<SEC-DOCUMENT>0001193125-25-213609.txt : 20250923
<SEC-HEADER>0001193125-25-213609.hdr.sgml : 20250923
<ACCEPTANCE-DATETIME>20250923171912
ACCESSION NUMBER:		0001193125-25-213609
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250923
DATE AS OF CHANGE:		20250923

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mural Oncology plc
		CENTRAL INDEX KEY:			0001971543
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41837
		FILM NUMBER:		251334586

	BUSINESS ADDRESS:	
		STREET 1:		10 EARLSFORT TERRACE
		CITY:			DUBLIN 2
		STATE:			L2
		ZIP:			D02 T380
		BUSINESS PHONE:		353 1 905 8020

	MAIL ADDRESS:	
		STREET 1:		10 EARLSFORT TERRACE
		CITY:			DUBLIN 2
		STATE:			L2
		ZIP:			D02 T380

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Mural Oncology Ltd
		DATE OF NAME CHANGE:	20230403

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Pistachiovale Ltd
		DATE OF NAME CHANGE:	20230329
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d153926ddefa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML><HEAD>
<TITLE>DEFA14A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:12pt; 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><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy
Statement Pursuant to Section&nbsp;14(a) of the </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&#8195;) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the Registrant&#8194;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other
than the Registrant&#8194;&#9744; </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </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="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </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%" 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:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></B></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%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </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%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </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%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material under Rule <FONT STYLE="white-space:nowrap">14a-12</FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Mural Oncology plc </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified in Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check all boxes that apply): </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="4%" VALIGN="top" ALIGN="left">&#9746;</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 fee required. </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%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee previously paid with preliminary materials. </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%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11.</FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
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<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 DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION</B>. If you are in any doubt about the
action you should take, you are recommended to seek your own personal financial advice immediately from your stockbroker, bank manager, solicitor, accountant, or other independent professional financial adviser who, if you are resident or taking
advice in Ireland, is duly authorised or exempted under the European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No.&nbsp;375 of 2017) (as amended), or, if you are not so resident and are not taking advice in Ireland, another
appropriately authorised independent professional adviser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This document should be read in conjunction with the proxy statement sent by Mural Oncology
plc (&#8220;<B>Mural</B>&#8221;) to Mural Shareholders dated the date hereof (the &#8220;<B>Proxy Statement</B>&#8221;), setting out, amongst other things, the terms of the proposed acquisition of Mural by XRA 5 Corp. (&#8220;<B>Sub</B>&#8221;), a
wholly-owned subsidiary of XOMA Royalty Corporation (&#8220;<B>XOMA Royalty</B>&#8221;), to be implemented by way of a scheme of arrangement under Chapter 1 of Part 9 of the Companies Act 2014 (the &#8220;<B>Scheme</B>&#8221;) and, unless the
context otherwise requires, words and expressions defined in the Proxy Statement (including the Scheme) shall have the same meaning in this document. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROPOSAL TO MURAL EQUITY AWARD HOLDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>under the </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MURAL
ONCOLOGY PLC 2023 STOCK OPTION AND INCENTIVE PLAN </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MURAL ONCOLOGY PLC 2024 INDUCEMENT STOCK OPTION AND INCENTIVE PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MURAL ONCOLOGY PLC 2023 EMPLOYEE STOCK PURCHASE PLAN (THE &#8220;ESPP&#8221;) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(the &#8220;MURAL EQUITY INCENTIVE PLANS&#8221;) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>in connection with the </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROPOSED ACQUISITION OF MURAL ONCOLOGY PLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>by </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>XRA 5 CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>a wholly-owned subsidiary of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>XOMA ROYALTY CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to be implemented by means of a Scheme of Arrangement </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">under Chapter 1 of Part 9 of the Companies Act 2014 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The release, publication or distribution of this communication in or into certain jurisdictions may be restricted by the laws of those jurisdictions,
