning of the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,578,188</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.05</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Granted during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,593,188</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>388,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.14</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cancelled during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Forfeited during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.03</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(84,633</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.03</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding at December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,578,188</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,881,555</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3.10</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exercisable at December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-35 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The weighted average remaining contractual life for the share options outstanding as at
December&nbsp;31, 2018 was 8.6 years (2017: 9.4 years). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The weighted average fair value of options granted during the year was
&pound;2.29 (2017: &pound;1.85). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Options outstanding at the end of the year had an exercise price of between &pound;2.76 and &pound;3.23.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following tables list the weighted average inputs to the models used for the fair value of share options granted during the years
ended December 31: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;&pound;)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected volatility (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">49-51</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">65-67</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk-free interest rate (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">1.06-1.33</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">1.39-1.53</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected life of share options (years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>10</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Market price of ordinary shares (&pound;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">3.03-3.23</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">2.76-3.25</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Model used</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Black&nbsp;Scholes</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>Black&nbsp;Scholes</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since there is no historical data in relation to the expected life of the share options, the contractual life
of the options was used in calculating the expense for the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Volatility was estimated by reference to the share price volatility of a
group of comparable companies over a retrospective period equal to the expected life of the share options. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Long Term Incentive Plan
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Company&#146;s Long Term Incentive Plan (&#147;LTIP&#148;), initiated in 2016, the Group, at its discretion, may grant <FONT
STYLE="white-space:nowrap">nil-cost</FONT> options to acquire shares to employees. Under the LTIP rules, vesting of 75% of the options issued to employees is subject to a share price performance condition (the &#147;Share Price Element&#148;) and
vesting of 25% of the options is subject to achievement of strategic operational targets (the &#147;Strategic Element&#148;). Share options vest over a maximum of five years, dependent upon achievement of these targets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fair value of the LTIP Share Price Element is estimated at the date of grant using a Monte Carlo pricing model, taking into account the
terms and conditions upon which the share options were granted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fair value of the LTIP Strategic Element is estimated at the date of
grant using a Black Scholes pricing model, taking into account the terms and conditions upon which the share options were granted, and the expense recorded is based upon the expected level of achievement of strategic targets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fair value calculations do not include any allowance for dividends as the Company has no available profits for distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The contractual term of the LTIP options is five years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The expense recognized for employee services received during the year to December&nbsp;31, 2018 was &pound;319,338 (2017: &pound;298,287).
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-36 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Movements during the year </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table illustrates the number of, and movements in, LTIP options during the year: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B><br><B>Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017<BR>Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018<BR>Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Granted during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,199,658</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">185,950</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cancelled during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Forfeited during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(234,162</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding at December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">965,496</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,151,446</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,151,446</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exercisable at December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The weighted average remaining contractual life for the LTIP options outstanding as at December&nbsp;31, 2018
was 1.8 years (2017: 2.9 years; 2016: 3.7 years). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The weighted average fair value of LTIP options granted during the year to
December&nbsp;31, 2018 was &pound;nil (2017: &pound;1.99; 2016: &pound;1.21). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following tables list the weighted average inputs to
the models used for the fair value of LTIP options granted during the years ended December 31: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>LTIP Share Price Element </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected volatility (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk-free interest rate (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">0.48-0.74</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">0.17-0.39</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected life of share options (years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">3-5</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">3-5</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Market price of ordinary shares (&pound;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.03</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Model used</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;Monte&nbsp;Carlo</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;Monte&nbsp;Carlo</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>LTIP Strategic Element </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected volatility (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk-free interest rate (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected life of share options (years)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Market price of ordinary shares (&pound;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.03</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Model used</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Black&nbsp;Scholes</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Black&nbsp;Scholes</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since there is no historical data in relation to the expected life of the LTIP options, the contractual life
of the options has been used in calculating the expense for the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Volatility is estimated by reference to the share price volatility
of a group of comparable companies over a retrospective period equal to the expected life of the LTIP options. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Deferred Bonus Share
Plan </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the previous terms of the Company&#146;s Deferred Bonus Share Plan (DBSP), 30% of the annual bonus for 2017 for the
senior management team was payable in deferred shares, which are governed by the DBSP plan rules. At the date of grant of the awards, the monetary bonus amount will be divided by the closing share price to give the number of shares issued to the
employee under the DBSP. The number of shares is fixed and not subject to adjustment between the issue date and vesting date. Under the DBSP, awards vest after three years from the date of the award. There are no further performance conditions
attached to the award, nor any service conditions (including no requirement for continued employment once the awards have been made). The plan does allow for adjustment of awards in the event of a material misstatement of Mereo&#146;s accounts or
fraud or misconduct on the part of an individual. The plan also allows for adjustment of awards in the event there was an error in calculating the vesting of the awards. Since the awards are issued at nil cost they will be satisfied by the issue of
shares from the Employee Benefit Trust. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-37 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table illustrates the number of, and movements in, DBSP options during the
year: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B><br><B>Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017<BR>Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018<BR>Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding at January&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>163,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Awarded during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100,820</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Granted during the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding at December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;163,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exercisable at December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The weighted average remaining contractual life for the DBSP options outstanding as at December&nbsp;31, 2018
was 2.6 years (2017: 3.6 years; 2016: 4 years). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The weighted average fair value of DBSP options granted during the year was &pound;nil
(2017: &pound;3.23; 2016: &pound;2.80). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;18, 2019 the Board approved an amendment to the terms of the Deferred Bonus Share
Plan and the terms were amended such that in the event that the Board decides to award a bonus to eligible participants in respect of performance for any given financial year, 30% of the bonus (after deduction of income tax and employee&#146;s
National Insurance contributions) must be used to purchase ordinary shares in the Company within 12 months.&nbsp;Following a purchase, the relevant ordinary shares must be held for a period of at least two years. Bonus awards made in respect of 2018
were awarded under these revised terms. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The Mereo 2019 Equity Incentive Plan (The 2019 EIP) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;4, 2019 the Company established The Mereo 2019 Equity Incentive Plan. Under the plan it is anticipated that market value options
will be granted to executives and other employees with a four-year vesting period and no performance conditions. No grants have been made under this plan as at the date of this report. The plan provides a framework for the grant of market value
options and/or restricted stock unit awards to officers of the Company (or of any subsidiary). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The Mereo 2019 NED Equity Incentive
Plan (The 2019 NED EIP) </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;4, 2019 the Company established The Mereo 2019 NED Equity Incentive Plan. Under the plan it
is anticipated that market value options will be granted to <FONT STYLE="white-space:nowrap">non-executive</FONT> directors with no performance conditions. Options to existing <FONT STYLE="white-space:nowrap">non-executive</FONT> directors will be
granted with a <FONT STYLE="white-space:nowrap">one-year</FONT> vesting period and options to newly appointed <FONT STYLE="white-space:nowrap">non-executive</FONT> directors will be granted with a three-year vesting period. No grants have been made
under this plan as at the date of this report. The plan provides a framework for a range of different types of share related awards (including market value options, share appreciation rights, restricted stock and restricted stock units). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Deferred equity consideration </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In October 2017, our wholly owned subsidiary Mereo BioPharma 4 Limited entered into an exclusive license and option agreement (the
&#147;License Agreement&#148;), to obtain from AstraZeneca an exclusive worldwide, <FONT STYLE="white-space:nowrap">sub-licensable</FONT> license under AstraZeneca&#146;s intellectual property rights relating to
<FONT STYLE="white-space:nowrap">MPH-966,</FONT> with an option to acquire such intellectual property rights following commencement of a pivotal trial and payment of related milestone payments (the &#147;Option&#148;), together with the acquisition
of certain related assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the agreement with AstraZeneca, the Company may issue up to 1,349,693 ordinary shares which are
dependent on achieving certain milestones. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In respect of milestones that are probable, the Group has accounted for, but not yet issued,
429,448 ordinary shares which have been measured at fair value, being &pound;3.10, giving a total of &pound;1,331,288. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-38 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>26. Commitments and contingencies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Operating lease commitments &#150; Group as lessee </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Future minimum rentals payable under <FONT STYLE="white-space:nowrap">non-cancellable</FONT> operating leases as at December&nbsp;31, 2018 are
as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Within one year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">743,858</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>331,527</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">After one year but not more than three years</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">535,203</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>204,138</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">After one year but not more than five years</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">More than five years</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,279,061</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>535,665</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group has entered into a lease for its premises at Fourth Floor, 1 Cavendish Place, London W1G 0QF. The
term of the lease agreement is from August&nbsp;17, 2015 through to August&nbsp;16, 2025. The total lease expense for the year ended December&nbsp;31, 2018 was &pound;293,328 (2017: &pound;293,328). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The premises comprise approximately 4,000 sq ft. The principal rent for the premises is &pound;162,960 per annum through December&nbsp;16,
2016 and &pound;325,920 per annum thereafter, subject to an increase on August&nbsp;17, 2020 based on the open market value of the premises (the &#147;Principal Rent&#148;). In addition to the Principal Rent, the Group is responsible for value-added
tax on the Principal Rent and certain insurance costs and service charges incurred by the landlord. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group may break the lease
agreement on August&nbsp;16, 2020 by providing six months&#146; prior written notice to the landlord. If the Group does not exercise its break option, the landlord will decrease by 50% the Principal Rent for the period from August&nbsp;16, 2020
through to April&nbsp;15, 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group has entered into a lease for six high-resolution peripheral quantitative computed tomography
(HRpQCT) scanners for use in its ongoing clinical studies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each scanner has a lease term of 12 months from the date on which delivery of
that scanner occurred. The Company has the right to extend the lease period for a further six months at any point during the lease term. This option may be exercised in respect of any of the individual scanners and does not have to be exercised in
respect of all the scanners. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Finance leases &#150; Group as lessee </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group did not have any leasing arrangements classified as finance leases at December&nbsp;31, 2018 (2017: &pound;nil). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Financial commitments </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of Mereo BioPharma 1 Limited, Mereo BioPharma 2 Limited and Mereo BioPharma 3 Limited issued to Novartis loan notes (the &#147;Novartis
Notes&#148;) (which were assigned by Novartis to the Company in exchange for ordinary shares pursuant to the Subscription Agreement) and each of Mereo BioPharma 1 Limited, Mereo BioPharma 2 Limited and Mereo BioPharma 3 Limited agreed to make future
payments to Novartis comprising amounts equal to ascending specified percentages of tiered annual worldwide net sales (beginning at high single digits and reaching into double digits at higher sales) by such subsidiary of products that include the
assets acquired. The levels of ascending percentages of tiered annual worldwide net sales are the same for each of Mereo BioPharma 1 Limited, Mereo BioPharma 2 Limited and Mereo BioPharma 3 Limited under the respective Purchase Agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of Mereo BioPharma 1 Limited, Mereo BioPharma 2 Limited and Mereo BioPharma 3 Limited further agreed that in the event it transfers,
licenses, assigns or leases all or substantially all of its assets, it will pay Novartis a percentage of the proceeds of such transaction. The Company will retain the majority of the proceeds from such a transaction. Such percentage is the same for
each of Mereo BioPharma 1 Limited, Mereo BioPharma 2 Limited and Mereo BioPharma 3 Limited under the respective Purchase Agreements. The payment of a percentage of proceeds is not payable with respect to any transaction involving equity interests of
Mereo BioPharma Group plc, a merger or consolidation of Mereo BioPharma Group plc, or a sale of any assets of Mereo BioPharma Group plc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In October 2017, the Group&#146;s wholly owned subsidiary Mereo BioPharma 4 Limited entered into an exclusive license and option agreement
(the &#147;License Agreement&#148;), to obtain from AstraZeneca an exclusive worldwide, <FONT STYLE="white-space:nowrap">sub-licensable</FONT> license under AstraZeneca&#146;s intellectual property rights relating to
<FONT STYLE="white-space:nowrap">MPH-966,</FONT> with an option to acquire such intellectual property rights following commencement of a pivotal trial and payment of related milestone payments (the &#147;Option&#148;), together with the acquisition
of certain related assets. Upon entering into the License Agreement, the Group made a payment of $3.0&nbsp;million and issued 490,798 ordinary shares to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-39 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
AstraZeneca, for an aggregate upfront payment equal to $5.0&nbsp;million. In connection with certain development and regulatory milestones, the Group has agreed to make payments of up to
$115.5&nbsp;million in the aggregate and issue additional ordinary shares to AstraZeneca for licensed products containing <FONT STYLE="white-space:nowrap">MPH-966.</FONT> In addition, the Group has agreed to make payments to AstraZeneca based on
specified commercial milestones of the product. The Group has also agreed to pay a specified percentage of <FONT STYLE="white-space:nowrap">sub-licensing</FONT> revenue to AstraZeneca and to make royalty payments to AstraZeneca equal to ascending
specified percentages of tiered annual worldwide net sales by the Group of licensed products (subject to certain reductions), ranging from the high single digits to low double digits. Royalties will be payable on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">licensed-product-by-licensed-product</FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">country-by-country</FONT></FONT> basis until the later of ten years after the first commercial sale
of such licensed product in such country and expiration of the last patent covering such licensed product in such country that would be sufficient to prevent generic entry. Under the License Agreement, the Group may freely grant <FONT
STYLE="white-space:nowrap">sub-licenses</FONT> to affiliates upon notice to AstraZeneca and must obtain AstraZeneca&#146;s consent, which is not be unreasonably withheld, to grant <FONT STYLE="white-space:nowrap">sub-licenses</FONT> to a third
party. The Group has agreed to use commercially reasonable efforts to develop and commercialize at least one licensed product. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
License Agreement will expire on the expiry of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">last-to-expire</FONT></FONT> royalty term with respect to all licensed products. Upon the expiration of the royalty term for a
licensed product in a particular country, the licenses to the Group for such product in such country will become fully paid and irrevocable. Prior to exercise of the Option, if at all, the Group may terminate the License Agreement upon prior written
notice. Either party may terminate the agreement upon prior written notice for the other party&#146;s material breach that remains uncured for a specified period of time or insolvency. AstraZeneca has agreed to a three-year <FONT
STYLE="white-space:nowrap">non-competition</FONT> restriction in relation to the direct or indirect commercialization or development of NE inhibitors for the treatment of AATD. In addition, AstraZeneca agreed not to assert any AstraZeneca
intellectual property rights that were included in the scope of the License Agreement against the Group. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>27. Related party disclosures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following transactions have been entered into with related parties for the year ended December&nbsp;31, 2017 and 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Novartis Pharma AG (&#147;Novartis&#148;) holds shares in the Company at December&nbsp;31, 2016. On June&nbsp;3, 2016, the Group issued
3,463,563 &pound;1 unsecured convertible loan notes (the &#147;Novartis Notes&#148;) to Novartis and received &pound;3,463,563 from Novartis in consideration (Note 18a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group purchased goods and services from Novartis in the year as set out below: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Manufacture and supply of clinical trial material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">968,219</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,610,106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>60,027</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amount outstanding to be paid to Novartis at December&nbsp;31, 2018 was &pound;nil (2017: &pound;nil;
2016: &pound;35,249). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The purchases from related parties are made on terms equivalent to those that prevail in arm&#146;s length
transactions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Employee Benefit Trust </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2016 the Company set up an Employee Benefit Trust for the purposes of buying and selling shares on the employees&#146; behalf. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A total of &pound;325,000 of funding was paid into the Trust by the Company during the year ended December&nbsp;31, 2018 (2017:&pound;nil).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A total of 163,000 shares were purchased by the Trust during the year ended December&nbsp;31, 2018 (2017: nil). As at December&nbsp;31,
2018 a cash balance of &pound;21,762 (2017: &pound;3,600) was held by the Trust. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>28. Standards issued but not yet effective </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group&#146;s financial statements
are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-40 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Other standards </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following standards and interpretations, applicable for annual periods beginning on or after January&nbsp;1, 2017, are not expected to have
any impact on the results of the Group or the presentation of the financial statements: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IFRS 10 Consolidated Financial Statements &#150; Amendments regarding the sale or contribution of assets between
an investor and&nbsp;its associate or joint venture and amendments regarding the application of the consolidation exception. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IFRS 11 Joint Arrangements &#150; Amendments regarding the accounting for acquisitions of an interest in a joint
operation. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IFRS 12 Disclosure of Interests in Other Entities &#150; Amendments regarding the application of the
consolidation exception. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IFRS 14 Regulatory Deferral Accounts. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IAS 1 Presentation of Financial Statements &#150; Amendments resulting from the disclosure initiative.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IAS 7 Statement of Cash Flows &#150; Amendments resulting from the disclosure initiative. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IAS 12 Income Taxes &#150; Amendments to recognition of deferred tax assets for unrealized losses.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IAS 16 Property, Plant and Equipment &#150; Amendments regarding the clarification of acceptable methods of
depreciation and amortization and amendments bringing bearer plants into the scope of IAS 16. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IAS 27 Separate Financial Statements (as amended in 2011) &#150; Amendments reinstating the equity method as an
accounting option for investments in subsidiaries, joint ventures and associates in an entity&#146;s separate financial statements. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IAS 28 Investments in Associates and Joint Ventures &#150; Amendments regarding the application of the
consolidation exception. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IAS 38 Intangible Assets &#150; Amendments regarding the clarification of acceptable methods of depreciation and
amortization. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IAS 41 Agriculture &#150; Amendments bringing bearer plants into the scope of IAS 16. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Amendments resulting from September 2014 Annual Improvements to IFRSs: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IFRS 2 Classification and Measurement of Share-based Payment Transactions. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IFRS 5 <FONT STYLE="white-space:nowrap">Non-current</FONT> Assets Held for Sale and Discontinued Operations.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IFRS 7 Financial Instruments: Disclosures. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IAS 19 Employee Benefits. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">IAS 34 Interim Financial Reporting. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>29. Event after the reporting period </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;8, 2019, Dr.&nbsp;Frank Armstrong resigned as a
<FONT STYLE="white-space:nowrap">non-executive</FONT> director of the Group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;23, 2019 the Group
agreed an amendment to the terms of its bank loan with the lenders. The new terms extended the interest-only period to December&nbsp;31, 2019 followed by a <FONT STYLE="white-space:nowrap">15-month</FONT> capital and interest repayment period. The
Group has undertaken a preliminary assessment under IFRS 9 and determined it to be a <FONT STYLE="white-space:nowrap">non-substantial</FONT> modification. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-41 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following completion of the merger with OncoMed, under the terms of the loan agreement,
Mereo expects to issue approximately 321,444 additional warrants to its lenders giving them the right to subscribe for ordinary shares at an exercise price of &pound;2.95. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;23, 2019, Mereo completed the acquisition of OncoMed, a clinical-stage biopharmaceutical company
whose shares were previously traded on NASDAQ. Mereo acquired 100% of the voting equity interests declared, and OncoMed will continue as a wholly-owned indirect subsidiary of Mereo. The Mereo Board believes that the combination of Mereo&#146;s
biopharmaceutical portfolio of four assets with OncoMed&#146;s two lead assets will create a diversified combined portfolio, resulting in an increased number of potential near-term catalysts with a core focus remaining on Mereo&#146;s strategy to
target rare diseases, and that the cash position of the Combined Company will provide an extended operational runway, with the potential for such runway to be extended significantly further through partnering deals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The initial consideration for the purchase amounted to &pound;40,892,478 in the form of 24,783,320 ordinary shares. The fair value of the
ordinary shares issued was measured using the closing market price of Mereo&#146;s ordinary shares at the acquisition date. Further amounts may be payable the former owners of OncoMed governed by the terms of an agreed Contingent Value Rights (CVR)
agreement. The CVR represents the <FONT STYLE="white-space:nowrap">non-transferable</FONT> contractual right for previous shareholders in OncoMed, Inc. to receive certain share and cash payments from Mereo if specified milestones are achieved within
agreed time periods. The CVR milestone relates to OncoMed&#146;s etigilimab (anti-TIGIT, <FONT STYLE="white-space:nowrap">OMP-313M32)</FONT> and navicixizumab (anti-DLL4/VEGF, <FONT STYLE="white-space:nowrap">OMP-305B83)</FONT> therapeutic
candidates. The contingent payments become payable upon the achievement of the milestones as follows: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The TIGIT milestone
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A payment, in the form of Mereo ADSs, will be made to CVR holders if, prior to December&nbsp;31, 2019, the following milestone is
achieved: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Celgene exercises the exclusive option granted by OncoMed to Celgene in relation to OncoMed&#146;s <FONT
STYLE="white-space:nowrap">OMP-313M32</FONT> product pursuant to the Master Research and Collaboration Agreement by and among Celgene and OncoMed, dated December&nbsp;2, 2013; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The receipt by OncoMed of the initial $35&nbsp;million cash milestone payment due from Celgene pursuant to such
Celgene option exercise. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the TIGIT milestone is achieved, holders of CVRs would be entitled to receive a number of
Mereo ADSs equal to the $35&nbsp;million cash milestone payment received net of any tax and other reasonable expenses, divided by the volume-weighted average price per Mereo ADS for the <FONT STYLE="white-space:nowrap">10-trading</FONT> day period
immediately following the date of the announcement by Mereo of the receipt of such cash payment. The TIGIT milestone payment is subject to a share consideration cap, such that the number of Mereo shares underlying the Mereo ADSs to be issued
pursuant to the CVR agreement, when aggregated with the number of Mereo shares underlying the Mereo ADSs issued as share consideration pursuant to the merger agreement, cannot exceed 40% of the enlarged Group after issuing the consideration shares.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>The NAVI milestones </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A cash payment will be made to CVR holders if, within 18 months following the closing of the merger, Mereo or any of its subsidiaries enters
into a definitive agreement with one or more third parties regarding the <FONT STYLE="white-space:nowrap">OMP-305B83</FONT> products and, within five years of the closing of the merger, Mereo or any of its subsidiaries receives eligible cash
milestone payments. If a NAVI milestone is achieved, holders of CVRs would be entitled to receive an amount in cash equal to 70% of the amount of such eligible cash milestone payment, net of any tax and other reasonable expenses. The NAVI milestone
payments are subject to a cash consideration cap, pursuant to which the aggregate principal amount of all cash payments made to holders of CVRs by Mereo shall in no case exceed $79.7&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have estimated that the fair value of the deferred consideration is immaterial and have not provided for any amount payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are finalizing the purchase price allocation and have determined a preliminary estimate of the fair value of the intangible assets acquired
of &pound;14.5&nbsp;million. We acquired cash and cash equivalents, and short-term investments at completion of $50.8&nbsp;million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-42 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are finalizing the valuation of other assets and liabilities which will determine the
amount of goodwill to be recognised. This will be disclosed in our interim financial statements for the period ending June&nbsp;30, 2019. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-43 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc734372_30"></A>Item&nbsp;19.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exhibits </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;No.&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex31.htm">Articles of Association of Mereo BioPharma Group plc (incorporated into this Form 20-F by reference to Mereo&#146;s Form F-4 filed January&nbsp;24,
 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex42.htm">Form of American Depositary Receipt of Mereo BioPharma Group plc (incorporated into this Form 20-F by reference to Mereo&#146;s Form&nbsp;
F-4/A filed March 15, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519076867/d680874df4a.htm#rom680874_1001">Agreement and Plan of Merger and Reorganization, dated December 5, 2018, by and among Mereo BioPharma Group plc, Mereo US Holdings
 Inc., Mereo MergerCo One Inc. and OncoMed Pharmaceuticals, Inc. (incorporated into this Form 20-F by reference to Mereo&#146;s Form F-4/A filed March 15, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312518094144/d480882dex1013.htm">Rules of the Mereo BioPharma Group plc Share Option Scheme, as adopted June 9, 2016 and amended April 4, 2017 and March 20, 2018 and form of
option documentation (incorporated into this Form 20-F by reference to Mereo&#146;s Form F-1 filed March 23, 2018 (File No. 333-223883)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312518094144/d480882dex1014.htm">Rules of Mereo BioPharma Group Limited Share Option Scheme, as adopted July 8, 2015 (incorporated into this Form 20-F by reference to Mereo&#146;s
 Form F-1 filed December 1, 2018 (File No. 333-223883)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312518094144/d480882dex1015.htm">Rules of the Mereo BioPharma Group plc Long Term Incentive Plan, as adopted June 9, 2016 and amended March 20, 2018 (incorporated into this
 Form 20-F by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312518094144/d480882dex1016.htm">Rules of the Mereo BioPharma Group plc Deferred Bonus Share Plan, as adopted June 9, 2016 and amended March 20, 2018 (incorporated into this
 Form 20-F by reference to Mereo&#146;s Form F-1 filed March 23, 2018 (File No. 333-223883)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex1018.htm">Rules of the Mereo BioPharma Group plc New Deferred Bonus Plan, as adopted January 15, 2019 (incorporated into this Form 20-F by reference to
 Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312518094144/d480882dex1017.htm">Rules of the Mereo BioPharma Group plc Share Option Scheme for Non-Executive Directors, as adopted March 20, 2018 and form of option documentation
 (incorporated into this Form 20-F by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.7*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d734372dex47.htm">Rules of the Mereo 2019 Equity Incentive Plan and 2019 NED Equity Incentive Plan for Non-Executive Directors, as adopted April 4, 2019 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.8&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex1020.htm">BCT197 Asset Purchase Agreement, dated July 28, 2015, by and between Mereo BioPharma 1 Limited and Novartis Pharma AG (incorporated into this
 Form 20-F by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.8.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex10201.htm">Amendment Agreement for BCT197, dated October 19, 2018, by and between Mereo BioPharma 1 Limited and Novartis Pharma AG (incorporated into
 this Form 20-F by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.8.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex10202.htm">Addendum to the Asset Purchase Agreement, dated October 4, 2017, by and between Mereo BioPharma 1 Limited and Novartis Pharma AG (incorporated
 into this Form 20-F by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.8.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex10203.htm">Addendum to the Asset Purchase Agreement, dated April 12, 2016, by and between Mereo BioPharma 1 Limited and Novartis Pharma AG (incorporated
 into this Form 20-F by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.9&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex1021.htm">BGS649 Asset Purchase Agreement, dated July 28, 2015, by and between Mereo BioPharma 2 Limited and Novartis Pharma AG (incorporated into this
 Form 20-F by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.9.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex10211.htm">Amendment Agreement for BGS649, dated October 19, 2018, by and between Mereo BioPharma 2 Limited and Novartis Pharma AG (incorporated into
 this Form 20-F by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.9.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex10212.htm">Addendum to the Asset Purchase Agreement, dated August 17, 2017, by and between Mereo BioPharma 2 Limited and Novartis Pharma AG (incorporated
 into this Form 20-F by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.10&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex1022.htm">BPS804 Asset Purchase Agreement, dated July 28, 2015, by and between Mereo BioPharma 3 Limited and Novartis Pharma AG (incorporated into this
 Form 20-F by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">166 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="91%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;No.&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.10.1&#134;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex10221.htm">Amendment Agreement, dated August 10, 2018, by and between Mereo BioPharma 3 Limited and Novartis Pharma AG (incorporated into this Form 20-F
by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.10.2</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex10222.htm">Addendum to the Asset Purchase Agreement, dated December 21, 2016, by and between Mereo BioPharma 3 Limited and Novartis Pharma AG (incorporated
 into this Form 20-F by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.11&#134;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex1023.htm">Sublicense Agreement, dated July 29, 2015, by and between Mereo BioPharma 3 Limited and Novartis Pharma AG (incorporated into this Form 20-F
 by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.12&#134;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex1024.htm">Exclusive License and Option Agreement, dated October 28, 2017, by and between Mereo BioPharma 4 Limited and AstraZeneca AB (incorporated into
this Form 20-F by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.13</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex1025.htm">Loan Agreement, dated September 28, 2018, by and among Mereo BioPharma Group plc, as borrower, the guarantors party thereto, Silicon Valley
 Bank, as a lender, and Kreos Capital V (UK) Limited, as a lender, agent and security agent (incorporated into this Form 20-F by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.13.1*</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d734372dex4131.htm">Deed of Consent and Amendment, dated April 17, 2019, by and among Mereo BioPharma Group plc, as borrower, the guarantors party thereto, Silicon Valley Bank, as a lender, and Kreos Capital V (UK) Limited, as
a lender, agent and security agent </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.14</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex1026.htm">Form of Deed of Indemnity for members of the board of directors of Mereo BioPharma Group plc (incorporated into this Form 20-F by reference
 to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.15</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519016112/d680874dex1027.htm">Convertible Loan Note Instrument relating to Mereo BioPharma Group plc, dated June 3, 2016, by Mereo BioPharma Group plc, including Deeds of
Amendment thereto, between Mereo BioPharma Group plc and Novartis Pharma AG (incorporated into this Form 20-F by reference to Mereo&#146;s Form F-4 filed January 25, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.16</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1719714/000119312519076867/d680874df4a.htm#rom680874_1002">Form of Contingent Value Rights Agreement by and between Computershare, Inc., as rights agent, and Mereo BioPharma Group plc (incorporated
 into this Form 20-F by reference to Mereo&#146;s Form F-4/A filed March 15, 2019 (File No. 333-229351)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.17</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1302573/000119312519075599/d709280dex101.htm">Contingent Value Rights Agreement, dated March 14, 2019, by and between Computershare, Inc., as rights agent, and OncoMed Pharmaceuticals, Inc.
(incorporated into this Form 20-F by reference to OncoMed&#146;s Form 8-K filed March 15, 2019 (File No. 001-35993)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.17.1*</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d734372dex4171.htm">Amendment Number One to the Contingent Value Rights Agreement, dated April 15, 2019, by and between Computershare, Inc., as rights agent, and OncoMed Pharmaceuticals, Inc. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.18&#134;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1302573/000119312514104564/d669910dex1023.htm">Master Research and Collaboration Agreement, dated December 2, 2013, by and between OncoMed Pharmaceuticals, Inc., Celgene Corporation and Celgene
 Alpine Investment Company II, LLC (incorporated into this Form 20-F by reference to OncoMed&#146;s 10-K filed March 18, 2014 (File No. 001-35993)). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.19*</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d734372dex419.htm">Form of Letter of Appointment for members of the board of directors of Mereo BioPharma Group plc </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;8.1*</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d734372dex81.htm">List of Subsidiaries of Mereo BioPharma Group plc </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>12.1*</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d734372dex121.htm">Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>12.2*</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d734372dex122.htm">Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>13.1**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d734372dex131.htm">Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>13.2**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d734372dex132.htm">Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>101***</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The following materials from this annual report on Form 20-F formatted in XBRL (Extensible Business Reporting Language) are furnished herewith: (i) the Report of Independent Registered Public Accounting Firm, (ii) the consolidated
statements of financial position data, (iii) the consolidated statements of comprehensive loss data, (iv) the consolidated statements of changes in shareholders&#146; equity (capital deficiency), (v) the consolidated statements of cash flows, and
(vi) the notes to consolidated financial statements, in each case tagged as blocks of text and in detail.</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed herewith </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Furnished herewith </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be filed by amendment within 30 days of April 29, 2019 </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#134;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Portions of this exhibit are subject to a previously filed confidential treatment order pursuant to Rule 406
under the Securities Act </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">167 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mereo BioPharma Group plc hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and
authorized the undersigned to sign this annual report on its behalf. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">MEREO BIOPHARMA GROUP PLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Denise Scots-Knight</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Denise Scots-Knight</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: April 29, 2019 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">168 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.7
<SEQUENCE>2
<FILENAME>d734372dex47.htm
<DESCRIPTION>EX-4.7
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.7</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.7 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MEREO BIOPHARMA GROUP PLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2019 EQUITY INCENTIVE PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <I>Purpose</I>. The purpose of the Mereo Biopharma Group plc 2019 Equity Incentive Plan (the &#147;<B>Plan</B>&#148;) is to
motivate and reward those employees of Mereo Biopharma Group plc (the &#147;<B>Company</B>&#148;) and its subsidiaries to perform at the highest level and to further the best interests of the Company and its shareholders. The Plan (excluding any <FONT
STYLE="white-space:nowrap">sub-plan</FONT> of the Plan) is intended to be an employees&#146; share scheme for the purposes of section 1166 of the UK Companies Act 2006. Capitalized terms not otherwise defined herein are defined in Section&nbsp;21.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2<I>. Eligibility.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Any employee of the Company or any of its subsidiaries (which, for this purpose, must be a subsidiary within the
meaning of section 1159 of the UK Companies Act 2006) of the Company) shall be eligible to be selected to receive an Award under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Holders of equity compensation awards granted by a company acquired by the Company (or whose business is acquired
by the Company) or with which the Company combines are eligible for grants of Replacement Awards under the Plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3<I>.
