# EDGAR Filing Document

**Accession Number:** 0001322505
**File Stem:** 0001193125-23-012662
**Filing Date:** 2023-1
**Character Count:** 881305
**Document Hash:** 399742658fbe4dee96ded6737a331ce8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-012662.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001193125-23-012662

**CONFORMED SUBMISSION TYPE**: SC TO-T

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALBIREO PHARMA, INC.
- **CENTRAL INDEX KEY:** 0001322505
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-T
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-83386
- **FILM NUMBER:** 23542561

**BUSINESS ADDRESS:**
- **STREET 1:** 10 POST OFFICE SQUARE
- **STREET 2:** SUITE 502 SOUTH
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 857-415-4774

**MAIL ADDRESS:**
- **STREET 1:** 10 POST OFFICE SQUARE
- **STREET 2:** SUITE 502 SOUTH
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Biodel Inc
- **DATE OF NAME CHANGE:** 20050331
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ipsen, S.A.
- **CENTRAL INDEX KEY:** 0001370483
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** I0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-T

**BUSINESS ADDRESS:**
- **STREET 1:** 42, RUE DU DOCTEUR BLANCHE
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75016
- **BUSINESS PHONE:** 011 33144961010

**MAIL ADDRESS:**
- **STREET 1:** 42, RUE DU DOCTEUR BLANCHE
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75016

------

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**SCHEDULE TO** 

**TENDER OFFER STATEMENT UNDER SECTION 14(D)(1) OR 13(E)(1)** 

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

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## ALBIREO PHARMA, INC.
**(Name of Subject Company (Issuer))** 

**ANEMONE ACQUISITION CORP.** 

**(Offeror)** 

**a wholly owned subsidiary of** 

**IPSEN BIOPHARMACEUTICALS, INC.** 

**(Offeror)** 

**a wholly owned subsidiary of** 

**IPSEN PHARMA SAS** 

**(Offeror)** 

**a wholly owned subsidiary of** 

**IPSEN S.A.** 

**(Offeror)** 

**(Names of Filing Persons (identifying status as offeror, issuer or other person))** 

**Common Stock, Par Value $0.01 Per Share** 

**(Title of Class of Securities)** 

**01345P106** 

**(CUSIP Number of Class of Securities)** 

**Francois Garnier, EVP, General Counsel and Chief Business Officer** 

**Ipsen Pharma SAS** 

**65 Quai Georges Gorse** 

**92100 Boulogne-Billancourt, France** 

**Tel. +33 1 58 33 50 00** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons)** 

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***Copies to:***

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| | |
|:---|:---|
| **Tony Chan, Esq.**<br> **Orrick, Herrington & Sutcliffe LLP**<br> **Columbia Center**<br> **1152 15th Street, N.W.**<br> **Washington, DC 20005-1706** | **Niki Fang, Esq.**<br> **Lynne T. Hirata, Esq.**<br> **Orrick, Herrington & Sutcliffe LLP**<br> **The Orrick Building**<br> **405 Howard Street**<br> **San Francisco, CA 94105-2669** |

---

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☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ third-party tender offer subject to Rule 14d-1.

☐ issuer tender offer subject to Rule 13e-4.

☐ going-private transaction subject to Rule 13e-3.

☐ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer. ☐

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

☐ Rule 13e-4(i) (Cross-Border Issuer Tender Offer)

☐ Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)