including any jurisdiction where local laws may result in a significant risk of civil, regulatory or criminal exposure if information concerning the Acquisition (as defined below) is sent or made available in that jurisdiction (&#8220;<B>Restricted
Jurisdictions</B>&#8221;). Accordingly, copies of this communication and all other documents relating to the Acquisition are not being, and must not be, released, published, mailed or otherwise forwarded, distributed or sent in, into or from any
such Restricted Jurisdictions. Persons receiving such documents (including, without limitation, nominees, trustees and custodians) should observe these restrictions. Failure to do so may constitute a violation of the securities laws of any such
jurisdiction. To the fullest extent permitted by applicable law, the companies involved in the Acquisition disclaim any responsibility or liability for the violations of any such restrictions by any person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">XOMA Royalty&#8217;s board of directors and Sub&#8217;s board of directors accept responsibility for the information contained in this communication other
than (i)&nbsp;information relating to Mural, the Mural Group and the members of the Mural Board (the &#8220;<B>Mural Directors</B>&#8221;) and members of their immediate families, related trusts and persons connected with them and (ii)&nbsp;the
recommendation and related opinions of the Mural Board. To the best of the knowledge and belief of XOMA Royalty&#8217;s board of directors and Sub&#8217;s board of directors (who, in each case, have taken all reasonable care to ensure that this is
the case), the information contained in this communication for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Mural Directors accept responsibility for the information contained in this communication relating to Mural, the Mural Group and the Mural Directors and
members of their immediate families, related trusts and persons connected with them, except for the statements made by XOMA Royalty and Sub in respect of Mural. To the best of the knowledge and belief of the Mural Directors (who, in each case, have
taken all reasonable care to ensure such is the case), the information contained in this communication for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lucid Capital Markets, LLC (&#8220;<B>Lucid</B>&#8221;), which is authorised and regulated by the SEC and the Financial Industry Regulatory Authority in
the United States, is acting as financial adviser exclusively for Mural and for no one else in connection with the subject matter of this communication and will not regard any other person as its client in relation to the matters in this
communication and will not be responsible to anyone other than Mural for providing the protections afforded to clients of Lucid or its affiliates, nor for providing advice in relation to any matter referred to in this communication. Neither Lucid
nor any of its subsidiaries, affiliates or branches owes or accepts any duty, liability or responsibility whatsoever (whether direct, indirect, consequential, whether in contract, in tort, under statute or otherwise) to any person who is not a
client of Lucid in relation to the matters in this communication, any statement or other matter or arrangement referred to herein or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Davy
Corporate Finance UC (&#8220;<B>Davy Corporate Finance</B>&#8221;), which is authorised and regulated in Ireland by the Central Bank of Ireland, is acting exclusively for XOMA Royalty and Sub and no one else in connection with the matters referred
to in this communication and will not be responsible to anyone other than XOMA Royalty for providing the protections afforded to clients of Davy Corporate Finance or for providing advice in connection with the matters referred to in this
communication. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</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">3 </P>

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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>JOINT COMMUNICATION FROM MURAL ONCOLOGY PLC AND XRA 5 CORP. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <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">


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<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><B>Mural Oncology plc</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>XRA 5 Corp.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">Incorporated as a public limited company in Ireland</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Incorporated in the State of Delaware</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:9pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt"><I>Registered Office:</I></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I>Registered Office:</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">10 Earlsfort Terrace</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2200 Powell Street, Suite 310</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">Dublin</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Emeryville, CA 94608</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">D02 T380</FONT></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"><FONT STYLE="font-size:8pt">Ireland</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></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:9pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt"><I>Registered Number</I>: 605282</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I>File Number</I>: 10297072</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:9pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt"><I>Directors:</I></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I>Sole