Safe Harbor Statement

To the extent that statements contained in this presentation are not descriptions of historical facts, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include any statements about Merrimack's strategy, future operations, future financial position, future revenues and future expectations and plans and prospects for Merrimack, and any other statements containing the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions. In this presentation, Merrimack's forward-looking statements include, among others, statements about Merrimack's expectations with respect to the consummation of the proposed asset sale to Ipsen, its ability to fund its operations, including continued investment in its research and development pipeline, its ability to return cash to stockholders, expectations regarding potential milestone payments, expectations for the elimination of future expenses, expectations regarding the initiation and progress of clinical trials and expectations regarding the timing of availability of clinical trial data. Such forward-looking statements involve substantial risks and uncertainties that could cause Merrimack's clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, risks related to the satisfaction of the conditions to closing the asset sale (including the failure to obtain stockholder approval), whether Merrimack's expenses are as predicted, the availability of funding sufficient for Merrimack's current and planned operations, the uncertainties inherent in the conduct of clinical trials and other matters that could affect the availability or commercial potential of Merrimack's drug candidates or companion diagnostics. Merrimack undertakes no obligation to update or revise any forward-looking statements. Forward-looking statements should not be relied upon as representing Merrimack's views as of any date subsequent to the date hereof. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Merrimack's business in general, see the "Risk Factors" section of Merrimack's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on November 9, 2016 and other reports Merrimack files with the SEC.

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