Administration. </I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee. The Committee may designate one or more
directors as a subcommittee who may act for the Committee if necessary to satisfy the requirements of this Section. The Committee may issue rules and regulations for administration of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have full power and
authority to: (i)&nbsp;designate Participants; (ii)&nbsp;determine the type or types of Awards (including Replacement Awards) to be granted to each Participant under the Plan; (iii)&nbsp;determine the number of Shares to be covered by (or with
respect to which payments, rights or other matters are to be calculated in connection with) Awards; (iv)&nbsp;determine the terms and conditions of any Award; (v)&nbsp;determine whether, to what extent and under what circumstances Awards may be
settled or exercised in cash, Shares, other Awards, other property, net settlement (including broker-assisted cashless exercise) or any combination thereof, or canceled, forfeited or suspended, and the method or methods by which Awards may be
settled, exercised, canceled, forfeited or suspended; (vi)&nbsp;determine whether, to what extent and under what circumstances cash, Shares, other Awards, other property and other amounts </P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee; (vii)&nbsp;interpret and administer the Plan
and any instrument or agreement relating to, or Award made under, the Plan; (viii)&nbsp;establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and
(ix)&nbsp;make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company, its
shareholders and Participants and any Beneficiaries thereof. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4<I>. Shares Available for Awards. </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to adjustment as provided in Section&nbsp;4(c), the aggregate number of Shares available for issuance under
the Plan and the Mereo Biopharma Group plc 2019 <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Equity Incentive Plan (which is a <FONT STYLE="white-space:nowrap">sub-plan</FONT> of the Plan and is attached hereto as <U>Appendix A</U>) shall
not exceed 4.5% of the Company&#146;s issued and outstanding Shares (which 4.5% limit shall be measured as of the date of grant of an Award hereunder). Shares underlying Replacement Awards and Shares remaining available for grant under a plan of an
acquired company or of a company with which the Company combines, appropriately adjusted to reflect the acquisition or combination transaction, shall not reduce the number of Shares remaining available for grant hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining the number of Shares available for issuance under the Plan: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;all Shares covered by SARs shall be counted against the number of Shares available for issuance
under the Plan; <I>provided</I>, <I>however</I>, that (A)&nbsp;SARs that may be settled only in cash shall not be so counted and (B)&nbsp;if the Company grants a SAR in tandem with an Option for the same number of Shares and provides that only one
such Award may be exercised (a &#147;<B>Tandem SAR</B>&#148;), only the Shares covered by the Option, and not the Shares covered by the Tandem SAR, shall be so counted, and the expiration of one in connection with the other&#146;s exercise shall not
restore Shares to the Plan; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;to the extent that an Award may be settled only in cash, no Shares
shall be counted against the number of Shares available for issuance under the Plan; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;if any
Award (A)&nbsp;expires or is terminated, surrendered or cancelled without having been fully exercised or is forfeited in whole or in part (including as the result of Shares subject to such Award being repurchased by the Company at or below the
original issuance price </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
pursuant to a contractual repurchase right) or (B)&nbsp;results in any Shares not being issued (including as a result of an Award that was settleable either in cash or in Shares actually being
settled in cash), the unused Shares covered by such Award shall again be available for issuance under the Plan; <I>provided</I>, <I>however</I>, that (1)&nbsp;in the case of the exercise of a SAR, the number of Shares counted against the Shares
available for issuance under the Plan shall be the full number of Shares subject to the SAR multiplied by the percentage of the SAR actually exercised, regardless of the number of Shares actually used to settle such SAR upon exercise and
(2)&nbsp;the Shares covered by a Tandem SAR shall not again become available for issuance under the Plan upon the expiration or termination of such Tandem SAR; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;Shares delivered (either by actual delivery, attestation, or net exercise) to the Company by a
Participant to (i)&nbsp;exercise an Award or (ii)&nbsp;satisfy tax withholding obligations with respect to Options or SARs (including Shares retained from the Option or SAR creating the tax obligation) shall not be added back to the number of Shares
available for issuance under the Plan; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased by the Company on the open market
using the proceeds from the exercise of an Award shall not increase the number of Shares available for issuance under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;In the event that, as a result of any dividend or other distribution (whether in the form of cash, Shares or other
securities), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, <FONT STYLE="white-space:nowrap">split-up,</FONT> <FONT STYLE="white-space:nowrap">spin-off,</FONT> combination, repurchase or exchange of Shares
or other securities of the Company, issuance of warrants or other rights to acquire Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of securities of the Company, or other similar corporate
transaction or event affecting the Shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under the Plan (an &#147;<B>Adjustment Event</B>&#148;), then the Committee shall, subject to Section&nbsp;18, adjust equitably any or all of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the number and type of Shares (or other securities) which thereafter may be made the subject of
Awards, including the aggregate and individual limits specified in Section&nbsp;4(a); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;the
number and type of Shares (or other securities) subject to outstanding Awards; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;the grant,
acquisition, exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided, however</I>, that the number of Shares subject to any Award denominated in Shares shall always
be a whole number. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized
and unissued Shares or Shares acquired by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5<I>. American Depositary Shares.</I> Notwithstanding anything herein
to the contrary, the Committee may, in its discretion, make any Awards authorized hereunder subject to ADSs. In such cases, any applicable references hereunder to &#147;Shares&#148; shall be deemed references to &#147;ADSs.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6<I>. Options.</I><I> </I>The Committee is authorized to grant Options to Participants with the following terms and conditions
and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine.<SUP STYLE="font-size:85%; vertical-align:top"> </SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The exercise price per Share under an Option shall be determined by the Committee; <I>provided</I>, <I>however</I>,
that, except in the case of Replacement Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date of grant of such Option. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The term of each Option shall be fixed by the Committee but shall not exceed 10 years from the date of grant of
such Option. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall determine the time or times at which an Option may be exercised in whole or
in part. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall determine the methods by which, and the forms in which payment of the exercise
price with respect thereto may be made or deemed to have been made, including cash, Shares, other Awards, other property, net settlement (including broker-assisted cashless exercise) or any combination thereof, having a Fair Market Value on the
exercise date equal to the relevant exercise price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7<I>. Stock Appreciation Rights. </I>The Committee is authorized to
grant SARs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;SARs may be granted under the Plan to Participants either alone (&#147;freestanding&#148;) or in addition to other
Awards granted under the Plan (&#147;tandem&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The exercise price per Share under a SAR shall be
determined by the Committee; <I>provided, however</I>, that, except in the case of Replacement Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date of grant of such SAR (or if granted in connection with an
Option, on the grant date of such Option). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;The term of each SAR shall be fixed by the Committee but shall
not exceed 10 years from the date of grant of such SAR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall determine the time or times at
which a SAR may be exercised or settled in whole or in part. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;Upon the exercise of a SAR, the Company shall pay
to the Participant an amount equal to the number of Shares subject to the SAR multiplied by the excess, if any, of the Fair Market Value of one Share on the exercise date over the exercise price of such SAR. The Company shall pay such excess in
cash, in Shares valued at Fair Market Value, or any combination thereof, as determined by the Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8. <I>Restricted
Stock</I><I> and RSUs.</I><I> </I>The Committee is authorized to grant Awards of Restricted Stock and RSUs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with
the provisions of the Plan, as the Committee shall determine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The applicable Award Document shall specify the
vesting schedule and, with respect to RSUs, the delivery schedule (which may include deferred delivery later than the vesting date) and whether the Award of Restricted Stock or RSUs is entitled to dividends or dividend equivalents, voting rights or
any other rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Shares of Restricted Stock and RSUs shall be subject to such restrictions as the Committee
may impose (including any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend, dividend equivalent or other right), which restrictions may lapse separately or in combination at such time or times, in such
installments or otherwise, as the Committee may deem appropriate. Without limiting the generality of the foregoing, if the Award relates to Shares on which dividends are declared during the period that the Award is outstanding, the Award shall not
provide for the payment of such dividend (or a dividend equivalent) to the Participant prior to the time at which such Award, or applicable portion thereof, becomes nonforfeitable, unless otherwise provided in the applicable Award Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Any share of Restricted Stock granted under the Plan may be evidenced in such manner as the Committee may deem
appropriate, including book-entry registration or issuance of a stock certificate or certificates. In the event that any stock certificate is issued in respect of shares of Restricted Stock granted under the Plan, such certificate shall be
registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The Committee may determine the form or forms (including cash,
Shares, other Awards, other property or any combination thereof) in which payment of the amount owing upon settlement of any RSU Award may be made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9. <I>Performance Awards.</I> The Committee is authorized to grant Performance Awards to Participants with the following terms
and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Performance Awards may be denominated as a cash amount, a number of Shares or a combination thereof and are Awards
which may be earned upon achievement or satisfaction of performance conditions specified by the Committee. In addition, the Committee may specify that any other Award shall constitute a Performance Award by conditioning the right of a Participant to
exercise the Award or have it settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it
may deem appropriate in establishing any performance conditions. Subject to the terms of the Plan, the performance goals to be achieved during any Performance Period, the length of any Performance Period, the amount of any Performance Award granted
and the amount of any payment or transfer to be made pursuant to any Performance Award shall be determined by the Committee. If the Performance Award relates to Shares on which dividends are declared during the Performance Period, the Performance
Award shall not provide for the payment of such dividend (or dividend equivalent) to the Participant prior to the time at which such Performance Award, or the applicable portion thereof, is earned. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Performance criteria may be measured on an absolute (<I>e.g.</I>, plan or budget) or relative basis, and may be
established on a corporate-wide basis or with respect to one or more business units, divisions, subsidiaries or business segments. Relative performance may be measured against a group of peer companies, a financial market index or other acceptable
objective and quantifiable indices. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which the Company conducts its business, or other events or
circumstances render the performance objectives unsuitable, the Committee may modify the minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable. Performance objectives may be adjusted for
material items not originally contemplated in establishing the performance target for items resulting from discontinued operations, extraordinary gains and losses, the effect of changes in accounting standards or principles, acquisitions or
divestitures, changes in tax rules or regulations, capital transactions, restructuring, nonrecurring gains or losses or unusual items. Performance measures may vary from Performance Award to Performance Award, and from Participant to Participant,
and may be established on a stand-alone basis, in tandem or in the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
alternative. The Committee shall have the power to impose such other restrictions on Awards subject to this Section&nbsp;9(b) as it may deem necessary or appropriate to ensure that such Awards
satisfy all requirements of any applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Settlement of Performance Awards; Other Terms.</I> Settlement of Performance Awards shall be in cash, Shares,
other Awards, other property, net settlement or any combination thereof, as determined in the discretion of the Committee. Performance Awards will be settled only after the end of the relevant Performance Period. The Committee may, in its
discretion, increase or reduce the amount of a settlement otherwise to be made in connection with a Performance Award. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10<I>. Other Share-Based Awards.</I> The Committee is authorized, subject to limitations under applicable law, to grant to
Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that may influence the value of Shares, including convertible or exchangeable
debt securities, other rights convertible or exchangeable into Shares, acquisition rights for Shares, Awards with value and payment contingent upon performance of the Company or business units thereof or any other factors designated by the
Committee. The Committee shall determine the terms and conditions of such Awards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11<I>. Effect of Termination of Service or
a Change in Control on Awards.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Committee may provide, by rule or regulation or in any Award Document,
or may determine in any individual case, the circumstances in which, and the extent to which, an Award may be exercised, settled, vested, paid or forfeited in the event of a Participant&#146;s Termination of Service prior to the vesting, exercise or
settlement of such Award or the end of a Performance Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a Change in Control, outstanding
Awards shall be treated as described below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp; If in connection with the Change in Control, any
outstanding Award is continued in effect or converted into an award or right with respect to stock of the successor or surviving corporation (or a parent or subsidiary thereof) (in the case of Options and SARs awarded to a Participant to whom
Section&nbsp;18 applies, in a manner that complies with Sections 424 and 409A of the Code if those sections apply to the Award), then upon the occurrence of a Termination of Service of a Participant by the Company without Cause within 24 months
following the Change in Control, on the date of such Termination of Service, such Award held by </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
such Participant shall immediately vest and settle, and with respect to Options and SARs, shall become exercisable and shall remain exercisable for one year. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;If outstanding Awards are not continued or converted as described in subsection (i)&nbsp;above,
then on the Change in Control, such Awards shall immediately vest and settle and, in the case of Options and SARs, shall become fully exercisable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For
purposes of subsections (i)&nbsp;and (ii) above, no Option, SAR, Restricted Stock or RSU shall be treated as &#147;continued or converted&#148; on a basis consistent with the requirements of subsection (i)&nbsp;or (ii), as applicable, unless the
stock underlying such award after such continuation or conversion consists of securities of a class that is widely held and publicly traded on a recognized United States or International securities exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;In addition, in the event of a Change in Control or other Adjustment Event and to the extent permitted under
applicable law and not inconsistent with the provisions of Section&nbsp;11(a) above or the applicable Award Document, the Committee, in its sole discretion, and on such terms and conditions as it deems appropriate, either by the terms of the Award
or by action taken prior to the occurrence of such Change in Control or other Adjustment Event, may take any one or more of the following actions whenever the Committee determines that such action is appropriate or desirable in order to prevent the
dilution or enlargement of the benefits intended to be made available under the Plan or to facilitate the Change in Control transaction or other Adjustment Event: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;to terminate or cancel any outstanding Award in exchange for a cash payment (and, for the avoidance
of doubt, if as of the date of the Change in Control or other Adjustment Event, the Committee determines that no amount would have been realized upon the exercise of the Award or other realization of the Participant&#146;s rights, then the Award may
be cancelled by the Company without payment of consideration); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;to provide for the assumption,
substitution, replacement or continuation of any Award by the successor or surviving corporation (or a parent or subsidiary thereof) with cash, securities, rights or other property to be paid or issued, as the case may be, by the successor or
surviving corporation (or a parent or subsidiary thereof), and to provide for appropriate adjustments with respect to the number and type of securities (or other consideration) of the successor or surviving corporation (or a parent or subsidiary
thereof), subject to any replacement awards, the terms and conditions of the replacement awards (including, without limitation, any applicable performance targets or criteria with respect thereto) and the grant, exercise or purchase price per share
for the replacement awards; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;to make any other adjustments in the number and
type of securities (or other consideration) subject to outstanding Awards and in the terms and conditions of outstanding Awards (including the grant or exercise price and performance criteria with respect thereto) and Awards that may be granted in
the future; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;to provide that any Award shall be accelerated and become exercisable, payable
and/or fully vested with respect to all Shares covered thereby, notwithstanding anything to the contrary in the Plan or the applicable Award Document; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;to provide that any Award shall not vest, be exercised or become payable as a result of such event.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12<I>. General Provisions Applicable to Awards.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Awards shall be granted for no cash consideration or for such minimal cash consideration as may be required by
applicable law unless otherwise determined by the Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Awards may, in the discretion of the Committee,
be granted either alone or in addition to or in tandem with any other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted
under any other plan of the Company, may be granted either at the same time as or at a different time from the grant of such other Awards or awards. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms of the Plan and Section&nbsp;18, payments or transfers to be made by the Company upon the
grant, exercise or settlement of an Award may be made in the form of cash, Shares, other Awards, other property, net settlement or any combination thereof, as determined by the Committee in its discretion, and may be made in a single payment or
transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include provisions for the payment or crediting of reasonable interest on installment
or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Except as may be permitted by the Committee or as specifically provided in an Award Document, (i)&nbsp;no Award and
no right under any Award shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or pursuant to Section&nbsp;12(e) and (ii)&nbsp;during a Participant&#146;s lifetime, each Award, and each right under any
Award, shall be exercisable only by the Participant or, if permissible under applicable law, by the Participant&#146;s guardian or legal representative. The provisions of this Section&nbsp;12(d) shall not apply to any Award that has been fully
exercised or settled, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;A Participant may designate a Beneficiary or change a previous
Beneficiary designation at such times prescribed by the Committee by using forms and following procedures approved or accepted by the Committee for that purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;All certificates for Shares and/or other securities delivered under the Plan pursuant to any Award or the exercise
thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock market or exchange
upon which such Shares or other securities are then quoted, traded or listed, and any applicable securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of Section&nbsp;12(h), the Committee may impose restrictions on any Award with
respect to noncompetition, confidentiality and other restrictive covenants, or requirements to comply with minimum stock ownership requirements, as it deems necessary or appropriate in its sole discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;The Committee may specify in an Award Document that the Participant&#146;s rights, payments and benefits with
respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include
a Termination of Service with or without Cause (and, in the case of any Cause that is resulting from an indictment or other <FONT STYLE="white-space:nowrap">non-final</FONT> determination, the Committee may provide for such Award to be held in
escrow or abeyance until a final resolution of the matters related to such event occurs, at which time the Award shall either be reduced, cancelled or forfeited (as provided in such Award Document) or remain in effect, depending on the outcome),
violation of material policies, breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or
its Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Rights, payments and benefits under any Award shall be subject to repayment to or recoupment
(&#147;clawback&#148;) by the Company in accordance with such policies and procedures as the Committee or Board may adopt from time to time, including policies and procedures to implement applicable law, stock market or exchange rules and
regulations or accounting or tax rules and regulations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13<I>. Amendments and Termination.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Document or in
the Plan, the Board may amend, alter, suspend, discontinue or terminate the Plan or any portion </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
thereof at any time; <I>provided, however</I>, that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i)&nbsp;shareholder approval, if such approval
is required by applicable law or the rules of the stock market or exchange, if any, on which the Shares are principally quoted or traded or (ii)&nbsp;the consent of the affected Participant, if such action would materially adversely affect the
rights of such Participant under any outstanding Award, except to the extent any such amendment, alteration, suspension, discontinuance or termination is made to cause the Plan to comply with applicable law, stock market or exchange rules and
regulations or accounting or tax rules and regulations, or to impose any recoupment provisions on any Awards in accordance with Section&nbsp;12(i). Notwithstanding anything to the contrary in the Plan, the Committee may amend the Plan in such manner
as may be necessary to enable the Plan to achieve its stated purposes in any jurisdiction in a <FONT STYLE="white-space:nowrap">tax-efficient</FONT> manner and in compliance with local laws, rules and regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue
or terminate any Award theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or Beneficiary of an Award; <I>provided, however</I>, that, subject to Section&nbsp;4(c) and Section&nbsp;18, no
such action shall materially adversely affect the rights of any affected Participant or holder or Beneficiary under any Award theretofore granted under the Plan, except to the extent any such action is made to cause the Plan to comply with
applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations, or to impose any recoupment provisions on any Awards in accordance with Section&nbsp;12(i); <I>provided further</I> that, except as provided
in Section&nbsp;4(c), the Committee shall not without the approval of the Company&#146;s shareholders (a)&nbsp;lower the exercise price per Share of an Option or SAR after it is granted or take any other action that would be treated as a repricing
of such Award under the rules of the principal stock market or exchange on which the Company&#146;s Shares are quoted or traded, or (b)&nbsp;cancel an Option or SAR when the exercise price per Share exceeds the Fair Market Value in exchange for cash
or another Award (other than in connection with a Change in Control). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in Section&nbsp;9(b),
the Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of events (including the events described in Section&nbsp;4(c)) affecting the Company, or the financial
statements of the Company, or of changes in applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations, whenever the Committee determines that such adjustments are appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award
in the manner and to the extent it shall deem desirable to carry the Plan into effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;14.<I> Prohibition on Option and SAR Repricing. </I>Except as provided in
Section&nbsp;4(c), the Committee may not, without prior approval of the Company&#146;s shareholders, seek to effect any <FONT STYLE="white-space:nowrap">re-pricing</FONT> of any previously granted &#147;underwater&#148; Option or SAR by:
(i)&nbsp;amending or modifying the terms of the Option or SAR to lower the exercise price; (ii)&nbsp;cancelling the underwater Option or SAR and granting either (A)&nbsp;replacement Options or SARs having a lower exercise price or
(B)&nbsp;Restricted Stock, RSU, Performance Award or Other Stock-Based Award in exchange; or (iii)&nbsp;cancelling or repurchasing the underwater Options or SARs for cash or other securities. An Option or SAR will be deemed to be
&#147;underwater&#148; at any time when the Fair Market Value of the Shares covered by such Award is less than the exercise price of the Award. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;15<I>. Miscellaneous. </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there is
no obligation for uniformity of treatment of employees, Participants or holders or Beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall
be a <FONT STYLE="white-space:nowrap">one-time</FONT> Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or
to continue to provide services to, the Company or any Affiliate. Further, the Company or the applicable subsidiary may at any time dismiss a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in
the Plan or in any Award Document or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving Participant except as set forth in the applicable Award Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional
compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall be authorized to withhold from any Award granted or any payment due or transfer made under any
Award or under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, other property, net settlement or any combination thereof) of applicable withholding taxes or par value amounts (to
the extent required to be paid in cash) due in respect of an Award, its exercise or settlement or any payment or transfer under such Award or under the Plan and to take such other action (including providing for elective payment of such amounts in
cash or Shares by the Participant) as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes or par value amounts (to the extent required to be paid in cash). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;If any provision of the Plan or any Award Document is or becomes
or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended
to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award Document, such provision shall be stricken as to such
jurisdiction, person or Award, and the remainder of the Plan and any such Award Document shall remain in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a
fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any
unsecured general creditor of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;No fractional Shares shall be issued or delivered pursuant to the
Plan or any Award, and the Committee shall determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise
eliminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;Awards may be granted to Participants who are <FONT STYLE="white-space:nowrap">non-US</FONT>
nationals or employed outside the US, or both, on such terms and conditions different from those applicable to Awards to Participants who are employed in the US as may, in the judgment of the Committee, be necessary or desirable to recognize
differences in local law, tax policy or custom. The Committee also may impose conditions on the exercise or vesting of Awards in order to minimize the Company&#146;s obligation with respect to tax equalization for Participants on assignments outside
their home country. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;16<I>. Effective Date of the Plan. </I>The Plan is effective as of the Effective Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;17<I>. Term of the Plan. </I>No Award shall be granted under the Plan after the earliest to occur of (i)&nbsp;the <FONT
STYLE="white-space:nowrap">ten-year</FONT> anniversary of the Effective Date; <I>provided</I> that to the extent permitted by the listing rules of any stock exchanges on which the Company is listed, such
<FONT STYLE="white-space:nowrap">ten-year</FONT> term may be extended indefinitely so long as the maximum number of Shares available for issuance under the Plan have not been issued, (ii)&nbsp;the maximum number of Shares available for issuance
under the Plan have been issued or (iii)&nbsp;the Board terminates the Plan in accordance with Section&nbsp;13(a). However, unless otherwise expressly provided in the Plan or in an applicable Award Document, any Award theretofore granted
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue or terminate any such Award, or to waive any conditions or rights under any such
Award, and the authority of the Board to amend the Plan, shall extend beyond such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;18.
<I>Section</I><I></I><I>&nbsp;409A of the Code.</I><I> </I>With respect to Awards subject to Section&nbsp;409A of the Code, the Plan is intended to comply with the requirements of Section&nbsp;409A of the Code, and the provisions of the Plan and any
Award Document shall be interpreted in a manner that satisfies the requirements of Section&nbsp;409A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any Award would otherwise
frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict. If an amount payable under an Award as a result of the Participant&#146;s Termination of Service (other
than due to death) occurring while the Participant is a &#147;specified employee&#148; under Section&nbsp;409A of the Code constitutes a deferral of compensation subject to Section&nbsp;409A of the Code, then payment of such amount shall not occur
until six months and one day after the date of the Participant&#146;s Termination of Service, except as permitted under Section&nbsp;409A of the Code. If the Award includes a &#147;series of installment payments&#148; (within the meaning of <FONT
STYLE="white-space:nowrap">Section&nbsp;1.409A-2(b)(2)(iii)</FONT> of the Treasury Regulations), the Participant&#146;s right to the series of installment payments shall be treated as a right to a series of separate payments and not as a right to a
single payment, and if the Award includes &#147;dividend equivalents&#148; (within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;1.409A-3(e)</FONT> of the Treasury Regulations), the Participant&#146;s right to the dividend equivalents
shall be treated separately from the right to other amounts under the Award. Notwithstanding the foregoing, the tax treatment of the benefits provided under the Plan or any Award Document is not warranted or guaranteed, and in no event shall the
Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of <FONT STYLE="white-space:nowrap">non-compliance</FONT> with Section&nbsp;409A of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;19. <I>Data Protection. </I>By participating in the Plan, the Participant consents to the holding and processing of personal
information provided by the Participant to the Company or any Affiliate, trustee or third party service provider, for all purposes relating to the operation of the Plan. These include, but are not limited to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;administering and maintaining Participant records; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;providing information to the Company, Affiliates, trustees of any employee benefit trust, registrars, brokers or
third party administrators of the Plan; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;providing information to future purchasers or merger partners of the
Company or any Affiliate, or the business in which the Participant works; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;transferring information about the Participant to any country or
territory that may not provide the same protection for the information as the Participant&#146;s home country. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;20<I>.
Governing Law. </I>The Plan and each Award Document shall be governed by the laws of England and Wales. The Company, its Affiliates and each Participant (by acceptance of an Award) irrevocably submit, in respect of any suit, action or proceeding
related to the implementation or enforcement of the Plan, to the exclusive jurisdiction of the competent courts in England and Wales. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;21. <I>Definitions</I>. As used in the Plan, the following terms shall have the meanings set forth below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ADS</B>&#148; means an American Depositary Share, representing five (5)&nbsp;Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Affiliate</B>&#148; means (i)&nbsp;any entity that, directly or indirectly, is controlled by the Company,
(ii)&nbsp;any entity in which the Company, directly or indirectly, has a significant equity interest, in each case as determined by the Committee and (iii)&nbsp;any other entity which the Committee determines should be treated as an
&#147;Affiliate.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Award</B>&#148; means any Option, SAR, Restricted Stock, RSU, Performance
Award or Other Stock-Based Award granted under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Award Document</B>&#148; means any
agreement, contract or other instrument or document, which may be in electronic format, evidencing any Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Beneficiary</B>&#148; means a person entitled to receive payments or other benefits or exercise rights
that are available under the Plan in the event of the Participant&#146;s death. If no such person is named by a Participant, or if no Beneficiary designated by the Participant is eligible to receive payments or other benefits or exercise rights that
are available under the Plan at the Participant&#146;s death, such Participant&#146;s Beneficiary shall be such Participant&#146;s estate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Board</B>&#148; means the board of directors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cause</B>&#148; means, except as otherwise provided in such Participant&#146;s Award Document, such
Participant&#146;s: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;indictment for any crime (A)&nbsp;constituting a felony, or (B)&nbsp;that
has, or could reasonably be expected to result in, an adverse impact on the performance of a Participant&#146;s duties to the Company or any of its subsidiaries, or otherwise has, or could reasonably be expected to result in, an adverse impact to
the business or reputation of the Company or any of its subsidiaries; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;having been the subject of any order, judicial
or administrative, obtained or issued by the Securities and Exchange Commission (or any other competent authority) for any securities violation involving fraud, including, for example, any such order consented to by the Participant in which findings
of facts or any legal conclusions establishing liability are neither admitted nor denied; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;conduct, in connection with his or her employment, which is not taken in good faith and has, or
could reasonably be expected to result in, material injury to the business or reputation of the Company or any of its subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;willful violation of the Company&#146;s code of conduct or other material policies set forth in the
manuals or statements of policy of the Company or any of its subsidiaries; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;willful neglect in
the performance of a Participant&#146;s duties for the Company or any of its subsidiaries or willful or repeated failure or refusal to perform such duties; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;material breach of any applicable employment agreement or other agreement with the Company or any
of its subsidiaries; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;conduct, in connection with his or her employment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The occurrence of any such event described in clauses (ii)&nbsp;through (v) that is susceptible to cure or remedy shall not constitute Cause if
such Participant cures or remedies such event within 30 (thirty) days after the Company provides notice to such Participant. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Change in Control</B>&#148; means the occurrence of any one or more of the following
events: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;a direct or indirect change in ownership or control of the Company effected through one
transaction or a series of related transactions within a <FONT STYLE="white-space:nowrap">12-month</FONT> period, whereby any Person other than the Company, directly or indirectly acquires or maintains beneficial ownership of securities of the
Company constituting more than 50% of the total combined voting power of the Company&#146;s equity securities outstanding immediately after such acquisition; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;at any time during a period of 12 consecutive months, individuals who at the beginning of such
period constituted the Board cease for any reason to constitute a majority of members of the Board; <I>provided, however,</I> that any new member of the Board whose election or nomination for election was approved by a vote of at least<B> </B>a
majority of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was so </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
approved, shall be considered as though such individual were a member of the Board at the beginning of the period, but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;the consummation of a merger or consolidation of the Company or any of its subsidiaries with any
other corporation or entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or
being converted into voting securities of the surviving entity or, if applicable, the ultimate parent thereof) at least 50% of the combined voting power and total fair market value of the securities of the Company or such surviving entity or parent
outstanding immediately after such merger or consolidation; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the consummation of any sale,
lease, exchange or other transfer to any Person (other than an Affiliate of the Company), in one transaction or a series of related transactions within a <FONT STYLE="white-space:nowrap">12-month</FONT> period, of all or substantially all of the
assets of the Company and its subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing or any provision of any Award Document to the contrary, for any Award to which
Section&nbsp;18 applies that provides for accelerated distribution on a Change in Control of amounts that constitute &#147;deferred compensation&#148; (as defined in Section&nbsp;409A of the Code), if the event that constitutes such Change in
Control does not also constitute a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company&#146;s assets (in either case, as defined in Section&nbsp;409A of the Code), such amount
shall not be distributed on such Change in Control but instead shall vest as of the date of such Change in Control and shall be paid on the scheduled payment date specified in the applicable Award Document, except to the extent that earlier
distribution would not result in the Participant who holds such Award incurring any additional tax, penalty, interest or other expense under Section&nbsp;409A of the Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Code</B>&#148; means the United States Internal Revenue Code of 1986, as amended from time
to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Committee</B>&#148; means the Remuneration Committee of the Board or such other committee as may be
designated by the Board. If the Board does not designate the Committee, references herein to the &#147;Committee&#148; shall refer to the Board. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Disability</B>&#148; means total and permanent
disability as determined by the Committee in its discretion in accordance with uniform and <FONT STYLE="white-space:nowrap">non-discriminatory</FONT> standards adopted by the Committee from time to time, or such other definition as is required under
applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Effective Date</B>&#148; means April&nbsp;4, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Exchange Act</B>&#148; means the United States Securities Exchange Act of 1934, as amended from time to
time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fair Market Value</B>&#148; means (i)&nbsp;with respect to a Share or ADS, as applicable, the closing
price of a Share or ADS, as applicable, on the date in question (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred) on the principal stock market or exchange on which the Shares or ADSs, as
applicable, are quoted or traded, or if Shares or ADSs, as applicable, are not so quoted or traded, the fair market value of a Share or ADS, as applicable, as determined by the Committee, and (ii)&nbsp;with respect to any property other than Shares
or ADSs, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Option</B>&#148; means an option representing the right to acquire Shares from the Company, granted in
accordance with the provisions of Section&nbsp;6. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Other Share-Based Award</B>&#148; means an Award
granted in accordance with the provisions of Section&nbsp;10. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Participant</B>&#148; means the
recipient of an Award granted under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Performance Award</B>&#148; means an Award granted in
accordance with the provisions of Section&nbsp;9. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(s)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Performance Period</B>&#148; means the period
established by the Committee at the time any Performance Award is granted or at any time thereafter during which any performance goals specified by the Committee with respect to such Award are measured. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(t)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Person</B>&#148; means a natural person or a partnership, company, association, cooperative, mutual
insurance society, foundation or any other body which operates externally as an independent unit or organisation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(u)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Replacement Award</B>&#148; means an Award granted in assumption of, or in substitution for, an
outstanding award previously granted by a company or business acquired by the Company or with which the Company, directly or indirectly, combines. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Restricted Stock</B>&#148; means any Share granted in
accordance with the relevant provisions of Section&nbsp;8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(w)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>RSU</B>&#148; means a contractual right
granted in accordance with the relevant provisions of Section&nbsp;8 that is denominated in Shares. Each RSU represents a right to receive the value of one Share. Awards of RSUs may include the right to receive dividend equivalents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>SAR</B>&#148; means any right granted in accordance with the provisions of Section&nbsp;7 to receive upon
exercise by a Participant or settlement the excess of (i)&nbsp;the Fair Market Value of one Share on the date of exercise or settlement over (ii)&nbsp;the exercise price of the right on the date of grant, or if granted in connection with an Option,
on the date of grant of the Option. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(y)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Share</B>&#148; means an ordinary share,<B> </B>&pound;0.003 par
value, of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(z)&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Termination of Service</B>&#148; means a cessation of the employment
relationship such that the Participant is no longer an employee of the Company or one of its subsidiaries; <I>provided, however</I>, that the transfer of employment from the Company to a subsidiary, from a subsidiary to the Company or from one
subsidiary to another subsidiary shall not be deemed a cessation of service that would constitute a Termination of Service; and <I>provided further</I>, that a Termination of Service will be deemed to occur for a Participant employed by a subsidiary
when a subsidiary ceases to be a subsidiary, unless such Participant&#146;s employment continues with the Company or another subsidiary; and <I>provided further</I> that, for these purposes, a Participant who holds an office with the Company or one
of its subsidiaries shall be deemed to be an employee of that Company whether or not he or she is otherwise such an employee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>APPENDIX A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MEREO BIOPHARMA GROUP PLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2019 <FONT STYLE="white-space:nowrap">NON-EMPLOYEE</FONT> EQUITY INCENTIVE PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(THE <FONT STYLE="white-space:nowrap">&#147;NON-EMPLOYEE</FONT> PLAN&#148;) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <I>Introduction</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Plan is a <FONT STYLE="white-space:nowrap">sub-plan</FONT>
of the Mereo Biopharma Group plc 2019 Equity Incentive Plan (the &#147;<B>Plan</B>&#148;) and permits the grant of Options and RSUs to officers of the Company or any subsidiary of the Company who are not employees (as at the time of the relevant
grant) of any such company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, the
<FONT STYLE="white-space:nowrap">Non-Employee</FONT> Plan (i)&nbsp;shall not prejudice the status of the Plan as an employees&#146; share scheme within the meaning of section 1166 of the UK Companies Act 2006 and (ii)&nbsp;operates separately from
the Plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. <I>Definitions and Interpretation</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;In the <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Plan, words and expressions used in the Plan shall,
unless otherwise specified below, apply in relation to Awards granted under the <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Save as modified in the <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Plan, all the provisions of the Plan
relevant to Awards structured as Options and RSUs shall be incorporated into the <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Plan as if fully set out herein so as to be part of the <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Plan.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;These rules of the <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Plan take precedence if there is any
inconsistency between them and the rules of the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;In these rules of the
<FONT STYLE="white-space:nowrap">Non-Employee</FONT> Plan, &#147;<B>Termination of Service</B>&#148; means the Participant ceasing to be an officeholder or employee of the Company or one of its subsidiaries such that they are no longer an
officeholder or employee of any such company; provided that, for avoidance of doubt, a Termination of Service will be deemed to occur if a subsidiary of which the Participant is an officeholder or employee ceases to be a subsidiary, unless they
remain an officeholder or employee of the Company or another subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;In these rules of the <FONT
STYLE="white-space:nowrap">Non-Employee</FONT> Plan, whenever the terms &#147;<B>employee</B>&#148; or &#147;<B>employment</B>&#148; are otherwise used in the context of matters following the grant of an Award, they shall be construed in the context
of that person being an officeholder. </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.13.1
<SEQUENCE>3
<FILENAME>d734372dex4131.htm
<DESCRIPTION>EX-4.13.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.13.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.13.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DATED 17&nbsp;APRIL 2019 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>MEREO BIOPHARMA GROUP PLC (as Borrower)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>THE GUARANTORS (as Guarantors)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(3)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>SILICON VALLEY BANK and KREOS CAPITAL V (UK) LIMITED (as Lenders)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(4)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>KREOS CAPITAL V (UK) LIMITED (as Agent)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(5)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>KREOS CAPITAL V (UK) LIMITED (as Security Agent)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEED OF CONSENT AND AMENDMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RELATING TO A &pound;20,455,000 LOAN AGREEMENT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DATED 28&nbsp;SEPTEMBER 2018 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 Fleet Place London EC4M 7RD</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Tel: </B>+44 (0)20 7203 5000<B> </B>&#9679;<B></B><B> Fax: </B>+44 (0)20 7203 0200<B> </B>&#9679;<B></B><B> DX: </B>19 London/Chancery
Lane</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.charlesrussellspeechlys.com</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONTENTS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">DEFINITIONS AND INTERPRETATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CONSENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CONDITIONS PRECEDENT TO CONSENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CLEAN UP ACTIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">REPRESENTATIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">AMENDMENT, WAIVER AND DELIVERY OF WARRANTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">EXTENSION OF INTEREST ONLY PERIOD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CONTINUITY AND FURTHER ASSURANCE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">COSTS AND EXPENSES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">MISCELLANEOUS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">GOVERNING LAW</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SCHEDULE&nbsp;1 THE GUARANTORS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SCHEDULE&nbsp;2 CONDITIONS PRECEDENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SCHEDULE&nbsp;3 CLEAN UP ACTIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SCHEDULE&nbsp;4 WARRANTIES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SCHEDULE&nbsp;5 AMENDMENTS TO ORIGINAL FACILITY AGREEMENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SCHEDULE&nbsp;6 REPAYMENT SCHEDULE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SCHEDULE&nbsp;7 NET CASH CALCULATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIS DEED</B> is dated&nbsp;&nbsp;&nbsp;&nbsp; April 2019 and made between: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>MEREO BIOPHARMA GROUP PLC</B> (the <B>Borrower</B>); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>THE SUBSIDIARIES</B> of the Borrower listed in Schedule 1 as guarantors (the <B>Guarantors</B> and together
with the Borrower, the <B>Obligors</B>); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SILICON VALLEY BANK</B> (<B>SVB</B>) a California corporation, with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054 US and registered in England&nbsp;&amp; Wales under numbers BR014561 and FC029579 acting through its UK branch at Alphabeta <FONT STYLE="white-space:nowrap">14-18</FONT> Finsbury Square, London, EC2A 1BR
and <B>KREOS CAPITAL V (UK) LIMITED</B> (<B>Kreos</B>) a limited liability company incorporated under the laws of England&nbsp;&amp; Wales with company number 09728300 and its registered office at 25 Old Burlington Street London W1S 3AN (each a
<B>Lender</B> and a <B>Warrantholder</B> and together the <B>Lenders</B> and the <B>Warrantholders</B>); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>KREOS CAPITAL V (UK) LIMITED</B> a limited liability company incorporated under the laws of
England&nbsp;&amp; Wales with company number 09728300 and its registered office at 25 Old Burlington Street London W1S 3AN (in its capacity as agent) (the <B>Agent</B>); and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>KREOS CAPITAL V (UK) LIMITED</B> a limited liability company incorporated under the laws of
England&nbsp;&amp; Wales with company number 09728300 and its registered office at 25 Old Burlington Street London W1S 3AN (in its capacity as security agent) (the <B>Security Agent</B>). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IT IS AGREED</B> as follows: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DEFINITIONS AND INTERPRETATION</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Definitions</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">In this Deed: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="90%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Amended Facility Agreement</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Original Facility Agreement, as amended by this Deed;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Clean Up Actions</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">those actions specified in Schedule 3 of this Deed;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Clean Up Period</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the period from the Effective Date up to the date 90 days after the Effective Date, provided that (i)&nbsp;in respect of any breach of a representation or any undertaking, covenant or obligation under a Loan Document that relates
to the banking arrangements, practices or accounts of any OncoMed Companies, the period shall last until 30&nbsp;September 2019, (ii) in respect of the Deeds of Accession, the period shall last until 6&nbsp;June 2019 and (iii)&nbsp;if, prior to
the</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="90%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">expiry of the aforementioned 90 day period, the Borrower provides written notice to the Agent of any matters relating to the OncoMed Companies that reasonably require a longer period of time in which to ensure sufficient action
is taken by the Obligors to prevent such matters causing an Event of Default, the Lenders may in their discretion acting as they reasonably think fit grant the Obligors an additional extension to such cure period of 60 days commencing from the date
90 days after the Effective Date;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Company IP Rights</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">has the meaning given to it in the OncoMed Merger Agreement.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Company Material Adverse Effect</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">has the meaning given to it in the OncoMed Merger Agreement.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Deeds of Accession</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the deeds of accession in a form to be agreed between the Lenders and the Borrower relating to the OncoMed Companies and NAVI Sub;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Effective Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the date on which the Agent has received each of the documents and other evidence listed in Schedule&nbsp;2 (<I>Conditions Precedent</I>) in a form and substance reasonably satisfactory to the Agent;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Guarantee Obligations</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the guarantee and indemnity obligations of a Guarantor contained in the Original Facility Agreement;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Intervening Events of Default</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">any Event of Default which is not an OncoMed Event of Default;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Legal Proceeding</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">has the meaning given to it in the OncoMed Merger Agreement;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Mereo US Holdings</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Mereo US Holdings Inc., a Delaware corporation;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>NAVI Sub</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NAVI Subsidiary, Inc. a Delaware corporation;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="90%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Net Cash</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">has the meaning given to it in the OncoMed Merger Agreement;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Net Cash Calculation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">a statement of Net Cash of OncoMed Target prepared on the basis set out in the OncoMed Merger Agreement showing a balance of not less than US$35&nbsp;million, an example of which is set out in Schedule&nbsp;7;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>OncoMed Acquisition</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the completion of the acquisition of OncoMed Target by Mereo US Holdings pursuant to the OncoMed Merger Agreement;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>OncoMed Acquisition Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the date on which Closing (as defined in the OncoMed Merger Agreement) occurs;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>OncoMed Assets</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the assets of the OncoMed Companies, other than the OncoMed Restricted Assets;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>OncoMed Companies</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">together Mereo US Holdings and OncoMed Target together with subsidiaries from time to time;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>OncoMed Events of Default</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">any breach, of a representation or any undertaking, covenant or obligation under a Loan Document or any Event of Default which occurs during the <FONT STYLE="white-space:nowrap">Clean-Up</FONT> Period which is only an Event of
Default, a breach of representation or warranty or a breach of covenant, obligation or undertaking (as the case may be) by reason of circumstances relating solely to the OncoMed Companies (or any of them) other than a breach which in the reasonable
opinion of the Lenders might have a material adverse effect on the business of the Group;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>OncoMed Merger Agreement</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Agreement and Plan of Merger and Reorganisation between the Borrower, Mereo US Holdings, Mereo Mergerco One Inc., and OncoMed Target dated 5&nbsp;December 2018;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>OncoMed Target</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">OncoMed Pharmaceuticals, Inc., a Delaware corporation;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Original Facility Agreement</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the &pound;20,455,000 loan agreement dated 28&nbsp;September 2018 between, amongst others, the Borrower, the Guarantors, the Agent and the Lenders (each as defined therein);</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="90%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Proposed Completion Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">23&nbsp;April 2019 or such other date as agreed between the Borrower and the Agent;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Warrantholder</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">has the meaning given to it in the Warrant Instrument;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Warrant Instrument</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the Warrant Instrument relating to the issue of warrants entitling the holders to subscribe for Warrant Shares in the capital of Mereo BioPharma Group PLC dated 1&nbsp;October 2018;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Warranties</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the representations and warranties set out in Schedule&nbsp;4;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Warrantors</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the Obligors, excluding the OncoMed Companies.</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Incorporation of defined terms</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unless a contrary indication appears, a term defined in the Original Facility Agreement has the same meaning in
this Deed. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The principles of construction set out in the Original Facility Agreement shall have effect as if set out in
this Deed. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Clauses</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">In this Deed any reference to a &#147;Clause&#148; or a &#147;Schedule&#148; is, unless the context otherwise requires, a reference to a Clause
in or a Schedule to this Deed. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Third party rights</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">A Person who is not a party to this Deed has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit
of any term of this Deed. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Loan Document</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">This Deed is a Loan Document. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CONSENT</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For all purposes pursuant to the Loan Documents (including in particular but not limited to clauses 9.3, 9.7
and 10.2.1 of the Original Facility Agreement), the Finance Parties hereby consent to the OncoMed Acquisition on the terms set out in this Deed. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This Deed takes effect from the Effective Date. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CONDITIONS PRECEDENT TO CONSENT</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">This Deed is conditional upon fulfilment or delivery of the actions and documents set out in Schedule&nbsp;2 to the reasonable satisfaction of
the Agent on or before the Proposed Completion Date. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CLEAN UP ACTIONS</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As soon as reasonably practicable after the Effective Date, and in any event before the expiry of the Clean Up
Period, the Borrower and Obligors shall procure that the OncoMed Companies shall, carry out and fulfil the Clean Up Actions. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Clean Up Actions shall comprise the preparation and delivery to the Agent, on terms that it shall approve
(acting reasonably), of such documents as shall provide to the Lenders security over the OncoMed Assets in accordance with clause 8.2 of the Amended Facility Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Without limiting the foregoing, the Clean Up Actions shall include delivery to the Agent of those documents
listed in Schedule 3 (<I>Clean Up Actions</I>). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Subject to Clause 4.6 below, so long as the Borrower and Obligors use and continue to use their respective
reasonable endeavours to fulfil and deliver the Clean Up Actions before the end of the Clean Up Period, the Finance Parties shall take no action to enforce their rights arising from the OncoMed Events of Default. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Without prejudice to this Clause 4, the Borrower shall notify the Agent forthwith of any circumstances existing
which mean that any NAVI Sub or the OncoMed Companies cannot make the representation set out in clause 5.2.1 of the Original Facility Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Nothing in this Deed shall affect or restrict the rights of the Finance Parties arising from any Intervening
Event of Default or any OncoMed Event of Default continuing after expiry of the Clean Up Period. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>REPRESENTATIONS</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For the purpose of the Consent, the Warrantors represent and warrant to the Lenders in the terms set out in
Schedule 4 (<I>Warranties</I>). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Warranties are deemed to be made by each Warrantor (by reference to the facts and circumstances then
existing) subject to clause 6.2 (<I>Waiver</I>) on the Effective Date, and references to &#147;this Deed&#148; in the Warranties should be construed as references to this Deed and to the Original Facility Agreement and on the Effective Date, to the
Amended Facility Agreement. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>AMENDMENT, WAIVER AND DELIVERY OF WARRANTS</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Amendment</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">With effect from the Effective Date, the Original Facility Agreement shall be amended as set out in Schedule 5
(<I>Amendments to Original Facility Agreement</I>). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The OncoMed Companies shall be Guarantors and Obligors for all purposes of the Original Facility Agreement and
this Deed with effect from the date of the Deeds of Accession. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Waiver</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The issue of warrants for the right to subscribe for 41,286 shares in the capital of the Borrower at a price of &pound;0.003 per share to the <FONT
STYLE="white-space:nowrap">Alpha-1</FONT> Foundation, as announced by the Borrower on 26&nbsp;November 2018 (the <B><FONT STYLE="white-space:nowrap">Alpha-1</FONT> Warrant Issue</B>) constitutes an Adjustment (as defined in the Warrant Instrument).
