Company: BDRX
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001214659-25-005742
Chunk: 14

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-04-11
Form: 20-F
Item: Item 12
Chunk 14
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 of execution of a foreign exchange transaction varies according
to local market dynamics, which may include regulatory requirements, market hours and liquidity in the foreign exchange market or other
factors. Furthermore, the Bank and its affiliates may manage the associated risks of their position in the market in a manner they deem
appropriate without regard to the impact of such activities on the depositary, us, ADR holders or beneficial owners. The spread applied
does not reflect any gains or losses that may be earned or incurred by the Bank and its affiliates as a result of risk management or other
hedging related activity.

Notwithstanding the foregoing,
to the extent we provide U. S. dollars to the depositary, neither the Bank nor any of its affiliates will execute a foreign exchange transaction
as set forth herein. In such case, the depositary will distribute the U. S. dollars received from us.

Further details relating
to the applicable foreign exchange rate, the applicable spread and the execution of foreign exchange transactions will be provided by
the depositary on ADR. com. Each holder and beneficial owner by holding or owning an ADR or Depositary Share or an interest therein, and
we, each acknowledge and agree that the terms applicable to foreign exchange transactions disclosed from time to time on ADR. com will
apply to any foreign exchange transaction executed pursuant to the Deposit Agreement.

We will pay all other fees,
charges and expenses of the depositary and any agent of the depositary (except the custodian) pursuant to agreements from time to time
between us and the depositary.

The right of the depositary
to charge and receive payment of fees, charges and expenses survives the termination of the Deposit Agreement, and shall extend for those
fees, charges and expenses incurred prior to the effectiveness of any resignation or removal of the depositary.

The fees and charges described
above may be amended from time to time by agreement between us and the depositary.

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The depositary anticipates
reimbursing us for certain expenses incurred by us that are related to the establishment and maintenance of the ADR program upon such
terms and conditions as we and the depositary may agree from time to time. The depositary may make available to us a set amount or a portion
of the depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as we and the depositary may
agree from time to time. The depositary may also agree to reduce or waive certain