------

This Tender Offer Statement on Schedule TO (this "**Schedule TO**") relates to the offer by Anemone Acquisition Corp., a Delaware corporation ("**Purchaser**") and wholly owned subsidiary of Ipsen Biopharmaceuticals, Inc., a Delaware corporation ("**Ipsen**") and wholly owned subsidiary of Ipsen Pharma SAS, a French *société par actions simplifiée* ("**Guarantor**") and wholly owned subsidiary of Ipsen S.A., a French *société anonyme* ("**Ipsen SA**"), to purchase all outstanding shares of common stock, $0.01 par value per share ("**Shares**"), of Albireo Pharma, Inc., a Delaware corporation ("**Albireo**"), at a price of $42.00 per Share, to the holder in cash, plus one non-transferable contractual contingent value right ("**CVR**") per Share, which represents the right to receive a payment in cash of $10.00 per CVR, contingent upon the achievement of a certain milestone, in each case, without interest and subject to any required withholding taxes, as described in the Offer to Purchase dated January 23, 2023 (together with any amendments or supplements thereto, the "**Offer to Purchase**") and in the accompanying Letter of Transmittal (together with any amendments or supplements thereto and with the Offer to Purchase, the "**Offer**"), which are annexed to and filed with this Schedule TO as Exhibits (a)(1)(A) and (a)(1)(B), respectively. Unless otherwise indicated, references to sections in this Schedule TO are references to sections of the Offer to Purchase. A copy of the Agreement and Plan of Merger, dated as of January 8, 2023 (the "**Merger Agreement**"), among Albireo, Ipsen, Purchaser and, solely for the purposes of Sections 9.5, 9.6, 9.8 and 9.11 thereunder, Guarantor, is attached as Exhibit (d)(1) hereto and incorporated herein by reference with respect to Items 4 through 11 of this Schedule TO.

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| | |
|:---|:---|
| **ITEM 1.** | **SUMMARY TERM SHEET.**  |

---

The information set forth in the section of the Offer to Purchase titled "Summary Term Sheet" is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 2.** | **SUBJECT COMPANY INFORMATION.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The subject company and the issuer of the securities subject to the Offer is Albireo Pharma, Inc. Its principal executive office is located at 53 State Street, 19th Floor, Boston, Massachusetts 02109, and its telephone number is (857) 254-5555.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Schedule TO relates to the Shares. According to Albireo, as of the close of business on January 20, 2023, there were 20,863,673 Shares issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The information concerning the principal market on which the Shares are traded, and certain high and low sales prices for the Shares in the principal market in which the Shares are traded set forth in Section 6 – "Price Range of Shares; Dividends" of the Offer to Purchase, are incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 3.** | **IDENTITY AND BACKGROUND OF FILING PERSON.**  |

---

(a)-(c) This Schedule TO is filed by Ipsen SA, Ipsen, Guarantor and Purchaser. The principal executive office of Ipsen SA and Guarantor is 65 Quai Georges Gorse, 92100 Boulogne Billancourt, France. Each of Ipsen's and Purchaser's principal executive office is located at One Main Steet, Cambridge, MA 02142. Each of Ipsen SA's and Guarantor's telephone number is +33 1 58 33 50 00. Each of Ipsen's and Purchaser's telephone number is +1 (617) 679-8500. The information regarding Ipsen SA, Ipsen, Guarantor and Purchaser set forth in Section 9 – "Certain Information Concerning Ipsen, Purchaser and Related Entities" and Schedule A of the Offer to Purchase is incorporated herein by reference.

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| | |
|:---|:---|
| **ITEM 4.** | **TERMS OF THE TRANSACTION.**  |

---

The information set forth in the Offer to Purchase is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 5.** | **PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS.**  |

---

(a), (b) The information set forth in Section 8 –"Certain Information Concerning Albireo," Section 9 – "Certain Information Concerning Ipsen, Purchaser and Related Entities," Section 10 – "Background of the Offer;

------

Contacts with Albireo," Section 11 – "Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements" and Schedule A of the Offer to Purchase is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 6.** | **PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS.**  |

---

(a), (c)(1)-(7) The information set forth in the sections of the Offer to Purchase titled "Summary Term Sheet" and "Introduction" and in Section 6 – "Price Range of Shares; Dividends," Section 7 – "Possible Effects of the Offer on the Market for the Shares; Nasdaq Listing; Exchange Act Registration and Margin Regulations" and Section 11 – "Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements" of the Offer to Purchase is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 7.** | **SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.**  |

---

(a), (d) The information set forth in the section of the Offer to Purchase titled "Summary Term Sheet" and in Section 12 – "Source and Amount of Funds" of the Offer to Purchase is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Offer is not subject to a financing condition.