The Lenders and Warrantholders hereby waive any default or Event of Default (if any) that is or may be continuing as a result of the Borrower not having satisfied the provisions of clause 11 (<I>Adjustment of Warrant</I>) of the Warrant Instrument
within the time specified therein. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Delivery of Warrants </B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">No later than 10 days after the OncoMed Acquisition Date, the Borrower shall: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">provide each Warrantholder with a notice of adjustment pursuant to clause 11.1 of the Warrant Instrument in
respect of the <FONT STYLE="white-space:nowrap">Alpha-1</FONT> Warrant Issue; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">issue Replacement Warrant Certificates (as defined in the Warrant Instrument). </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>EXTENSION OF INTEREST ONLY PERIOD</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">With effect from the Effective Date and delivery to the Agent of the Net Cash Calculation, the Finance Parties confirm that the conditions of
clause 2.3.2 of the Original Facility Agreement shall be met and the Repayment Schedule shall be as set out in Schedule&nbsp;6 (<I>Repayment Schedule</I>). </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CONTINUITY AND FURTHER ASSURANCE</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Continuing obligations</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The provisions of the Original Facility Agreement and the other Loan Documents shall, save as amended by this Deed, continue in full force and
effect. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confirmation of Guarantee Obligations</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, each Guarantor confirms for the benefit of the Finance Parties that all Guarantee Obligations owed by it under the
Amended Facility Agreement shall (a)&nbsp;remain in full force and effect notwithstanding the amendments </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">
referred to in Clause 6 (<I>Amendment</I>) and (b)&nbsp;extend to any new obligations assumed by any Obligor under the Loan Documents as a result of this Deed (including, but not limited to,
under the Amended Facility Agreement). </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Further assurance</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Each Obligor, shall, at the request of the Agent and at such Obligor&#146;s own expense, do all such acts and things necessary or reasonably
desirable to give effect to the amendments effected or to be effected pursuant to this Deed. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confirmation of security</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">On the Effective Date, each Obligor confirms that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any security created by it under the Security Documents extends to the obligations of the Obligors under the
Loan Documents (including the Loan Agreement as amended by this Deed) subject to any limitations set out in the Security Documents; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the obligations of the Obligors arising under the Loan Agreement as amended by this Deed are included in the
Secured Obligations (as defined in the Security Documents) subject to any limitations set out in the Security Documents; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.4.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the security created under the Security Documents continue in full force and effect on the terms of the
respective Security Documents. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>No New Security Interest</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">No part of this Deed is intended to or will create registrable security. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>COSTS AND EXPENSES</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The Borrower shall promptly on demand pay the Agent the amount of all costs and expenses (including but not limited to legal fees) reasonably
incurred by the Agent in connection with the negotiation, preparation, printing and execution of this Deed and any other documents referred to in this Deed. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>MISCELLANEOUS</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Reservation of rights</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">10.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Except as expressly waived or amended by this Agreement, the Loan Documents and the Warrant Instrument continue
in full force and effect. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">10.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This Deed does not constitute a waiver of any right or remedy other than in relation to the specific waivers
expressly given under this Deed. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Incorporation of terms</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The provisions of clause 13 (<I>Notices</I>), and clause 15.2, clause 15.3 and clause 16.5 (<I>Severability of Provision</I>) of the Original
Facility Agreement shall be incorporated into this Deed as if set out in full in this Deed and as if references in those clauses to &#147;this Agreement&#148; or &#147;the Loan Documents&#148; are references to this Deed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Counterparts</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">This Deed may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single
copy of this Deed. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>IP Filings</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The Lenders and the Obligors agree that the requirements of Paragraph 1 of Schedule 3 of this Deed (Clean Up Actions) and clause 3.5.1 of the
Loan Agreement shall not apply to the Oncomed Companies to the extent that doing so would preclude or adversely affect the ability of an Oncomed Company to make a Permitted Disposal or would cause a breach of the Celgene Option. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Notification Letter</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Without prejudice to any accrued rights or claims, this Deed replaces and supersedes the notification letter between the parties of
4&nbsp;December 2018. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">11</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>GOVERNING LAW</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">This Deed and any <FONT STYLE="white-space:nowrap">non-contractual</FONT> obligations arising out of or in connection with it are governed by
English law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>This Deed has been entered into and delivered on the date stated at the beginning of this Deed. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE&nbsp;1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE GUARANTORS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MEREO BIOPHARMA 1
LIMITED</B>, a limited liability company incorporated under the laws of England and Wales with company number 09646998 and its registered office at 4th Floor, One Cavendish Place, London, W1G 0QF, England; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MEREO BIOPHARMA 2 LIMITED</B>, a limited liability company incorporated under the laws of England and Wales with company number 09647035 and its registered
office at 4th Floor, One Cavendish Place, London, W1G 0QF, England; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MEREO BIOPHARMA 3 LIMITED</B>, a limited liability company incorporated under the
laws of England and Wales with company number 09647034 and its registered office at 4th Floor, One Cavendish Place, London, W1G 0QF, England; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MEREO
BIOPHARMA 4 LIMITED</B>, a limited liability company incorporated under the laws of England and Wales with company number 11029583 and its registered office is at 4th Floor, One Cavendish Place, London, W1G 0QF, England; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MEREO BIOPHARMA IRELAND LIMITED</B>, a limited liability company incorporated under the laws of the Republic of Ireland with company number 627891 and its
registered office is at <FONT STYLE="white-space:nowrap">25-28</FONT> North Wall Quay, Dublin 1, D01 H104, Ireland. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE&nbsp;2 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONDITIONS PRECEDENT </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A certificate of a director of Obligors with respect to their constitutional documents and resolutions of the
relevant corporate bodies (i)&nbsp;approving the terms of, and the transactions contemplated by, this Deed and resolving that it execute, deliver and perform this Deed, (ii)&nbsp;authorising a specified person or persons to execute this Deed, and
(iii)&nbsp;authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with this Deed. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The provision of a certified copy of the resolutions of each Obligor&#146;s board of directors (other than in
respect of the Borrower, which shall provide resolutions from its duly appointed M&amp;A Committee, which was constituted pursuant to a prior resolution of the directors of the Borrower at a board meeting of the Borrower on 19&nbsp;October 2018 and
whose authorities were further expanded at a board meeting of the Borrower on 4&nbsp;April 2019) authorising the transactions contemplated by this Deed and the execution and delivery to the Lender of this Deed. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unless the certificate provided under paragraph above 1 specifies that the copy of such document provided under
Clause 3 of the Original Facility Agreement remains up to date, certified copies of the Certificate of Incorporation and the Memorandum and Articles of Association of each Obligor. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A copy of the certificate signed by the chief executive officer and the chief financial officer of the Borrower
required to be delivered pursuant to section 8.3 of the OncoMed Merger Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Net Cash Calculation. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE&nbsp;3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CLEAN UP ACTIONS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Subject to clause 10.4 (IP Filings), each Obligor shall instruct its patent agents or appropriate local
counsel, to prepare and deliver the documents required to register the Lenders&#146; security interests over the material Patents (other than any OncoMed Restricted Assets (as defined in the Amended Facility Agreement)) which exist as at the OncoMed
Acquisition Date to the patent registries of UK, USA as soon as possible and in any event by no later than expiry of the Clean Up Period and thereafter use all commercially reasonable endeavours to achieve registration of the Lenders&#146; security
interests thereon. If any objection or challenge to such registration is received or if any delay in such registration occurs or is likely to occur, the relevant Obligor shall forthwith inform the Agent thereof, and, without prejudice to the Lenders
rights hereunder, agree how to deal with such objection, challenge or delay. The Agent may, after having provided not less than 10 Business Days&#146; notice to the Borrower of its intention to do the following, take on the registration process from
the Borrower at the cost of and with the continuing assistance of the Borrower at any time. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A security agreement in a form approved by the Lenders over the OncoMed Assets consistent with clause 8.2 of
the Amended Facility Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A Perfection Certificate in respect of OncoMed Target, Mereo US Holdings and NAVI Sub. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A Deed of Accession in respect of each of OncoMed Target, Mereo US Holdings and NAVI Sub.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE&nbsp;4 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WARRANTIES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Warrantor, as the case
may be, represents and warrants to the Finance Parties as follows: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DUE INCORPORATION AND AUTHORISATION; POWER AND AUTHORITY</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Borrower is a public company and each Guarantor is a private company with limited liability, duly
incorporated and validly existing under the laws of England and Wales (save in respect of Guarantor 5, which is duly incorporated and validly existing under the laws of the Republic of Ireland) and has power to carry on its business as it is now
being conducted and to own its property and other assets. In connection with this Deed, the Borrower has previously delivered to the Agent a certificate signed by it and, entitled &#147;Perfection Certificate&#148; (the <B>Perfection
Certificate</B>) relating to itself and each Guarantor. Each Obligor represents and warrants to the Finance Parties that: (a)&nbsp;its exact legal name is that indicated on the Perfection Certificate and on the signature page hereof; and (b)&nbsp;it
is an organisation of the type, and is incorporated in the jurisdiction, set out in the Perfection Certificate; and (c)&nbsp;the Perfection Certificate accurately sets out each Obligor&#146;s registered number; and (d)&nbsp;the Perfection
Certificate accurately sets out such Obligor&#146;s corporate seat and its registered office as well as such Obligor&#146;s postal address if different from its registered office, and (e)&nbsp;all other information set out in the Perfection
Certificate pertaining to such Obligor and each of its Subsidiaries including as to its assets and liabilities, the material Copyrights, Trademarks and Patents is accurate and complete. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The execution, delivery and performance of this Deed and the other Loan Documents to which any Obligor is a
party are within the corporate powers of such Obligor, have been duly authorised by all necessary corporate and other action and do not and will not conflict with (i)&nbsp;any law or regulation applicable to it; (ii)&nbsp;the constitutional
documents of such Obligor or any other organisational documents; (iii)&nbsp;any agreement or instrument binding on such Obligor or (iv)&nbsp;require any action by, filing, registration, or qualification with, or Governmental Approval from, any
Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect and customary filings with any Governmental Authority necessary to register or perfect any Lien created pursuant to the Loan
Documents) or (v)&nbsp;constitute an event of default under any material agreement by which such Obligor is bound. Each Obligor is not in default under any agreement to which it is a party or by which it or its assets are bound in which the default
could reasonably be expected to have a material adverse effect on such Obligor&#146;s business. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>COLLATERAL</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Obligor has good title to the Collateral, free of Liens except Permitted Liens or any Lien arising in the
ordinary course of business of such Obligor which is discharged in the ordinary course of business of such Obligor. Each Obligor has no deposit accounts other than the deposit accounts, if any, described in the Perfection Certificate delivered to
Agent in connection herewith, or of which such Obligor has given Agent </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
notice and taken such actions as are necessary to give Security Agent a perfected security interest therein. The Accounts are bona fide, existing obligations of each relevant Account Debtor.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise
provided in the Perfection Certificate. None of the components of any tangible Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to clause 9.6 (<I>Encumbrance</I>).
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Obligor is the sole owner of the Intellectual Property which it owns or purports to own except for <FONT
STYLE="white-space:nowrap">(a)&nbsp;non-exclusive</FONT> licences granted to its customers, agents, partners or suppliers, in the ordinary course of business,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(b)&nbsp;over-the-counter</FONT></FONT> software that is commercially available to the public, and (c)&nbsp;material Intellectual Property licensed or
<FONT STYLE="white-space:nowrap">sub-licensed</FONT> to such Obligor and noted on the Perfection Certificate. Save in respect of any Permitted Liens, each Obligor&#146;s Intellectual Property is not subject to any Liens. To the knowledge of each
Obligor, each Patent which it owns or purports to own and which is material to such Obligor&#146;s business is valid and enforceable, and no part of the Intellectual Property which Borrower owns or purports to own and which is material to such
Obligor&#146;s business has been adjudged invalid or unenforceable, in whole or in part. To the best of each Obligor&#146;s knowledge, no claim has been made that any part of the Intellectual Property infringes the rights of any third party except
to the extent such claim would not reasonably be expected to have a material adverse effect on such Obligor&#146;s business. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Except as noted on the Perfection Certificate, each Obligor is not a party to, nor is it bound by, any
Restricted Licence. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>LITIGATION</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">There are no actions or proceedings pending or, to the knowledge of such Obligor&#146;s Responsible Officers or legal counsel, threatened (save
for any speculative claims by employees or former employees or oppositions to any third party intellectual property filings in the ordinary course of an Obligor&#146;s protection of its intellectual property rights) by or against such Obligor or any
of its Subsidiaries or Affiliates (other than Mereo US Holdings and its Subsidiaries), involving more than, individually or in the aggregate, One Hundred Thousand Pounds (&pound;100,000) (or its equivalent in any other currency). </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>FINANCIAL STATEMENTS; FINANCIAL CONDITION</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All consolidated financial statements for the Obligors and any of their Subsidiaries and/or Affiliates (if any)
(other than Mereo US Holding and its Subsidiaries) truly and fairly present the Group&#146;s financial condition and results of operations. There has not been any material deterioration in the Group&#146;s assets, liabilities, financial condition or
prospects as a whole since the date of such financial statements (<B>Accounts Date</B>). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The unaudited consolidated management accounts of the Borrower and its Subsidiaries since the Accounts Date up
to 28&nbsp;February 2019 (<B>Management Accounts Date</B>) fairly present the assets, liabilities, financial condition and prospects of the Group and so far as the Borrower is aware there has been no material deterioration in the Group&#146;s
assets, financial condition or prospects since the Management Accounts Date. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>FORECASTS AND PROJECTIONS</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">All unaudited forecasts and projections supplied by or on behalf of an Obligor to the Agent were carefully prepared and believed by such
Obligor to be not misleading in any material respect at the date on which they were provided. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SOLVENCY</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">No: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">corporate action, legal proceeding or other procedure or step described in clause 10.5 (<I>Insolvency and
insolvency proceedings</I>); or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">attachment described in clause 10.4 (<I>Attachment</I>), </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">has been taken or, to the knowledge of each Obligor, is threatened or pending in relation to such Obligor. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CENTRE OF MAIN INTERESTS</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">For the purposes of Regulation (EU) 2015/848 of 20&nbsp;May 2015 on insolvency proceedings (recast) (the <B>Regulation</B>), its centre of main
interest (as that term is used in Article 3(1) of the Regulation) is situated in England and Wales, except in the case of Guarantor 5, whose centre of main interest is Ireland. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>REGULATORY COMPLIANCE</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">To the best of each Obligors&#146; knowledge, each Obligor has not breached any laws, ordinances or rules or regulations, the breach of which
could reasonably be expected to cause a Material Adverse Change. None of any Obligor&#146;s (or any of its Subsidiaries/Affiliates) property or assets has been used by such Obligor or, to the best of such Obligor&#146;s knowledge, by previous
Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Each Obligor (and each of its Subsidiaries/Affiliates) has obtained all consents, approvals and authorisations of, made all declarations
or filings with, and given all notices to, all Government Authorities that are necessary to continue its business as currently conducted, except where the failure to do so could not reasonably be expected to be detrimental to such Obligor&#146;s
business. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SUBSIDIARIES; INVESTMENTS</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Each Obligor does not own any stock, partnership interest or other equity securities except for Permitted Investments. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>TAXATION</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Each Obligor has complied in all material respects with all Taxation laws in all jurisdictions in which it is subject to Taxation and has paid
all Taxes due and payable </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">
by it and no claims are being asserted against it in respect of Taxes save for assessments in relation to the ordinary course of the business of such Obligor or claims contested in good faith and
in respect of which adequate provision has been made and disclosed in the latest accounts of such Obligor or information delivered to Agent under this Deed. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">11</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>FULL DISCLOSURE</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">No written representation, warranty or other statement of any Obligor in any certificate or written statement given to Agent, as of the date
such representation, warranty, or other statement was made, taken together with all such written certificates and written statements given to Agent, contains any untrue statement of a material fact or omits to state a material fact necessary to make
the statements contained in the certificates or statements not misleading (it being recognised by Agent that the projections and forecasts provided by such Obligor in good faith and based upon reasonable assumptions are not viewed as facts and that
actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">12</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>NO <FONT STYLE="white-space:nowrap">WINDING-UP</FONT></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Each Obligor has not taken any corporate or other action nor has any application been made or have any other steps been taken or legal
proceedings been started or (to the best of such Obligor&#146;s knowledge and belief having made due and proper enquiry) threatened against such Obligor or any of its Subsidiaries/Affiliates for its <FONT STYLE="white-space:nowrap">winding-up</FONT>
or for the appointment of a trustee, liquidator, receiver, administrative receiver, administrator or similar officer of it or of any or all of its assets. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">13</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>AIM STATUS</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The shares of the Borrower are duly admitted to trading on AIM and no circumstances exist to the Borrower&#146;s knowledge which are reasonably
likely to cause the suspension or cancellation of such admission. The Borrower has complied and continues to comply with all AIM Rules and Disclosure and Transparency Rules and the Market Abuse Regulation as applicable to it. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">14</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PATENTS</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The Borrower owns the Patents and has good title to, has rights in, and the power to transfer each of the Patents. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">15</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>LICENCES</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Other than as previously disclosed to the Agent in the Perfection Certificate, each Obligor is not a party to, nor is bound by, any material
licence (other than over the counter software that is commercially available to the public) or other material agreement with respect to which such Obligor is the licensee that prohibits or otherwise restricts such Obligor from granting a charge in
such Obligor&#146;s interest in such licence or agreement or any other property. Each Obligor shall provide written notice to Agent </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">
within fifteen (15)&nbsp;days of entering or becoming bound by, any such licence or agreement which is reasonably likely to have a material impact on Borrower&#146;s business or financial
condition. Each Obligor shall take such steps as Agent reasonably requests to obtain the consent of, authorisation by or waiver by, any Person whose consent or waiver is necessary for all such licences or contract rights to be deemed Collateral and
for Agent to have a charge in it that might otherwise be restricted or prohibited by law or by the terms of any such licence or agreement, whether now existing or entered into in the future. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SUBORDINATED DEBT</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All amounts due to officers, directors, shareholders, the holder(s) of the Convertible Loans and any secured
creditors (other than Lenders) of each Obligor have been subordinated to the Obligations. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No amounts are due to officers, directors, shareholders of any Obligor. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ONCOMED ACQUISITION</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As from the OncoMed Acquisition Date, the Borrower shall have good title free of Liens to the outstanding stock
and shares of the OncoMed Companies. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">18</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ONCOMED GROUP STRUCTURE</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">18.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">On the OncoMed Acquisition Date, Mereo US Holdings has no Subsidiary other than OncoMed Target and Navi Sub.
</P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>STATUS OF ONCOMED MERGER AGREEMENT</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The OncoMed Merger Agreement has been duly executed and delivered by the Borrower, Mereo US Holdings, Mereo
Mergerco One Inc., and OncoMed Target, and constitutes the legal, valid and binding obligation of each of them, enforceable against each of them in accordance with its terms, subject to the Enforceability Exceptions (as defined in the OncoMed Merger
Agreement). </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">20</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ONCOMED FINANCIAL STATEMENTS</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">20.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the Borrower&#146;s Knowledge, OncoMed Target has filed or furnished, as applicable, on a timely basis all
forms, statements, certifications, reports and documents required to be filed or furnished by it with the United States Securities and Exchange Commission (<B>SEC</B>) under the Securities Exchange Act of 1934 (as amended) (the <B>Exchange</B>
<B>Act</B>) or the Securities Act of 1933 (the <B>Securities</B> <B>Act</B>) since January&nbsp;1, 2016 (the <B>OncoMed Target SEC Documents</B>). To the Borrower&#146;s Knowledge, as of the time it was filed with the SEC (or, if amended or
superseded by a filing prior to the date of the OncoMed Merger Agreement, then on the date of such filing), each of the OncoMed Target SEC Documents complied in all material respects with the applicable requirements of the Securities Act or the
Exchange Act (as the case may be) and, to Borrower&#146;s Knowledge, as of the time they were filed, none of the OncoMed Target SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">20.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the Borrower&#146;s Knowledge, the certifications and statements required by (i)&nbsp;Rule <FONT
STYLE="white-space:nowrap">13a-14</FONT> under the Exchange Act and (ii) 18 U.S.C. &#167;1350 (Section 906 of the Sarbanes-Oxley Act of 2002) relating to the OncoMed Target SEC Documents are accurate and complete and comply as to form and content
with all applicable Laws (as defined in the OncoMed Merger Agreement). </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">21</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ONCOMED INDEBTEDNESS</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">21.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the Borrower&#146;s Knowledge, OncoMed Target does not have any liability, indebtedness, obligation,
expense, claim, deficiency, guaranty or endorsement of any kind, whether accrued, absolute, contingent, matured, unmatured or otherwise (each a <B>Liability</B>), in each case, of a type required to be reflected or reserved for on a balance sheet
prepared in accordance with United States generally accepted accounting principles (<B>US</B> <B>GAAP</B>), except for: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">21.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Liabilities disclosed, reflected or reserved against in the unaudited balance sheet of OncoMed Target as of
31&nbsp;December 2018, included in OncoMed Target&#146;s Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the fiscal quarter ended 31&nbsp;December 2018, as filed with the SEC (the <B>OncoMed</B> <B>Target Unaudited Interim Balance
Sheet</B>); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">21.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">normal and recurring current Liabilities that have been incurred by OncoMed Target since the date of the
OncoMed Target Unaudited Interim Balance Sheet in the Ordinary Course of Business (as defined in the OncoMed Merger Agreement) (none of which relates to any breach of contract, breach of warranty, tort, infringement, or violation of Law (as defined
in the OncoMed Merger Agreement)); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">21.1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Liabilities for performance of obligations of OncoMed Target under the Company Contracts (as defined in the
OncoMed Merger Agreement); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">21.1.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Liabilities incurred in connection with the Contemplated Transactions (as defined in the OncoMed Merger
Agreement); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">21.1.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Liabilities disclosed or provided for in the Net Cash Calculation. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">22</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ONCOMED LITIGATION</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">22.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material
Adverse Effect , to the Borrower&#146;s Knowledge, there is no current or pending or threatened Legal Proceeding (including, but not limited to, opposition, interference or other proceeding in any patent or other government office):
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">22.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">contesting the validity, enforceability, claim construction, ownership or right to use, sell, offer for sale,
license or dispose of any Company IP Rights); or </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">22.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">alleging that any Company IP Rights or the proposed use, sale, offer for sale, license or disposition of
products, methods, or processes claimed or covered thereunder conflicts with or infringes, misappropriates or otherwise violates or will conflict with or infringe, misappropriate or otherwise violate the rights of any other person or that OncoMed
Target has otherwise infringed, misappropriated or otherwise violated any Intellectual Property (as defined in the OncoMed Merger Agreement) of any person. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">22.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the Borrower&#146;s Knowledge, except as would not, individually or in the aggregate, reasonably be expected
to have a Company Material Adverse Effect, none of the Company IP Rights is subject to any outstanding order of, judgment of, decree of or agreement with any Governmental Authority (as defined in the OncoMed Merger Agreement) that limits the ability
of OncoMed Target to exploit any Company IP Rights. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">22.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the Borrower&#146;s Knowledge: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">22.3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">OncoMed Target holds all required Governmental Authorizations (as defined in the OncoMed Merger Agreement)
which are material to the operation of the business of OncoMed Target as currently conducted (the <B>Permits</B>); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">22.3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">OncoMed Target is in material compliance with the terms of the Permits. No Legal Proceeding is pending or
threatened, which seeks to revoke, limit, suspend, or materially modify any Permit; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">22.3.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the rights and benefits of each Permit will be available to OncoMed Target (the surviving corporation in the
OncoMed Acquisition) immediately after the time as of which the OncoMed Acquisition becomes effective on terms substantially identical to those enjoyed by OncoMed Target as of the date of the OncoMed Merger Agreement and immediately prior to the
Effective Time (as defined in the OncoMed Merger Agreement). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">22.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the Borrower&#146;s Knowledge, there are no Legal Proceedings pending or threatened with respect to an
alleged material violation by OncoMed Target of the Federal Food, Drug, and Cosmetic Act (<B>FDCA</B>), Food and Drug Administration (<B>FDA</B>) regulations adopted thereunder, the Controlled Substance Act or any other similar Law promulgated by
the FDA or other comparable Governmental Authority (as defined in the OncoMed Merger Agreement) responsible for regulation of the development, clinical testing, manufacturing, sale, marketing, distribution and importation or exportation of drug
products. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">22.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the Borrower&#146;s Knowledge, there is no pending Legal Proceeding and no person has threatened in writing
to commence any Legal Proceeding: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">22.5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">that involves OncoMed Target, any current or former director, officer or employee of, or independent contractor
or consultant to, OncoMed Target (in his or her capacity as such) or any of the material assets owned or used by OncoMed Target; or </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">22.5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">that challenges, or that may have the effect of preventing, delaying, making illegal or otherwise interfering
with, the Contemplated Transactions (as defined in the OncoMed Merger Agreement). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">22.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the Borrower&#146;s Knowledge, there is no Order (as defined in the OncoMed Merger Agreement) to which
OncoMed Target, or any of the material assets owned or used by OncoMed Target, is subject. To the Borrower&#146;s Knowledge , no officer or other Key Employee (as defined in the OncoMed Merger Agreement) of OncoMed Target is subject to any Order (as
defined in the OncoMed Merger Agreement) that prohibits such officer or employee from engaging in or continuing any conduct, activity or practice relating to the business of OncoMed Target or to any material assets owned or used by OncoMed Target.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">22.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the Borrower&#146;s Knowledge, OncoMed Target is not, and OncoMed Target has not been, engaged in any unfair
labour practice within the meaning of the United States National Labor Relations Act. To the Borrower&#146;s Knowledge, there is no Legal Proceeding, claim, labour dispute or grievance pending or threatened or reasonably anticipated relating to any
employment contract, privacy right, labour dispute, wages and hours, leave of absence, plant closing notification, workers&#146; compensation policy, long-term disability policy, harassment, retaliation, immigration, employment statute or
regulation, safety or discrimination matter involving any current or former director, officer or employee of, or independent contractor or consultant to, OncoMed Target, including charges of unfair labour practices or discrimination complaints.
