Company: BDRX
Filing Date: 2025-11-24
Form Type: 424B3
Source: 0001214659-25-017136
Chunk: 74

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-11-24
Form: 424B3
Chunk 74
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 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.com will apply to any foreign exchange transaction executed pursuant to the Deposit Agreement.

We will 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 to the effectiveness of any resignation or removal of the depositary.

The fees and charges described above may
be amended from time to time by agreement between us and the depositary.

The depositary anticipates reimbursing
us for certain expenses incurred by us that are related to the establishment and maintenance of the ADR program upon such terms and conditions
as