Company: BDRX
Filing Date: 2025-05-08
Form Type: POS AM
Source: 0001214659-25-007201
Chunk: 57

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-08
Form: POS AM
Chunk 57
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 DEPOSITARY SHARES</div>

Our Depositary Shares are deposited pursuant
to the Second Amended and Restated Deposit Agreement dated December 18, 2023, among the Company, JPMorgan Chase Bank, N.A., as depositary,
and holders and beneficial owners of American Depositary Receipts, or the Deposit Agreement. The depositary registers and delivers the
Depositary Shares. Each Depositary Share represents ownership of 10,000 Ordinary Shares that we will deposit with the custodian, as agent
of the depositary, under the Deposit Agreement.

The depositary’s office is located
at 383 Madison Avenue, Floor 11, New York, NY 10179.

The Depositary Share-to-share ratio is subject
to amendment as provided in the form of American Depositary Receipt, or ADR (which may give rise to fees contemplated by the form of ADR).
In the future, each Depositary Share will also represent any securities, cash or other property deposited with the depositary but which
they have not distributed directly to you.

A beneficial owner is any person or entity
having a beneficial ownership interest in Depositary Shares. A beneficial owner need not be the holder of the ADR evidencing such Depositary
Share. If a beneficial owner is not an ADR holder, it must rely on the holder of the ADR(s) evidencing such Depositary Shares in order
to assert any rights or receive any benefits under the Deposit Agreement. A beneficial owner shall only be able to exercise any right
or receive any benefit under the Deposit Agreement solely through the holder of the ADR(s) evidencing the Depositary Shares owned by such
beneficial owner. The arrangements between a beneficial owner and the holder of the corresponding ADRs may affect the beneficial owner’s
ability to exercise any rights it may have.

An ADR holder shall be deemed to have all
requisite authority to act on behalf of any and all beneficial owners of the Depositary Shares evidenced by the ADRs registered in such
ADR holder’s name for all purposes under the Deposit Agreement and ADRs. The depositary’s only notification obligations under
the Deposit Agreement and the ADRs is to registered ADR holders. Notice to an ADR holder shall be deemed, for all purposes of the Deposit
Agreement and the ADRs, to constitute notice to any and all beneficial owners of the Depositary Shares evidenced by such ADR holder’s
ADRs.

Unless certificated ADRs are