</P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">23</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ONCOMED PERMITTED DISTRIBUTIONS</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">23.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the Borrower&#146;s Knowledge, the OncoMed Companies have no obligation to pay dividends or distributions
including in respect of long term incentive plans or employee and officer share schemes other than: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">23.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in accordance with the Celgene Option (as defined in the Amended Facility Agreement); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">23.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in accordance with the OncoMed Existing CVR Agreement (as defined in the Amended Facility Agreement);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">23.1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in accordance with the OncoMed Acquisition CVR Agreement (as defined in the Amended Facility Agreement) to be
entered into in accordance with the OncoMed Merger Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">23.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The basis upon which the Milestone Payments (as defined in the OncoMed Merger Agreement) are to be calculated
and paid as set out in the OncoMed Merger Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">24</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>BASIS OF NET CASH CALCULATION</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">To the Borrower&#146;s Knowledge, the Net Cash Calculation has been correctly prepared as at its date of preparation in accordance with the
OncoMed Merger Agreement and is not misleading in any material respect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">25</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DEFINITION OF &#147;KNOWLEDGE&#148;</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">For purposes of the Loan Documents, whenever a representation or warranty is made to any Obligor&#146;s knowledge or awareness, to the
Borrower&#146;s Knowledge, to the &#147;best of&#148; such Obligor&#146;s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of the Responsible Officers of the relevant
Obligor. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE&nbsp;5 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENTS TO ORIGINAL FACILITY AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With effect from the Effective Date, the Original Facility Agreement shall be amended as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 5.1.1 of the Original Facility Agreement the words &#147;England and Wales (save in respect of
Guarantor 5, which is duly incorporated and validly existing under the laws of the Republic of Ireland)&#148; shall be deleted and replaced with &#147;its jurisdiction of incorporation&#148;; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 5.3 (<I>Litigation</I>) of the Original Facility Agreement the words and numbers &#147;One Hundred
Thousand Pounds (&pound;100,000)&#148; shall be deleted and replaced with &#147;Two Hundred Thousand Pounds Sterling (&pound;200,000)&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 5.7 (<I>Centre of main interests</I>) of the Original Facility Agreement the words &#147;England and
Wales, except in the case of Guarantor 5, whose centre of main interest is Ireland&#148; shall be deleted and replaced with &#147;its jurisdiction of incorporation, unless the Borrower or such Obligor has notified the Agent otherwise in writing
prior to such person becoming an Obligor&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 5.14 (<I>Patents</I>) the words &#147;The Borrower owns the Patents and has&#148; shall be deleted
and replaced with &#147;Subject to the terms of the Celgene Option, the Obligors own the Patents and have&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 5.15 (<I>Licences</I>) the words &#147;or the NAVI Licence&#148; shall be added after the words
&#147;available to the public&#148; and before the closing brackets; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 6.2.5 (<I>Legal Action Notice</I>) of the Original Facility Agreement the words and numbers &#147;One
Hundred Thousand Pounds (&pound;100,000)&#148; shall be deleted and replaced with &#147;Two Hundred Thousand Pounds Sterling (&pound;200,000)&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">at the end of clause 6.3.2 of the Original Facility Agreement, the word &#147;or&#148; shall be deleted;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">at the end of clause 6.3.3 of the Original Facility Agreement, the comma shall be deleted and replaced with
&#147;; or&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a new clause 6.3.4 be added in a new line after the &#147;or&#148; introduced in accordance with paragraph
(j)&nbsp;above as follows: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;any person acceding to this Agreement as an Obligor,&#148;; </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 6.6.2(a), the words: &#147;(in each case, other than in respect of any OncoMed Restricted
Assets)&#148; shall be added after the words &#147;or otherwise&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 6.6.2(b), the words: &#147;(in each case, other than in respect of any OncoMed Restricted
Assets)&#148; shall be added after the words &#147;or servicemark&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(l)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 6.6.3, the words: &#147;(in each case, other than in respect of any OncoMed Restricted Assets)&#148;
shall be added after the words &#147;or material mask works&#148;; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(m)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 7.1 (<I>Banking</I>) of the Original Facility Agreement the number &#147;50,000&#148; shall be
deleted and replaced with &#147;100,000&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(n)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 8.2, the words: &#147;(other than any OncoMed Restricted Assets)&#148; shall be added after the words
&#147;substantially all of its assets&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(o)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 9.2.1 the following words shall be added after &#147;at the Closing Date&#148;: &#147;(or, in respect
of OncoMed Holdco or any of its Subsidiaries, at the OncoMed Acquisition Date)&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(p)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 9.3 (<I>Mergers or Acquisitions</I>) the following words shall be added &#147;Except in accordance
with the OncoMed Merger Agreement, no Obligor shall&#148; at the beginning of the clause; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(q)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 9.7 (Distributions; Investments) of the Original Facility Agreement the words &#147;long term
incentive plans or employee and officer shares schemes in operation in respect of each Obligor.&#148; shall be deleted and replaced with &#147;Permitted Distributions.&#148; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(r)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 10.2.2 (<I>Covenant Default</I>) of the Original Facility Agreement the words and number &#147;the
occurrence thereof&#148; shall be deleted and replaced with &#147;the earlier of (a)&nbsp;the Agent giving notice to such Obligor of the failure to comply or breach, and (b)&nbsp;such Obligor becoming aware of the failure to comply or breach&#148;;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(s)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 10.6 (<I>Other Agreements</I>) of the Original Facility Agreement the words and number &#147;Two
Hundred Thousand Pounds (&pound;200,000)&#148; shall be deleted and replaced with &#147;Four Hundred Thousand Pounds Sterling (&pound;400,000)&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(t)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 10.7 (<I>Judgments</I>) of the Original Facility Agreement the words and number &#147;One Hundred
Thousand Pounds (&pound;100,000)&#148; shall be deleted and replaced with &#147;Two Hundred Thousand Pounds Sterling (&pound;200,000)&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(u)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 11.6.1 of the Original Facility Agreement in paragraph (i)&nbsp;of the definition of Qualifying
Lender the words &#147;in respect of a payment made by an Obligor resident for tax purposes in the United Kingdom,&#148; should be added before &#147;a Lender which is beneficially entitled to interest payable&#148;; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 11.6.1 of the Original Facility Agreement change the defined term &#147;Qualifying Lender&#148; to
&#147;UK Qualifying Lender&#148; and move the term into the correct alphabetical order of defined terms, and replace all references in clause 11.6 to &#147;Qualifying Lender&#148; with &#147;UK Qualifying Lender&#148;; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(w)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 11.6.1 of the Original Facility Agreement change the defined term &#147;Treaty Lender&#148; to
&#147;UK Treaty Lender&#148; and move the term into the correct alphabetical order of defined terms, and replace all references in clause 11.6 to &#147;Treaty Lender&#148; with &#147;UK Treaty Lender&#148;; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 11.6.1 of the Original Facility Agreement change the defined term &#147;Treaty State&#148; to
&#147;UK Treaty State&#148; and move the term into the correct alphabetical order of defined terms, and replace all references in clause 11.6 to &#147;Treaty State&#148; with &#147;UK Treaty State&#148;; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(y)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 11.6.1 of the Original Facility Agreement in the definition of &#147;UK Treaty State&#148;, change
the defined term &#147;Treaty&#148; to &#147;UK Treaty&#148; and replace all references in clause 11.6 to &#147;Treaty&#148; with &#147;UK Treaty&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(z)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 11.6.1 of the Original Facility Agreement a new definition of &#147;US Qualifying Lender&#148; shall
be inserted in the correct alphabetical order of defined terms as follows: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>US Qualifying Lender</B>&#148;
means, in respect of a payment made by an Obligor incorporated in the United States, a Lender which is: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">created or organised under the laws of the United States of America or of any state (including the District of
Columbia) thereof; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a US Treaty Lender that is entitled to receive payments under a Loan Document to which an exemption from
deduction or withholding of any United States federal income taxes may apply, provided that such Lender has delivered in a timely manner to the Obligor making such payment two original copies of Internal Revenue Service Form <FONT
STYLE="white-space:nowrap">W-8BEN</FONT> or Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> (or any other applicable or successor form) certifying that it is a resident of a foreign country with which
the United States has a US Treaty; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">entitled to receive payments under a Loan Document to which an exemption from deduction or withholding of any
United States federal income taxes may apply, provided that such Lender has delivered in a timely manner to the Obligor making such payment (1)&nbsp;in the case of an exemption as a result of such payments being effectively connected with the
conduct by such Lender of a trade or business within the United States, two original copies of Internal Revenue Service Form <FONT STYLE="white-space:nowrap">W-8ECI</FONT> (or any other applicable or successor form) certifying that the payments made
pursuant to a Loan Document are effectively connected with the conduct by that Lender of a trade or business within the United States, (2)&nbsp;in the case of an exemption as a result of such payments being portfolio interest under Sections 871 or
881 of the Code, two original copies of Internal Revenue Service Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> (or any other applicable or successor
form), or (3)&nbsp;such other applicable form prescribed by the Internal Revenue Service certifying as to such Lender&#146;s entitlement to an exemption from United States withholding tax with respect to all payments to be made to such Lender under
a Loan Document;&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(aa)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 11.6.1 of the Original Facility Agreement a new definition of &#147;US Treaty Lender&#148; shall be
inserted in the correct alphabetical order of defined terms as follows: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>US Treaty Lender</B> means a Lender
which is treated as a resident of a US Treaty State for the purposes of the US Treaty.&#148; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(bb)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 11.6.1 of the Original Facility Agreement a new definition of &#147;US Treaty State&#148; shall be
inserted in the correct alphabetical order of defined terms as follows: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>US Treaty State</B>&#148; means a
jurisdiction having a double taxation agreement (a &#147;<B>US Treaty</B>&#148;) with the United States of America.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(cc)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 11.6.2 of the Original Facility Agreement the word &#147;Borrower&#148; shall be deleted and replaced
with &#147;Obligor&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(dd)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a new clause 11.6.4 shall be inserted into the Original Facility Agreement in the correct numerical order as
follows: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;A payment shall not be increased under Clause 11.6.2 above by reason of a Tax Deduction on account of Tax
imposed by the United States of America, if on the date on which the payment falls due: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the payment could have been made to the relevant Lender without the Tax Deduction if the Lender had been a US
Qualifying Lender, but on that date that Lender is not or has ceased to be a US Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or
application of) any law or treaty or any published practice or published concession of any relevant taxing authority; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the relevant Lender is a US Treaty Lender and the Obligor making the payment is able to demonstrate that the
payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under Clause 11.6.5 below.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ee)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in clause 11.6.5(a) (as renumbered following the insertion of new clause 11.6.4 pursuant to paragraph (dd)
above), after each reference to &#147;UK Treaty Lender&#148; insert &#147;or US Treaty Lender&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ff)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">new definitions shall be inserted into clause 17.1 (<I>Definitions</I>) of the Original Facility Agreement as
follows (which shall be inserted alphabetically within clause 17.1 (<I>Definitions</I>)): </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Celgene Option</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the exclusive option granted by OncoMed Target to Celgene Corporation (&#147;<B>Celgene</B>&#148;) in relation to OncoMed Target&#146;s etigilimab product, pursuant to the Master Research and Collaboration Agreement by and among
OncoMed Target, Celgene Corporation and Celgene Alpine Investment Company, II, LLC dated 2&nbsp;December 2013;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>NAVI Licence</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">any exclusive licence from OncoMed Target to NAVI Sub in respect of Oncomed Target&#146;s etigilimab product;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>NAVI Sub</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NAVI Subsidiary, Inc., a Delaware corporation;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Mereo US Holdings</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Mereo US Holdings Inc;</TD></TR></TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>OncoMed Acquisition CVR Agreement</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">a Contingent Value Rights Agreement between the Borrower and Computershare Inc., substantially in the form submitted to the U.S. Securities and Exchange Commission on or around the date of the OncoMed Merger Agreement;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>OncoMed Acquisition Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the date on which Closing (as defined in the OncMed Merger Agreement) occurs;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>OncoMed Existing CVR Agreement</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">a Contingent Value Rights Agreement between the OncoMed Target and Computershare Inc., dated 14&nbsp;March 2019.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>OncoMed Merger Agreement</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Agreement and Plan of Merger and Reorganisation between the Borrower, OncoMed Acquisition Holdco and Mereo Mergerco One Inc., and OncoMed Target dated 5&nbsp;December 2018;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>OncoMed Restricted Assets</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">any asset or right subject to any restriction pursuant to the NAVI Licence and/or the Celgene Option that precludes inter alia, the granting of third party security over such asset or right or the proceeds of any such asset or
right;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>OncoMed Target</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">OncoMed Pharmaceuticals Inc;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Permitted Distribution</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(a)&#8194;&#8201;&#8202;any dividends or distributions by an Obligor or a Subsidiary of an Obligor
in respect of long term incentive plans or employee and officer shares schemes in operation in respect of an Obligor or Subsidiary of an Obligor.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(b)&#8194;&#8201;&#8202;any payment (including any payment by way of cash, issuance of shares or
other payment in kind) required to be made in accordance with the OncoMed Acquisition CVR Agreement and/or the OncoMed Existing CVR Agreement;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>US Security Agreement</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">a security agreement between Mereo US Holdings and OncoMed Target and NAVI Sub (as grantors) and the Security Agent (as security agent).</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(gg)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the definition of &#147;GAAP&#148; in clause 17.1 (<I>Definitions</I>) of the Original Facility Agreement shall
be deleted in its entirety and replaced with the following: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>GAAP</B>&#148; means: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in respect of any Obligor other than Mereo US Holdings or any of its Subsidiaries (and in respect of all
Obligors to the extent Group consolidated financial statements are required), generally accepted accounting principles in the United Kingdom, including IFRS; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in respect of Mereo US Holdings or any of its Subsidiaries (if applicable), generally accepted accounting
principles in the United States, including IFRS; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(hh)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the definition of &#147;Indebtedness&#148; in clause 17.1 (<I>Definitions</I>) shall be amended by deleting the
words &#147;capital lease obligations&#148; and replacing them with: &#147;the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a balance sheet liability (other than any
liability in respect of a lease or hire purchase contract which would, in accordance with GAAP in force on 28&nbsp;September 2018, have been treated as an operating lease)&#148;; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">paragraph (b)&nbsp;of the definition of &#147;Permitted Disposal&#148; in clause 17.1 (<I>Definitions</I>)
shall be amended by adding: &#147;Permitted Distribution, &#148; after &#147;a Permitted Lien,&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(jj)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">paragraph (c)&nbsp;of the definition of &#147;Permitted Disposal&#148; in clause 17.1 (<I>Definitions</I>)
shall be amended by adding: &#147;or US Security Agreement (as applicable)&#148; after the word &#147;Debenture&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(kk)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">new paragraph (e)&nbsp;to be added to the definition of &#147;Permitted Disposal&#148; which reads: any payment
or disposal made pursuant to the OncoMed Existing CVR Agreement, the OncoMed Acquisition CVR Agreement and/or the Celgene Option; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ll)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">paragraph (e)&nbsp;of the definition of &#147;Permitted Disposal&#148; in clause 17.1 (<I>Definitions</I>) to
be renumbered as &#147;f&#148; (and the reference therein to &#147;(d)&#148; to be replaced with &#147;(e)&#148; and shall be amended by deleting the words and number: &#147;&pound;250,000&#148; and replacing them with: &#147;&pound;500,000&#148;;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(mm)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">paragraph (d)&nbsp;of the definition of &#147;Permitted Guarantee&#148; in clause 17.1 (<I>Definitions</I>)
shall be amended by deleting the words and number: &#147;&pound;250,000&#148; and replacing them with: &#147;&pound;500,000&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(nn)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">paragraph (m)&nbsp;of the definition of &#147;Permitted Indebtedness&#148; in clause 17.1 (<I>Definitions</I>)
shall be amended by deleting the words and number: &#147;&pound;250,000&#148; and replacing them with: &#147;&pound;500,000&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(oo)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">paragraph (i)&nbsp;of the definition of &#147;Permitted Investments&#148; in clause 17.1 (<I>Definitions</I>)
shall be amended by deleting the words and number: &#147;&pound;250,000&#148; and replacing them with: &#147;&pound;500,000&#148;; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(pp)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">paragraph (i)&nbsp;of the definition of &#147;Permitted Investments&#148; in clause 17.1 (<I>Definitions</I>)
shall be amended by deleting the words and number: &#147;&pound;250,000&#148; and replacing them with: &#147;&pound;500,000&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(qq)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">paragraph (c)&nbsp;of the definition of &#147;Permitted Liens&#148; in clause 17.1 (Definitions) shall be
amended by deleting the words and number: &#147;Two Hundred and Fifty Thousand Sterling (&pound;250,000)&#148; and replacing them with: &#147;Fife Hundred Thousand Pounds Sterling (&pound;500,000)&#148;; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(rr)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">paragraph (g)&nbsp;of the definition of &#147;Permitted Liens&#148; in clause 17.1 (<I>Definitions</I>) shall
be amended by adding &#147;or in respect of any amounts subject of a Permitted Distribution in accordance with paragraph (b)&nbsp;of the definition of Permitted Distribution&#148; after &#147;Obligor&#148;; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ss)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">paragraph (h)&nbsp;of the definition of &#147;Permitted Liens&#148; in clause 17.1 (<I>Definitions</I>) shall
be amended by deleting the words and number: &#147;one hundred thousand pounds Sterling &pound;100,000&#148; and replacing them with: &#147;Two Hundred Thousand Pounds Sterling (&pound;200,000)&#148;; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(tt)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the definition of &#147;Security Documents&#148; in clause 17.1 (<I>Definitions</I>) shall be amended by
deleting the words: &#147;(vii) the IP Agreement&#148; and replacing them with: &#147;(vii) the US Security Agreement; and (viii)&nbsp;the IP Agreement&#148;. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 6 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPAYMENT SCHEDULE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Payment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Due</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Drawdown</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Fees</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Payment</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Capital</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Interest</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Drawdown</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Old&nbsp;final&nbsp;payment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>due</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Fees</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Payment</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Capital</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Interest</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Net&nbsp;payment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-20,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">741,403</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Oct-2018</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20,455,000.00</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102,275.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">960,097.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(455,000.00</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">455,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102,275.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">218,694.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">465,859.18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Nov-2018</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Dec-2018</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jan-2019</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Feb-2019</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Mar-2019</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Apr-2019</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">May-2019</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jun-2019</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jul-2019</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Aug-2019</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Sep-2019</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Oct-2019</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Nov-2019</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Dec-2019</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,889.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jan-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Feb-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,297,323.96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">134,745.76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,297,323.96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">134,745.76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Mar-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,306,513.34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125,556.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,306,513.34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125,556.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Apr-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,315,767 81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,301.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,315,767.81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,301.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">May-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,325,087.83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">106,981.89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,325,087.83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">106,981.89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jun-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,334,473.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,595.85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,334,473.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,595.85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jul-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,343,926.39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88,143.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,343,926.39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88,143.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Aug-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,353,445.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,623.85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,353,445.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,623.85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Sep-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,363,032.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,036.94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,363,032.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,036.94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Oct-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,372,687.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,382.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,372,687.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,382.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Nov-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,382,410.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49,658.92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,382,410.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49,658.92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Dec-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,392,202.88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,866.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,392,202.88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,866.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jan-2021</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,402,064.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,005.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,402,064.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,005.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Feb-2021</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,411,995.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,074.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,411,995.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,074.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,432,069.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Mar-2021</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,147,775.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(960,097.28</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,421,997.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,072.48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,147,775.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(960,097.28</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,421,997.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,072.48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,619,747.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 7 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NET CASH CALCULATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NET CASH SCHEDULE
EXAMPLE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="39%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Feb-19</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000;border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Feb-19</FONT></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Unaudited Balance Sheet</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Balance Sheet</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net Cash</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Note</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Assets</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff"></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff"></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff"></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff"></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Cash and cash equivalents</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Marketable securities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">cash and money market fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">all other short
term investments, including accrued interest income</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>TOTAL Cash, cash equivalents and short term investments</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">$</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right"> 54.1</TD>
<TD NOWRAP VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">$</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">54.1</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">cash and money market fund and other short term investments</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Accounts receivable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.9</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.9</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B><U>Accounts receivables</U></B> including, but not limited to</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(1) $0.3M landlord approved TIA reimbursement</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">(2) $0.6M Celgene
TIGIT clinical biomarker reimbursement (Celgene payment received in mid-March)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" BGCOLOR="#cceeff"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#cceeff"></TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">All current prepaid assets</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">(<B><U>Prepaid expenses and deposits)</U></B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">1.8</TD>
<TD NOWRAP VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">1.8</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><U><B>Prepaid expenses</B></U> including, but not limited to,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(1) $425k prepaid commercial/cargo/clinical/EPL insurances</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(2)
$115K prepaid maintenance contracts (e.g. faclity, IT network, servers, Emails, IP, etc.)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(3) $58K prepaid annual licenses/Nasdaq (e.g. accounting,
manufacturing, regulatory/clinical annual licenses)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(4) $601K clinical study deposits</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">(5) $550 IRS tax refund in 2019</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><U>Income tax receivable</U></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Other assets</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B><U>(Income tax receivable and long term deposits)</U></B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">0.7</TD>
<TD NOWRAP VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">0.7</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(1) IRS tax refund in 2021 $550K</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">(2) $0.2M
PG&amp;E and other deposits</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Fixed Assets (NET BOOK VALUE)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.7</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">EXCLUDED</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">LHI amortization life adjusted to December 2019 (planned facility relocation)</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total receivables, prepaid and other assets</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">$</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" ALIGN="right"> 4.0</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">$</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" ALIGN="right">3.3</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$</TD>
<TD VALIGN="top" ALIGN="right"> 58.1</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Liabilities and stockholders&#146; equity (deficit)</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt"><B>MINUS - ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND EXPENSES</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Accounts Payable</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1.6</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">(1.6</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Accounts Payable</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">ordinary course of
business timing of payment</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><U><B>Accrued clinical liabilities</B></U> - <B>expenses incurred but not yet paid for</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Accrued Clinical Liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">2.3</TD>
<TD NOWRAP VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">(2.3</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">(1) $1.8M NAVI patient costs and CRO services accruals</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Accrued Liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.7</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">(0.7</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(2) $0.4M TIGIT patient costs and CRO services accruals</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(3) $0.1M GITRL patient costs and CRO services accruals</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B><U>Accrued Liabilities</U></B> - <B>expenses incurred but not yet paid for</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">ordinary business expenses incurred and accrued on the Cash Determination Time. Including, but not limited to</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(1) $0.3M consulting</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(2) $0.2M vacation</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">(3) $0.2M contract srvc, bonus, etc.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">REDUCED by accrued VACATION for retained employees</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">exclusion of the accrued vacation for any retained employees at the Determination Date</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Deferred revenue (short term and long term)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">(0.3</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Celgene TIGIT BM unearned revenue</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Deferred rent (short term and long term)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">4.4</TD>
<TD NOWRAP VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">EXCLUDED</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">GAAP items - Non cash</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Accrued Transaction Fees</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.4</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">(0.4</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">current accrued expenses, including M&amp;A legal, banker, audit, advisor, accountants, tax fees, etc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Accrued Severance liabilities</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">0.7</TD>
<TD NOWRAP VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">(0.7</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">current accrued severance</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Accrued Tenant liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.4</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">(0.4</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Subleased tenants security deposits and TIA pass thru</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Unpaid D&amp;O Tail Insurance</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD NOWRAP VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">included in below - additional projected Transaction Fees</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>TOTAL LIABILITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$</TD>
<TD VALIGN="top" ALIGN="right">10.7</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top">$</TD>
<TD VALIGN="top" ALIGN="right">(6.3</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Stockholders&#146; equity (deficit)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">$</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right"> 47.4</TD>
<TD NOWRAP VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">EXCLUDED</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total liabilities and stockholders&#146; equity (deficit)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 58.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>NET CASH BALANCE</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff"><B></B>&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right"><B>NET&nbsp;CASH&nbsp;BALANCE</B></TD>
<TD NOWRAP VALIGN="top" BGCOLOR="#cceeff"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">$</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">51.1</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Potential upsides</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Equipment, tumor bank and assets sale</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD NOWRAP VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Booked receivable $1.4M</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Tumor Bank Sale</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$2.6M Cash received</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">GOG Credit</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Agreed with Milan</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total Credits</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Projected additional cash burn Q1 2019 OpEx</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">additional OpEx in March</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">(2.7</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">per projections, pending</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">additional OpEx in April up to closing</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">(1.6</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">per projections, pending</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">additional projected transaction fees</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">(5.1</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">legal, banker, and others</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">additional severance liability</P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right">(4.2</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Officers terminations at closing</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total additional costs</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">(13.6</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#cceeff"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>ADJUSTED NET CASH BALANCE</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="top" BGCOLOR="#cceeff"></TD>
<TD VALIGN="bottom" BGCOLOR="#cceeff" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#cceeff"><B>$</B></TD>
<TD VALIGN="top" BGCOLOR="#cceeff" ALIGN="right"><B>37.8</B></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#cceeff"><B></B>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; BORDER-BOTTOM:1px solid #000000;border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; BORDER-BOTTOM:1px solid #000000;border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE BORROWER</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">EXECUTED as a DEED by <B>MEREO</B> <B>BIOPHARMA GROUP PLC</B> acting by <U>Denise Scots-Knight</U> a director in the presence of:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Denise Scots-Knight</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Shanna Pillado</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Witness</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Shanna Pillado</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address: &nbsp;800 Chesapeake Drive</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood City, CA 94063</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Occupation: Office Manager</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE GUARANTORS</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">EXECUTED as a DEED by <B>MEREO BIOPHARMA 1 LIMITED</B> acting by <U>Richard Jones</U> a director in the presence of:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Richard Jones</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Shanna Pillado</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Witness</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Shanna Pillado</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address: &nbsp;800 Chesapeake Drive</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood City, CA 94063</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Occupation: Office Manager</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXECUTED as a DEED by <B>MEREO BIOPHARMA 2 LIMITED</B> acting <U>Richard Jones</U> a director in the presence of:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Richard Jones</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Shanna Pillado</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Witness</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Shanna Pillado</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address: &nbsp;800 Chesapeake Drive</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood City, CA 94063</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Occupation: Office Manager</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXECUTED as a DEED by <B>MEREO BIOPHARMA 3 LIMITED</B> acting by <U>Richard Jones</U> a director in the presence of:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Richard Jones</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Shanna Pillado</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Witness</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Shanna Pillado</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address: &nbsp;800 Chesapeake Drive</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood City, CA 94063</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Occupation: Office Manager</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXECUTED as a DEED by <B>MEREO BIOPHARMA 4 LIMITED</B> acting by <U>Richard Jones</U> a director in the presence of:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Richard Jones</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Shanna Pillado</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Witness</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Shanna Pillado</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address: &nbsp;800 Chesapeake Drive</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood City, CA 94063</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Occupation: Office Manager</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SIGNED </B>for and on behalf of <B>MEREO</B> <B>BIOPHARMA IRELAND LIMITED </B>by its lawfully appointed attonery Richard Jones</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">in the presence of: /s/ Richard Jones</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature of witness: <U>/s/ Shanna Pillado</U></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of witness: Shanna Pillado</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address of witness: 800 Chesapeake Drive,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Redwood City, CA 94063</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Occupation of witness: Office Manager</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE LENDER, WARRANTHOLDER,</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>AGENT AND
SECURITY AGENT</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">EXECUTED as a DEED by <B>KREOS</B> <B>CAPITAL V (UK) LIMITED</B>
acting by Maurizio PetitBon a director in the presence of:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Maurizio PetitBon</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Laura Hedley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Witness</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Laura Hedley</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address: &nbsp;25 Old Burlington Street</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;London W1S 3AN</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Occupation: Admin Assistant</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE LENDER AND WARRANTHOLDER </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXECUTED as a DEED on behalf of <B>SILICON VALLEY BANK</B> a California corporation by Ian Murchie (<I>authorised signatory</I>), being a person who, in accordance with the laws of that territory, is acting under the authority of
the corporation:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ian Murchie</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorised Signatory</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.17.1
<SEQUENCE>4
<FILENAME>d734372dex4171.htm
<DESCRIPTION>EX-4.17.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.17.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.17.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT NUMBER ONE TO </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONTINGENT VALUE RIGHTS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amendment Number One (the &#147;<U>Amendment</U>&#148;) to that certain Contingent Value Rights Agreement, dated as of March&nbsp;14,
2019, (the &#147;<U>Agreement</U>&#148;), is executed by OncoMed Pharmaceuticals, Inc. a Delaware corporation (the &#147;<U>Company</U>&#148;) as of April&nbsp;15, 2019 (the &#147;<U>Effective Date</U>&#148;). Capitalized terms used herein, but not
defined, shall have the meanings ascribed to them in the Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PREAMBLE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Agreement was entered into by and between the Company and the Rights Agent on March&nbsp;14, 2019; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to Sections 5.1(a)(iv) and 5.1(a)(ix) thereof, the Agreement may be amended without the consent of the Holders or the Rights
Agent to cure any ambiguity under the Agreement and to provide any additional rights or benefits to the Holders, respectively; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS,
the Company now wishes to enter into this Amendment in accordance with Section&nbsp;5.1(a) of the Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.4 of the Agreement is hereby amended and restated in its entirety to read as set forth below: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.4 <I>Backstop Financing Statement</I>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is the intent of the Company for the assignment of an amount in cash equal to the TIGIT Payment Amounts, when, as and if
such TIGIT Payment Amounts are actually received by the Company pursuant to <U>Section&nbsp;2.1(c)</U> to be complete and irrevocable. The Company hereby grants to the Rights Agent, for the benefit of the Holders, a first-priority security interest
in and to its right in respect of any TIGIT Payment Amounts to secure the Holders&#146; rights to receive the TIGIT Payment Amounts hereunder. Notwithstanding the foregoing, the form of financing statement on Form
<FONT STYLE="white-space:nowrap">UCC-1</FONT> attached as <U>Exhibit A</U> hereto shall be filed within 30 days from the Record Date for the purpose of perfecting a first-priority security interest in and to its right in respect of any TIGIT Payment
Amounts to secure the Holders&#146; rights to receive the TIGIT Payment Amounts hereunder. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No further changes to the Agreement are made pursuant to this Amendment. The terms of Article 7 of the Agreement are hereby incorporated into
this Amendment. </P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ONCOMED&nbsp;PHARMACEUTICALS,&nbsp;INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Alicia J. Hager</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Alicia J. Hager, J.D., Ph.D.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President and General Counsel</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COMPUTERSHARE INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Collin Ekeogu</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Collin Ekeogu</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Manager, Corporate Actions</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OFFICER&#146;S CERTIFICATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with Section&nbsp;5.3 of the Contingent Value Rights Agreement, dated as of March&nbsp;14, 2019, by and between OncoMed Pharmaceuticals, Inc.
(the &#147;Company&#148;) and Computershare, Inc., (the &#147;Rights Agent&#148;), the undersigned officer of the Company hereby certifies to the Rights Agent that the foregoing Amendment No.&nbsp;1 to the Rights Agreement is in compliance with the
terms of Article 5 of the Rights Agreement and hereby directs the Rights Agent to execute the Amendment in accordance with Section&nbsp;5.3 of the Rights Agreement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ONCOMED&nbsp;PHARMACEUTICALS,&nbsp;INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Alicia J. Hager</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Alicia J. Hager, J.D., Ph.D.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President and General Counsel</TD></TR>
</TABLE></DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.19
<SEQUENCE>5
<FILENAME>d734372dex419.htm
<DESCRIPTION>EX-4.19
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.19</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.19 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MEREO BIOPHARMA GROUP PLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1
CAVENDISH PLACE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">LONDON </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W1G
0QF </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRIVATE AND CONFIDENTIAL </B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[<I>name</I>] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[<I>address</I>] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[<I>date</I>] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear [<I>name</I>], </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Restated Letter of Appointment </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following the recommendation of the M&amp;A Committee, the board of directors (<B>Board</B>) of Mereo BioPharma Group plc (<B>Company</B>) is pleased to hear
that you have accepted your restated letter of appointment as independent <FONT STYLE="white-space:nowrap">non-executive</FONT> [director][chairman] effective as of, subject to and contingent upon, the closing of the transactions (<B>Closing</B>)<B>
</B>contemplated by the agreement and plan of merger and reorganization between Mereo BioPharma Group plc and OncoMed Pharmaceuticals, Inc. (<B>OncoMed</B>). Your restated terms pursuant to this letter will become effective on the date of Closing of
the proposed combination of the Company and OncoMed, and will supersede in its entirety the Letter of Appointment between you and the Company dated [<I>date</I>] (<B>Existing Letter</B>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter sets out the main terms of your appointment from and after, and subject to and contingent upon, the Closing. By accepting [this appointment][these
terms], you agree that this letter is a contract for services and is not a contract of employment and you confirm that you are not subject to any restrictions which prevent you from holding office as a director. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>F<SMALL>EES</SMALL> <SMALL>AND</SMALL> E<SMALL>XPENSES</SMALL></B><SMALL></SMALL> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You shall be paid an annual fee of &pound;[ ] gross, which shall be paid in equal instalments monthly in
arrears through the payroll after deduction of any taxes and other amounts that are required by law. This fee covers all duties but does not include fees for service on any Board committee and any Boards of the Company&#146;s subsidiaries which will
be notified to you separately in writing. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company will reserve sufficient ordinary shares following issuance of the Company&#146;s ordinary shares
(the <B>Option Pool</B>)) pursuant to the terms of the Company&#146;s equity incentive plan. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company shall reimburse you for all reasonable and properly documented expenses that you incur in
performing the duties of your office including travel and sundry expenses, in accordance with the Company&#146;s expense reimbursement policies. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">On termination of your appointment, you shall only be entitled to such fees as may have accrued to the date of
termination, together with reimbursement in the normal way of any expenses properly incurred before that date. In the interim period to Closing, the Company will reimburse you for all reasonable travel and sundry expenses that you incur in
accordance with the Existing Letter. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1596/52156-002 CURRENT/106806709v3 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>R<SMALL>OLE</SMALL> <SMALL>AND</SMALL> D<SMALL>UTIES</SMALL></B><SMALL></SMALL> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Board as a whole is collectively responsible for the success of the Company. Subject to and without
limitation on the Company&#146;s articles of incorporations, bylaws and any charter or similar authorization to the Board or any committee of the Board, the Board&#146;s role is to seek to: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">promote the long-term sustainable success of the Company, generating value for shareholders and contributing to
wider society; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">act with integrity; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ensure that the necessary resources are in place for the Company to meet its objectives, and measure
performance against them; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">establish a framework of prudent and effective controls, which enable risk to be assessed and managed; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ensure that policies and practices are consistent with the Company&#146;s values and support its long-term
sustainable success. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As a <FONT STYLE="white-space:nowrap">non-executive</FONT> [director][chairman], you shall have the same
general legal responsibilities to the Company as any other director. You are expected to perform your duties (whether statutory, fiduciary or common law) faithfully, diligently and to a standard commensurate with the functions of your role and your
knowledge, skills and experience. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You shall exercise your powers in your role as a <FONT STYLE="white-space:nowrap">non-executive</FONT>
[director][chairman] having regard to relevant obligations under prevailing law and regulation, including the Companies Act 2006 and, where applicable, the Quoted Companies Alliance Corporate Governance Code and associated guidance or the AIM Rules
for Companies, the UK Listing Authority&#146;s Listing Rules, Prospectus Rules, and Disclosure Guidance and Transparency Rules, the Market Abuse Regulation (596/2014/EU), the rules of the Securities and Exchange Commission, the Nasdaq Stock Market
and Delaware General Corporation Law. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You shall have particular regard to the general duties of directors in Part 10 of the Companies Act 2006,
including the duty to promote the success of the Company under which all directors must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole. In doing so,
as a director, you must have regard (among other matters) to: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the likely consequences of any decision in the long term; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the interests of the Company&#146;s employees; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the need to foster the Company&#146;s business relationships with suppliers, customers and others;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the impact of the Company&#146;s operations on the community and the environment; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the desirability of the Company maintaining a reputation for high standards of business conduct; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the need to act fairly as between the members of the Company. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If and when applicable, you shall have particular regard to the Quoted Companies Alliance Corporate Governance
Code and associated Guidance on Board Effectiveness in respect of the role of the Board and the role of the <FONT STYLE="white-space:nowrap">non-executive</FONT> director, as well as the Nasdaq&#146;s Listed Company Rules and the Delaware General
Corporation Law provisions applicable to the board of directors and committees thereof and their respective members and advisers. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">[&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[In addition to the general legal responsibilities to the Company as any other director, in your role as
chairman, you should seek to fulfil the following list of responsibilities: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">chair the Board and general meetings of the Company and relevant committees of the Board and relevant Board and
general meetings of any subsidiaries of the Company; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in consultation with the Chief Executive, set the Board&#146;s agenda (primarily focused on strategy,
performance, value creation and accountability) and strive to ensure that issues relevant to these areas are reserved for board decision and adequate time is available for discussion of all agenda items, in particular strategic issues;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">create the conditions for overall board and individual director effectiveness, setting clear expectations
concerning the style and tone of Board discussions; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ensure that the Board determines the nature and extent of the significant risks that the Company is willing to
embrace in implementing its strategy; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ensure that the Board has effective decision-making processes and applies sufficient challenge to major
proposals; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ensure that all directors are aware of their responsibilities and are able to discharge their statutory duties;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ensure that Board committees are properly structured with appropriate terms of reference and that committee
membership is periodically refreshed; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">encourage all Board members to engage in Board and committee meetings by drawing on their skills, experience
and knowledge; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ensure that sufficient time is allowed at the board for committees to report on the nature and content of
discussion, on recommendations, and on actions to be taken; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">hold meetings with the <FONT STYLE="white-space:nowrap">non-executive</FONT> directors without the executives
present to facilitate a full and frank airing of views; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">develop productive working relationships with all executive directors and the chief executive to gain a
detailed understanding of the business; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(l)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">demonstrate ethical leadership and promote the highest standards of integrity, probity and corporate governance
throughout the Company and particularly at Board level; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(m)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ensure that the Board receives accurate, timely and clear information; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(n)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">demonstrate objective judgement and facilitate constructive board relations and the effective contribution of
all <FONT STYLE="white-space:nowrap">non-executive</FONT> directors; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(o)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ensure that the new directors participate in a full, formal and tailored induction programme;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(p)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ensure that the performance of the Board, its committees and individual directors is evaluated at least once a
year, select an effective approach and act on the results of such evaluation; and </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">periodically review, with the company secretary,
whether the Board and Company&#146;s governance processes are fit for purpose and consider any improvements and initiatives that could strengthen the governance.] </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In your role as a <FONT STYLE="white-space:nowrap">non-executive</FONT> director, it is expected that you shall
also be required to fulfil the following list of responsibilities, in the course of your good faith performance of services to the Company and in the exercise of your reasonable business judgment: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">provide constructive challenge, strategic guidance, offer specialist advice hold management to account and help
develop proposals on strategy; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">monitor the performance of senior management in meeting agreed goals and objectives and monitor the reporting
of performance; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">satisfy yourself on the integrity of financial information and that financial controls and systems of risk
management are robust and defensible; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">be responsible for determining appropriate levels of remuneration of executive directors and have a prime role
in appointing and, where necessary, removing senior management and in succession planning; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">insist on receiving high-quality information sufficiently in advance of Board meetings and seek clarification
or amplification if you consider the information provided is inadequate or lacks clarity; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">make sufficient time available to discharge your responsibilities effectively; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">exercise relevant powers under, and abide by, the Articles; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">disclose the nature and extent of any direct or indirect interest you may have in any matter being considered
at a Board or committee meeting and, except as permitted under the Articles you will not vote on any resolution of the Board, or of one of its committees, on any matter where you have any direct or indirect interest; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">immediately report your own wrongdoing or the wrongdoing or proposed wrongdoing of any employee or other
director of the Company of which you become aware to the Chair of the Audit Committee; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">exercise your powers as a director in accordance with the Company&#146;s policies and procedures and the
Bribery Act 2010; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">not do anything that would cause you to be disqualified from acting as a director. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unless the Board specifically authorises you to do so, you shall not enter into any legal or other commitment
or contract on behalf of or with the Company. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You shall be entitled to request all relevant information about the Company&#146;s affairs as is reasonably
necessary to enable you to discharge your duties. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If you are required to register yourself or your personal service company with HM Revenue and Customs as a
&#147;Trust or Company Service Provider&#148; under the Money Laundering Regulations 2007, you will be responsible for effecting such registration and for compliance with other requirements of the Money Laundering Regulations 2007 and applicable
legislation. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.10</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Anything to the contrary in this Article 2 to the contrary, you acknowledge and agree that in your capacity as
director, you will have such duties, authorities and responsibilities and other obligations as provided under the Company&#146;s articles of incorporation and bylaws and charter documents, in each case, as in effect from time to time, and you will
act in compliance with the applicable rules and regulations promulgated by the SEC and Nasdaq. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.11</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You acknowledge and agree that in your capacity as director, you are acting solely as an independent contractor
and not as an employee, legal representative or agent of the Company. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>C<SMALL>ONFIDENTIALITY</SMALL></B><SMALL></SMALL> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You acknowledge that all information acquired during your appointment is confidential to the Company and should
not be released, communicated or disclosed to third parties or used for any reason other than in the interests of the Company, either during your appointment or following termination (by whatever means), without prior clearance from the Board (or a
committee thereof). This restriction shall cease to apply to any confidential information which may (other than by reason of your breach) become available to the public generally. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You acknowledge the need to hold and retain Company information (in whatever format you may receive it) under
appropriately secure conditions. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Nothing in this paragraph 3 shall prevent you from disclosing information which you are entitled to disclose
under the Public Interest Disclosure Act 1998, provided that the disclosure is made in accordance with the provisions of that Act and you have complied with the Company&#146;s policy from time to time in force regarding such disclosures.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Nothing in this Agreement shall be construed to prohibit you from reporting or disclosing information or
reporting possible violations of federal or state law or regulations to any governmental agency or self-regulatory organization with oversight responsibility for the Company, or making other disclosures that are protected under whistleblower or
other provisions of any applicable federal or state law or regulations (it being understood that prior authorization of the Company is not required to make any such reports or disclosures, and you are not required to notify the Company that you have
made such reports or disclosures). </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>T<SMALL>IME</SMALL> C<SMALL>OMMITMENT</SMALL></B><SMALL></SMALL> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You will be expected to devote such time as is necessary for the proper performance of your duties. This will
include attendance at Board meetings, Board committee meetings, the AGM, meetings with the other <FONT STYLE="white-space:nowrap">non-executive</FONT> directors, meetings with shareholders, and meetings forming part of the Board evaluation process.
In addition, you will be required to consider all relevant papers before each meeting. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The nature of the role makes it impossible to be specific about the maximum time commitment. You may be
required to devote additional time to the Company in respect of preparation time and ad hoc matters which may arise, and particularly when the Company is undergoing a period of increased activity. At certain times it may be necessary to convene
additional Board, committee or shareholder meetings. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The overall time commitment stated in paragraph 4.1 will increase if you become a committee member or chair, or
if you are given additional responsibilities, such as being appointed as <FONT STYLE="white-space:nowrap">non-executive</FONT> director on the boards of any of the Company&#146;s subsidiaries. Details of the expected increase in time commitment will
be covered in any relevant communication confirming the additional responsibility. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By accepting this appointment, you confirm that, taking into account all of your other commitments, you are
able to allocate sufficient time to the Company to discharge your responsibilities effectively. You should obtain the agreement of [the Chairman and] the Nomination and Corporate Governance Committee before accepting additional commitments that
might affect the time you are able to devote to your role as a <FONT STYLE="white-space:nowrap">non-executive</FONT> [director][chairman] of the Company. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>A<SMALL>PPOINTMENT</SMALL></B><SMALL></SMALL> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Subject to the provisions of this letter, your appointment shall be for a term of three years commencing on the
date of the Company&#146;s 2018 annual general meeting (<B>AGM</B>) unless terminated earlier by either party giving to the other three months&#146; prior written notice. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Your appointment is subject to the Company&#146;s articles of association, as amended from time to time
(<B>Articles</B>). Nothing in this letter shall be taken to exclude or vary the terms of the Articles as they apply to you as a director of the Company. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Continuation of your appointment is contingent on your continued satisfactory performance and any relevant
statutory provisions relating to removal of a director. If the shareholders do not <FONT STYLE="white-space:nowrap">re-elect</FONT> you as a director, or you are retired from office under the Articles, your appointment shall terminate automatically,
with immediate effect and without compensation, other than earned but unpaid fees and unreimbursed business expense reasonably incurred, and except as otherwise provided in any equity compensation plan or award. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any term renewal is subject to Board review and AGM <FONT STYLE="white-space:nowrap">re-election.</FONT>
Notwithstanding any mutual expectation, there is no right to <FONT STYLE="white-space:nowrap">re-nomination</FONT> by the Board, either annually or after any three-year period. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You may be required to serve on one or more Board committees. You will be provided with the relevant terms of
reference on your appointment to such a committee. You may be required to serve as a <FONT STYLE="white-space:nowrap">non-executive</FONT> director on the board of any of the Company&#146;s subsidiaries and will be provided with the relevant terms
of reference on your appointment to such board(s). Except as otherwise determined by the Board or an authorized Board committee, you will not receive any additional compensation for service on any such Board committee or any subsidiary board.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Notwithstanding paragraph 5.1 to paragraph 5.5, the Company may terminate your appointment with immediate
effect if you have: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">committed a material breach of your obligations under this letter; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">committed any serious or repeated breach or <FONT STYLE="white-space:nowrap">non-observance</FONT> of your
obligations to the Company (which include an obligation not to breach your statutory, fiduciary or <FONT STYLE="white-space:nowrap">common-law</FONT> duties); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">been guilty of any fraud or dishonesty or acted in any manner which, in the Company&#146;s opinion, brings or
is likely to bring you or the Company into disrepute or is materially adverse to the Company&#146;s interests; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">been convicted of an arrestable criminal offence other than a road traffic offence for which a fine or <FONT
STYLE="white-space:nowrap">non-custodial</FONT> penalty is imposed; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">been declared bankrupt or have made an arrangement with or for the benefit of your creditors, or if you have a
county court administration order made against you under the County Court Act 1984; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">been disqualified from acting as a director; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">not complied with the Company&#146;s anti-corruption and bribery policy and procedures. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">On termination of your appointment, you shall, at the Company&#146;s request, resign from your office as <FONT
STYLE="white-space:nowrap">non-executive</FONT> [director][chairman] of the Company and any offices you hold in any of the Company&#146;s group companies. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If matters arise which cause you concern about your role, you should discuss these matters with the Chief
Executive [and Chairman] (who may determine that discussion with the Board (or a committee thereof) is appropriate). If you have any concerns which cannot be resolved, and you choose to resign for that, or any other, reason, you should provide an
appropriate written statement to the Chief Executive for circulation to the Board. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>I<SMALL>NDEPENDENT</SMALL> P<SMALL>ROFESSIONAL</SMALL> A<SMALL>DVICE</SMALL></B><SMALL></SMALL>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">In some circumstances you may consider that you need professional advice in the furtherance of your duties as a <FONT
STYLE="white-space:nowrap">[non-executive</FONT> director][chairman] and it may be appropriate for you to seek advice from independent advisers at the Company&#146;s expense. A copy of the Board&#146;s agreed procedure under which directors may
obtain such independent advice is available from the Company&#146;s General Counsel. The Company shall reimburse the reasonable cost of expenditure incurred by you in accordance with its policy. For the avoidance of doubt, nothing in this paragraph
6 shall be construed to limit any right of the Board or any committee thereof, under any charter document or rule of any stock exchange or regulatory authority or otherwise, to retain and/or receive the advice of outside compensation consultants,
legal counsel and other advisers or limit any obligation of the Company to provide appropriate funds for the compensation of any such outside advisers. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>O<SMALL>UTSIDE</SMALL> I<SMALL>NTERESTS</SMALL></B><SMALL></SMALL> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You have already disclosed to the Board the significant commitments you have outside your role in the Company.
