Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 374

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 374
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 discussion does not
consider the tax treatment of partnerships or other pass-through entities or persons who hold Company shares. If a partnership (or
other entity classified as a partnership for U.S. federal income tax purposes) is the beneficial owner of Company shares, the U.S.
federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities
of the partnership. This discussion also assumes that any distribution made (or deemed made) on Company shares and any consideration
received (or deemed received) by a holder in consideration for the sale or other disposition of Company shares will be in U.S.
dollars. In addition, this discussion assumes that a holder who owns rights in DiamiR shares will own a sufficient number of rights
such that upon conversion of such rights, the holder will acquire only full ordinary Company shares and, thus, will not forfeit any
rights or have a right to acquire a fractional share after such conversion.

Neither the Company nor DiamiR
will seek, a ruling from the IRS as to any U.S. federal income tax consequence described herein. The IRS may disagree with the description
herein, and its determination may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative
rulings or court decisions will not adversely affect the accuracy of the statements in this discussion.

BECAUSE OF THE COMPLEXITY
OF THE TAX LAWS AND BECAUSE THE TAX CONSEQUENCES TO ANY PARTICULAR HOLDER IN CONNECTION WITH OR FOLLOWING THE DOMESTICATION AND DIAMIR
MERGER MAY BE AFFECTED BY MATTERS NOT DISCUSSED HEREIN, EACH HOLDER IS URGED TO CONSULT WITH HIS OR ITS OWN TAX ADVISOR WITH RESPECT TO
THE SPECIFIC TAX CONSEQUENCES TO SUCH HOLDER OF THE FOREGOING TRANSACTION, AND THE OWNERSHIP AND DISPOSITION OF SHARES, INCLUDING THE
APPLICABILITY AND EFFECT OF ANY STATE, LOCAL, AND NON-U.S. TAX LAWS, AS WELL AS U.S. FEDERAL TAX LAWS AND ANY APPLICABLE TAX TREATIES.

TAX CONSEQUENCES TO U.S. HOLDERS

Tax Consequences of the Domestication to U.S. Holders of Aptorum Shares

The following discussion under this
subsection, “Tax Consequences of the Domestication to U.S. Holders of Aptorum Shares” constitutes the opinion of HTFL, counsel
to Aptorum, as to the material U.S.