director:</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">Scott Jackson (Chair)</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Owen Hughes</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="bottom"><FONT STYLE="font-size:8pt">Caroline Loew (CEO)</FONT></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"><FONT STYLE="font-size:8pt">Francis Cuss</FONT></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"><FONT STYLE="font-size:8pt">Benjamin Hickey</FONT></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"><FONT STYLE="font-size:8pt">George Stanley Golumbeski</FONT></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"><FONT STYLE="font-size:8pt">Sachiyo Minegishi</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></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="bottom"><FONT STYLE="font-size:8pt"><I>Company Secretary:</I></FONT></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"><FONT STYLE="font-size:8pt">Maiken Keson-Brookes</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;23, 2025 </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="4%" VALIGN="top" ALIGN="left"><B><I>To:</I></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>Equity award holders under the Mural Oncology plc 2023 Stock Option and Incentive Plan, the Mural
Oncology plc 2024 Inducement Stock Option and Incentive Plan and the Mural Oncology plc 2023 Employee Stock Purchase Plan (the &#8220;Mural Equity Incentive Plans&#8221;) </I></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><I>Re.</I></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>Treatment of equity awards in connection with the proposed acquisition of Mural Oncology plc by XRA 5
Corp., a wholly owned subsidiary of XOMA Royalty Corporation, by means of a Scheme of Arrangement under Chapter 1 of Part 9 of the Companies Act 2014 </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Equity Award Holders </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously announced, on
August&nbsp;20, 2025, Mural Oncology plc (&#8220;<B>Mural</B>&#8221;) entered into a Transaction Agreement (the &#8220;<B>Transaction Agreement</B>&#8221;), by and among XOMA Royalty Corporation, a Nevada corporation (&#8220;<B>XOMA
Royalty</B>&#8221;), XRA 5 Corp., a Delaware corporation and wholly-owned subsidiary of XOMA Royalty (&#8220;<B>Sub</B>&#8221;) and Mural. Under the terms of the Transaction Agreement, Sub has agreed to acquire the entire issued and to be issued
share capital of Mural on the terms and subject to the conditions set out in the announcement issued jointly by Mural and XOMA Royalty pursuant to Rule 2.7 of the Irish Takeover Rules on August&nbsp;20, 2025 (the &#8220;<B>Acquisition</B>&#8221;)
pursuant to a High Court of Ireland sanctioned scheme of arrangement under Chapter 1 of Part 9 of the Companies Act 2014 of Ireland, the terms of which are set out in full in the definitive Proxy Statement in the sections entitled &#8220;<I>The
Transaction</I>&#8221; and &#8220;<I>The Transaction Agreement</I>&#8221; (the &#8220;<B>Scheme</B>&#8221;). The definitive Proxy Statement was filed with the SEC and sent to Mural Shareholders (as defined below), and for information only to holders
of equity awards under the Mural Equity Incentive Plans (&#8220;<B>Equity Award Holders</B>&#8221;), on or about the date hereof (the &#8220;<B>Proxy Statement</B>&#8221;). If the Scheme becomes effective, Mural will become an indirect wholly-owned
subsidiary of XOMA Royalty. </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">1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication constitutes the proposal required to be made to Equity Award Holders pursuant to Rule 15
of the Irish Takeover Rules in connection with the Acquisition. </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"><B>DETAILS OF THE ACQUISITION</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Under the terms of the Acquisition and subject to certain conditions, holders of ordinary shares of Mural, nominal value $0.01 per share (each
a &#8220;<B>Mural Share</B>&#8221; and such holders, the &#8220;<B>Mural Shareholders</B>&#8221;), (i) are entitled to receive a base cash price of $2.035 per share (the &#8220;<B>Base Price Per Share</B>&#8221;), which has been calculated on the
basis of Mural having approximately $36.2&nbsp;million of closing net cash (calculated in accordance with the Transaction Agreement) (the &#8220;<B>Estimated Closing Net Cash</B>&#8221;) and is payable to Mural Shareholders upon the closing of the
Acquisition (the &#8220;<B>Completion</B>&#8221;) regardless of the amount of Mural&#8217;s actual closing net cash (as defined and calculated in accordance with the Transaction Agreement, the &#8220;<B>Closing Net Cash</B>&#8221;) on the Closing
Net Cash Calculation Date (as defined in the Transaction Agreement), and (ii)&nbsp;may receive an additional cash amount per share of up to $0.205 (the &#8220;<B>Additional Price Per Share</B>,&#8221; and together with the Base Price Per Share, the
&#8220;<B>Scheme Consideration</B>&#8221;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Additional Price Per Share is calculated on the basis of the amount by which the Closing
Net Cash on the Closing Net Cash Calculation Date (as defined in the Transaction Agreement) exceeds the Estimated Closing Net Cash. The Additional Price Per Share will only be payable to Mural Shareholders upon the Completion if Mural&#8217;s actual
Closing Net Cash on the Closing Net Cash Calculation Date exceeds the Estimated Closing Net Cash. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">There is no certainty that the Closing
Net Cash on the Closing Net Cash Calculation Date will exceed the Estimated Closing Net Cash and, if the Closing Net Cash does not exceed the Estimated Closing Net Cash, the amount of the Additional Price Per Share will be zero and each of the Mural