You must inform the Chief Executive or the Nominating and Governance Committee in advance of any changes to these commitments. In certain circumstances, you may have to seek the Board&#146;s agreement before accepting further commitments which
either might give rise to a conflict of interest or a conflict with any of your duties to the Company, or which might impact on the time that you are able to devote to your role at the Company. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">It is accepted and acknowledged that you have business interests other than those of the Company and have
declared any conflicts that are apparent at present. If you become aware of any further potential or actual conflicts of interest, these should be disclosed to [the Chairman,] the Chief Executive and the Nominating and Governance Committee as soon
as you become aware of them and again you may have to seek the agreement of the Board. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>I<SMALL>NSIDE</SMALL> I<SMALL>NFORMATION</SMALL> <SMALL>AND</SMALL> D<SMALL>EALING</SMALL> <SMALL>IN</SMALL>
<SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL>&#146;<SMALL>S</SMALL> S<SMALL>HARES</SMALL></B><SMALL></SMALL> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Your attention is drawn to the requirements under both law and regulation as to the disclosure of inside
information, in particular to the Market Abuse Regulation (596/2014/EU), Disclosure Guidance and Transparency Rules of the UK Listing Authority and section 52 of the Criminal Justice Act 1993 on insider dealing, as well as section 10(b) and section
16(b) of the US Exchange Act and SEC Rule <FONT STYLE="white-space:nowrap">10b-5.</FONT> You should avoid making any statements or taking any other action that might risk a breach of these requirements. If in doubt, please contact the Chief
Executive or General Counsel. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">During your period of appointment you are required to comply with the Article 19 of the Market Abuse Regulation
(596/2014/EU) or any AIM Rules for Companies in relation to dealing in the Company&#146;s publicly traded or quoted securities, section 10(b) and section 16(b) of the US Exchange Act and SEC Rule <FONT STYLE="white-space:nowrap">10b-5,</FONT> the
Sarbanes-Oxley Act and any other code or policy as the Company may adopt from time to time which sets out the terms for dealings by directors in the Company&#146;s securities. A copy of the current share dealing code adopted by the Company will be
provided to you separately. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>R<SMALL>EVIEW</SMALL> P<SMALL>ROCESS</SMALL> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The performance of individual directors and the whole Board and its committees is evaluated annually. If, in the interim, there are any matters
which cause you concern about your role you should discuss them with the Chief Executive or the Nominating and Governance Committee as soon as you can. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>I<SMALL>NSURANCE</SMALL> <SMALL>AND</SMALL> I<SMALL>NDEMNITY</SMALL> </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company has directors&#146; and officers&#146; liability insurance and it intends to maintain such cover
for the full term of your appointment at a level customary for companies in the pharmaceutical industry of a similar size and stage of development. A copy of the policy document is available from the Company&#146;s General Counsel.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company shall grant you a deed of indemnity against certain liabilities that may be incurred as a result of
your office to the extent permitted by section 234 of the Companies Act 2006 and Delaware General Corporation Law. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>C<SMALL>HANGES</SMALL> <SMALL>TO</SMALL> P<SMALL>ERSONAL</SMALL> D<SMALL>ETAILS</SMALL>
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">You shall advise the General Counsel promptly of any change in your address or other personal contact details. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>R<SMALL>ETURN</SMALL> <SMALL>OF</SMALL> P<SMALL>ROPERTY</SMALL> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">On termination of your appointment with the Company however arising, or at any time at the Board&#146;s request, you shall immediately return
to the Company all documents, records, papers or other property belonging to the Company or any company in the Company&#146;s group which may be in your possession or under your control, and which relate in any way to the Company&#146;s or a group
company&#146;s business affairs and you shall not retain any copies thereof. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>M<SMALL>ORAL</SMALL> R<SMALL>IGHTS</SMALL> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">You hereby irrevocably waive any moral rights in all works prepared by you, in the provision of your services to the Company, to which you are
now or may at any future time be entitled under Chapter IV of the Copyright Designs and Patents Act 1988 or any similar provisions of law in any jurisdiction, including (but without limitation) the right to be identified, the right of integrity and
the right against false attribution, and agree not to institute, support, maintain or permit any action or claim to the effect that any treatment, exploitation or use of such works or other materials, infringes your moral rights. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>D<SMALL>ATA</SMALL> P<SMALL>ROTECTION</SMALL> </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">14.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company will obtain, record and use personal information about its staff which includes but is not limited
contact details, fee information, together with HR records and other records made about staff prior to and during the course of their engagement with the Company for legal, personnel, administrative and management purposes, to enable the Company to
meet their legal obligations, because it is necessary for the performance of the agreement between you and the relevant company, for the relevant company&#146;s legitimate interests or the legitimate interests of others, or for the protection of
your vital interests. The Company may make such information available to third parties such those who provide products or services to the Company (such as advisers and payroll administrators), regulatory authorities, potential purchasers of the
Company, and as may be required by law. Please refer to the data protection policy from time to time in place for more details about how your personal data is used. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">14.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">When handling personal data in connection with your appointment by the Company on the terms of this letter, you
agree to comply with the Data Protection Act 2018 and any other applicable data protection laws as well as any Company data protection policy from time to time in place. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>T<SMALL>HIRD</SMALL> P<SMALL>ARTY</SMALL> R<SMALL>IGHTS</SMALL> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No one other than you and the Company shall have any rights to enforce the terms of this letter. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>E<SMALL>NTIRE</SMALL> A<SMALL>GREEMENT</SMALL> </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This letter and any document referred to in it constitutes the entire terms and conditions of your appointment
and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between you and the Company, whether written or oral, relating to its subject matter. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You agree that you shall have no remedies in respect of any representation, assurance or warranty (whether made
innocently or negligently) that is not set out in this letter and you shall not have any claim for innocent or negligent misrepresentation based on any statement in this letter. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>17.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>V<SMALL>ARIATION</SMALL> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">No variation of this letter shall be effective unless it is in writing and signed by you and the Company (or respective authorised
representatives). </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>18.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>G<SMALL>OVERNING</SMALL> L<SMALL>AW</SMALL> <SMALL>AND</SMALL> J<SMALL>URISDICTION</SMALL>
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Your appointment with the Company and any dispute or claim arising out of or in connection with it or its subject
matter or formation (including <FONT STYLE="white-space:nowrap">non-contractual</FONT> disputes or claims) shall be governed by and construed in accordance with the law of England and Wales and you and the Company irrevocably agree that the courts
of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this appointment or its subject matter or formation (including <FONT STYLE="white-space:nowrap">non-contractual</FONT>
disputes or claims). </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>19.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>TAXES </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You acknowledge and agree that as an independent contractor you alone will be responsible for all federal,
state, and local taxes, and self-employment taxes on the fees payable to you during the Term. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This letter agreement is intended to comply with or be exempt from Section&nbsp;409A of the Internal Revenue
Code of 1986, as amended (<B>Code</B>) or an exception thereunder and shall be interpreted, construed and administered in accordance therewith. Notwithstanding the foregoing, the Company makes no representations that the payments or benefits
provided under this letter comply with Code Section&nbsp;409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the you as a result of this letter failing
to comply with Code Section&nbsp;409A. To the extent that any reimbursements are taxable to you, any such reimbursement payment due to you shall be paid to you in all events on or before the last day of your taxable year following the taxable year
in which the related expense was incurred. The reimbursements are not subject to liquidation or exchange for another benefit and the amount of such benefits and reimbursements that you receive in one taxable year shall not affect the amount of such
benefits or reimbursements that you receive in any other taxable year. For purposes of Code Section&nbsp;409A, each installment payment, if applicable, provided under this letter shall be treated as a separate payment. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please indicate your acceptance of these terms by signing and returning to the attached copy of this letter to Dr.&nbsp;Denise Scots-Knight, Chief Executive,
Mereo BioPharma Group plc. </P> <P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature page follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Yours&nbsp;sincerely</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Denise Scots-Knight</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For and on behalf of Mereo BioPharma Group plc </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I agree to the above terms of my appointment as [a <FONT STYLE="white-space:nowrap">non-executive</FONT> director][the
<FONT STYLE="white-space:nowrap">non-executive</FONT> chairman] of Mereo BioPharma Group plc as set out in this&nbsp;letter. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Signed&nbsp;on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[<I>name</I>]</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>6
<FILENAME>d734372dex81.htm
<DESCRIPTION>EX-8.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-8.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 8.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Subsidiaries of Mereo BioPharma Group plc </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Jurisdiction&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Organization</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Legal Name of Subsidiary</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma 1 Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">United&nbsp;Kingdom</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma 2 Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">United Kingdom</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma 3 Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">United Kingdom</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma 4 Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">United Kingdom</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo BioPharma Ireland Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Ireland</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mereo US Holdings Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">OncoMed Pharmaceuticals, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NAVI Subsidiary, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Delaware</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>7
<FILENAME>d734372dex121.htm
<DESCRIPTION>EX-12.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-12.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 12.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certification by the Chief Executive Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Denise Scots-Knight, certify that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">I have reviewed this annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> of Mereo BioPharma
Group plc; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The company&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(e))</FONT> and internal control over financial reporting (as defined in Exchange Act
Rules <FONT STYLE="white-space:nowrap">13a-15(f)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(f))</FONT> for the company and have: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Evaluated the effectiveness of the company&#146;s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Disclosed in this report any change in the company&#146;s internal control over financial reporting that
occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#146;s internal control over financial reporting; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The company&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the company&#146;s auditors and the audit committee of the company&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the company&#146;s ability to record, process, summarize and report financial information; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any fraud, whether or not material, that involves management or other employees who have a significant role in
the company&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: April 29, 2019 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Denise Scots-Knight</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Denise Scots-Knight, Ph.D.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
</TABLE></DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>8
<FILENAME>d734372dex122.htm
<DESCRIPTION>EX-12.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-12.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 12.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certification by the Chief Financial Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Richard Jones, certify that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">I have reviewed this annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> of Mereo BioPharma
Group plc; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The company&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(e))</FONT> and internal control over financial reporting (as defined in Exchange Act
Rules <FONT STYLE="white-space:nowrap">13a-15(f)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(f))</FONT> for the company and have: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Evaluated the effectiveness of the company&#146;s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Disclosed in this report any change in the company&#146;s internal control over financial reporting that
occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#146;s internal control over financial reporting; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The company&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the company&#146;s auditors and the audit committee of the company&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the company&#146;s ability to record, process, summarize and report financial information; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any fraud, whether or not material, that involves management or other employees who have a significant role in
the company&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: April 29, 2019 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Richard Jones</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Richard Jones</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE></DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>9
<FILENAME>d734372dex131.htm
<DESCRIPTION>EX-13.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-13.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 13.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certification by the Chief Executive Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the annual report of Mereo BioPharma Group plc (the &#147;Company&#148;) on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the year
ended December&nbsp;31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Denise Scots-Knight, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as
adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that to my knowledge: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) The Report fully complies with the requirements of
Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: April&nbsp;29, 2019 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Denise
Scots-Knight&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Denise Scots-Knight, Ph.D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>10
<FILENAME>d734372dex132.htm
<DESCRIPTION>EX-13.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-13.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 13.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certification by the Chief Financial Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the annual report of Mereo BioPharma Group plc (the &#147;Company&#148;) on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the year
ended December&nbsp;31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Richard Jones, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted
pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that to my knowledge: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) The Report fully complies with the requirements of
Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: April&nbsp;29, 2019 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Richard
Jones&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Richard Jones</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>g734372g0425234747941.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734372g0425234747941.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" $Z C0# 2(  A$! Q$!_\0
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MQ_WZ3_"M:B@#)_LO4?\ H.7'_?E/\*/[+U'_ *#=Q_WY3_"M:B@#)_LO4?\
MH.7'_?I/\*/[+U'_ *#EQ_WZ3_"M:B@#)_LO4?\ H.7'_?I/\*/[+U'_ *#=
MQ_WY3_"M:B@#)_LO4?\ H-W'_?E/\*/[+U'_ *#=Q_WY3_"M:B@#)_LO4?\
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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MZ[>@!NZESFL+5;Z_M+TK$81$UK(Z;NN]<<D^G-9,.OWXDC0S*S(P#*0#YQ+
M$*1V /:@#H-6_P"/C3/^OL?^@M6I6#J5U(^JZ? ;6546[&)CC:?E-;U !39'
M6.,N[*JCDEC@"G5@>--,;5O"UY;)<- P7?N'?'.#0!8T0BZ>\U'(87$I$9']
MQ>!_4_C6O6#X/T>30_#EM92SF9P-Y8]L\X%;U !45S&)K:6,C(=",?A4M(:
M*&AR-)HUMO\ O(OEGZJ<?TK0K)T8^5)J%J,_NK@L/HPS_/-:U !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110!YKXN_P"1CG_W4_\ 0111XN_Y&.?_ '4_]!%% $XE
MEN/$RDV[A3=(98BI"M( /G_SZ5Z'7G]S:VTOC%IGN)8Y%O%QE=RL,+C!S@<C
M'XFO0* &-$C'+*"<$<CL>M1BSMUV8A0>7]SY1\OTJ>B@#*U;BXTS_K['_H+5
MJUEZM_Q\:9_U^#_T%JU* "LSQ"Q30;PCJ4V_GQ6G65XAYT>1/[[QK^;"@#0@
M&V&,>B ?I4M(J[?Y4M !2&EHH R8_P!QXFE7/RW%N& ]U./Y&M45E:D/)U33
M+D#_ ):&)C[,/\:U10 M%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% 'FOB[_D8Y_\
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M+!-C?4<?TH T**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M6K)\0C&G+.,Y@E208]CS^E &L**13N4,.AYI: "BBB@ HHHH **** "BBB@
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M'D^(KV//$T22CZC@_P!*U1TK*OOW.NZ?-P%D#PM^(R/Y5K#I0 4444 %%%%
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MV7TZ/^]>)^G-)K^H2:?8)+'(L>9 '=EW!5YR<4TKL#7S16)H6JF]MI))ITD
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M$*"2-Y_^)IEK)JMW:17"V6GJLBA@&<Y&?^ T 6?^$BTG_G]C_.C_ (2+2?\
MG]CIGEZM_P ^FF_]]M_\35:[N-4M&@#6.GMYTHC&'/!P3S\OM0!<_P"$BTG_
M )_8OSH_X2+2?^?V/\Z9LU?_ )]-._[[;_XFCR]6_P"?33?^^V_^)H ?_P )
M%I/_ #^Q_G1_PD6D_P#/[%^=4TN=3DOYK066GAXD5RQ<X.<_[/M5GR]7_P"?
M33O^^V_^)H ?_P )%I/_ #^Q?G1_PD.D_P#/['3-FKX_X]-._P"^V_\ B:KV
M4^J7MG%<I9:>JR+N 9SD?^.T 6_^$ATG_G]C_.L/7_B%I.A-"")+GS03^Y_A
MQ6SY>K?\^FF_]]M_\36'XAT<WT=O)J>DV%QMD$2;96&W<<=A0!@^(;M;[5!=
MQA@D\,<B@]0"H-%;=UX0OKJ;?OMH%551(T8D*J@ =111<#MJ*** "BBB@ IJ
MH%)( &>M.HH *KWTS6]E+*L+3,JY$:]6]JL4UU#HR,,AA@T 5M-N?MFG6]SL
M\LRQA]@/"Y[5:)P*CM[>.V@2&(;8T7:H]!4A&: ,G4]0GL[F );)+$S!<E\,
M23C"CVK66J-SH]K=WL5Y*)/.B&%*N0,?2KP%  12!0"3@9/4^M.HH *K7]W#
M8V<EQ.P6-%R<]_:K-1RPI,A21%=#U5AD&@"GHE__ &GI<5UY0BW$C8#G&#6A
M4%I9P6-N(+:,1Q@DA1TYJ>@!I4,>0#CIFG444 %-V#<6XR>IQ3J* "BBB@!H
M7;P, >@IQZ444 8NO:N=*AA*P"9I&Z'L!6K#()8HY!T=0P_$5!>Z9;:@$^T(
M6V'((8@U92-8U55&%48 ]!0 \TT*-V[ STS3J* "@C-%% "*H48  'M2T4A.
M* $90PP0"/0BE Q1FC- "-7/R:Y=;;ETL44V\A0F60 D?XGTKH#S6;=:%87C
M[I8WW%_,W(Y'S>M &A YEMXY"I0LH)4]13\4V-1'&J#. ,<FEW<T  0#.T 9
MZTZDS1F@!"N[(."#V-.HHH *84!() R.G%/HH **** &A0#P ,]>*=110 A
M88(R#VH Q]!2T4 %-* D$@9'0^E.HH 04&EHH :JA23@9/4^M.HHH 0C-"@*
MN , >E+10 4UE#8R <'(S3J*  =**** &[!N+8&3WIU%% !30H P  /04ZB@
M K"O=9:QU#R[J",6F"WF;\L !]XCL,\5NUF_V'9'4)+UD9I9.'#,2K>Q7I0
M:-J7]JZ:EVT8B9F92@8-C#$=?PHJU:V5O90^3;Q)''N+;0.,DY-% %BBBB@
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EG4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>g734372g0425234748169.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734372g0425234748169.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" %/ A@# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "L'Q#XDCT?3+^6*.5KFWB9U#6\A0D#C+
M 8Q^-;U0W=K#>VDMK<('AE4HZGN#0!XEX4^-6N:SXELK"_L;!+:9B)&MXI&<
M<=AN/\J]JL[Z&^1FA$H"G!\R)D_]" K!TWX>^%M(U"&^L=*CAN83E'#-D?K7
M3T %<WK:WK:S9P66KW4$DS;FB58RBQKU)RI//3K725$;: W0N3$OGA-@?'.W
MKB@#E]&O]136$CU6:Y_TG?Y"[HFBX/\ LC(X]2:2Y\3ZH-4EM;:QM6C6X:W1
MI)2"2JYR0!T]JW[71=-LKIKFVM(XYFSE@.F>N/2I/[-LO-\W[+'YA<R;MO.X
MC!/UQ0!S/_"87LD+30V,&R%4\\/*026./EXZ"M+6->GTVY@2*V22,V[W$K,Q
M!55QP!W/-0ZEX/M=0O(9-T<4";<QK$,\'/!K>>SMI)%D>%&=4,89AD[3U% '
M)0>,K^<QQ)81>;.Z"-FWH@# ]=R@DC';K39O&]S'*UL+%3<P!S.%#NK;6*X4
MJIZX/)K9N?"6E3Q1Q);I%&LPE95'WL X'TYJTWA[27BAC-A#MA^X ,8[_C0!
M@3^,+AKIX((8]KI($;#91E7/)QM/T%68_$\\&B6[3PM+J$B1\^6RQ%FZ?-C%
M:W_"/:1]I^T?8(?-W%MVWH3P3^-6/[,LO[/^P?9H_LN,>41\N* .3L_$>K_;
M[ZR:.WDNDED?YI#Y:QJ!P#C.34P\:R>=')):+%:-&&W,6)8XS@,!MSVP<$UM
M_P#",Z+]G$']G0>7O+XQ_$>IS[U+_8.E_:5N/L,/F*  =O' P..G2@#-\.^)
M)]8G9)K41J8A,C*K@ 'L=P&3[CBJ$GC:2&\EC-M')&4D,13< 2K*H!8C!SN'
M(Z5TMEI-AIS2-:6R1%^&VCMZ?2JX\-Z,)6D_L^#<P8$E>S=1]#0!0'B"]M[I
M;6]M[;S#%++NAER,(JL..H^]^E4#XOU*:5!;6%L8VDAAR\I!W2)NSTZ#]:W3
MX9T5K=8&T^$QJQ8 CN>O/O5E-(T^,+LLX5VLK#"]"HPI_ <4 <O<>-KBWM8Y
M#;0F1!F>-2[?Q[>"!@#ODU)<>*[Q5FD:UB6U\V2!&27]YN49#8QC'\JW9O#F
MCW#9ET^!N"#E>O.>?7FH+#PKI=E+/*;=)9)79BSKT#<$?EQ0!CQ>*=5EE2*V
MLK9D,XME>64[BWEA]QP.G.*>GC"[EMI+E+*$16D2270:0[CDD$)QSC!Z]>E=
M(FE6$94I:1*5?S!A>C8VY^N.*A?0-*DEAD:QA+1?<.WISD?7GF@##MM>U&_U
MC2W"10V%R\P55?+D)P-PQ^/'2I;O7;R'4KX01K+LNH;**)VVKEDW%S^?Z5LQ
M:'ID%^;Z*RB6Y))\P+R">N/3/>C^R+8ZC-=LH;S2CLA''F*,!_KC _"@!NB:
MC+J-I*UQ$D<\,\D$@0Y4LAP2/:M*N=U'0II+]IK".&+<F1+NP8Y"Y8MC'.>A
MJM_9NO3)+:W,Y:)T=FQ)D$D_*H8CC SU% %^[\46MIJ9L&A<R;@NX30@<^Q<
M-^E83WNN-]N;3]0DN]L,JM(R(D*39PBQD@9(Z'.1^-=;96?EV<27,<+3*N&*
MH,55C\,Z+"LBQZ= %D4JZXX(/7B@#$M=4O+7RDGN+I[B"_CM[A)RAW+* %P4
M & 2#TSP:*W$T"QA:W$$8BBAF\\H/^6CXP"Q[X_H** -6BBB@ HHHH ***1W
M6-"[L%51DDG % "T57-]:"-)#<PA'.$;>,-]*D6XA>5HDE1I$^\@89'U% $E
M%-9U3&Y@N3@9/4TZ@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M% !1110 4444 %%%% &5K?2Q_P"OI/ZUJUE:WTL?^OI/ZUJT %%%% !1110
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MTRS65+*!)VW3! '.>IQS0!/1110 4444 %%%% !1110 4444 %%%% !1110
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M<":TM3)+;PA?G+L",$^G)KK** *&BV3:=H]K:R',B)\^/7J?UJ_110 4444
M%%%% !1110 4444 <=XR@6>]M!>>:+$1MAHH1(?,R, ^G'YU8\-#6QI4T$[8
M=8T\AY8]H!(Y&!V'_P!:JOC%XK?5+*>9[5T\ID\BX=QR2/F 7\N:W]*O;?\
MX1VVN_DB@\H-\N=H'MGG% ',PW6IZUJNGI.PDMK>[$OFQ6S[&*AA]X\8YKNJ
MX/2(1IUX)[AHS&)WD,PO1@@YP=G]*[I'61%=3E6&0: '5!>7265I)<.KL$'W
M4&2?8"IZJZC;W%U82P6UQ]GE<8$@&=M &8/%-H9(X?*E$[,RM&1@J5QG/_?0
MJQ::];7=_P#94249+JDC+\KE#A@#[&LZ?PO)/8I:F6W5=C(S>5E@&Q\P)Y#<
M59T_P^]E?QRM<[X(6E:)-O.9#DY/MS0!8ULC_01D?\?2?UJUI\$T$4JS2;RT
MSNISG"D\"LK6--M8[NRNUC83&[4EO,;'?MG%:NGV[6T4RM*)-\SOG/3)Z?A0
M!;HHHH **** "BBB@ HHHH CN$:2WD1&VLRD ^AIEG')#901RMOD5 &;/4XI
M]PADMY$#;2RD;O2F641@LH(B^\H@4MZ\=: )Z*** "BBB@ HI&8*I9B !U)K
M,EUI'D,-A"]W*.#L^XOU;I0!;O+^TT^(2WEQ'!&3@-(V!FI+>XANX$GMY%EB
M<95U.0:Y/Q+X*E\9Z>MMK%\845]ZQVZ\ ^Y/6KNC>%9- TBWL-/U6<) NU?-
M4,OY<?SH Z2BLKS-:M_OP072C_GF^UC^!X_6C^W(XN+RVN+;'5G0E1_P(<4
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M[6H?OVMO,H[HY#'\#0!JT5D_VT\7-UIUU".Q"[_Y5*FNZ<Y"M<B-C_#("IH
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MQLSZ8XH AM-)L[1MZ1[Y3UDD.YC^)J]110 44$@#).!2 AAD$$'N* %HHHH
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M_G3X]5BN.(KJT'H?,!H TZ0LJ]6 ^IJD7C/^MOTYZA6 %1M<:7#_ *RYB/\
MOOF@"V;N$<!MQ'91FD^T2-_JX'(/0GBJHUK25^[>0?@:1M?L ,J\CX_N1DT
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M_G_M_P#OQ_\ 7H U**S=(N+N9KZ*\='>WG\M61=N1L5OZFB@#2HHHH ****
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M" >HS2T44 (0"02!QTI:** $P,YP,CH:6BB@!,#.<<^M+110 F!G..12T44
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K "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>g734372g0425234748637.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734372g0425234748637.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" $2 9@# 2(  A$! Q$!_\0
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MDJV[<,Y.<'G)K5HH C@@BM;>."! D4:A44= !TJ2BB@ HHHH **** "BBB@
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M>?1+6221I6*8$C')< D!B>^0 <]ZONX3&0QS_=4G^5*JJB*B*%51@ #  I:
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M@=.*T(M+TZWO'O(;"UCNGSOF2%0[9ZY8#)S5E41"Q1%7<=S8&,GU- #J***
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MBHO(3^])_P!_&_QH\A/[TG_?QO\ &@"6BHO(3^])_P!_&_QH\A/[TG_?QO\
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M*#Y3Y8K[$U)_PC7B[_H:/_'34NA#^=?C_D-5)-7Y6=O17$?\(UXN_P"AH_\
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MDOA?K_*_70T=%37-2^[K_P $VJ*I0:G!<R-'"&=AU *_XU8\U_\ GWD_-?\
M&O1A4A47-!IKR.=Q<79HEHJ+S7_Y]Y/S7_&CS7_Y]Y/S7_&K$2T5%YK_ //O
M)^:_XT>:_P#S[R?FO^- $M%1>:__ #[R?FO^-'FO_P ^\GYK_C0!+147FO\
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MH)RP_$8K8T[Q##<R?9[Q?LMT."K\ GVS_(UM51U#2;34TQ<1_.!\LB\,/QH
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M%61@VWN%%%%, HHHH **** "BBB@ HHK"UC5Y?.&FZ;\]Y)PS#_EF/\ '^5
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M_O2?]_&_QIR1JAR"Y^KD_P Z?10 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %(0",$
M@]C2T4 4Y-*T^;)>R@)/4^6 ?SJ+^PM+_P"?*+\JT:* ((+*UMCF"VBC/JB
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K 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>g734372g0425234748902.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734372g0425234748902.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" $1 9@# 2(  A$! Q$!_\0
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MV_PH EHJ+ST_NR?]^V_PH\]/[LG_ '[;_"@"6BHO/3^[)_W[;_"CST_NR?\
M?MO\* ):*B\]/[LG_?MO\*//3^[)_P!^V_PH EHJ+ST_NR?]^V_PH\]/[LG_
M '[;_"@"6BHO/3^[)_W[;_"CST_NR?\ ?MO\* ):*B\]/[LG_?MO\*//3^[)
M_P!^V_PH EHJ+ST_NR?]^V_PH\]/[LG_ '[;_"@"6BHO/3^[)_W[;_"CST_N
MR?\ ?MO\* ):*B\]/[LG_?MO\*//3^[)_P!^V_PH EHJ+ST_NR?]^V_PH\]/
M[LG_ '[;_"@"6BHO/3^[)_W[;_"CST_NR?\ ?MO\* ):*B\]/[LG_?MO\*//
M3^[)_P!^V_PH EHJ+ST_NR?]^V_PH\]/[LG_ '[;_"@"6BHO/3^[)_W[;_"C
MST_NR?\ ?MO\* ):*B\]/[LG_?MO\*//3^[)_P!^V_PH EHJ+ST_NR?]^V_P
MH\]/[LG_ '[;_"@"6BHO/3^[)_W[;_"CST_NR?\ ?MO\* ):*B\]/[LG_?MO
M\*//3^[)_P!^V_PH EHJ+ST_NR?]^V_PH\]/[LG_ '[;_"@"6BHO/3^[)_W[
M;_"I%8,H(SSZC% "T444 %%%% !1110 51.CV)U WWE-YY;=_K6V[MNW=LSM
MW8XW8SCO5ZB@#/?1;*26&27[1)Y6W:DEU*R97H2I;:QSSD@G-:%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !113)94AB>65@D: LS'H * ,O4_$NF
MZ3=+;7,C^81DA%SM'O6JCK+&LB,&1@&4CH0:X&/2'\8ZK=:EN-K:;@B'9EI,
M#'KZ5WEO EM;101@B.) BY] ,"MZT(022^+J84ISFVWMT)****P-PHHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "N1UV
MZFUW54T"Q?$2G==RCH .WX?SQ6EXEUHZ79K#;_-?7'R0J!DCWQ_+WJ3P[HHT
M>PQ)\UU-\\SYSSZ?A_C7137LX^T>_3_,PJ/GE[-;=?\ (TK6UALK6.V@3;%&
MNU14U%%<[=]6;I6T04444 %%%% !1110 4444 %%%% !15>:_L[>XBMY[N"*
M>8XBC>0*S_[H/)_"K% !1110 4444 %%%% !1110 4444 %%%% !1110 444
M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %5K^^ATZRE
MNKAL1QC/N3V ]S5FN,G9O%^NBWC)_LFS;+L.DC?_ %^WMD]ZUI04G=[+<SJ3
MY59;O8G\.V4VJ7[^(=07YG.+:,]$7U_P_$UUE(BK&BHBA548  X I:52;G*X
MZ<.2-@HHHK,L**** "BBB@ HHHH **** "BBB@#F=6CD-_?0"TGDDNU@$$B0
MLR#:QSEP,+M/S<D=>,FNFHHH AS*\D@5D55; RA/8'U]Z7;/_P ](_\ OV?\
M:EHH BVS_P#/2/\ []G_ !HVS_\ /2/_ +]G_&LWQ!XAM?#UI'-<C<TC;47<
M%SZ\FI]&U>#6]/6[@4J-Q5E/8_Y(J^27+S=">>/-R]2WMG_YZ1_]^S_C309S
M*R;X^%!SL/?/O[5/14%$6V?_ )Z1_P#?L_XT;9_^>D?_ '[/^-2U'//#:P//
M<2QPPH,M)(P55'N3TH 3;/\ \](_^_9_QHVS_P#/2/\ []G_ !I8)X;F!)K>
M5)8G&5DC8,K#V(ZU)0! 3.)53?'RI.=A[8]_>G;9_P#GI'_W[/\ C4M% $6V
M?_GI'_W[/^-&V?\ YZ1_]^S_ (U+4<,\-PK-!+'*%8HQ1@<,.H..X]* $VS_
M //2/_OV?\::QG5D&^,[FQ]P\<$^OM4]% $6V?\ YZ1_]^S_ (T;9_\ GI'_
M -^S_C4M% $6V?\ YZ1_]^S_ (T;9_\ GI'_ -^S_C45GJ5CJ&_[%>VUSY9P
M_DRJ^WZX/%6J (',Z*#OC.6 ^X>YQZT[;/\ \](_^_9_QJ6B@"+;/_STC_[]
MG_&C;/\ \](_^_9_QJ6JZW]F]ZUDMW UV@W- )!O4>I7KCD?G0 _;/\ \](_
M^_9_QILAGCB=]\9VJ3C8>?UJ>B@"+;/_ ,](_P#OV?\ &C;/_P ](_\ OV?\
M:EHH BVS_P#/2/\ []G_ !HVS_\ /2/_ +]G_&J\&KZ9=71M;?4;2:X7.8HY
MU9QCKP#GBKM $$AGCB=]\9VJ3C8>?UIVV?\ YZ1_]^S_ (U+10!%MG_YZ1_]
M^S_C1MG_ .>D?_?L_P"-2US^K^+]*TVRDDCO;>:;'R*C@J3TY(XJHQ<G9$RD
MHJ[*OB34KN2:/0[%U>ZN>)"JD;%/OD]1^E;.EZ7_ &381VL#QX7EF,9RS=R>
M:S?"NE-#;MJEVPEO;P;R^<X4\@#Z]?RKHZUJR27LX[+\69TXMOVDMW^"((S/
M)$C[XQN4'&P\?K3ML_\ STC_ ._9_P :EJM?7:V5H\S=0,*/4]JY:E2-.#G-
MV2U-XQ<G9'/ZL;R?5C#$[2,@&!$"-O\ GUKH8ENA#&))(]^T;OD)Y[]ZH:"D
M9MYKDS)).[D2E6!V'KM/H><D>]:<,\-S"LT$J2Q.,J\;!E8>Q%>9EF&E%SQ4
MV[U-;=ET^=O\CIQ%1.U-?9ZB;9_^>D?_ '[/^-.B9GCRV-P8@X'H2*?17K'*
M%%%% !1110!%<7"6L#32+(RKU$432-^"J"3^ K-&MBXO;."TMKPB24B9IK&:
M,(FQCG<R@ [@H_&KU[8VU_$J7"$[#N1T<HZ'U5E(*G''!Z$BL!=62WMDN]/U
MV&_M"X3RIU,C+QG&^,;DPO)+JQXY(Y- '44444 %%%% !1110!SWC"UM[K3(
MUEM;F:7S-L3P0M(8B1RS!03M]>.>/K6-#IUUX5MX;_1VN+C3B@\Z"="C@#^(
MJ0"/RX^E=U16L*KCH]5V,YTE+79]RGINIVNK6BW%J^Y3PRG[RGT(JY7)ZGH]
MUHUVVKZ&,#K/:@?*P[X']/RK;T?6;76K3SH#AQQ)&3RA_P />G.FK<\-OR%"
MH[\D]_S-&J>J,J6#LWV@ $?/;P^;(ASPP7:V<?0U<HK$U,OP_')'I062-US+
M(RF1"CNI<D.RGHQSDC Z]!T&I110 4444 5M06[>PF6Q,8N67$9D8J ?7(!_
MD:S_  ]!=6T-W#<VD5LJS?NUCF:0$;5'5E7/3KWYK9HH **** "D8A48G. ,
MG R:6B@#!\/F9))+:.6^FT^*)%B>]MO)=6&05 V*2,;>2/Q/;>HHH **** "
MN7T1;^WU5H#)>E#+</<1S6X6)<N2C)(%&XG(_B;C.<8KJ** "BBB@ HHHH S
MH4DN-;N+B2-UCMD$$.Y<;B<,[#U'W1_P$UHT44 %%%% $%[);Q6,\EX%-LL;
M&4,NX%<<C'?CM7DMII4NKW1U,07,>GF]DW%;=W<!BQ!"@9/8<=,_6NSU^XEU
MO5H] LF(C4[[J0= !V_#^>*ZFVMHK.UCMX$"Q1KM4"NA-T8W6[_(YVE5E9[+
M\RIH<,EOHMK')&8F"Y\L]4!)(7VP,#%:%%%<YT!6'+_Q-M8$(YM;;E_1F_S_
M "-7=7O39V9V']])\J =?K3M+LA8V2QG_6-\SGWKR\3_ +576%7PQM*7Z1^>
M[\D=-/\ =P=3J]%^K,&W2:YM]3M-,LVB1[E2([F&6U1H=B*0I*<9VD<#I^%;
M&@)=1Z2B7=ND$@D?"(Y88W$CJJ_RZ8K0>:*)E$DB(6X4,P&?I3Z]0Y@HHHH
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MY_&NPMHWAM88G?>Z(%9O4@=:PO#:-=W5[JL@.9GV)GLO^<#\*Z*NPR"BBB@
MHHHH ****  ]*X"#Q%:0DW,=EHMKJS+YD[18=V!#%D; 5E<NH7!W8++]X\5W
M]<YIMKJ,>H0-+#?I(I;[7/->"2&88/\ JTW';EL$?*N "/8@'1 Y .,5DG69
MAJ/E"S4V8N/LQG\WYO,VY^YC[N<#.<Y[8YK1NK2VOH#!=V\5Q"3DQRH'4_@:
MS1HLJWV];M%LO/%R+<0_,'"X W[ONY&<8S[XXH 6YUDP:]%IBBR!=$?,]WY<
MC;BPPB;3N(V^HZUKUE7>G7]\(H9[VV%L"CRK':D.S*P;Y6+D*,@=B??O6K0
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M]4UK2=(6YT+13J]V9E0P"81[5/5N>O.![9ST!%:_D)_>D_[^-_C1Y"?WI/\
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M>9+&X8 #+8[X_3\JVJ* .2\-WLEG,^G:@)8S+@Q+,I'KD<^M:%Q;S:-<&[M
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M^;<'S&)ZX/3].?QJIKA.IZO::2A.P'S)L=A_^K^8KHP JA0, #  H 6BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** *UW86M]'LN85D'8D<CZ&L5M#U#36,FD7AV=3!*>/\ #^7U
MKHZ* .>C\22VKB+5K&2W;IYB#*G_ #[$ULVM]:WJ;K:=)!WVGD?4=14TD:2H
M4D174]589!K#O/#%J^Z:R9[6X RNQN,_T_"@#>HKA-/.M:;>O<O:74JC/FJV
M?F]\]_K7267B/3[PA3)Y$G39+Q^O2@#695=2KJ&4]01D&LJ?0T$GG64K6TOL
M>*U@01D'(-%<^(PE'$*U6-[=>J]'N:0JSI_"S%^W:I8\7=KYZ#_EI'_G^@I8
MO$=M).$:-XT/\;=OJ*V:S!H5C]I:8JQR<["?EKSJN&S"DXK#5>97UYO\[7?Y
MF\:E"2?M(V?D7HKF"?\ U4R/_NL#4M94OA^Q<Y021'_8;_&H_P"Q[R+_ %&I
MR@=E;./YUO\ 6,;#2=&_G&2_)V(]G1>T[>J_R-FF2S1P(7E=44=V.*R?[.U0
M\'4SCV!IT>@1%]]W<2W#?[1P/\?UH>*Q<]*=!I]Y-)?A=A[*DOBG]R,^XUF>
M_F%I!MBCE<(&YW8)Q6]9645C;B*(>[,>K&FQ:990SB:.W59!T.3Q^'2K=1@,
M%6ISE6Q4E*;V?9>78=>M"24*2L@HHHKU3F"H;JYCL[66XE/R1KN/O[5-7!:U
M>7U]K$UD'9XQ+L2%#P<=/QH WO#5O)()]5N/]==,=OLN?\_D*RY_#OC!V\0F
M/Q>JK>_\@]?L8_T7D'!.<_=^3(_WOO5V,<:11K'&H5$ 50.P%.H Y&'0/%B:
MIH<\OBT2VMI!LOXOL:K]J?)RW!XR"![;>/O&NNHHH **** "BBB@ HHHH **
M** "BBB@ HHJ/SX?M'V?S8_/V;_+W#=MSC..N,]Z )**JS:E86UW':SWMM%<
MRX\N%Y55WR<# )R>:M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %4KW2+'4 ?M%NI<_QKPWYBKM% '-_P!B:GIIW:5?%H_^>,O^<?RI
MR^([FS8)JNGR0GIYD8RI_P _6NBI&574JRAE/4$<&@"I::K8WN/L]S&S'^$G
M#?D>:LB:(RF(2(9!R4W#(_"LNZ\-Z9=9(A\ES_%$=OZ=/TKGH_#NL6FH^=;J
MI,3;DD+C#?AG/- '<45SH\175F=NJ:=)%_TTCY7_ #^-:EIK&GWN!#<H6/\
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M!7U"W\BYR0R\<C/!P&8#([;C]:LRN8X7=49RJDA%ZMCL* 'T5RO_  E6J_\
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M;(;;97N[&TU"(17MK!<QAMP2:,. ?7![U&NE:<EQ#<+I]JLT*!(I!"H:-1P
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
I110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>g734372g0425234749144.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734372g0425234749144.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" %) ET# 2(  A$! Q$!_\0
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MH A^TP?\]D_.C[3!_P ]D_.IJ* (?M,'_/5/SH%Q"S +*I)Z &IJ* "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M ***0]* %HJC/JEK:SM#*[!@ 2 I-1'7+#_GH_\ WP:?++L2Y+N:=%0VUQ'=
M0B:(DH>A(Q4U(I!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !12&O)
M-4NKE=9O@+J< 7#@ 2L /F/O6U&BZK:3,:U94DG8]<HKQAKNZVG_ $NYZ?\
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M/M,/]X_]\FC[3#_>/_?)H GHJ'[5#_?/_?)H^TP_WC_WR?\ "@":BH/M,/\
M>/\ WR:7[5#_ 'S_ -\F@":BH/M,/]X_]\FE^U0_WS_WR: )J*A^TP_WC_WR
M?\*/M,/]X_\ ?)_PH FHJ'[5#_?/_?)H^TP_WC_WR?\ "@":BH/M,/\ >/\
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M7^Y+_P!^S_A4U%<QN0_:$_NR_P#?L_X4?:$_NR_]^S4U!H \DUTY\0Z@>?\
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MH4E'X3S(UJCEN=K_ &]?>L7_ 'Q5O3-4NKJ_2&4IL*D\+@UA5HZ)_P A6/\
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M2,,BEH/2N8W/--;\;:UI^O7UG;M;>3#+L3=%DXP.^:S_ /A8.OGJUI_WY/\
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MXSXUZ$UK_P ?D'_71?YUUA^]7)VW_'Y!_P!=%_G76'J:TK[D4-B:S_X_K?\
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M/_?7^=-[TZ/_ %T?^^/YUH]C-'7M]XTUONGZ4YOO&FM]T_2N!GH'<0_ZE/\
M='\JDJ.'_4I_NBI*\X[4!Z5\^G[S?[Q_G7T$>E?/I^\W^\?YUVX/=G'B^@G:
MM6'_ %,?^Z*RJU(?]3'_ +HKT8G!(>>E=9;?\><'_7-?Y5R9Z&NLMO\ CS@_
MZYK_ "K.OLC2ANR0_=/TKMK3_CR@_P"N:_RKB3]T_2NVM/\ CR@_ZYK_ "KS
MJ^R/0H[LFHHH[5S&YXEXI_Y&S5/^N_\ 05DUK>*?^1LU3_KO_05D]J]FE\"/
M)J?&S3@_X]H_]VI*CM_^/>/_ '14E;HPZG1Z1_R#(_\ >;^=7JHZ/_R#(_\
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M<O\ >'YUA^,_^1/U/_KE_45XSCW/YFNBCA_:J]['/5K>S=K7/:?%C+_PB]\
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M"SCA\2.BJ_HS!-31B"1M;H,]JH]ZT-$_Y"L?^XU>=4^%GHP^)'2?:$_NR?\
M?LT?:$_NR?\ ?LU+17"=9SWC&97\(:D K_ZKNA'<5X]7LOC/_D3]3_ZY#_T(
M5XU7HX/X&<&*^)$MM_Q\Q_6M.LRV_P"/F/ZUIUW1V.*6Y):_\?D'_71?YUUI
M^]7)6O\ Q^0?]=%_G76GJ:PK[F]#8EM#B]MS_P!-%Z?6NO\ M"<?++_W[-<C
M9_\ '];_ /75?YUV5>=7W1WT=B/[0G]V3_OV:CGN$-M*-LGW&ZH?2K517/\
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M<U_E7G5]D=]'=DU!Z44=JYC<\2\4_P#(UZI_UW_H*R:UO%/_ "->J?\ 7?\
MH*R>U>S2^!'DU/C9IV__ ![Q_P"Z*D-1V_\ Q[Q_[HJ2MT8/<Z/1_P#D&1_[
MS?SJ]5'2/^09'_O-_.K]<4_B9W4_A1U.A_\ ()B^K?S-:-9VA_\ ()B^K?S-
M:->=/XF=L/A04445)04444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M/*#_ *YK_*O.K[([Z.[)J.U%':N8W/$O%'_(UZI_UW_H*R:UO%/_ "-FJ?\
M7?\ H*R:]BE\"/)J?$S3M_\ CWC_ -T5)4=O_P >\?\ NBI*Z$8=3H](_P"0
M9'_O-_.KU4=(_P"09'_O-_.K]<4_B9W4_A1U.A_\@J+ZM_,UHUG:'_R"8_\
M>;^9K1KSI_$SMA\*"BBBI*"BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH 3(I-X]:K7TSV]A<2QC+I&67ZXK&T1YX[[R7O9[I)K2.X)F?=M8]<>@/
MI[4D^@'2445#]H_Z8S?]\TP)J*A^T?\ 3&;_ +YH^T'_ )XS?]\T <E\0/\
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MYUUIZFL^'PAK4=Q%(T$>U7!.)!ZUO?V/?Y_U'_CPK*K5IMZ,VHTII:HKV?\
MQ_6__75?YUV?>N8M]+O8KJ&1H#M1PQP1T!KHO/.?]3-_WS_]>N&LTVK'9232
MU)JBN?\ CUF_W&_E2>?_ -,9O^^:9-*TD,B+#+EE(&5]JQ1JSP-/]6OTIX^\
M/J*Z-? 'B$*!]GM^!_SV'^%._P"$!\0@@^1;\'_GL/\ "O7]M3_F/*]E4[%
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MF+)ZG8.?K4U% $/V>/R_+\J/9_=VC'Y5(HQ3J* "BBB@ HHHH *:P)'%.HH
MA-O&7WF.,N.C%1G\Z!!& V(XQN^]A1S]?6IJ* &(@C&U555'0*, 4^BB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@!#TKDKS0-6EGUJ"'[(MKJCINF:1M\:A0K?)MP3U[UUU(>E)@<7_ ,(G
MJ!UV&>>6*6SAF8J7F;/E&/:$V8V@CUSS4_@G2[BS%Y/="3<LAMK<RH5;R4)V
M]><<_I76-TI>X^E/8-Q:*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
+"BBB@ HHHH __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>g734372g0425234749472.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734372g0425234749472.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" '& E$# 2(  A$! Q$!_\0
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MV+?TKG*Z/P3_ ,C!_P!L6_I73A/X\/4YL9_N\_0]&HHHKZH^1"BBB@ HHHH
M**** "O%V^^WUKVBO%V^^WUKQLW^Q\_T/;R;[?R_42BBBO%/<"BBB@ HHHH
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M$O\ Q\R?[J_UJ6@ HHHH *\?U'_D)W?_ %V?_P!"->P5X_J/_(3N_P#KL_\
MZ$:\C-OAB>SD_P 4_D5J***\,]X**** "BBB@ HHHH **** "NC\$_\ (P?]