---

| | |
|:---|:---|
| **ITEM 8.** | **INTEREST IN SECURITIES OF THE SUBJECT COMPANY.**  |

---

The information set forth in Section 9 – "Certain Information Concerning Ipsen, Purchaser and Related Entities," Section 11 – "Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements" and Schedule A of the Offer to Purchase is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 9.** | **PERSONS/ASSETS RETAINED, EMPLOYED, COMPENSATED OR USED.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The information set forth in Section 3 – "Procedures for Tendering Shares," Section 10 – "Background of the Offer; Contacts with Albireo" and Section 16 – "Fees and Expenses" of the Offer to Purchase is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 10.** | **FINANCIAL STATEMENTS.**  |

---

Not Applicable.

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| | |
|:---|:---|
| **ITEM 11.** | **ADDITIONAL INFORMATION.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The information set forth in Section 7 – "Possible Effects of the Offer on the Market for the Shares; Nasdaq Listing; Exchange Act Registration and Margin Regulations," Section 10 – "Background of the Offer; Contacts with Albireo," Section 11 – "Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements," and Section 15 – "Certain Legal Matters; Regulatory Approvals" of the Offer to Purchase is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The information set forth in the Offer to Purchase is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 12.** | **EXHIBITS.**  |

---

---

| | |
|:---|:---|
| **Index No.** |  |
| (a)(1)(A)\* | [Offer to Purchase, dated January 23, 2023.](d427101dex99a1a.htm) |
| (a)(1)(B)\* | [Form of Letter of Transmittal.](d427101dex99a1b.htm) |
| (a)(1)(C)\* | [Notice of Guaranteed Delivery.](d427101dex99a1c.htm) |
| (a)(1)(D)\* | [Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.](d427101dex99a1d.htm) |

---

------

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| | |
|:---|:---|
| **Index No.** |  |
| (a)(1)(E)\* | [Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.](d427101dex99a1e.htm) |
| (a)(1)(F)\* | [Form of Summary Advertisement, published January 23, 2023 in the Wall Street Journal.](d427101dex99a1f.htm) |
| (a)(5)(A) | [Joint Press Release of Albireo and Ipsen SA, dated January 9, 2023 (incorporated herein by reference to Exhibit 99.1 to Albireo's Current Report on Form 8-K filed January 9, 2023).](http://www.sec.gov/Archives/edgar/data/1322505/000110465923001979/tm232666d1_ex99-1.htm) |
| (b)(1)\*† | [Revolving Facility Agreement, dated May 24, 2019, by and among Ipsen SA, as the Borrower, BNP Paribas SA, Groupe Crédit Agricole, HSBC France and Société Générale, as Global Mandated Lead Arrangers and Bookrunners, Bank of America Merrill Lynch International Designated Activity Company, Barclays Bank PLC, BRED Banque Populaire, Natixis and Wells Fargo Bank International U.C., as Mandated Lead Arrangers, Société Générale, as Agent, Natixis, as CSR Coordinator, and the financial institutions listed therein, as Original Lenders.](d427101dex99b1.htm) |
| (d)(1) | [Agreement and Plan of Merger, dated as of January 8, 2023, by and among Albireo, Ipsen, Purchaser and, solely for the limited purposes set forth therein, Guarantor (incorporated herein by reference to Exhibit 2.1 to Form 8-K filed by Albireo on January 9, 2023).](http://www.sec.gov/Archives/edgar/data/0001322505/000110465923001979/tm232666d1_ex2-1.htm) |
| (d)(2)(A)\* | [Mutual Confidentiality Agreement, effective as of January 17, 2022, by and between Albireo and Ipsen Bioscience, Inc.](d427101dex99d2a.htm) |
| (d)(2)(B)\* | [Mutual Confidentiality Agreement, effective as of June 10, 2022, by and between Albireo and Guarantor.](d427101dex99d2b.htm) |
| (d)(3)\* | [Form of Contingent Value Rights Agreement, by and between Purchaser and the Rights Agent.](d427101dex99d3.htm) |
| (g) | Not applicable. |
| (h) | Not applicable. |
| 107\* | [Filing Fee Table](d427101dexfilingfees.htm) |

---

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\* Filed herewith.

† Confidential portions of this exhibit have been omitted.