Shareholders will receive only the Base Price Per Share. It is expected that confirmation of the Additional Price Per Share will be communicated to Mural Shareholders by announcement prior to the date of the hearing by the Irish High Court of the
application to sanction the Scheme. The Additional Price Per Share is subject to a cap of a maximum amount of $0.205 per share and cannot be a negative amount. As a result, the minimum amount of the Scheme Consideration payable pursuant to the
Acquisition is $2.035 per share and the maximum amount of the Scheme Consideration payable pursuant to the Acquisition is $2.24 per share. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The purpose of this communication is to set out how the Acquisition will affect any Mural Options and Mural RSU Awards (each as defined below)
that you hold. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For your information, page 6 of this communication includes a link to the Proxy Statement filed by Mural with the SEC that
contains important information about the Acquisition. The Transaction Agreement is attached to the Proxy Statement as Annex A. You may also obtain a copy of the Proxy Statement from the SEC&#8217;s website at www.sec.gov or Mural&#8217;s website at
https://ir.muraloncology.com/. Information found on, or accessible through, Mural&#8217;s website is not a part of, and is not incorporated into, this communication. </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">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>TREATMENT OF MURAL OPTIONS</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Under the terms of the Transaction Agreement each option, including incentive stock options and
<FONT STYLE="white-space:nowrap">non-qualified</FONT> options, to purchase Mural Shares in accordance with the Mural Equity Incentive Plans that is outstanding as of immediately prior to the Completion (whether or not vested) (a &#8220;<B>Mural
Option</B>&#8221;) that has an exercise price per Mural Share of less than the Scheme Consideration shall, as of the Completion, be automatically cancelled and converted into the right to receive a cash amount, equal to the product of (i)&nbsp;the
total number of Mural Shares subject to such Mural Option immediately prior to the Completion, multiplied by (ii)&nbsp;the sum of (A)&nbsp;the Scheme Consideration minus (B)&nbsp;the exercise price payable per Mural Share under such Mural Option
(net of any applicable mandatory withholdings). </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>

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<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">Each Mural Option that has an exercise price per Mural Share that is equal to or greater
than the Scheme Consideration shall, as of Completion, be cancelled and shall cease to be outstanding, and no Scheme Consideration shall be delivered in exchange for such Mural Options. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">All outstanding Mural Options have an exercise price above the maximum Scheme Consideration payable pursuant to the Transaction Agreement.
Accordingly, the Mural Directors expect that all outstanding Mural Options will be cancelled without the right to receive any Scheme Consideration in accordance with the terms of the Transaction Agreement. There are no Mural Options outstanding
under the ESPP as at the date of this communication. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">To the extent that your Mural Options are vested prior to the Completion, you may
exercise your Mural Options in the normal manner in accordance with the terms and conditions governing such Mural Options; however, all existing Equity Award holders are advised that the exercise price of all outstanding Mural Options is greater
than the maximum Scheme Consideration payable pursuant to the Acquisition. If you are a &#8220;restricted person&#8221; under Mural&#8217;s Insider Trading Policy, you may exercise vested Options at any time but you may sell Mural Shares only during
an open window as set forth in the Insider Trading Policy. Once a Mural Option is exercised, you will be entitled to participate in the Acquisition in respect of the Mural Shares issued pursuant to the exercise of the applicable Mural Option on the
same terms as each other Mural Shareholder. If you do not exercise your Mural Options, they will be treated as described above. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">An
exercise of your Mural Options may be subject to tax, and it is recommended that you consult your tax advisors about the tax consequences of any exercise of your Mural Options under the laws of the relevant jurisdiction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">It is possible that Mural may restrict the ability to exercise Mural Options in the future prior to the expected date of the Completion.<B>
</B>Any further restrictions will be communicated to you. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Details of your Mural Options can be located by accessing your account with
E*TRADE through its website at us.etrade.com or by contacting Ryan Bis at <U>finance@muraloncology.com</U>. </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">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>TREATMENT OF MURAL RSU AWARDS</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Each restricted stock unit award granted under the Mural Equity Incentive Plans that is outstanding as of immediately prior to the Completion
(whether or not vested) (a &#8220;<B>Mural RSU Award</B>&#8221;) shall, as of the Completion, be automatically cancelled and converted into the right to receive a cash amount equal to (i)&nbsp;the total number of Mural Shares subject to such Mural