ML6_I7.5T?@G_ )&#_MBW]*Z<)_'AZG-C/]WGZ'HU%%%?5'R(4444 %%%% !1
M110 5XNWWV^M>T5XNWWV^M>-F_V/G^A[>3?;^7ZB4445XI[@4444 %%%% !1
M110 4444 %=5X#_Y"MS_ -</_9A7*UU7@/\ Y"MS_P!</_9A77@O]XB<F/\
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MV/G^A[>3?;^7ZB4445XI[@4444 %%%% !1110 4444 %=5X#_P"0K<_]</\
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M^04445XY[04444 %%%% !1110 4444 %=EX!_P!;?_[J?^S5QM=EX!_UM_\
M[J?^S5V9?_O,?G^1Q9C_ +M+Y?FCMZ***^G/E0HHHH **** "BBB@ HHHH *
M*** "BBB@")?^/F3_=7^M2U$O_'S)_NK_6I: "BBB@ KQ_4?^0G=_P#79_\
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M^N'_ +,*Y6NJ\!_\A6Y_ZX?^S"NO!?[Q$Y,?_NTSOZ***^H/DPHHHH ****
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M[DWPS^04445XY[04444 %%%% !1110 4444 %=EX!_UM_P#[J?\ LU<;79>
M?];?_P"ZG_LU=F7_ .\Q^?Y'%F/^[2^7YH[>BBBOISY4**** "BBB@ HHHH
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M_E7CE>)F^\/F>[DWPS^04445XY[04444 %%%% !1110 4444 %=EX!_UM_\
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M_P!9)?\ /O\ '_@'3>9'_?7\Z/,C_OK^=<S11_JK#_G[^'_!#_627_/O\?\
M@'3>9'_?7\ZZ/P0ZMX@P&!/DMT/TKS:NP^&O_(V?]N[_ -*/]7(X?]ZJE^77
M;_@DSSZ5>+I<EKZ;_P# /8:***9RA1110 4444 %%%% !7B[??;ZU[17B[??
M;ZUXV;_8^?Z'MY-]OY?J)1117BGN!1110 4444 %%%% !1110 5U7@/_ )"M
MS_UP_P#9A7*UU7@/_D*W/_7#_P!F%=>"_P!XB<F/_P!VF=_1117U!\F%%%%
M!1110 4444 0WG_'E<?]<V_E7CE>QWG_ !Y7'_7-OY5XY7B9OO#YGNY-\,_D
M%%%%>.>T%%%% !1110 4444 %%%% !79> ?];?\ ^ZG_ +-7&UV7@'_6W_\
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MO_2N/KL/AK_R-G_;N_\ 2N?%?P9>AK1_B(]AHHHKYL]8**** "BBB@ HHHH
M*\7;[[?6O:*\7;[[?6O&S?['S_0]O)OM_+]1****\4]P**** "BBB@ HHHH
M**** "NJ\!_\A6Y_ZX?^S"N5KJO ?_(5N?\ KA_[,*Z\%_O$3DQ_^[3._HHH
MKZ@^3"BBB@ HHHH **** (;S_CRN/^N;?RKQRO8[S_CRN/\ KFW\J\<KQ,WW
MA\SW<F^&?R"BBBO'/:"BBB@ HHHH **** "BBB@ KLO /^MO_P#=3_V:N-KL
MO /^MO\ _=3_ -FKLR__ 'F/S_(XLQ_W:7R_-';T445].?*A1110 4444 %%
M%% !3)HA-!)$Q90ZE25.",^AI]% '*6_@M8(=8A_M*[DCOD1(S+)O,6U0 ?<
M@C\JMVNA7'V>]EO6M)=0O)%=V$>8TV@*-H/<#)^IKH** .6G\),?$5G?VT\:
M6\(CWJZDR#8S-\I[;BWS>M=3110!$O\ Q\R?[J_UJ6HE_P"/F3_=7^M2T %%
M%% !7SWJ_P#R&[__ *^9/_0C7T)7SWJ__(;O_P#KYD_]"->IEGQ2./&;(I44
M45[!P!1110 4444 %%%% !1110 5V'PU_P"1L_[=W_I7'UV'PU_Y&S_MW?\
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M5\]ZO_R&[_\ Z^9/_0C7J99\4CCQFR*5%%%>P< 4444 %%%% !1110 4444
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M_@=#17/?;+G_ )[/^='VRY_Y[/\ G1_JOB/YU^(?ZQT/Y'^!T-=EX!_UM_\
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MT5!R%"@#\J?10 PQ1M(LC(I=?NL1R/H:?110!$O_ !\R?[J_UJ6HE_X^9/\
M=7^M2T %%%% !7SWJ_\ R&[_ /Z^9/\ T(U]"5\]ZO\ \AN__P"OF3_T(UZF
M6?%(X\9LBE1117L' %%%% !1110 4444 %%%% !78?#7_D;/^W=_Z5Q]=A\-
M?^1L_P"W=_Z5SXK^#+T-:/\ $1[#1117S9ZP4444 %%%% !1110 5\X/_K&^
MIKZ/KYP?_6-]37JY7]KY?J<6,^R-HHHKUSA"BBB@!P=@5(8C;TYZ4%V))+$E
MNISUIM%(!V]MFS<=N<[<\4VBB@ HHHI@%=U\+?\ D.WG_7M_[,M<+7=?"W_D
M.WG_ %[?^S+7-B_X$C:A_$1ZO1117SAZH4444 %%%% !1110!6U#_D&W7_7%
M_P"1KYWKZ(U#_D&W7_7%_P"1KYWKU\LVE\CAQFZ"BBBO5.(**** "BBB@ HH
MHH **** "O1?A3_K]4_W8OYM7G5>B_"G_7ZI_NQ?S:N3&_P)?UU-\/\ Q4>F
M4445\\>H%%%% !1110 4444 %%%% !163;^(M/N-/O[X-(EO8RO%,TD94Y0
MG ZXY_&J,WC73[>R:>6UOED21DEMC&OFQ83>68;L8V\\$]?7B@#I**KQWL,U
MSY$1+MY8D)7H >F?K_2K% $2_P#'S)_NK_6I:B7_ (^9/]U?ZU+0 4444 %?
M/>K_ /(;O_\ KYD_]"-?0E?/>K_\AN__ .OF3_T(UZF6?%(X\9LBE1117L'
M%%%% !1110 4444 %%%% !78?#7_ )&S_MW?^E<?78?#7_D;/^W=_P"E<^*_
M@R]#6C_$1[#1117S9ZP4444 %%%% !1110 5\X/_ *QOJ:^CZ^<'_P!8WU->
MKE?VOE^IQ8S[(VBBBO7.$**** "BBB@ HHHH **** "NZ^%O_(=O/^O;_P!F
M6N%KNOA;_P AV\_Z]O\ V9:YL7_ D;4/XB/5Z***^</5"BBB@ HHHH ****
M*VH?\@VZ_P"N+_R-?.]?1&H?\@VZ_P"N+_R-?.]>OEFTOD<.,W04445ZIQ!3
MXO+,J^:6$>?F*CG%,J2$Q"9#,K-$#\RJ<$CZTF,V1I6FR75F5N7BM[B,MB9P
M&!!QC<!CGUQ4J^'HGL[R7%PDD+,%4D,%QC 8@<DYXQBJ=S>Z5<W"L;2[$:C
M7SUR/0#Y<8J#^TV^U3W.TB23[@!X7WQW.*PM49I>(R\L7M$B)20AA\SE3L+>
M@/?%4ZU[W6EO-)BM/)(D7:&<MD?*,# [9[UD5K!RM[Q$K7T"BBBK)"O1?A3_
M *_5/]V+^;5YU7HOPI_U^J?[L7\VKDQO\"7]=3?#_P 5'IE%%%?/'J!1110
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M/>K_ /(;O_\ KYD_]"->IEGQ2./&;(I4445[!P!1110 4444 %%%% !1110
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M ]!1@>@H 9]HA_Y[1_\ ?0H^T0_\]H_^^A3\#T%&!Z"@"I?31-I]RJR(6,3
M ,,G@UX-_96H_P#/A=?]^6_PKZ$P/048'H*ZL-BG0325[F-6BJEKL^>_[*U'
M_GPNO^_+?X4?V5J/_/A=?]^6_P *^A,#T%&!Z"NG^TY?RF/U-=SY[_LK4?\
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M$6I:E%9PPIY#1V\]SYO7?O??L!Z?ZP,?2L>SBUB2TL1-<>))Y[H74-R)TN%
M&#Y>1M"KSC#<?7%>LT4 8'@N$6_A*PAV7:.D>V1;L2;PW?\ UG./T]*WZ**
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
/"BBB@ HHHH **** /__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>g734372g0425234751248.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734372g0425234751248.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" $E EX# 2(  A$! Q$!_\0
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MMA;).UJXG(W,N/XLY;;V'-;\FJ70\/1^;I]U/)+9AI)(U& 2O?)ZT ;&D?\
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M7P/H<-_'>VEN]K/&&VM#(1RPQG!SS5G1?#R:3<37#W)N)Y5";_*2/"@YY"@
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M* "BBB@#/U"_ELGC"VCS+(0H*N!SZ<U=B+&,%EVL1DKG.*H:M_RY_P#7PO\
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M1ZUM]:3 IIV$U<16W#([BG4@ %+2&%)BEHH ,8HHHH **** "BBB@ I,4M%
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MQ6SBC IWT$UJ%%%%(84444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M\AN())6BMY%CD5T92KACTQFKOA2VN(8[N6\L[Z&YE==TM[.LCR@#C&W@ >E
M'1T444 %5=1_Y!EU_P!<F_E5JJNH_P#(,NO^N3?RH 9I'_(&L?\ K@G_ *#5
MVJ6D?\@:Q_ZX)_Z#5V@ HHHH **** "BBB@"M>7<-E'YL[%4Z9"DX_*LV2ZB
MUF:.VMV9H!^\G8@C*]ASZU#XQU632-$:2)%=Y6\OYCP,]Z9X-N7OM#^U2QE9
M7<AF_O <#'M6JA:'.8NI>I[,Z, 8QBEI!TI:R-@HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHI&Z4 +163+J%U'J26BV88.-P?SL<?3%:BTDT]BG%QM?
MJ.HHHIDA1110 444F30 M%<;XY\1W.C6L0L)@)V?#\!@H]Q6KX7U&?5?#]M=
MW&XRR [B1C/T]JS51.?*=,L+4C05=[-V-VBD%+6AS!1110 4444 07=LEY9S
M6TA(25"A(ZC(KF?"'AR+2)[R<3M+(7,()&, 8/YUUM9ND=+S_KZ?^E6I-1:1
MG*"<U)FE1114&@PQH9!(5!8# ;'(%/HHH **** "JNH_\@RZ_P"N3?RK&UN[
MOO[1%I:7?V41VCW)8(&+E3@#GMZT7&MO+X?61["[D:>TWLT,>4!(]<T :VD?
M\@:Q_P"N"?\ H(J[7F^HZ[%83:7;_.?]'B,FV5U !7N!Q7H<)S&A'0J"#ZTV
MFDF)-/J2T4F:6D,**** "J=]?):*HP9)G.(XD^\Q_P />FWU]Y#)!"GG74GW
M(P>GN?04VSL?(=IYW\ZZ<?-(1P/9?04[=6*]]$4KC3KJ:WDEE2*XNY5*A6;"
M1 ]E_P :T=-2:*RCBGA2)D 4!&R.._2K.Y5&20/J:<&##((/T-'-=6$H6=Q:
M***1045')(D2EY'"J.I8X ID-U!<9\F:.3'78P.*5QV=KD]%)VJO<7EO:KF>
M>./_ 'FY_*FW8$F]B5V"J68X '.>U58-3LKN0QP7".XZJIJK+JKSQ,-/M9IV
MP=KLNQ,_4UQ_A.3Q2-9O3<Q&2/)\Q9F"C=VP:QE5M))'72PO/3E)M*WF>D45
MEF_OH\>;I<ON8Y%>C^VH%_UMO=Q>NZ$X_2M.='-[.3VU-2BL]=9T^0X%TBGT
M?*_SK(3Q;;/KO]F!K?=G[_F\?_KI.I%;EPH5)WLMCIZ*K?;;3_GZ@_[^"FG4
M;)>MY!_W\%5=&7++L6Z*HMJNGCK>0?\ ?8KE-8\?IINL+906\<\1QNEWD8S4
MRJ1BKLVHX:K6ERP6IW-%0V\JS1+(C*RL <J<BIJM.Y@TTPHHI* %HHHH ***
MR==U,Z59?:=]N@!Q^^)&?IBE)I*[*A!SDHQW-:BJ>FW+7=C'.SPOO&08B2OZ
MU<[4)IJXFFG9A116=JU^NEV$EW)LVIUWM@4.22NQQBY245NS1HK'T+68];LC
M=1! N<85\G\:UZ49*2NASA*G)QENA:**:[!$9CT49-40.HJA:ZI9WDQC@EWN
MO4;2,5>[TDT]AN+6C%HHI*8A:*3-!H 6FMTJK=W]M9@>;)\Q^ZBC+-]!53&H
MW_7-C;G\96'\EJ7+HBU!O5Z(PM0\6:?:^+X;23?N0>4S@?*&-=A&ZN,JP(/H
M<URDWAG1_P#A)+:5K</)L+,7<G<P[G/4UN-HEBW,<30MZQ.5_0<5E3<[NYTU
M_8.,.2Z=M33HK+_L^\B_U&IRX[+,@<?TH$FL0GYX+:X'JCE#^O%:<W='-R+H
MS4I.]<-XC\<W6AW<4 TS#,N2)6_ECK6]:B_U>TBGN)1:P2(&\J _,<CNW;\*
M2JINRW-IX2I""J3T3+EUJEO;R>4I::?M%$-S?_6_&H/(U"^YN)?LD)_Y90G+
MD>[=OP_.KMK9P6<>R")4!ZD#D_4]_P :LCI3Y6]S+F4?A1F2:%IDMN();.-X
M\YPPSD^I]35=84T"13 NW37.&0=(6]1[']*W*CE19%:-U#*PP0>A%#@NFXU5
MEM)W0Y2"H(.<BG5CVSMIMRMC,Q-O(?\ 1I&[?[!_I6O5)W(E'E%HHHIDA112
M<4 )(&:-@C;6(X;&<&L_3[">RED,EV9ED8N5,87YCWINN7@L](N'# 3-&RQ
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MVG/J4C7)U".!5\P^08B3E.Q/O577+J^BO--M+*=(&NI65Y&CWX 4G@5L@8
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M Q1BBB@"EJ6EP:K%%'<%PL4JRKL..1TJI)X:LI-2:_9I?.,GF'#<9QC^5%%
M%:3P7I<L$<+F<K'&8U^?D9.<].N:TM+TF+2H6CCEEE9VW,\I&2?P  _*BB@"
M_BC%%% !BC%%% !BC%%% !BC%%% !BC%%% !BC%%% !BC%%% !BC%%% !BC%
M%% !BC%%% !BC%%% !BC%%% !BC%%% !BC%%% !BC%%% !BC%%% !BEHHH _
"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>g734372g0425234751607.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734372g0425234751607.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" #^ ED# 2(  A$! Q$!_\0
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M %%%% !1110 5%+<10%1(VW=TX)S4M07'WH?^N@_D: 9,"",CO2T44 %%%%
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M[O82BKW04444B@HHHH **** *MA_Q[M_UVD_]#-6JJV'_'NW_7:3_P!#-6J
M"BBB@ HHHH S=:>%+>'SWC5&E"CS5W(3@\,.X_KBK&FO&^FV[0R-)&4&UVZL
M/6H=8CNIK18K.X6&=W^4DXW8!.,@''3/X5/8-OL(6\P297.\#&?PH EGMX;F
M/RYX8Y4SG;(H8?D:06T"N7$,88KM+!1G'I]*AU&8P6A<7 @.<!BH//IS5&6^
MO$FD";7*PEMJIQ]T$,/J21CVH O7J+'I5PB*%586 51@#BK2_='TK*FN9&T&
M9W5YB5=0R*!N'(#8X[5JK]T?2@!:*** "BBB@ HHHH **** "N4\3>)DTC5+
M*SC#R33'YE$H15!X!)P>]:FM:Y#I2QQ[E-Q+]Q6/"C^\?:J44>C3(K^0-2NW
M^=G"!V)]ST4>@S5+NS*HV_=B[,MKH\MZ1)K%Q]H'46T>5A7ZCJ_X_E5^:ZM+
M"-4D=(QC"1J.3[!14'E7]T/WLJVD7]R'YG_%CP/P%6+:QMK4EHHP'/WI&.YC
M]2>:125MBOY]_=<6\ MHS_RTG&6_!!_4TZ/2X=XEN&>ZE'(:8Y ^B]!4\MW#
M$VPMND[(@W-^0IFZ[F^ZJVZ>K?,WY=!19A=>I8=TB3<[!5'<G K.OKJ>:U<6
M",QQS(1@8]L]35M+*(.'DW2R#^*0Y_(=!5@@$8(R*::3N#3DK;&)HPU&2T^:
M58TS\I=-S']:T?LLS?ZR]E/^X%7^E6@H7H /I2TY3N[BA348V;N5/[/B/WWF
MD_WI6IRV%HAR+>+/J5S5FBIYF5RQ[#514&%4 >PQ3J**104C*&&" 1Z&EHH
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M444 %%%% !1110 4444 %%%% !1110 4C D<'!]:6B@".*-HQ@ON_#%2444
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M$*OB21BP4/LW #GY_P"'J/KT[U;LRQLXB\JRMM&9%.0WO23V5O<S12S1*[1
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M80N&RVW(8X/?MB@";[5<_P#/A+_W\3_&C[5<_P#/A+_W\3_&K=% %3[5<_\
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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MMW-*FHW<DL"QO*06.5>$!G&>O'&/Q![UO44BCGFU#4!IIE\N7SC( ^$!\O\
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6BBB@ HHHH **** "BBB@ HHHH __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>g734372g0425234751957.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734372g0425234751957.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" #] ED# 2(  A$! Q$!_\0
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M !-);?\ (0O/JG\JMT 5?,O_ /GWM_\ O^?_ (FCS+__ )][?_O^?_B:M44
M5?,O_P#GWM_^_P"?_B:/,O\ _GWM_P#O^?\ XFK5% %7S+__ )][?_O^?_B:
M/,O_ /GWM_\ O^?_ (FK5% %7S+_ /Y][?\ [_G_ .)H\R__ .?>W_[_ )_^
M)JU10!5\R_\ ^?>W_P"_Y_\ B:/,O_\ GWM_^_Y_^)JU10!5\R__ .?>W_[_
M )_^)H\R_P#^?>W_ ._Y_P#B:M44 5?,O_\ GWM_^_Y_^)H\R_\ ^?>W_P"_
MY_\ B:M44 5?,O\ _GWM_P#O^?\ XFCS+_\ Y][?_O\ G_XFK5% %7S+_P#Y
M][?_ +_G_P")H\R__P"?>W_[_G_XFK5% %7S+_\ Y][?_O\ G_XFCS+_ /Y]
M[?\ [_G_ .)JU10!5\R__P"?>W_[_G_XFCS+_P#Y][?_ +_G_P")JU10!5\R
M_P#^?>W_ ._Y_P#B:/,O_P#GWM_^_P"?_B:M44 5?,O_ /GWM_\ O^?_ (FC
MS+__ )][?_O^?_B:M44 5?,O_P#GWM_^_P"?_B:/,O\ _GWM_P#O^?\ XFK5
M% %7S+__ )][?_O^?_B:/,O_ /GWM_\ O^?_ (FK5% %7S+_ /Y][?\ [_G_
M .)H\R__ .?>W_[_ )_^)JU10!5\R_\ ^?>W_P"_Y_\ B:/,O_\ GWM_^_Y_
M^)JU10!5\R__ .?>W_[_ )_^)H\R_P#^?>W_ ._Y_P#B:M44 5?,O_\ GWM_
M^_Y_^)H\R_\ ^?>W_P"_Y_\ B:M44 5?,O\ _GWM_P#O^?\ XFCS+_\ Y][?
M_O\ G_XFK5% %7S+_P#Y][?_ +_G_P")H\R__P"?>W_[_G_XFK5% %7S+_\
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MT*J6W_(0O/JG\JMT %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MZ5%#*[LX9%7:<<-G/Z4 34444 %%%% !1110 445"LCF9D.S ]#S0!-1110
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MLNIDY2;2BM.Y<W:SJ'W$738#_$^))C]!]U?QS5BTT:SM)?/VM/<GK<3MO?\
M,]/PQ6A02 ,D\47+Y5NQ<452?5+?<4@WW,@ZK"N['U/0?G3?^)C<?\\K1/\
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MCS)_NRM1]EG7[E[,/]Y5;^E%EW"[[$S2LLBJ$R#WS4M<[>V>J'5(72?>/X7
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M- HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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MKYU]_P ^<?\ W_\ _L:AN+Z\MXP[V2$%@O$_<G'I69'J>KAK@M:2D1':N^/
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M_P#?_P#^QJW10!4\Z^_Y\X_^_P#_ /8T>=??\^<?_?\ _P#L:MT4 5/.OO\
MGSC_ .__ /\ 8T>=??\ /G'_ -__ /[&L6/4M9$MP'M9"L60A:/A^>O3MZ"K
M?]HZ@\OEM:&-3%NW*#G..W^% %J"]O+B%95LD .>#/S_ "J7SK[_ )\X_P#O
M_P#_ &-)IL\MQ9J\RE9>C*4*D?X_A51KMS'< SSJ5FVJ1"<X[?P]* +GG7W_
M #YQ_P#?_P#^QH\Z^_Y\X_\ O_\ _8U93)C7)R<#)QC-.H J>=??\^<?_?\
M_P#L:/.OO^?./_O_ /\ V-6Z* *GG7W_ #YQ_P#?_P#^QH\Z^_Y\X_\ O_\
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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MH S))9WU&T:$SB-QF1&C( &.^1P?QS4>K7NH6L\8LXTD4KE@868G\0>*UZ*
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH _
"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>g734372g0425234752380.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734372g0425234752380.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" #^ ED# 2(  A$! Q$!_\0
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M(H K6W_(0O/JG\JMU4MO^0A>?5/Y5;H **** "BBB@ HHHH ***SM6U:+2X
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M*MT %%%% !1110!G:L5:.*,WL=MB0,V\GYQ@\<,#UYZ]JETHHVEVY1PZ[.&
M(!]^23^9-0ZM=360MYD2U\E7/F/<3>6%^4XP<'G-6--P=-MR)$D!0'>@^5O<
M4 6JSO[.D&NC4/.!C\EHRA'(R5Q@^G!_.M&B@"A8H\=[>AY6E)93E@!CCIP!
M5^JEM_R$+SZI_*K= !1110 4444 %%%4=2U.+3T0;6EN)3MA@3[TC>WMZGM0
M)M)78:GJ<>G0*Q5I9Y#MA@3[TC>@_P >U8EJD=EJ:W>K2+-J4W]T_);+V4?X
M]ZMVL<BW3SN%NM3<8=A_J[=?[H/^2:EET!+B=9YYRTA.9,+@-[>U:145\1A-
MSEK$T&O[1.MS%] P--_M&W/W#(_^[&Q_I5A(HXU 1%4#H ,4^HT-O>*GVUC]
MRSN6^JA?YFCS[MONV6/]^4#^6:MT4778+/N5/^)@W06R?BS?X4>3>M]Z[1?]
MR+_$U;HHN'*5/L<C??O;@_[I5?Y"J&H:(EQM9&E,@/+,^>/QK:HJE.2=T3*E
M&2LRC#I=FD:K]G4X&/FY-2_V?9_\^L/_ 'P*LT5/,^Y2A%=" 6=L.EO#_P!\
M"G"V@'2&,?1!4M%%V.R&"&(=(T'_  $4NQ?[H_*G44@LA,5%<0+<0M$X4JW!
M##-344 TFK$4$*P0K&@4*HP HQ4M%% TK!1110 4444 %(RAA@C(-+10 Q(D
MCX10H]J?110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MNG]U??U/]*U:&^B)C%OWI!1114FH4444 %%%% !1110 4444 %%%% !1110
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MJ>+?^A8L/_!M_P#:J/[4\6_]"Q8?^#;_ .U5TE% '-_VIXM_Z%BP_P#!M_\
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MR8_^TJ-_C@_\N_AY?^V\Q_\ 9!7344 <R3XY[+X='_ IS_2@#QR>K^'1_P
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH J7_ $M_^NZ5;JI?]+?_ *[I5N@ HHHH **** ,[59D'DP-($+MG#,55
M\8&"1R.67%6K,$6D0,PF(7!D!^]2S6EO<LK3P1RE,[2Z@XSUQGZ"GQ11P1+%
M$BI&HPJJ, "@!])M&<X&?7%+10!4MO\ D(7GU3^56ZI/:7 N9)H+I8Q(!N5H
MMW(]\BH_+U/[24^UQ>7LR&\COGI]Z@#1HJD(;XYQ?1<=?W'_ -E2^1?_ //]
M'_WX_P#LJ +E%4_(O_\ G^C_ ._'_P!E1Y%__P _T?\ WX_^RH N453\B_\
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M'_V5'D7_ /S_ $?_ 'X_^RH N453\B__ .?Z/_OQ_P#94>1?_P#/]'_WX_\
MLJ +E%4_(O\ _G^C_P"_'_V5,DAU%8F*7D;,!P/(Z_\ CU %^BJ*0ZBT:EKV
M,,0"1Y'0_P#?5+Y%_P#\_P!'_P!^/_LJ +M%4_(O_P#G^C_[\?\ V5'D7_\
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M'_V5'D7_ /S_ $?_ 'X_^RH N453\B__ .?Z/_OQ_P#94>1?_P#/]'_WX_\
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MR,=QCM\W SV_2NCHH RK*"\AU&5IDS%)R&5@!G R2.^:DN8'DU&-EM20%/\
MI <?*<'C'7'TK1HH H:5;36T#K*H7<V0H.<>_P")Y_&K]%% !1110!D:_8WU
MY!$=/=5F0MRS8&".GXD ?B:K+8ZQ$9HX;@+&(@L0Z@=..N<]>>.M=!10!AP6
MNI)=6LLRF3$>R4AP&ZG&>>0!V[YJ[J<+3)$JVAG^;DAPI3W&>]7Z* ,RSMKN
M+5[N:<(89%41N#R<$\$9[#%:=%% !1110 4444 %%%% !1110 4444 %%%%
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MX/%VLJ\A!_TAT:,X[,%53C\: .^HR*XK0_ =YI6BVMC+XOUV1X4"EHY8U7\
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
5BB@ HHHH **** "BBB@ HHHH __9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>g734372g61j18.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734372g61j18.jpg
M_]C_X  02D9)1@ ! 0$#P /   #_[1A*4&AO=&]S:&]P(#,N,  X0DE-! 0
M      \< 5H  QLE1QP"   "J(< .$))300E       0EY\ENA\X!:_\L2Z8
MN)<J\SA"24T$.@     !%0   !     !       +<')I;G1/=71P=70    %
M     %!S=%-B;V]L 0    !);G1E96YU;0    !);G1E     $%#;'(    /
M<')I;G13:7AT965N0FET8F]O;      +<')I;G1E<DYA;65415A4    &0!<
M %P 1P!B &, ;P!P "T =P M '  +0!F '  <P P #$ 7 !L &\ ;@ Q #
M,0      #W!R:6YT4')O;V93971U<$]B:F,    , %  <@!O &\ 9@ @ %,
M90!T '4 <       "G!R;V]F4V5T=7     !     $)L=&YE;G5M    #&)U
M:6QT:6Y0<F]O9@    EP<F]O9D--64L .$))300[      (M    $     $
M     !)P<FEN=$]U='!U=$]P=&EO;G,    7     $-P=&YB;V]L      !#
M;&)R8F]O;       4F=S36)O;VP      $-R;D-B;V]L      !#;G1#8F]O
M;       3&)L<V)O;VP      $YG='9B;V]L      !%;6Q$8F]O;
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M=%5N=$8C4FQT                5&]P(%5N=$8C4FQT
M4V-L(%5N=$8C4')C0%D            08W)O<%=H96Y0<FEN=&EN9V)O;VP
M    #F-R;W!296-T0F]T=&]M;&]N9P         ,8W)O<%)E8W1,969T;&]N
M9P         -8W)O<%)E8W12:6=H=&QO;F<         "V-R;W!296-T5&]P
M;&]N9P      .$))30/M       0 \     !  (#P     $  CA"24T$)@
M    #@             _@   .$))30/R       *  #_______\  #A"24T$
M#0      !    !XX0DE-!!D       0    >.$))30/S       )
M   ! #A"24T$"@       0  .$))32<0       *  $          CA"24T#
M]0      2  O9F8  0!L9F8 !@       0 O9F8  0"AF9H !@       0 R
M     0!:    !@       0 U     0 M    !@       3A"24T#^
M<   _____________________________P/H     /__________________
M__________\#Z     #_____________________________ ^@     ____
M_________________________P/H   X0DE-! @      !     !   "0
M D      .$))300>       $     #A"24T$&@     #-0    8
M    ! ,   =*          $                          0
M   '2@  ! ,                      0                         0
M     0       &YU;&P    "    !F)O=6YD<T]B:F,    !        4F-T
M,0    0     5&]P(&QO;F<          $QE9G1L;VYG          !"=&]M
M;&]N9P  ! ,     4F=H=&QO;F<   =*    !G-L:6-E<U9L3',    !3V)J
M8P    $       5S;&EC90   !(    '<VQI8V5)1&QO;F<         !V=R
M;W5P241L;VYG          9O<FEG:6YE;G5M    #$53;&EC94]R:6=I;@
M  UA=71O1V5N97)A=&5D     %1Y<&5E;G5M    "D53;&EC951Y<&4
M26UG(     9B;W5N9'-/8FIC     0       %)C=#$    $     %1O<"!L
M;VYG          !,969T;&]N9P          0G1O;6QO;F<   0#     %)G
M:'1L;VYG   '2@    -U<FQ415A4     0       &YU;&Q415A4     0
M     $US9V5415A4     0      !F%L=%1A9U1%6%0    !       .8V5L
M;%1E>'1)<TA434QB;V]L 0    AC96QL5&5X=%1%6%0    !       ):&]R
M>D%L:6=N96YU;0    ]%4VQI8V5(;W)Z06QI9VX    '9&5F875L=     EV
M97)T06QI9VYE;G5M    #T53;&EC959E<G1!;&EG;@    =D969A=6QT
M"V)G0V]L;W)4>7!E96YU;0   !%%4VQI8V5"1T-O;&]R5'EP90    !.;VYE
M    "71O<$]U='-E=&QO;F<         "FQE9G1/=71S971L;VYG
M  QB;W1T;VU/=71S971L;VYG          MR:6=H=$]U='-E=&QO;F<
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M_P!?\&EP^(^U%^?V-SY)3Y*D;>M #]7QR21N(M=P/I>PM_._K*XS<6-W@!Y
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MD3IQ^1/W'S2/!24__]3TJVBJZ!;6+ TRW<"8)4?L>,6M::&EK)VM+20)F?\
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M_]D .$))300A      !5     0$    / $$ 9 !O &( 90 @ %  : !O '0
M;P!S &@ ;P!P    $P!! &0 ;P!B &4 ( !0 &@ ;P!T &\ <P!H &\ <  @
M $, 4P V     0 X0DE-!"(      2Y-30 J    "  ' 1(  P    $  0
M 1H !0    $   !B 1L !0    $   !J 2@  P    $  @   3$  @   !X
M  !R 3(  @   !0   "0AVD !     $   "D    T  MQK8  "<0 "W&M@
M)Q!!9&]B92!0:&]T;W-H;W @0U,V("A7:6YD;W=S*0 R,#$Y.C T.C(V(#(S
M.C,S.C0T   #H $  P    '__P  H ( !     $   =*H , !     $   0#
M          8! P #     0 &   !&@ %     0   1X!&P %     0   28!
