Company: MDCXW
Filing Date: 2025-04-25
Form Type: DRS
Source: 0001062993-25-007956
Chunk: 71

Company: Medicus Pharma Ltd.
Filing Date: 2025-04-25
Form: DRS
Chunk 71
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 of Canadian securities laws.

<div align='center'>42</div>

| CONFIDENTIAL TREATMENT REQUESTED BY MEDICUS PHARMA LTD. 
 PURSUANT TO 17 C.F.R. SECTION 200.83                    |

<div align='center'>DIVIDEND POLICY</div>

We do not anticipate that we will declare or pay dividends in the foreseeable future on our common shares. Instead, we anticipate that all of our earnings will be used for the operation and growth of our business. Any future determination to declare cash dividends would be subject to the discretion of our board of directors and would depend upon various factors, including our results of operations, financial condition and liquidity requirements, restrictions that may be imposed by applicable law and our contracts and other factors deemed relevant by our board of directors.

<div align='center'>43</div>

| CONFIDENTIAL TREATMENT REQUESTED BY MEDICUS PHARMA LTD. 
 PURSUANT TO 17 C.F.R. SECTION 200.83                    |

<div align='center'>CAPITALIZATION</div>

The following table sets forth our consolidated capitalization as of December 31, 2024:

-on an actual basis, as determined in accordance with GAAP; and

-on an adjusted basis to reflect the net proceeds from our sale of Units in this offering at the offering price of $ per Unit, after deducting the underwriting discounts and commissions and the estimated offering expenses.

This table should be read in conjunction with the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Use of Proceeds" sections, as well as our audited financial statements, included elsewhere in this prospectus.

|                            |   | As of December 31, 2024 |   |   |          |
|:---------------------------|:--|------------------------:|:--|:--|:---------|
|                            |   |                  Actual |   |   | Adjusted |
| Cash                       | $ |               4,164,323 |   | $ |          |
| Liabilities                |   |               2,512,174 |   |   |          |
| Shareholders' equity:      |   |                         |   |   |          |
| Share capital              |   |              30,518,195 |   |   |          |
| Additional paid-in capital |   |               1,520,412 |   |   |          |
| Deficit                    |   |             (28,