RSU Award immediately prior to the Completion, multiplied by (ii)&nbsp;the Scheme Consideration (net of any applicable mandatory withholdings). </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">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>NO ACTION IS REQUIRED BY YOU</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You are not required to take any action to ensure that your Mural Options or Mural RSU Awards are treated as described above. </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">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>TIMING OF CASH PAYMENTS DUE IN RESPECT OF CANCELLED MURAL OPTIONS AND MURAL RSU AWARDS</B>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You will receive any cash payments due to you in respect of your Mural Options and Mural RSU Awards through payroll as
soon as reasonably practicable after the Completion, but not later than 14 days after the Completion. Where Mural or Sub has an obligation to withhold or deduct taxes, social insurance contributions or similar amounts, your payment will be subject
to the applicable deductions. </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>

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<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">If you are not, and were not at any time during the vesting period of your equity award
under the Mural Equity Incentive Plans, an employee of Mural for employment tax purposes, you may not receive your cash payment through payroll. In such circumstances, it will be paid to you in the same manner as the Scheme Consideration is paid
under the Scheme, as if you were a Mural Shareholder. </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">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>WHAT HAPPENS IF THE ACQUISITION IS NOT COMPLETED?</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If for any reason the Acquisition is not completed, there will be no changes to the rights you currently have in your Mural Options or Mural
RSU Awards, any such equity awards you hold that are not already vested will not accelerate, and all equity awards will continue in effect in accordance with their existing terms and conditions, including the applicable vesting and performance
conditions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If you voluntarily exercise your vested Mural Options, you will hold Mural Shares in accordance with usual procedures
following option exercises. </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">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>WHAT HAPPENS IF YOUR EMPLOYMENT WITH MURAL TERMINATES PRIOR TO THE COMPLETION?</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The effect of the termination of your employment on your Mural Options or Mural RSU Awards are set out in your applicable award agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In general, if your employment terminates before Completion any unvested Mural RSU Awards or Mural Options will be forfeited on the date your
employment ends. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Typically, unless you are terminated for cause, you can exercise any vested Mural Options within the period following
your termination set out in your applicable award agreement, though such period (which may end prior to Completion) will vary in certain circumstances (e.g. where your employment terminates by reason of death or disability). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You will not receive any consideration for your forfeited Mural Options or Mural RSU Awards. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If your Mural Options expire or are forfeited without exercise prior to the Completion, you will not be entitled to receive any payment for
such Mural Options. If your individual employment agreement, or the terms of any severance plan in which you are eligible to participate, has different terms, the terms of your individual agreement will govern. </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">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>NO FINANCIAL OR TAX ADVICE</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mural, XOMA Royalty and Sub will not provide advice on the benefits of the Acquisition or the Scheme or give financial or tax advice. You
should seek your own professional advice regarding the tax treatment of your Mural Options and Mural RSU Awards. </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">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>VIEW OF THE MURAL BOARD</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Having taken into account the relevant factors and applicable risks, the Mural Board, which has been so advised by Lucid, as financial adviser
to Mural, considers the treatment of the Mural Options and Mural RSU Awards described in this communication to be fair and reasonable. The Mural Directors have unanimously recommended that Mural Shareholders vote in favour of the Acquisition and the
Scheme (as set out in the Proxy Statement). </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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours faithfully </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mural Oncology plc </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By: <U>/s/ Caroline Loew</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Caroline Loew, Ph.D. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: Chief Executive Officer </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">XRA 5 Corp. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By: <U>/s/ Owen Hughes</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Owen Hughes </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: President, Treasurer and Secretary </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>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No Offer or Solicitation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is currently intended that the Acquisition will be implemented by means of an Irish High Court-sanctioned scheme of arrangement on the terms provided for in