M*  #     0 "   " 0 $     0   2X" @ $     0              2
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M  4    !   !)@$H  ,    !  (   (!  0    !   !+@("  0    !
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M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" %) E4# 1$  A$! Q$!_\0
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ML-M#<9 L]QI6WC$V'W";DXF'W68X2YF_].$D55=*S5:P-@YGE8FV66?=>*_
MK3#)@HMYMUH S" [&%Y\L86XKR6]165XQQ+"YI'GH_$6D$P,Z_(^/P0^48+E
M,U;50DS/#=(5M2-<5RXSS:3J IPG%IYH["*X!D&43.SJP<#<ZMX,PVKP9QEF
M'9;)-@K;;\N-$EV;G;(?CF2BAG!C/HLI!",CL9 1QUJ>AK'2R2P$2&=H3WT,
MT,VH[TF-:"A:C,@.B@*2Y#*I&Q.R<U)*X&EA8!]-Z-4%0I)VYS9,?FTI2CQD
MQ8^4->1,.07#$;;42%X,<FJ.)&^+0>$&2UUAFZ<$C:\,X9)!FIL?W%/'I HN
MZFAK8R)1D*IMN;I?CNJZCCJFX33<E%<%ETU-G.#(%)"OM,ON*W&!4)(Y(USM
MBB$P.!QM8[+[>:P-(#:/'&7-JZT.;?P+&56<PZ\TV)/E>&Z!5WNV1L+RJTBL
M125.VJSF!FQ#GQF=7<LH0D*!UD4LT>5C&@4GV^Q+4NB6-/YZ,N_*<6TK1!Y"
M15DVJ(,E%T*8Q</'@.0I7<B$*KIWTKJ+2T*:+TD@2\0I&DBI*E^I",4OT:23
MEK\_$V.' 9KTT,$,TEC,VHM+/).0HXCD!F:B]&P#8LTG)3,VJ5/39+7 &CVX
M1H,!<")4D$S(%DJ3O]D+]"""<EH6M<EO%5$6S27-BTTW&:EJYFU>&/AS,\6<
M5\D9*QS?"&K2(B/$VAJD-7JXY 8AM$<)J\Z<AR(@*[F3?05=@J\@+N<F-T"T
M<I'4O5M#T;I1J[]<K^]V*QKLJ2+GTKHD_KB>M/B5[8/)TI;+W*SUN;W2+YUV
MGB^VJU9UI7A:#Z.#M,4N<&G)4VRN@Q].\X997K\1$W@S)"Y7#7F1;TJQ[LD@
M9>3C6"6) "&Z$)<AIDSLA5*VX0;,ZLU +82$6+/T"Z; R#P.(JBRZ-LVC)81
M010!Q$%67T!\'0<%Q$<$VRP5DX!E)FJ)N- XD,$)I13.![QV;&>47,*N@0F#
MK&<9<;<;-M5;)MT<=1%N&W0N.9=<T>/1 ES_ *<V(LC(',EE)"^N$3C^9<'&
MK)0E76+LLNTM4*:)/O%!9P"260EZ*V>#J%@#J12P,68BJHDRMN*XBWW@4RUL
MH+B*_?D1)3//+I)AQM%7#AJY@!2;3)1%0=8A"VJI>AK%L"S!:0=?4)["YM$T
M-R6U,41R\EZD;8UE%SS3@%83 9W'CX7I/Y@E>08RSXF0QK&L5C$FQGI$,J20
MVS"Y(#7[)2F?O\DA[FZO4>D[JTJ')X JDD=B"A W-*-&40C*)H1D]8:QD;5Q
M )J4H1Y#D <)8VVVGHKK;<EY29?<;9D"^3\EA"NYF\Y-3GE5)C3T<T91Q#0;
M08;&>9'?<X<!QS&PR0O1VG7(BM)%:D%6*#Q!D)[QR^8LQ= 9T@3-&CQ(H6@4
M9"QFU8^R7CH@$OQPJ7X"9LK')VG&V;$.1(XR2AIM)"6R1,9#@Q-<EE$_=BY2
M::NUQ@I ^]A>:&59#CN:  *7'BRD<<%VSCN$5:C@2HQFH\9<9PFVLS)+,\PC
M<+C36('CCVJ#.=)T@BR)4-YMF0W:0+G;EEFR:GCDRC1!EN.9V*@O>QM&R&I$
MLQGD^3NN:%RAZBL#B*X.3L1Q;"S3<,8.DJUO2M$79H+C]T=G9@3/QC6XR(]G
M7, V\UJ:(^_.);6J3M\$1(V8%FB1V1G\8FX9&>:$#=03</-Y]%;1Q7!;D.+'
M;1P;FAOAL45P"1'15IA6<!   ($:&+2JV* YF21PFLT;C+>?>4"O=6HE\B#G
M>?"@3N YL9XOBR9K&;%K,#"65%L;DDSNC5QQ;F6239MBJB)ACZ5$[O3)CUO&
M\&M")O4KY^^GB=UL92PS%KG6CDW(KA-O"V*J G&93&+B V2HXLR6 D"DVF(8
M;JQ 4EF3&JU=6]Q&.>S0FR3A")*,EU5;-H2454-RQ'%!Q<Y=BF-)((1&'%=/
MJMHQAI%MK-#M(%=:-WDOIUF:04GQ2W8WDOIM>AG(J(6/G_&KI+0Y25,KN[X_
MPBZM+<6U)<?E$.LGQE'24Y!3@40Z6U:PLG#9,D)-SE E.M&(L8K1?29(=)5:
M(SBQ;8)B6KR&+APX0@*BRN9JCJ&XDQUNZ[/C,B@\!9[!9[6YV! <XC;4J;9K
M;T;-D! U*M!XSO<O=K],ZQK>I0.?%71#?UUTK5>HCVT_,;K-.JEVL/..JM95
M?N;<6_O)XKEKPKC/1O=)/&\BM649KE0N$R;/V?I&KPP?:"LL'>HVZY\FDICX
ME2YM@:/):Z-RMO&W/:YM/R$8UR!L=5#8O3*(XO-9[V;5&TB'A$W&,#S:N(JJ
MR^S*<?8-!0A;(F31MUO. 8H0@2H1)?6;[>=<E@IFC,@09<$%!!=8<L^/'?;Q
M8%<07$1UEQ1<$KE,1(4T5P4F'5Z*&&+T>/N#311IV*,G'N)+*47(#(ZITFU(
ME,P$OL59=P!1B=4J(-7;ZP3(:K4HA:VY2<29BPI ME(MXBS[^BX*Z$!)43*
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M$*SRC/89.55ORX*6:_/OB;CC0"%N)!CO/0H@,MQXLB7'BM2Y,=L([ HU(?=
MLTVIH2@*IZO&R,R:B6DMK,V;=.W=+M,3>G6C)CM6C.=?=E38T&3+=@193KDF
M0>>C1FC;5]Q&U!#5%NPK18T?L=SH[)$+QBR,4O$8\'(EI"M[4M<?/D1AAD@4
M0Z+KW15%(.I?1G'\<J(<R,1[H%0I N,/ I/"9A(RCMN7!&S9%HO.PT!EH@(6
MD=>:CX=SLRI0MI+ELQ\(;G9E/O-,8&\T 9L,/1&R5R?AVD5K1K,9:GJX^\#B
M&^3+#\K$DJ1$AFZ4*%)E9QS=,B)'8?DYU[/.'G7,79L2Q]#X(JF2R)LI;.IR
M!,%T^F!I:QQ5W>I<Y-K2T+7DP*]8K D,/;F-J372-P4;>"R2QA:0!QIYAOCY
M$V5*;ALR'E=;@1UB0Q40%&(RR'Y:M(H"*DFZ)3[F)Q3.]Q1Q81$1\I&@1(;L
MY^,RC3MI2AFSC0G"61*&+&A"\2&1B))%B1FL+: "HTA*.,C(M"<>PTC(2[*Q
M3(6#(#E#VV +I%PMQN:HB#0\N4A;6:Z 2R[2 M*\/#DM"K*0 <#!*A$G*S$Y
M9));=LK</O9GEW#NPK0W/A;P[L..$4G\>#.WK';!O!CS=PXL&*\EJMGP_?'W
MWW.GOCN%+,W5B<4MPC(.6+&;QHUA20X;N+-YV]5''@N2L)8-'C#<6C>08HP0
MLIM:\K%.A&159+Y)S)/+2GA$K;E8':;GO1LU&$E N5HVG<R F[ E/$0Q<6E6
M"$/2_;-I22@%(E*ZEEYI8#)-,)%C*R39BHPQ:2(2F33:R%<9-9:BFZE>15OY
MXMA65#]\5C1,TY:Q.K:,C/22ERLZCHJAS3>*6 -H\ZD4&G@"&AKN,6-%W:++
M'V2.L#3%6-K1MD<8F=#'VAE2DA WM[(V(BFY V)T]]H(4:5"04E**OM6L2 (
M+ZZX93[TU^1)EN&_(ENNOR7G%O-YY\R<><-4NYYPS(B5+M*Z+J[H<9BSHT2'
M":"-%@L,QHC+280CL1FP:8;"];T%IL!$=:W(EZWZ5\HMVA'A=P@T4Q[DR/I,
MC,>-")1$\8JCU,DC+RQ8ED!A-TF,9"XQR2(3)@PM*$E(QB2NVMG=VYE85;BR
MC>D1KDH]A/*RUQER)\.0<.5:#<0[4)$8?;EVE$Q(-J-M/QR&)+-560CK/1X\
MI^649YIE]&0]9#(NQCAQ[.GQFYT.S7YWO,%[\9V!9L_"3MD..QY(%+@BB;EW
M.[_HTB$Q!:F1Y#T99#F>DZ)NCP1)X?,@8Q:[R*"-\0;8XL.=9*I3!+Q^@*;(
M*O?&E0]FL\ND$/0ITY$9E,O0/LF9.#D&MSLG.)*,#S+E-;JMS65M%S-VB],D
M2D1J.)*Y:*D5H;G<%E'(3<Y3));$(X[$@24'6S!<-=29(Y.(Y9SOO6UBLN/
MBPT5Z40"S92#[V#):5]6K0.SE$2@O6@,IZ(X*.L. YS]8IZA;11LIDZH.(&X
MH4O8YY&7P@B33E.WBCN3C"3ITQM#61*"VV,M4@4$ 5G((RD9TR-:-0M;2T2M
M4J..V'*W*,6HK*6H[FX;MF/L8F(A&CUC."[9;KKQ1U>DN0B$4:*2;JJV(LFI
MM(@5@>1&2I2),DK'9SLL;7;>5)$T6\%OL.,6R#+(R48BA:+;KJR C-LBKSAR
M 09!*ZO9DDT>,-2^TY#(X2G<[9*2X^13BPWB1I^/DN*W"SI "C>!O*?@5HZO
MM904-KX"8O%]@[#7E?85PQK<M6&40XTPFB@RYLZ(J-1RS,JT66V)KR(3)(:O
MM--@HN(;8(-[0@JJJ^0E9.6+-&8$J #PSX<"SYB$[('/P[+?=E0&54'144CR
M'W7!-M0<-2473,$04ZJENA'@!W43641J"H(QDF3-N4;M<L)>9@:WQZ2Y8BC_
M !:6OR")!DA472!?BI$N6R) W-*)*].)EW966-Y 0XD]C65-MA$9LXYQNV<V
MU"BG&)F+B=A6?*8E1(QR%862013C-#$QNDL9L<RRH,$;9<;N1^3QSW+5"SFV
M[4*1-FM2D?EX69\^'(@S)C45)"16W9C,I[=RML#NUPDD2L[($'1^,6Z$. L>
MXX;H2L@S<^.2F-8H:)I(#766W4R)QQ*>S/4<-;C%DC6+HO'$4P: 2=!#H^M;
MXT0N..WS8HLH5\(Z[5RQMJT+4=M!J6[&;"T+5G0(Z!&5(WOIGV7<ZHQP&9)W
M$^L19<H'7\T*"!@(B@^-L7(#)^S+#8LB3":F.G8UCV3:<HG):+,"R4C.@C"'
M),[/BG/C).W)"-AE7R4W!<-2(NWF[ &(&EPCCJWPQ.F<(EDB<Y=CJFSO(3+M
MN1<E$2!--Y,$LYW,)4'/Q$I?RS6]86H9T7&(Q-C>A&0D$1X9;9M,FW6EEDK;
MUDQ;#<'-,7'94)R,[%AJN:O067(<8D=%4?)6D0W20B0O8?>"R,ZV]N(,ZU;D
MG*5L\X_>-N369<>5:%V=PJ;S,Z6!,JFYA1Y5!D2%M1P%ST+M%]Y:(HPN>(V9
M6T0M([-C(B&\2L 361]D2N6N\:D1I3^6HFD2<)*N5O*B(S(U_C(EIXQV:;!U
M MVLY5901WGY#-IN@](2)G#S49;G($9N)#D,@3"A&F1HS0,M38PLS!!%1'[R
M)5X9.1V34MAF,_93)LL%/(!STL%(+4ENSK1C/FW(!R5!FRW3?D6=*-V X:CB
MCJ+;8A8D.B=H\RK(:;*SWC)K43Q(]Q"3$O*5UDK2F')H"J0JH?)%; SO;?'%
M\@8N+$"%*]K6D]T,9$P(\I5GL0C&X>4;*2W8<$[.C6BZ$0VYS6:,&7KFK29=
M9G,"\\TX^W'E"^Z;S#;H-%(-92 DI!>365DID[-GMVG*LMAR:V4 T> WV$5R
MRWV9%G/&RRZW'<D0S8:"/(=:-]N,&XT<W(1,%EF&L5@Q7'WXA8[ADDOG,SD.
M1LA2@"&[62_S&2F)PJ34+5=8X7:F5G:$#-&(\VC7KCD; Q-A2Q<N7<*6J.:T
M[16><00;5B)9\)FSX+"FCA-QVB<>,W7$!M''Y,M^3,D&+;8*](,6VVVA;;'K
MLJRTLT9[IN[HFVI:#]ISY @K8N/N-LQF6VFB<>)MB' B0X$8"<</,Q0-TW'C
M=,^W*\;7EJ4I2E-_:[O_ &TI2E*4I2OQD^KH_P#,W8/^VF(?[@EM?6?<:_XL
M>_[1*_\ -%VU[VC?K%SIF_\ Y>1*_D*K]3+]FVA47[^2JTIP=W1PTI3[>+@\
MFC3I[^BE*4I4[;U*5&W+O;_'MII2F]MZD]%*5-*5%R;>+O+2E32E1Y=M%_+P
M?>I3>U=RE*:^'Q\'%Y:4J:4I2N[-&UE:)'I 888']"W.;(\9*AS<[-[NELN:
MEC>K?$9*I.Y(A$J0JT)I(A!5)KIS['$W&7<DW:V!>$RD?>C9/VW(CN&T^Q9D
MYUEQLL+C;K<=P@,"T83$D11*],))K2Z^MHP"Y*B-F*F#DN(V8"N$C Y#8F"%
MB"Y3%5&]2%-.DDUUZ2:5^%'S&64%\J:(ED"5Q;&HW)[></11#B5NLD<LUX*9
MX<D:CWO&S:B;),W 63>T@D37C8D]RCC\ECASDXV$:>U^N/-VRQ:-DA&>EP8L
MJU6V66K5E%:;A.!8>43TPGD9M!TW(KB!"5B,<]1"5'22C;:CT6Z*UT8202<&
M-*<3 F 0:&79+8)<K8HKR.$X(N7*H,N.CC(7$ .6ZZ)$00)LEH2O1V-:P RV
M^P]_&X-RDI;',:/HFX@I3$6B)N5EHW#@*]C4/;O-H&$<F4$$M$?<4B0N[Q1G
M*R4ZEFO$L, ?*QV)D<6CQ"_:C@M$027936;S><&2$=J+.)8X$CKS2GC;Q=%0
M4D %+$LE&L1J@@3%DE::"X:,JIIB0&77<#38"X#@XW+V*Y"[1=Q,2?(9$4IF
MB:$Q=CE"K@[H^O);M(ES!.X9#CQ*[),$J)O!5+"7,4Q\N9W#$C^W(G+BE&V2
M]>B=ES@P@RFM11CQR&&4R4_$%";9:)J.W)A3Y@D!%;(PIS;Y05:AO#:<5PQ)
MPW8H&VTU(Z%CAS]RN"+2255741LS)DX0HR36%2:?$):R'0;24"--$C;A(+KS
M?3T(C#/&<I9&:69H(D$+CTI31TV?SC%3A.%T-CQ[^I3)5KCB=S;RCQO+^)&F
MCYY[FQ)E3.L4"3I;,CFYI!E>7F2GI%FV<Z^\L>7(9)[<,*TVX;<Q\8ZD3;=J
M-N$@M-(I2$1J0J.""8U>;;<0L#1!-Q&^>06%=13 US**K%[JB0"CF:)Q&;G&
ME;/.9T01!$AJ/&(L8M$NTF%C^H&>W8O#*US)CF"25S0N,67!SG#,:,S-));*
MX"[M+DSMS7+E*L*B/FOC@X":2"UJQK.4&BK!BU[3>A9,BPESMJ[E;>M&=':-
MM\/>29:+SS$2+,:=!XW8B#A>%AL4=)00T$4K9\&A?E%<0MLJ9BPVABZ0HZV
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MLI:=?N9QS\I#/^QJ.:]D7^,6AKO_ -WO;;7ZZ8%XO'ZJ>LI:=?N9QS\I#/\
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M>8W6:=5+M8><=5:RK2E*4I2E*;;:=N"I97/2[HMJZV\UHO4@[8[YK-4^,/Y
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MK/XQ.(5[ZJE_EU;)6K.M*4I2E-N39*4IR5)MS\/H<GKJBM?B4[:OF#6?QO\
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MWB[9B+2#T6-'>.LC;P2R-7Z,,@X%DN4),Z%J$QXECA(F/)Q$'0;V]RV=C:W
MYML0M?EY]^2Q+)@D>2[$J,W)*W8>5=KOF:GB!BR[,RFA6;$;PF*"+<^QWK1>
M)$0GC.*V=X110NW**VK0$,K7X4QV*.3LC):QV #!<Y+M6=D]:-I3',3:J2E9
M]JQK.C@I$+(MS'1Y^4N;XWKCA<L?YQ%\;XU2.-RD.;V[&LE73D KN<JPNVR%
M4XGS^+-\4<%>/XD^BBSZ.)/1SD_*GL:)"B<F=A.>D@@5/(@XUF1[0FVB3"[F
ML>?-8"&AJS MAR(+2PWW9;03[2CM38[\F#FV&P%7<$MU&'52>:$#]LS+)@V6
M$E&9EOV5$D.3E%';6R?;FK(2T(K41URS[)?DV=)AQK21Z2ZXXC9+";"0T2^?
M<#Z5&<L7(66:9BE,JRT1.M&+1?RZJB+S)8B-$V2O2 SO;&5WN./#!BJ(',;0
M!A=FE]%"%+<^%,YY*I@(DKGL%R SVJVLF;&M"7*LNR8L>RR@Y96QD\U-!B6K
MI1+'L"5:9MRFG[5EC*>61%-I)HG&-\2!XH[**L=/3K"RNR@LR%#MNVILNUQM
M#(.SLJ9%FN2(*1QFVG;]FV<TY">C6-"<A,;GG(:P3&6VPHJR+[ZW2%]/9"TO
M<LF9S@>,\9P*,%LJ#2^5:.\\<)',C2%,G;B]'NV8PJVI*3!72[!8!+D:HWP5
MJU0-9$TK/K"DEBAQCOJMDY-68[9$JT[2F2D5W)&=;\)N-$$TCO0\IQL$\Z9S
MH^?Z1%%O  $,TS4D<@@$OW*WLK;7CVO"LRQX,0E:RXLK)J>Y,FFTDF/:.2+N
M4@YD0@2<PMY8">4C("A  @03S.'R89IS9%G[)C\V,:--SI5F&3Y":,3Q]QS&
MR(6Q_CV)E#XCR%,I+("X<L-A[<WKFQO;F)M$R/3N_+GM/8:9K1)C5PZOY(PH
MKDE)-OH+%F679MIVNZU9;SCL3WX;@%9L.,R4MH9TAXIAJZ6?CL,,QC<)TG"1
MA-FLM;0DBT,7)Q3D6A;]KV#8K;UK,M,S2L%^UV[4GRW@B/'9\-ENRKVD5B3)
M??DMLHP+8[I/D&Z<DV>TNC\Z8XP*URY%G]['%&I@=<OVCF1(])HT^/K)E?C"
M*-^-96SJ(EBL4><%;Y,[S!$VK@72)4B<M<Y-29?9K)"$#]LQ[0MMV*ED0V[3
M68S9.Z;/>LR7#B2[*>5]VTH;[,NU"F-QX]G[D=>1R\E,FVWS9R?RXM%8UBR;
M.L"/,*V+2>L1;/?MI8MJQ[9L^T9L"VH[<=FR9L61"L@8$B7(M)9S#)1PZ0'7
M([;_ "!Z;BY]$68GQ@Z1O&627S-F,<,9@M+6EQ<7_(>)66?JEIKQC\+42LBK
M [&XXF!D4>#7MY4K1M"2SPRLH'1.*W*>2HMQ7"]\FW+5AV19N4%H63N5T08L
MJTBLW-JW:&<5M^8RW:UGN2HR,-M@+QHS*?)DQ7O8RS5ZTHS/O4X%BS\H+0R6
M@6UNQHW'[9LSWS"0CUF(TCL> Z_8]HQXLM9#KIN,@3\2.T^!ITU _JCZ>.1K
M",2D487Y#?R,0Z-+MF:87D[>V2NTAS-$X\X<81*!$,*L^?'-J=T)E,RW#E%T
M[:VK1V:0NRQ,H0$^QVCD"DJT[><BR&[-B^_^4<"QHN8-R/F[(?=3#+F&^VEG
ML&:#"B.$,LW'P)7@9:07C]-L?W3%B6'DPW.9<M:=_)7):ULH)2R08F*=MQ6R
M0H$$8Q^^<M!%R=*9$X38,&V+#CT@UCA[6T=9G)7!\S[BJ5NJN1+L&Y<]"C))
M7(RQ[N\PF70J*9+B);XJL$/#GB/(Y<HB2ES,MPIV3,")U<1G.:Y:H.]*M>*P
M,&P+48;%E+6LUXI+()<V$ZSI\FS9#K0Z@"6VQ'FDV/.-/R'VVT!H ;#Z-8LR
M25I9261*=61[T6C&.(^6EQ8%K6?&M-AAXM1G"?>E0VSO4SB,13>(WU=</TY7
M@:]DVY:4J/)O;^W+2E32E*4IP4I4>FY=EU:="??2E3MW^3;@KRCIA:2"317Q
M<7E11&3I>KL[D1EF80. 6DA6[O(+FEC7NETB\:-$F1-RY28,I"J---*(2@ 7
M90)21[1DEDZ>5%J+98R4B!F2DNOJWG5%IF]%0&\;>,R-QL413 115.]<.%?0
M_=%RT;R"R=.WSA%:+B26846(+VYA<D2<1"KS^;>5IH&V73)1:<(B$6T%,:F/
MY2>O:RK5_P W6/<FKE],UR_3!]7_  [M?4N8O&_.*1]&-_OM?GW\*&=^9D7Z
M<>_A5:W^K:RK[G2/?*:Y?%_B1^6_=[6JIYB\;\X7_HQO]^I^%#-_,R+].O?P
MI>]6GKVLK^YUCW9_SFN7:_\ @?M_\*CF+QOSBD?1C?[[O_=3\*";^9D7A_WZ
M]_"O%P\=/7M95?\ \W6/:^[Z9KG\/N'[/G>VNG,7C?G%(^C&_P!]I^%!.O\
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M>O\ EA:SC4UF6U9D\+0GA:4G=EG1G;Y+44(4= $!;!MB)&#-0XP C$43<1@
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MM6O]GU>O/LH'=:3P8U2<:UKSA-]S;#\9$DN9^UWG9K;)QIUK(S*F6U-)B.+
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M>2TN"*)9,:RWMQBTED9#J"[F@F\UB29C,D21KBX[M4B615K*4&"2(U"/C96
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MI7W67GG1 75Y"7">-GYO1/[^-\4E\2XHC1R6!H'M0N9B%6%XH_'3,31'8%,
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M?2\G"Z,^RQ'=4,9FHB;4=H,%Y*28L9.*9*M1#"1*BJN)IMC#A!!S;+KSX8A
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M;:O0VFG% G&VS)M<3:F DH%HT@JHJBNA-*7+H3@JK<B0R+@-/O- \.%T6W3
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M(4: Z0;GC/R95PCT1^9+%AM^7*=)2<??)J-':$C+"VVW<V(JXZ3G!+DTD+1
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MS94DN?D$J^O:]<KVO;B7RTI4[;;;]>,=./\ R4L_^N"'_=[AY^=J^B^YE_Q
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MF\SNPRE9K#@W21/X<ZJG6OO=9^Z4F[@A[L20DM)>YF=T[J&(-GC)1_!G<^D
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MDBP\IZ2N64./W3),<4OD4->8WDF<XX@[Q'8^TF*"X$T1IG1P]Y6/T:D3_*I
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MK^#A2OZ%JI<UUSGS1^O2]S1H#3^D7U>#DTTVGCV%K\*5_0J="X7/FC]>E[G
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MBRFC<$I4&1)85YLGL\.PBT=,%-T\><G(L4PI/.Y")W->9$%F3W4KE4@1";9
MXF)1V$W =I W&&-[\\DHRG5Y0FG)'-8J3G&ECDK;M<[/"RCM&65G  MA$5TL
MV+0.(\VPB]/N=MY$>:CJ:L-.HCK;8N(A5(V!8K=IE;+=F0PM0G"=*:C*(ZKY
MLK'<DZ+@W6Y'58[DO!NAQA59-TFEP5@<BT1\/BQK(\?X^@\#AEWC'Y&-4!SO
M$0SB.(H@CE*V9HXTOB;L[)4[G'B9 Z.JXI 0XM:Q :O$<SN;8H2-YR3L#*6U
MSGLSILZ=+(+19M1U0E+%DNS&F&XB20EM-JXU*W,T#6?PGBPWN@[B/%X\\D;#
M"SWH,"S;/A(5DR;%CH<)N9%CP),@Y91%@NFC+T+=9J^L12;"[H;9LB@8,-T=
M="> 83;',^0E1J9RYTR<YY5(<66+*X9&(H_N&/4V+-Q#HXHD\K<D1(H02K0.
M2Y^D\B=GE>\O#HM6W4*P6([+?RLF6UFF6EDQHC=E.60X$B4,R5,B/VFMKO#,
MD!&B-$)3<TK34>+':8:C,- -PDI>.R:R(@6&LB1(2'+FO6RQ;C11(9P8<"9$
MLGWEBE"CG,G/H8P#D"\_*F279#LN0Z:HI"(=RH-&K [60Q)6_&$:2IXRBQ<W
M,))1:RP&Q%A1R6N^*4R:UUE[V+@[FXKEC+MW&(!RDRZFZ@.S:WBCM^V7''GG
M+1D$Y)D6I*?-5"]V1;4,(%JNG<"<].AMA'>NN16Q1!05O6O.!DU8+;;+(67%
M%N.Q9L9@$$\+3%C32M&RFAO._!!G.'*82_G725254T5<O@_$EU %0H$PC/+R
M6Y9B",9)YG_=.>&A4PNDS$ 9X@#=ES,N5MRC;")*-,H,!P:U[Z[8>^MHJ&;W
M6[@][2L;#SMWO63ZR2A78>HD^JNJG38EZ:[170MBV4I*:PF<16NU;RKSR+[\
M,,!&9M#02?Z0##8-"O2X43G573762#0HT3VQ&^MS?@;'R5ND[*GC;^W%-9UF
M]UCB.2-<N11U6ANJND&PH)$RM;FWLP20MJ :2R=&E)1FJ$YODCRMRF=5@G+<
MM SC2!EQS)[$XU+&,]$24+BBIK*6-(>:.01*\X)WN&1"!#XEO(G)%O=*-Y/V
M8V,N([9\@ CH(.P'Y#,MV$K:*@)#63':>&*(BPTX"YIL$(T+D&:*>+$#;$(E
M"V)F@>.F3)S=EV6PZ/- +7R+,XT8B<8<?)7I4J.6GH6.0M;&_'D'EK5+B9&(
MTT!6(6-O4-ZZB926FY(<FS)#TZ<EFR;+@R7W5_U<S-!UB6<=L10$<=B29C J
MF!!.8]*)')& PT+)2R BC @Q8]GP'+5B6K:4:,P/^M'H+C4J(W(=(E/-!,BP
M'314+''AA!3!$,P7TU7@*]FVW]E]&JE*;;=^E*4I2E*5XQTX_P#)2S?ZX(?]
MWN%?1?<R_P"('_\ MS__ )F*^-^[E_P8S_WJ%_X)E?D[7WNOR'7(X(K$3=39
M*HNGY;W/L09<G5:^S>^]L'=ZK"Y+WVM5K\G9JN,$+"I#BZW$F+O7WU=&G,&-
M&W%;3X: 2@B)H7GKKM"Z%TZZY +.KH!*D*"O< ("[)D:8H*A4%(4K7"&$A.2
M"QFY I<EPQ!++"&QRU7?581Q_P!E1<RRIN$K32N+C<,E!O&K;2)B,ENQ*VRT
MB7JJX6F]X T:BDJ4C3()(D(P*-LM CCV:%Z0JH#8"A8$=E2- BB(;[UR(KCB
M7\]-*I,C4G+4C^\)U:A2)8H4$N*HLU0J,3*$1B@\83;7.-,1K%:48C+BN-.I
M/)%K+-&$61P83@"V<2,;8!FP F&E$&\XV[@!%&X1SK33EPW)G&P/IA14W"U;
M4:=)YNT9S;QF+CC@RGQ,W 8>BB9DAHI$D:0_'O*]<P\ZSTAD*\LV<S0ZSA8Z
M5R([C4&PY;UX7F77 X$!LN%3<9][FV$VEEMX]N]]M" "06M.&Q=LQLRSAS6&
M!#',+B9PQF4S2YU7[PN#G>CJKVCXU5<Z?GJV.W;;<S^<M>TSW2* _CG22SPH
MQN7"Y>ZN)-RHD:Y?_;]!ZESM3W*1O[PF2(G9Z=')(AL&R-,N7*51*:P"2TX-
MR6<8,(+@3E%)P"M;6 @HLD-[% "&VS42*P;CC$9AEQU55PVFFP,U(E,L1"**
MN(U4R2^Y3537GE5:YI%HVA+99CRITN2Q'PHRR_)>>;:P-HT& '#(1P-"+0*B
M7@TB-C<"(-<EK=Y6F,2J&9P?"S&U(<U)#6\];K1H5AC@Y'MQ0B+WL4E4FC=%
MYB2VHHT=UJD18KV.':KS$(Q<"0U%47S%]P7@:N=<:%ED7B0TYYQL18:%U;R!
M$:!"3G$K2)*M0#9.$_/1R,V<1@HIR%)EJ04B0<5O-*J@V^9RGR82X7"5]Q07
MHA5*<G1R>5Q[F[KUCHXJKEW4KW!2<K6*+E% (+N>I/&8<:(!)190;C&*]BP
M#:^H-K5LRRS';%F.TVPR%^!ID!;;#$2D6$ 1!&\B(EN1+U55UJM<TF5)FON2
MIDAZ5)=PYV1(=-YYS  MAG'7"(SPM@ #B);@$130B)7%,)-)N&QQ1A5QEEG
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M8<A1;1DLM/84%!,!:A*^BX<:.X@P@\VM=,-IAU 1QT%4TLU&S:+ W(W5;,.
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M#9DM141]AMR&Z]'16W+T)MEPFVRO$+@PI77->7KU:NR\5XKD^6Y.1'(Z1L%
MV#WAX/ .[>R-^W8(U:L8=6V8+E D1@%8]8=;8+L$ 3C2O#6[;L*P(13)AWJM
MXQXXJF=DO(EZ-MIIN1-"N.*F%L5O6]5$2]FR5R4M3*ZU&[-LUNX4PN3)CB+N
M>#'Q7$\\J:R72C+(KG'CYT;A0S#]I<:8TC&*XPEC$82[!0-DYQ<3@@NX/+A<
M%@FN#@<&UMLP>K9))#J)2D6 00$( \OYNMJVIUNS3FSCO)>=99!5S,9F^\66
M174*:R)>><-5,EO71^U\E\F++R3LMJS+,:N%+CDR305D39%UQ2)!HB7DMUP
MG.,@B-MH@II[ KQ->Q?=]MVW'2E34L?/:7HEQZXTUJG42[:'F.51>J#\@_*W
M52LJOMXZ4J-M:\'#?LO'2E32E*DBY]*Z)/ZXGK1.I+VP?-.L_C$^0OE3OZ^2
MJU9UIMM?LE*4I2H5?'HI2F]MW_34BW/QG1!/7#ZT^)_IE_\ &-4^-_H_[U5Z
MSK1%OU;;]*4I2FVWVTI2I0.?%71#?UUTK5>H#VUSS&ZHG5"^0&G_ .1[?=56
MLJO2E*4IRTI2I97/:Z__ *K:>MO/]-:+U(.V.^:S5$ZH?R \KFVJJE9U>E*4
MI3;;52E.#;;R:^*I0+_W<4V_]4(+_P#UKGVO/\]:+U$>V'YH5G\:O:Q\XZJU
MG6FVW)2E1Y.+N[<M]*4V\7 NJE*FI97/:[HEIZX]^?GKOHO4@[8[YK-43JA?
