Tern Plc announced a number of changes to the board of the Company (the "Board") and the Company's management structure. Matthew Scherba and Bruce Leith have both stepped down from the Board with immediate effect. Matthew Scherba, having been on secondment to Tern's portfolio company InVMA Limited, intends to transition to the full time Chief Executive Officer position at Konektio during August 2023.

Bruce Leith will remain with Tern as an employee and a member of its senior management team. Sarah Payne will step down as the Company's Company Secretary on or before 30 September 2023 to take up a position with another company, but will remain on the Board as a Non-Executive Director. A further announcement will be made when this change occurs.

Following these changes, the Board of the Company will comprise: Ian Ritchie (Non-executive Chairman), Alan Howarth (Senior Independent Non-Executive Director) and Sarah Payne (Non-executive Director). The Board will be supported by a non-Board senior executive management team comprising: Al Sisto (as Chief Executive Officer), Bruce Leith and a part-time Chief Financial Officer. The senior management team will receive materially reduced remuneration from the levels they received when members of the Board.