the Scheme, which is contained in the Proxy Statement (or, if the Acquisition is implemented by way of a takeover offer, the applicable takeover offer document), which contains (or will contain) the full terms and conditions of the Acquisition,
including details of how Mural Shareholders may vote in respect of the Acquisition and the Scheme. Any decision in respect of, or other response to, the Acquisition, should be made only on the basis of the information contained in this communication
and the Proxy Statement (including the Scheme) (or if the Acquisition is implemented by way of a takeover offer, the applicable takeover offer document), any amendments or supplements thereto and other relevant documents filed or to be filed with
the U.S. Securities and Exchange Commission (the &#8220;<B>SEC</B>&#8221;) in connection with the Acquisition, including any documents incorporated by reference therein. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Additional Information will be Filed with the SEC </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the Acquisition, Mural has filed with the SEC a definitive Proxy Statement relating to the Scheme Meeting and the EGM (which includes the
Scheme). The definitive Proxy Statement has been sent to Mural Shareholders as of the Voting Record Time. This communication is not a substitute for the Proxy Statement or any other document that Mural may file with the SEC or send to its
shareholders in connection with the Acquisition. BEFORE MAKING ANY VOTING DECISION, HOLDERS OF MURAL SHARES ARE URGED TO READ THE PROXY STATEMENT (INCLUDING THE SCHEME) ANY AMENDMENTS OR SUPPLEMENTS THERETO AND OTHER RELEVANT DOCUMENTS FILED OR TO
BE FILED WITH THE SEC IN CONNECTION WITH THE ACQUISITION, INCLUDING ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ACQUISITION,
THE PARTIES TO THE SCHEME AND RELATED MATTERS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any vote in respect of the Scheme Meeting Resolution or the EGM Resolutions to approve the Acquisition,
the Scheme or related matters, or other responses in relation to the Acquisition, should be made only on the basis of the information contained in the Proxy Statement (including the Scheme). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication, the Proxy Statement as well as Mural&#8217;s other public filings with the SEC may be obtained without charge at the SEC&#8217;s website
at www.sec.gov and at Mural&#8217;s website https://ir.muraloncology.com/. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mural Shareholders and recipients of this communication are also be able to
obtain, without charge, a copy of this communication, the Proxy Statement (including the Scheme) and other relevant documents by directing a written request to Mural, Attn: Chief Legal Officer, Mural Oncology plc, Ten Earlsfort Terrace, D02 T380,
Dublin 2, Ireland or by phone to +353 1 920 1000 or by contacting Investor Relations, via email at <U>ir@muraloncology.com</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any written requests must
include the identity of the Mural Shareholder or recipient and any hard copy documents will be posted to the address of the Mural Shareholder provided in the written request. If you have received this communication in electronic form, a hard copy of
this communication and / or any document or information incorporated by reference into this communication will not be provided unless such a request is made. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in Solicitation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mural and certain of its
directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from Mural Shareholders in connection with the Acquisition and any other matters to be voted on at the Scheme Meeting or the EGM. Information
about the directors and executive officers of Mural, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in the Proxy Statement. Other information regarding the persons who
</P>
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may, under the rules of the SEC, be deemed to be participants in the solicitation of Mural Shareholders, including a description of their direct or indirect interests, by security holdings or
otherwise, is also set forth in the Proxy Statement and other relevant materials to be filed with the SEC in connection with the Acquisition. You may obtain free copies of these documents using the sources indicated above. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Note Regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statements contained in this communication regarding matters that are not historical facts are &#8220;forward-looking statements&#8221; within the meaning of
the Private Securities Litigation Reform Act of 1995 with respect to Mural, XOMA Royalty or Sub. Forward-looking statements are intended to be identified by words such as &#8220;anticipate&#8221;, &#8220;target&#8221;, &#8220;expect&#8221;,
&#8220;estimate&#8221;, &#8220;intend&#8221;, &#8220;plan&#8221;, &#8220;believe&#8221;, &#8220;will&#8221;, &#8220;may&#8221;, &#8220;would&#8221;, &#8220;could&#8221; or &#8220;should&#8221; or other words of similar meaning or the negative
thereof. Forward-looking statements include but are not limited to statements regarding Mural, XOMA Royalty and Sub&#8217;s intention to consummate the Acquisition, the approval of the Acquisition by Mural Shareholders, the payment of any Additional
Price Per Share to Mural Shareholders, and the expected timing of the completion of the Acquisition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Risks and uncertainties that may cause actual results to differ from