M(#RN54K.KTI4:M[@30FVA*4J=N&E*5C:[G8[HU!UMUK<.II\L_-"L25,XMZ7
M\X&_=\)RLG-^V&??C^=>N=-2<B>2MUUKRKY:^*FJ\>WVW[W<T5P2FML(/7JB
M6Y"2I==WQHH*2)RSW+=%7)*X>: NQBS=DWN47P@1FP5>Y8=0;WM4*B**BJ(H
MK>JBJ<ZN+IKTU<]O\._4_"Q?"N1$7X5PZM.NY+]&FY-ZZM2&UN2D)DJ9O1)T
MJ(D"=&F(2D%$)$Y0R32R$Q)982R"2S$Y!@"B@@  9!(PAL(L%PRJWJJKI5;K
MU76MVA+UW[DT)P5"(B)<B7)P)==WNZOCK4AN;TJA2K3($:=4L,$:L4D)2"5"
MLT0""Q&J3BP!,/,$6F3%B&:(0K@3D!O?9*+L%O7;UZK=O7JJJJW<*JJJO"JJ
MM3Q\27\/.I<B<=R:$X$T)6X<D2J"E)"A,G/)6EC)6$G$EFE*RC"MP,I26,(@
M'EC)_D1@-L,(BOY.]K@Y**B*ERI>BZ;EU7Z--W<3O)P431I30J:KM&_?O<=Z
M]U>%:VBFUN((LF(0(B4UD_!+)RDI!9%DNK9X-8H!=B[)]FU@[G9W>JVK9U4W
M[]]5O5=]5Q*5]_#B(BOUXB5=:K5;D34B<%R(F@;D2ZY$U*@B-W$B:4%$HK;6
MY>4:0N0(EI)QI!YQ*M*0H*-/2C+,2G&EG%C 8:F,**&08.UQDC++$7<(@!O8
MFA45-"H6)%36A778D7>*[1>FFZIUHJ+J5%%4WE%5ON5%WK]*HNB]56ZM#&ML
M.6V<36Y":X63\$LO,2)QK;)-L9G!;*A%W/LGWAA@]SM[O;,&+9VA"O=<ERI=
MH76F\NA1T\/.D0Z=XE34JU-ZZ]_>T\8EYPB7*(KK1*U,;6XU2B6FH$1BQN"<
M!O5F)2!J4 %)=BE $1XB[FI0J"@A*."0,%C2PV .P@VM:F^J[Y)<2[Y(BXKE
M7?2_3<N_IUU&BY$WA70EW2K==>B;RW+=R+P+7-I4[;>3U:J4IM]E*4I2HT>C
M9:4J=>W!2E*4I2E--*4I2G'2E*4I2E1P;7:%Y?'2E-7W:N]R;:*\^:1V,77+
M4+2Q9C6(T;L4X<<H;N%S0(U)J K<C2'G$EG&)[&DK31%G!)-L$XLL(P6 ,0P
M>U9'VW'L"U5GRFW7(YL%%=1E!5P$<7&C@B1")X2;%%%2&\5546]$1?0_=&R7
MF979.E94%YAB8$IF:QNA2%ETF$< F3< 3)O$#Q*+B :(8BBB@DI#X.]1+FGV
M6%^/UOD6OJ_-*R9X+3_4VOWJOS[S#\MNOL3Z0?\ W&GJ)<T^RPOQ^M\BTYI6
M37!:?ZFU^]4YA^6W7V)](/\ [C3U$N:?987X_6^1:<TK)G_]S_4VOWNG,/RV
MZ^Q/I!_]QKFK-#?/+C9)9P<XNML@1DMR&RN3N2BR- GN,1")+8UH'9.D)$88
M(M.5L% $88((+"&*]\F_=%R4:5U6F9S2O.D\ZK<!@%=>-$0W7,,E,;A((H1E
M>2H(HJW"E;/>XQE](1E)$JRGDC,!&CH[:DIP6([:D0,,XX:HTR!&9"V&$$(S
M)!O(E68+0LS* \I-<R&[P\H\T&I^6;.PG$0$S:OQ-KM?6I+V;6M?7]E?7;9U
M7VYI.3:BI76E<BBB_P"AM:R0E3_W6KG5O7DT::PYB&6UZ)CL2]45?]X/[RBB
M_P#L?TN#>WKZWO42YI]EA?C];Y%J.:5DUP6G^IM?O53S#\MNOL3Z0?\ W&GJ
M)<T^RPOQ^M\BTYI63/!:?ZFU^]5',/RVZ^P_I!_]QIZB7-/LL+\?K?(M.:5D
MUP6G^IM?O5.8?EMU]B?2$C]QOX=M3U$N:?987X_6^1:<TK)K@M.__P#HVOWK
MT5/,/RVZ^Q/I!_\ <:^TFA1EPQT0H%RV((R%5Q&'JRW9:KNF1DGI2E1X4]FH
MFYYI058!EI]X58Z]KAN:7_A55SW2LGA9<<:;M%PP2X&RC--H9JA* J>Z"P"6
M%4(L)8=:"579]P[+$GVFWW[&9:,DSKPS)#RMMXA1PQ:2&"ND EB$,88U3#B&
M]53],,:8TC&*HPEC$82[!0-DYQ<3@@NX/+A<%@FN#@:&UMLP6K9))#J(2$6
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M4S\7LCG@4U^%J^YY'6!X3_!3BF3=ZF_QT+R74Y^+V1WP*>UJ-SR.L#>^,O\
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'*4I2E*__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>g734372i2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734372i2.jpg
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M  (!!0$! 0            <(!@$#! 4) @L* 0$! 0$! 0
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MA@H")(JKW>P3+E3*':8Q0[<1B<A7<&RG+4JT)Q@V\LLL &0+/V71U=;=P?\
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M^$<9C:>4^AVIJLH@)MG:U*82@("-ZJ0")!'J @(RW42B/:'Q8C!F@;6U2 =
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M+5U/Q3=RW5(/0Z2Z"KLBJ2A1^$I@ 0Q&)Q_6#0O\MZA^,L-_AN)<&/6#0O\
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M[F-M;SV!7-8:V@',.SF+C:G@L89@[GY9G!0S=98I%3BM(R\@B@F4I1$3J!\
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M$;71:QZGL,@;DELP\B*CN&>7.BIA)$D?&1;)3E=>M2HF_!G/)B8>AB!U2^G
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M.ON=WQ ,9[I<OX/KT[Y@]-A[I>O8/Q /9B7:.8FV/O .2Q@*4WNF><Y@+V%
M9/2H@4/N%ZW?L#$;1S$^?K^\E/\ ^2W.7_[CI7^&V(VCF(^O]R1+\H_NE^=
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M .)2-JD'B9Z-\<D3,]+TZ+,J98D ZNU6;*&_;#'U+8ENJ\87]@$XZ(2* ?$
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MUS2Q$1^Z(C!]1')+DSY-JK420>(IJK5*9"B41.IKNDID#J8 * G/" 4.\80
M/NB/3$9,P+7?&O3FNHR=@V]#H,X:=O-YV HI-:_HZKUD>]V-W/KQ30A87O%A
M8==V+=IU#Y*1  >W$9,D NJ-3E$#%U1JXIBB!BF+KFEE,4P#U Q3!" (" _
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M'NBD!2F(WA;XD4>P!+W>[_K<37_A+Q8F9A5>_2<KGZI/*3]_G&3$'Z?G#_\
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MR@QY;+YO(+P@>3!T?]/E ?JL/H6P+;78HVJ;_ ML''9_#VLR5YX!B"@X=)]
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M\>AP.T0O$Y<YQB8"YMG&:/LD5#RG ?0K KNKRBDO&EUE0G<W&7&.=HL3-ZZ
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M7X5:<K1)F,DW;JR2>M]9F@HN3:VR3J$;!$=^84$)UY)2D>1$RD>=RBBY=H)
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M*))IBU\1P?RI4IP\5$"]_-^'M\SRO&\1>BSR' &=<)FU2_IDAJ7.SB$P=Q)
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,3+,G/K)EQ)&(G__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>g734372im1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734372im1.jpg
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M[:GL_7H4&ZBHJX;IE#3!V0"W! D8D[#52]?UQW:J)L3"II)J%#1APU46D9P
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M(3K#II$,(&5.1,!,(% 1  $>P-4=-&QQ:XT+69SIP:,">BJEP+ "[ .<0.D
M$CJ(6Y@-:*^R?J3 :)LI-25*@QO:*D8( "/  F'$I0 H"8PB8<"@4I0$QA$>
M(*JYS6]HTJJY3E+_ )+=/,M0D,41*8HE,'"4X:AB]C Q38"4?0' :%[12ITZ
M%4$$ CE6CC 0$! <! 0$IBB'8,4<! ?3JRL119HH2B*K2\?.?D-#^GK44\BM
M**$HBQI''5(H?# 1ZM)17 !'5#$$R&'A_DT\ #52]H-"<</'H57N;&PR/-&
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MBE.4QDQ %"E$!%,P@ @4X!I(82B X#@. X\%*U1:ZE$HB4118[QS<7R/$_G
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MI->?6C0\W!(($#KB)K1RFHDS\G*X"FO3@NTI[?(,_MR"NC+B/C)9A=5J[O\
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M;$7@4U\7#(YE/C2=\)WHM(Q3RW+KBIZ2ZMSWBYC19M'#5NJV31.B4:Z7-89
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M$2B(/ /I#5V=L=*%;==JHE$2B)1$HB41*(E$2B+)1$H@("(" X@(!B("' (
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M?&1T3FXO=]HI3.85G%V7E7,WM>DE8<=,S+&ZGMM.9BV'C5DUD79'R)P,!\0
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M)[-6>NC,YM*KVY;R2:36;)%E;Q+)***#H$TTR"H0QU#'-X=EP[NS>\UE-:6
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MB(C65Q,;J^EWC.\B>Y<'.!TN<!2N.B@/(IL]UVNZ-W6^[K&C8+:,1BFAS0
M/]T&NG#'E5_4K9*(E$2B('"'IA4'0BI(7@E?EE]]A&@5BKNI54HB41*(E$2B
M+(<-93?9E:1=L+YZ>4[W8[[WM=VA;*O+-Q%)WLPO"#OV$83+HC!C/JVNB_06
M@1DU3%;QB[U"8,=-93_5@9'5-AKXA^B>[#C.RX$XBCWY?QNDMG0/A(;I&TRG
M-RX#+XURS1F60, )7YP$?(M^4',7UV6-BB.C_P"KE@EQ##AU33 &+CQ#7],7
M']0G 37AL;[O+33D.G5V?&J3;O:VF3/3P+=\RQY0;ZL;%_>[8'Z9K#]0O OI
MW?</T%CZB=;_ !)YECR@WU8V+^]VP/TS3]0O OIW?</T$]1.M_B3S+'E!OJQ
ML7][M@?IFGZA>!?3N^X?H)ZB=;_$GF6/*#?5C8O[W; _3-/U"\"^G=]P_03U
M$ZW^)9#R+'E!L0__ ,QL72(!HS<L >$<,< F!'13]0O OIW?</T%1]DX-)!=
M7P*.U\C%Y0!ZV1=M\L[&,@N0%$S&S;L(@B41$,1*:8 0TA4G^H3@4&F>[\#*
M_P#96<5H]QHXNT<RW_,L>4&^K&Q?WNV!^F:C]0O OIW?</T%OZB=;_$GF6/*
M#?5C8O[W; _3-/U"\"^G=]P_03U$ZW^)/,L>4&^K&Q?WNV!^F:?J%X%].[[A
M^@GJ)UO\2>98\H-]6-B_O=L#],T_4+P+Z=WW#]!/43K?XD\RQY0;ZLK&*'9$
M,W; _3 U!_J$X%(P-TYW("P_14&S<T$C-X:+8/Y&'?\ B.$6O]F]D"X<)KJI
MD#-JPL!(WZKK1$XR^J&'7!A4-_J!X+IFD9<M9KR'X,JS9!(YP;0T*WO,L>4'
M^K.Q_P![V7_Z8JWZ@^ M=S_EN\BW]3=SIYECR@_U9V/^][+_ /3%/U!\!:[G
M_+=Y$]3=SIYECR@_U9V/^][+_P#3%/U!\!:[G_+=Y$]3=SIYECR@_P!6=C_O
M>R__ $Q3]0? 6NY_RW>1/4W<Z>98\H/]6=C_ +WLO_TQ3]0? 6NY_P MWD3U
M-W.MAQY%[R@[=(ZQLL+(,FDFHJJ8N;^7V)")E$YAU=L8F]: Z XJZ[3W]^[J
MX)$T\\)J*5AD=6OS6X4Y]:S?:R-%0"0M"7D8?*$KI)+)96V09-9,BJ8CG#EZ
M43)J% Y#8&EPPQ*.-=;O?G[M&]J\G _X:;Z*S$$KC0#'P+7YESRAOU5V1^^/
M+O\ 3-5_/;W8_?IOX:;Z*OZK/Z*>9<\H;]5=D?OCR[_3-/SV]V/WZ;^&F^BG
MJL_HIYESRAOU5V1^^/+O],T_/;W8_?IOX:;Z*>JS^BGF7/*&_579'[X\N_TS
M3\]O=C]^F_AIOHIZK/Z*>9<\H;]5=D?OCR[_ $S3\]O=C]^F_AIOHIZK./DK
M8\S+Y0;OH6096V4+@K<KH2?VOY?8 @=4R)3B?:^I]T*(88XU/YZ^[*E?7I?X
M>:O5E5!#(30!;_F7/*&_579'[X\N_P!,U'Y[>['[]-_#3?15_59_13S+GE#?
MJKLC]\>7?Z9I^>WNQ^_3?PTWT4]5G]%:B^1;\H8)@ V5ED% 1TB.<67@@ >B
M 3.(A5)??S[M61N?%>3OD P MY02=0);0>%2+28X$&BWO,L>4&^K&Q?WNV!^
MF:\[]0O OIW?</T%;U$ZW^)/,L>4&^K&Q?WNV!^F:?J%X%].[[A^@GJ)UO\
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MO7\[G1>_WBT=XULWRT;,U9U&=4RC)?UL%ME.(;1[A.+/8;O*I5T:446_F)G
MOQ="#@!$NARMDCCM,87-!F!T9^7^WC4M V,CG4]8!\SH7$I&\+\N)G>T7.Y\
M9APQ65^9<W5*W9ETE8[:%L^VF.=UM6U(146><RT)<UB-G5L.E59."N5A)K&.
MV<+H29VR2Q#\]N)#) &T)STH=!^J>1FYJ@8X8TY5PW+G%D]LZH<UE:C2/K65
MH=>6NO!<;C<YM[I68ONX)>1L&W6#26NZW)/+I%_,WM?N7]H0V8S:TK7S,B\M
MFV2]K"A)C8KK]8)19W=T]%ODG!%FS8B:8I##0TBDCBQM.UX_&<.9=SC+B2P.
MGKV1@-GR.Z5S&1S0S 83'ZGH9W7F;)^)8WK-1F\@ZM6S5)^YKQ@(2U9:W\HI
M.8"QT[#F8]TYG)595XPB6+F0)%C'I+$71564F(O<\;=NRES4##4YARNYN3X4
MDRB)^Q=M&;,DO&&5W(VFLZUU&USWWMYR&D+C:7%9UN(0N4;:6@8V:F51NS,:
M+DLB&%[N<RX;+5GD1+L9V?<7LHZ1C5&UVL8YJJQ.@[8G 13'EB+W6[ [-4W9
M!/\ =H<*UK3ET4YZJV&UC'(6-KT\M5V/<>86\=;,7*6>QOYY.JSUJ;MUXO,R
MKZ3ALNSV$IFE'9NDOYE%73;F3F84)"Q;*;L*%;LRR-MS*L<M,F!RJ)%$CI:R
M-+9Y0VN47,@&)IE#!3P5K0\JG>%!'((\",E*?/QT>-<T@,Q,XH^Y\E1S!S*8
M3;N4B[>C)FV,GTVDS!72]N*X9^'7GI:-N_+6U+JNJ&&#09K'E[?=Q!(5TBZ6
M<QAVJB8!C5_J\NG-0:__  FG#PUY-/.L<?5G'Y6=W3I-%'LW,*_(Z\LF6+F\
M9IK"R-OY<V]_9Q;]O6VT0!:>CGJ\W(W5:<O:4;<9FZ:A$UD9JW9<S"(0(=%W
M'"9)0]=[11TP'9#C33HPI0_VZ=?/<%PDC KV16G1RKZ& .( ;@Q !XL,=/IA
M2@(H="Z2 X4=B"LXCQ\/#Z-06-<0YP!<W1S=&I3R <@T)5D2B)1$HB!PAZ85
M!T(J2%X)7Y9??81H%8J[J55*(E$2B)1$HBR'#64WV96D7;"KWH :2B0$ $.K
MDM _!T@K:,D0"G,L22)P1@:%6 &,' (A698PZ0%H7O.DE9ZP_.&HV4?HCJ3,
M[64ZP_.&FRC]$=29G:RG6'YPTV4?HCJ3,[64ZP_.&FRC]$=29G:RMQ,YC*$
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M^Y;][LMK/^\T=5'K1 F :1U]7A#OM1"P/^>&@.\?*,-290TEK>P":=')XEZ
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M<E-I=:O&FS@YNHIU:',#HAR4VEUJ\:;.#FZBH4FFCLR2]:'B]]_D@'_I5>R
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M8"8 TB&(CZ7"./IU! .E%I4(1;5%5--02'ZQ,3)D$4SX"4#IB(8IF IA !#
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M][WX]=]R#]RGG#M]G^(B\/FJSOV:I^4W /W!G64_/;WO?CUWW(/W*#Y0[?9
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M ^,RLP!<_P 3W =5%]&"XZH8\. 8]G3AQUUH- 6L.&LIOLRM8NV%\L/+#?\
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MU?<&:,M)#PZ&1K2USNUYSFT KS:%V-:EW6+?\VTL23))35DW-#7:WOM^QA9
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M=?[4_2AQ5^+;M[ESY5LN/(PYR-F[AR;./+$Q6Z"S@Q0BKHQ,"*1E1*'\UX3
M7 *EOOQLLP_^RN-.O]J?I0XI_%]V]RY\JUCY&#.?4*H7-_+(P&U1P+%W.!@*
M?#UP8M@Q$A1TZ0QP&M)??ENZ0&(VD[7G14X5&(Y="F/^D[BIWG-WMNTCYLP\
M(SDMKJJ-.A?93=<W6LN]U>PDK4LQL,A.2O5O;SO2222V]<4L5),HE,H0@"TA
M6Q@$&K,HBFB73B90QCF_$^*>)][<5;X]?ORUL+696L8*,TZ2/2YU_5'N_P#=
MWN;W=;F&[=T!KY93FN)7XROD  &4X?5TK4:Z+TW7@+[Q*(E$2B*L:>,Y/X,P
M_"OJ<GA5O(K.BJE$2B)1$HB@37BIY\'-]DM4M=+NDI<\G@^!3ZNB41*(E$2B
M)1%%CO'-Q?(\3^<#U@_MM^=\16C>R[H^,*U?^[''WTU:1_9A4=VE$JZA*(E$
M2B)1$HB41*(E$2B)1$HB41*(E$0.$/3"H.A%20O!*_++[["- K%7=2JI1$HB
M41*(E$60X:RF^S*TB[84!YXSB?O<E^ 1K6/[ >!8N^V'05.HK)1$HB41*(MQ
M+[H3_P"(*(J2 \2QOP8/],]$5O1$HB41*(@<(5!T*\?;'2JEQXZBO@<M_N%1
M\I9R_;CH5M5E*41*(E$2B*'(>+W_ ,"=_P!'4HJO[!Z%J8>+H_X S_ $JH6L
M7^G*E5942B)1$HB415:7CYS\AH?T]:BGD5I10E$2B)1$HB@R?BR2^3WO]%5J
M1I'2H=V3T'X%.2]SH_>D_P#0"L9O]0WPJT/V)Z E:J$HB41*(E$58T\9R?P9
MA^%?4Y/"K>16=%5*(E$2B)1% FO%3SX.;[):I:Z7=)2YY/!\"GU=$HB41*(E
M$2B*+'>.;B^1XG\X'K!_;;\[XBM&]EW1\86^_DXTKUP51WJ'!0VN7O9R;5-K
M" EUB)'(;#5X0$:TC/U852/.*B;5BO?WQ5YW"K**)M6*]_?%7G<*)1-JQ7O[
MXJ\[A1*)M6*]_?%7G<*)1-JQ7O[XJ\[A1*)M6*]_?%7G<*)1-JQ7O[XJ\[A1
M*)M6*]_?%7G<*)1-JQ7O[XJ\[A1*)M6*]_?%7G<*)1-JQ7O[XJ\[A1*)M6*]
M_?%7G<*)1-JQ7O[XJ\[A1*)M6*]_?%7G<*)1-JQ7O[XJ\[A1*)M6*#3W[P:?
M<KSN%$HJB(?L$@DNN<G2ZV6=K) =H\ 3H*%1%-4/]3P'T^I0*3BK?:L5[^^*
MO.X4443:L5[^^*O.X42B;5BO?WQ5YW"B43:L5[^^*O.X42B;5BO?WQ5YW"B4
M3:L5[^^*O.X42B#+110$>_<</_:N^X5#F;09-%59GFN!5>O+1JLC%G!W@0A9
M$#F[V=:!,W2U= I%..L(#P (!AIPK7)DBRZ:47-GS7%*<A5AM6*]_?%7G<*S
M6]$VK%>_OBKSN%$HFU8KW]\5>=PHE$VK%>_OBKSN%$HFU8KW]\5>=PHE%D)>
M+((&*\$X@(8%!J[ 1T@&&(H@%6:*FBAWFBJIH&4C"Q+!,[S Q&^ _P V="&A
M0_ )4C .@>.K.9E%55KLQHKC:L5[^^*O.X5FKT3:L5[^^*O.X42B;5BO?WQ5
MYW"B43:L5[^^*O.X42B;6B@T]^XX:<.]7G<*D8FBD'(<VI5"TK''F8LP.AZL
MK.6ZPXMG/K1-L\$PU>JUAUM/8T859T9;YW(L2_:3 C#!6^U8KW]\5>=PJBUH
MFU8KW]\5>=PHE$VK%>_OBKSN%$HFU8KW]\5>=PHE$VK%>_OBKSN%$HHC^3C#
M,'Q2/-8XLG8$+WL[#6,+=35+B*( &(Z--2,30*KQYAZ%ICY>,[PCRF="0P,6
M@& 6SH<# @3$,2HB X#HJYCRBI*B*3S-E13=JQ7O[XJ\[A6:O1-JQ7O[XJ\[
MA1*)M6*]_?%7G<*)1-JQ7O[XJ\[A1*)M6*]_?%7G<*D8E"*"JJ$Y:-"<6/WT
M.H>(02Q[V<^M'OY4V(@*0&PP'BK0QT%:K,/J<H"M]JQ7O[XJ\[A62THFU8KW
M]\5>=PHE$VK%>_OBKSN%$HFU8KW]\5>=PHE$VK%>_OBKSN%$HH<E)QAHZ1*5
M[B8S!Z4H=ZN@Q,+94"AB9$"AB/&(!4C2.E5=@PGF/P+?2F8OJTTQ=X""9"CB
MV=8@)2!CP(B'#Q"(>C4RPDO$E='(HMY,T5*<@6[M6*]_?%7G<*JKT3:L5[^^
M*O.X42B;5BO?WQ5YW"B43:L5[^^*O.X42B;5BO?WQ5YW"B458WDXTLE(F%WZ
MU1M'@4>]G>.MKOQ.40Z@<-7^6M"P@+(2YC2BL]JQ7O[XJ\[A6:UHFU8KW]\5
M>=PHE$VK%>_OBKSN%$HFU8KW]\5>=PHE$VK%>_OBKSN%$HJV5EHU6/?)$="8
MW>Y]7!LZ#$2B71B=(A T>C5X8C&":UKBL;J6E!34K+:L5[^^*O.X51;43:L5
M[^^*O.X42B;5BO?WQ5YW"B43:L5[^^*O.X42B;5BO?WQ5YW"B43:L5[^^*O.
MX42BBQTDP&4N-<' BD$+%&$W4. PU90$A];U?6#@HH4/M0'3CP -0^*CF'6X
M_P"$E59+5K\- '^(+DCXQ@=N  Q@_P!:;@$?0J(_LQT*SNTHNN?G&Z0\M74)
MKGYQND/+1$US\XW2'EHB:Y^<;I#RT1-<_.-TAY:(FN?G&Z0\M$37/SC=(>6B
M)KGYQND/+1$US\XW2'EHB:Y^<;I#RT1-<_.-TAY:(FN?G&Z0\M$37/SC=(>6
MB)KGYQND/+1$US\XW2'EHB:Y^<;I#RT1-<_.-TAY:(FN?G&Z0\M$37/SC=(>
M6B)KGYQND/+1$US\XW2'EHB:Y^<;I#RT1-<_.-TAY:(L:QC:-<VGT1Y:JYYC
M;G&D*[!F< 5 =8EDH@ ,8<$Y( $1''[@C6N<OBS'25SY V>HU%6&N?G&Z0\M
M46J:Y^<;I#RT1-<_.-TAY:(FN?G&Z0\M$37/SC=(>6B+4F)C'( F-@)@[(\>
M-2#0U4$5%%26\8Q8.,*!C8 U .$>>?T:LYY<*4"JU@::BJN=<_.-TAY:HKIK
MGYQND/+1$US\XW2'EHB:Y^<;I#RT1 .?$/7&Z0\M*TQ4AN<Y3H."J'!C;;BC
M:QL>\Y8.$?\ V%6,A=YM L2P1RAHT45OKGYQND/+55JFN?G&Z0\M$37/SC=(
M>6B)KGYQND/+1$US\XW2'EHBAR)S;/?^N-[B=]D?>ZGHU(-#55?V#T+,>8P1
MT>&L;W"S[(^P)U)D+A2B11 Q[6N(4O7/SC=(>6JJR:Y^<;I#RT1-<_.-TAY:
M(FN?G&Z0\M$37/SC=(>6B'$450GB:X'!A,;$(-##2/8D%AJYD)%*!4$8;B*J
MWUS\XW2'EJBNFN?G&Z0\M$37/SC=(>6B)KGYQND/+1$US\XW2'EHB@R9S;,D
ML3&'_A[WLC[U5H-(Z5#L6D<Q^!2D@-U2)]<VA),,,1P^TI+,1((Z"A5;>,-B
M)QT!;FN?G&Z0\M%=-<_.-TAY:(FN?G&Z0\M$37/SC=(>6B)KGYQND/+1%6-%
M#[3E/7&]SL!X1[*C[T:N7U&A4$30ZN*L]<_.-TAY:HKIKGYQND/+1$US\XW2
M'EHB:Y^<;I#RT1-<_.-TAY:(JV8 0BWXZQAUT##@(\ XARU:&4OJ"!A@L[F,
M&FGD5EKGYQND/+55HFN?G&Z0\M$37/SC=(>6B)KGYQND/+1$US\XW2'EHB:Y
M^<;I#RT11(X3;9N+UQL=CQ&G$<<=H'T_RU1\A+V"@P<?\)1D8ROUT^,*T?\
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M:M)!YE P-1@5HZE'V)/H%Y*OMY_3=UJV=VLK H(Z1ZDAL $< (3'1B(_;8
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MF,VKP1'K. Z]"J7-#-J2-F>7DZ]"S@/$-9"2,Z'-ZPI) T\HKX-:U%#A 0'
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M<G<]MK6G:3&"B75GP*L'&IQ]VQ[D]PSR+,%U"LTE6C$&C8XI*=<(%-7O</\
M"%QNK>,EW=.&9FV(.;M9G-J"*4%16E'.+M."^8XNXVMN)-T/MV2O9+=S0/=:
M[*/*T6S-D'/G+@]SGM\XY6TKS5*H;VN#+4V7T#:-@2UZLRLU&$S<<5-6O$,F
M]UW:=LND\N.7FHZ\I43##(/#LHEJ1B1)%J8YSG!9=41WL+._&^Y-Z[R+3FB<
MR.A/FLS-.6A&DY034@\Q&*\Z^WMN-_#L>YN'IYO5A.U\C'BAN)6L>#,[ 4,
M+HV#E8XNY%TB(<& #V?4QT=@/L!7UL!%"011?GCGL+R010Z,=*Q@/$/J5MG9
MK'6J[1E<N89M55CLX=GB[-7((;G/8U\G6M"QP;F(.77R)4*$HB41*(E$2B)1
M%[_W&=^6Y=U6Y0MNYA>W#D?<4B@:>@"JK.7MINE#B*MT6FB+@I2N,3"9XVT)
MNR  XE5 IA_+?>-[O=W\6V(O=WUCXD97$_*%,!B*GFHOW;W0>]K>7N_OC8S#
MUKAFZ+=HUU0ZV+>5E*U!Y:C0%^H6SKPM3, C"\++F(VXK8G;::/X::B'B;UB
M];*R"PE5252P BA/M#IF #IG 2F I@$ _DN\LKVQNQ8;S#FW$1T.&5U1R$'E
M7^CMO?;NWS:P;RW<^.XW=);YV2!P.5U< "#0NIR:5SRI5DHB41*(E$4&3\62
M7R>]_HJM2-(Z5#NR>@_ IR7N='[TG_H!6,W^H;X5:'[$] 2M5"41*(E$2B*L
M:>,Y/X,P_"OJ<GA5O(K.BJE$2B)1$HB@37BIY\'-]DM4M=+NDI<\G@^!3ZNB
M41*(E$2B)1%%CO'-Q?(\3^<#U@_MM^=\16C>R[H^,*U?^[''WTU:1_9A4=VE
M$JZA=<J9HP".:Y\H#Q\[MLEA?KXI.@R3_51,G?Y69+9/+"Y!4;J59CM$&A4!
M (\!5%30):YI)F,8^>0T=$"1I[+=)\'7S*N9@G9:C3*X ]+M \*H[>SYRMN!
MU:T$I>MN1EY7?"-IN'L)_+,4KM527B2SI$#,"+*_SHT2L14A/_Q2 )T]<HXA
M>1_JS2^/1E#CT$5\.&) J0-(5;.XD,;;B;"60D-YV@Y:\PKAC2IT542V]XS)
M2Y;-D+V;YD6@QBK<A+?F;V*\N&-,I9(W%&MY)DQN$Z"ITD7>#D$0!,3E4<%,
MF03&#"K;2CBQU0\.#:<[AF U8@5',M2/%Y:?#@NP6EZP$Q:+>^+5='O: D(@
M9J"5L],DVM=#02 9%"W2D7;H/7CLX@F0IE"%(IB"@DU386>X1L+W8-&GF4Y'
M9G,IYS2 >8G0MC+N]X[,FQ;7OZ+82T)&W5"MII",N1)DSFHE)R)A,TG$(]])
MQS5ZS'UBP(NG")3%$2J&#35=H!&)7=AS0X=#@"#KQ!!T5QQ58R)21'B0XM\+
M201X"/(N 6QO$98SV7!<TIF7'+RUMLS,(HIF$=E .DW,2X?=[+BFF]?-SH7'
M$,@E(XB:IUUX]8AS$(IKIDN": GE%1SA7CC?*7",5+2*\U2 .LD <Y5;,;T&
M3$?<'ZH,+\M25NI:SK6S C6'ZPQC&,EK-NVZ&EIQ4XPN%TX)$+)JR3XG5I]:
M!G F332$RBH%J 7/=E94^<&^%P<0/"&N/@5<ISB(_:'-0<OF4#NBE1IIIP6Q
M"[W6[3.QI9)#.RQ6K4)J]+?2+-332)7VA8,\C;]XIMD70I*KLHB4=('47* I
MD;ND5%!*!@PS:]N3:G!I%:\QT'H5LCZ TP+\@^<!FIU8ZN=<[NG.S)ZR%U&E
MX9G63;3M*,C9D[27GF31V,5,%<J14@FV,<5UFT@DR642,0IM9-(Y_M"B(;-J
MZI;B&FAZ2LZ@EHY7BHYPI;K-O+-O/1]HEO\ L]2[IF!<W+!VW^L$<$G,0S9J
ML\V@R3%?JS-%6Z!E"G$WKD0%4H"F43!0/#JY<:?V_M1"YH%212H'7@/&MN+S
M=RUDYV&L\E]6C^N\U'A(-+0;S\>[F%2%BH^:<E;HMUE <E0BY1!R4Q1_UK90
MJQ %,=8*,N(WTH31P)&!H0TN!H2,:%K@><="TD8Z(D/P+7-!Q&EX!;HU@@^'
M&BXM=.=[2SY^X6$K9UTN+6L^0M2-O&^XHT(YBK54N]BRDH^4F8H\F6=&W&#2
M3;C(/F[=4C/K=<Q13(H<M1.PNH#C4CP@ GQ$*"TAV0CSLM? 20#U@CP*-FIO
M-Y)Y06MFO=%U7];YQR7M5Q>%^P$9*,G=PQ48B4 ;H'8]>0$WD@Y.FW(!S%!-
M58@*B0# (W$S'-!:3YTC6"H(\][@UHQ'*X@5.'/15<0QCI7=AC'/-,:-8TN<
M<-30308ZL59,<^LN4+4M^Z;WNJS\OT[CDX^"8M9B](!\DK,RL>RF(Q@C+1ZH
M1SET_B)1JZ B?W%!RF942@<HC(D\]S#VF:>:II\*LUI> 6X@_1#O@-5R.7S7
MR_MA,B]YW;;-II.[P-84*M,7!'E++3XE1.E&HZJQC(2*W7$$[=0"&;%$G6:N
MN41-<'/+6XNIF\&;)7HS8?L56D1,V\?U;3RZZ\PJ<>A;4;G+E+,73,V1%9DV
M6_O"W4Y=:?MQM/,3RL*E;[TT=/*2;?K [S+"OB"FZUQ 4!P$^!1 :T>#&&EX
M(#V9F\[00">L@*L;FRN+(S5P?D/)1Q!=3'F!-="D6MFWE;?#8SVS\P;2N1HF
MVGGJCB)F6KI-)C:SIDSN1ZJ8#AU3.$=2;8CA4V":??"0XZJA1&FT86;2OF!6
M;YSRP=H?$N>-G+=XV:O&BZ3IH];(/&;E X*(.FCI(B[9R@H7$JB*Z*A3D,&@
M2B U<"K<P[)4-(>W.WLUHM^BE*(E$2B+(<-93?9E:1=L+Y8>6&_[4HG_ *NV
M9^;[AK]=]RG_ %:/^"F^%B_G'^J+_P!M!_S.V_PS+\QM?U:O\]$HB41*(E$3
M#'1_BJ"YC160T;\9P'CHJ/<6M+AI']CUA=N-\O+<805BRUX7@\MQSF/&S,O;
MAFT WDX:)B8J<?6VE*W=)*3T>]:,9"8BW!0!FU=+((I"H8#8E3'Y6ZW]O!MS
M<6L48EM;5S1(*BK2:4PTNP.D88T)7Z%8<([E@X>M=\[^N?5XMZ..P:X$AM"0
M7$!I(;6@-::0M<+D;F!<%T,+0CVT,>7DFN7[]JDK.H-&I6V9Z3%:U5'#]=N9
M%(QDI%(70B4"M_7"..K6LO%&[+.Q]>F81&"]KCD<<8A5P I4TKX:JMC[O-[;
MRWC)8V,D;KIL<+P_,S))#._9P%N( S.-*&A%1F  *LD-WV\'#&&E6]Q9</HZ
M?<7"2+<,+U2<)N8VS]%V7(!"1JC@;;@%C$26=E*)5%E"D0*L8V <\G&F[8@]
MTD;VB-K"XF)]!M.P":4#G:N08NH%T-]V^_'Y,MS;DRFXRT<W'U2GK'+HCS#$
MX.KYA=0K ;O][@)P6E[$9F7D1C()*1O!)BM>+H]N-+K8H6>FK' K*[3A'J9T
M%%B-B"J;J5.K5$J8[-XNW:^%UPQN:)D>T<0T^:S.8RYW,'M+2&YCR@%N*1>[
M[>DL;)'3VKFO($)S,^L<Y@D#6^=4G*0::1H.."WU<BUR-Y%M'7;:]S3P0N7D
M[$M[=E5QCSC?$'<,Z>!?J2<.T<)W DW@P(U13$Q'2BI0 Q1.!2XCBVX)B-Q!
ML+-MS*U\AI3)&15WFN=A0DZZ#0NAW EX^40PW44N\9=VP2M:&N#0Z:=S&M(<
M!4EK78@D5%":T!X]965DA<EW63;,RZ-!EOVVGUVQ"K1D,Q*$A6T5<<DP54B!
M<1H*N)L;=.+=/KR:Z"I%0'5.3';>^_H[2UN;VU>TVUH[)*XFC6NPY>4"HQ:#
MRKP=Q<';PO\ >]ANF[VS&3VFVHPMVN4N<P%C2>U4>:'"ORJ9<5/A<F9F[P>N
M;>DXZWXB)>VS!R;G-1=KET_&X[PVD-MQ<9'F>7 H\3E1BU$TU. %-*@IIE%0
M.6#BF&*%LUT#)(YCWM:P&2K(\7NJ!09!4D5K0>:":!>H[@.2]N9Y-V0W,,%H
M86O??%HS.N<[8 T"E=JYC@,H.7*<^48H7(B\F\?#2\G,61!L)B$DKE7V[=[5
MJYMNW8NX7EHJSEUMFS)VO%,5[L9FCD *59=RZ,0$DS%-K!O+Q78S6\\<4;G7
M+-DU@:Q_G22@2,8W#%SHLSZ:  0X@X*DWN]W[!9>N;U;:VK:/=5CVU;''(89
M)7><0&"0;+&A<]S0T&HKS* W?Q<HRR%PR2[:9CHN]Y=)M!/XR2B9%G;R.73V
MWW,?+F;&36C;D8WSUJ;CUP"@":F #K%KP[KC1PO +"+-:?5L<2"W*]V9I:6N
MH:AS2#A2O*O2L/=I'-N-V\;N39WD<,[V,J//BCA$T<K2*M+7M<'"CM)(H' @
M4,]N^7I&A)+L%+><" W5(P5JJ7;'/;]EX"T[I>VG*/&L$R9H$?*1\BR,50Y1
M0!P!1403,4#%+ZUKQGNZ9E2VKVO:QQ#'Y0]S<S6UIRBI&FE,2"N6\]VV]GCU
MNV=%$S+<%K2YI<YEO.8GN #B207, ://=7S6D D<3OC*6Z,O6",K,O[1DV![
MCD[.<*6O<K2X%(NZX9DWD)B!E2-$R]ZOHQ!XF500UTA4Q ASB4V'=NSB"#?D
MPMK7-1S-HT%I:"S,6Y@74%"X$<AY:4(7S>]^%MX;EMGW5[*QYBN7V\@:]A#9
MF"KHZ!Q-6C3R5J*U765?1# 47S0-15*E2E$2B)1$HB?_ &5!<&X%7;&]YHVE
M3S@>,E>P=SC=!O+>SOY6-8*J0&7-JN&2N8EZ'2UB1C9QK+-X2%*<Q"/KDE4$
MC]20!,1N3%57UH 4WY]QUQS:\);M:V/+)O2;-E9\K54C2T"O+3F7ZM[K/=/O
M/WG[W>R(RQ<.PTVDXHUIKI8"ZA)(! H",:K]5>5^65F901<7E]E]$%A+2MNV
M$&D6P*H950>LDW"[M\^7/@H\E9%VH=9RN;URRIQ,/#7\>[QOK[>^\1O&]!V[
MCYQP\IP7^DVXMP;GX:LX]V;E9*S=T-OLVM>03FKV\.6B[4J%ZR41*(E$2B*#
M)^+)+Y/>_P!%5J1I'2H=V3T'X%.2]SH_>D_] *QF_P!0WPJT/V)Z E:J$HB4
M1*(E$58T\9R?P9A^%?4Y/"K>16=%5*(E$2B)1% FO%3SX.;[):I:Z7=)2YY/
M!\"GU=$HB41*(E$2B*+'>.;B^1XG\X'K!_;;\[XBM&]EW1\85J_]V./OIJTC
M^S"H[M**&KIUL?M1U<,/MNP X]@:L:\BA>6U\A[P<W0OF$MF3(IWLGG$IF!&
M-&:RB5BI67WF>Q4[&?P:K-1X[<*93F[W5=%5(F,X8SLI 3,8@TEC9)$ZW#?J
MI(7M?6A.9U*%O-7'6%G$PLDVK^T)F.',UIQ\*X5:&268[24G;5>+V8TM6/NW
M(J;=3JC"<">FPRQMZV)#7MXFH$<JE(S,(1F9TN8BS)+O@H%6,) "EPW:91$/
ML@XLK3%SXS&X/_N@&K=-#CARY-@=ZM'"^E3$V.2AT!D@D:6<YI1U:+F:V1EX
MQ\#E\SM2XK:B92R\M;"L-R?O9TQ;O%+2NIA<#]6,?MXJ3<01)!!JH#=TDV.Z
M:KGUBAZXQ@/C<Y[G:6F5CO UA:1JTG1RKK)KX_\ &'?!XURS)S)1#+YRWNBY
MY*4G+_"8O=TXD8^^;^5MDT1=][SEVIM%;1>RC"SY2;9)RI$U)9>(*_5.F."A
M2B!0O<-,L+HVX580!@!HYJGQT6FT:)I9!V7N:1X->I82RAEQW?3Y)*7"W9.)
M*UE+)F+@C1>-U @)=T+:Y%X@Y"@X9R[BWG+A%JH/K4US@8V@,:S$;RR%CJ98
MXV-=RU+6-;AHPJ*\F"YX 8HI1_WKI'N;34Y[G8\]#UJB@]WY[:^8,9/Q-YNI
M>RV-QV/>);;NY-.5F(NY;,LJY\O05@)=NR:I-XR0M>0B$^]U"#U*T0*I# =R
M<P:O&;S/D4H.C_XU5K3ZJ23;?93-BS4TUBF;**<E#EH=>A=1--U"_&F7D58"
M5UV>5LA'6RVD'1DIHI2.K:WJ#;P2"D>P2:"U5;.8-PI&G!04C)NB$.0#)&,
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M?&O\]<C]D)J5C<: BAQ'14]:SZWG%]7_ !5EG=Z#O%Y52O,[J/D3UO.+ZO\
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MB418P#'' ,>#'#3ACCACP\-$6:(E$2B)1$HBR'#64WV96D7;"X#F/8-FYG1
M61?]O,+IM2;;OTI.%DB&.V<@B1NL@H4Y#$6;N&ZQ .FJF8JB9@Q :]#=U_>[
MM+;O=\CHKH"@<-1TCH.I>5O3=.Z=]1G=^^K:.ZL'8F-_9J-!PY14TZ5Y>3\G
M%N7)B8Q<DHO$P 41-.W((X!P<,J-?0OX_P"-Y(VQ'>$FS;H% O@V^Y;W3BH=
MN2W<PFM"^4 $Z:97CQK=\W1N8_4E$_/=Q_I2L?YXXS_$).Z%;\EO='^ 6O\
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MSQQG^(2=T*_Y+>Z/\ M?\R?]XGFZ-S'ZDHGY[N/]*4_GCC/\0D[H3\EO='^
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MKA31R*?JCQ#5UT435'B&B435'B&B435'B&B435'B&B435'B&B446. =KW$.
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<TU^Y?YW%_L>LK)VEO;[7Q%8L^7V-'_:'B7__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
