Company: BDRX
Filing Date: 2025-05-08
Form Type: POS AM
Source: 0001214659-25-007201
Chunk: 71

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-08
Form: POS AM
Chunk 71
---
 order
to enter into spot foreign exchange transactions to convert foreign currency into U.S. dollars. For certain currencies, foreign exchange
transactions are entered into with the Bank or an affiliate, as the case may be, acting in a principal capacity. For other currencies,
foreign exchange transactions are routed directly to and managed by an unaffiliated local custodian (or other third party local liquidity
provider), and neither the Bank nor any of its affiliates is a party to such foreign exchange transactions.

The foreign exchange rate applied to a foreign
exchange transaction will be either (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 ADR.com. 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.

| 50 |

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