expectations include: uncertainties as to the timing and completion of the Scheme Meeting and EGM; uncertainties as to the approval by Mural Shareholders of the Scheme Meeting Resolution or the Required EGM Resolutions; the possibility that closing
conditions for the Acquisition may not be satisfied or waived, including the failure to receive sanction of the Scheme by the High Court; risks that ongoing costs to Mural will result in Mural&#8217;s Closing Net Cash on the Closing Net Cash Date
not exceeding the Estimated Closing Net Cash, which will mean that no Additional Price Per Share is paid to Mural Shareholders; the other risks and uncertainties pertaining to Mural&#8217;s business, including those described in Mural&#8217;s most
recent Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> and Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> filed with the SEC, as well as Mural&#8217;s subsequent filings with the SEC, including the Proxy
Statement; and the other risks and uncertainties pertaining to XOMA Royalty&#8217;s business, including those described in more detail in XOMA Royalty&#8217;s most recent filing on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and other filings
with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All subsequent oral or written forward-looking statements attributable to Mural, XOMA Royalty or Sub or any
persons acting on their behalf are expressly qualified in their entirety by the cautionary statement above. None of Mural, XOMA Royalty or Sub undertake any obligation to update or revise the forward-looking statements contained in this
communication, whether as a result of new information, future events or otherwise, except to the extent legally required. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Disclosure Requirements of
the Irish Takeover Rules </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under Rule 8.3(b) of the Irish Takeover Rules, any person who is, or becomes, &#8220;interested&#8221; (directly or
indirectly) in 1% or more of any class of &#8220;relevant securities&#8221; of Mural must disclose all &#8220;dealings&#8221; in such &#8220;relevant securities&#8221; during the &#8220;offer period&#8221;. The disclosure of a &#8220;dealing&#8221;
in &#8220;relevant securities&#8221; by a person to whom Rule 8.3(b) applies must be made by no later than 3:30 pm (U.S. Eastern Time) on the &#8220;business day&#8221; following the date of the relevant &#8220;dealing&#8221;. A dealing disclosure
must contain the details specified in Rule 8.6(b) of the Irish Takeover Rules, including details of the dealing concerned and of the person&#8217;s interests and short positions in any &#8220;relevant securities&#8221; of Mural. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All &#8220;dealings&#8221; in &#8220;relevant securities&#8221; of Mural by a bidder, or by any party Acting in Concert with a bidder, must also be disclosed
by no later than 12:00 noon (U.S. Eastern Time) on the &#8220;business day&#8221; following the date of the relevant &#8220;dealing&#8221;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If two or
more persons <FONT STYLE="white-space:nowrap">co-operate</FONT> on the basis of an agreement, either express or tacit, either oral or written, to acquire an &#8220;interest&#8221; in &#8220;relevant securities&#8221; of Mural, they will be deemed to
be a single person for the purpose of Rule 8.3(a) and (b)&nbsp;of the Irish Takeover Rules. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A disclosure table, giving details of the companies in whose &#8220;relevant securities&#8221; dealing
disclosures should be made, can be found on the Irish Takeover Panel&#8217;s website at <U>www.irishtakeoverpanel.ie</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8220;Interests in
securities&#8221; arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an &#8220;interest&#8221; by virtue of the
ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Terms in quotation marks in this
section are defined in the Irish Takeover Rules, which can also be found on the Irish Takeover Panel&#8217;s website. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you are in any doubt as to
whether or not you are required to disclose a &#8220;dealing&#8221; under Rule 8, please consult the Irish Takeover Panel&#8217;s website at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 1 678 9020. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No Profit Forecast or Merger Benefit Statement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No
statement in this communication is intended to constitute a profit forecast or profit estimate for any period, nor should any statement be interpreted to mean that earnings or earnings per share of Mural will, for the current or future financial
years or other periods, necessarily match or be greater or lesser than those for the relevant preceding financial periods. No statement in this communication constitutes an asset valuation or a quantified financial benefits statement within the
meaning of the Irish Takeover Rules. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Publication on Website </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with Rule 26.1 of the Irish Takeover Rules, a copy of this communication will be available on XOMA Royalty&#8217;s website at
https://www.investors.xoma.com and Mural&#8217;s website at https://ir.muraloncology.com/ by no later than 12:00 noon (U.S. Eastern Time) on the business day following publication of this communication. Neither the content of the websites referred
to in this communication nor the content of any other websites accessible from hyperlinks on such websites is incorporated into, or forms part of, this communication. </P>
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