Company: BDRX
Filing Date: 2025-05-01
Form Type: DRS
Source: 0001214659-25-006756
Chunk: 104

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-01
Form: DRS
Chunk 104
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a) a published benchmark rate, or (b) a rate determined by a third party local liquidity provider,
in each case plus or minus a spread, as applicable. The depositary will disclose which foreign exchange rate and spread, if any, apply
to such currency on the “Disclosures” page (or successor page) of . Such applicable foreign exchange rate and
spread may (and neither the depositary, the Bank nor any of their affiliates is under any obligation to ensure that such rate does not)
differ from rates and spreads at which comparable transactions are entered into with other customers or the range of foreign exchange
rates and spreads at which the Bank or any of its affiliates enters into foreign exchange transactions in the relevant currency pair on
the date of the foreign exchange transaction. Additionally, the timing 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.comwill apply to any foreign exchange transaction executed pursuant to the Deposit Agreement.

Wewill 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