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| | |
|:---|:---|
| **ITEM 13.** | **INFORMATION REQUIRED BY SCHEDULE 13E-3.**  |

---

Not applicable.

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**SIGNATURE** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: January 23, 2023

---

| | |
|:---|:---|
| **ANEMONE ACQUISITION CORP.** | **ANEMONE ACQUISITION CORP.** |
| By: | /s/ Christelle Huguet |
| Name: | Christelle Huguet |
| Title: | Chief Executive Officer and President |
| **IPSEN BIOPHARMACEUTICALS, INC.** | **IPSEN BIOPHARMACEUTICALS, INC.** |
| By: | /s/ Stewart Campbell |
| Name: | Stewart Campbell |
| Title: | Executive Vice President and President, <br>North America |

---

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| | |
|:---|:---|
| **IPSEN PHARMA SAS** | **IPSEN PHARMA SAS** |
| By: | /s/ David Loew |
| Name: | David Loew |
| Title: | President |

---

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| | |
|:---|:---|
| **IPSEN S.A.** | **IPSEN S.A.** |
| By: | /s/ David Loew |
| Name: | David Loew |
| Title: | Chief Executive Officer |

---

## Ex-99.(A)(1)(A)

##### [**Table of Contents**](#toc)
**Exhibit (a)(1)(A)**

**Offer to Purchase** 

**All Outstanding Shares of Common Stock** 

**of** 

**ALBIREO PHARMA, INC.** 

**at** 

**$42.00 per Share in Cash, Plus One Non-Transferable Contractual Contingent Value Right** 

**("CVR") for Each Share, which Represents the Right to Receive a Payment** 

**in Cash of $10.00 Per CVR, Contingent upon** 

**the Achievement of a Certain Milestone** 

**by** 

**ANEMONE ACQUISITION CORP.** 

**a wholly owned subsidiary of** 

**IPSEN BIOPHARMACEUTICALS, INC.** 

**a wholly owned subsidiary of** 

**IPSEN PHARMA SAS** 

**a wholly owned subsidiary of** 

**IPSEN S.A.** 

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE** 

**AFTER 11:59 P.M. EASTERN TIME ON FEBRUARY 21, 2023,** 

**UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.** 

Anemone Acquisition Corp., a Delaware corporation ("**Purchaser**") and wholly owned subsidiary of Ipsen Biopharmaceuticals, Inc., a Delaware corporation ("**Ipsen**"), is offering to purchase (the "**Offer**") all outstanding shares of common stock, par value $0.01 per share (the "**Shares**"), of Albireo Pharma, Inc., a Delaware corporation ("**Albireo**" or the "**Company**"), at a price per Share of $42.00, to the holder in cash (subject to adjustment as described in Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements**"), without interest, and less any required withholding taxes (the "**Closing Amount**"), plus one non-transferable contractual contingent value right per Share (each, a "**CVR**," and each CVR together with the Closing Amount, the "**Offer Price**"), which CVR represents the right to receive a payment in cash of $10.00 per CVR, contingent upon the achievement of a certain milestone (the "**Milestone**"), in each case, without interest and subject to any required withholding taxes, upon the terms and subject to the conditions described in this Offer to Purchase (together with any amendments or supplements hereto, this "**Offer to Purchase**") and in the related Letter of Transmittal (together with any amendments or supplements thereto, the "**Letter of Transmittal**"). Following the consummation of the Offer, holders of CVRs may receive a one-time payment of $10.00 per CVR, without interest (the "**Milestone Payment**") if the Milestone is achieved prior to December 31, 2027, as more fully described herein. The Milestone relates to the receipt from the U.S. Food and Drug Administration (the "**FDA**") by Ipsen or its affiliates of Full Regulatory Approval (as defined below), for which approval the FDA does not require any studies or clinical trials in addition to the BOLD Study (as defined below). "**Full Regulatory Approval**" is defined as the final approval, regardless of any obligation to conduct any post-marketing study, by the FDA of the new drug application or supplemental new drug application filed with the FDA pursuant to 21 U.S.C § 355(b) that is necessary for the commercial marketing and sale of odevixibat, also known as A4250 and marketed under the brand name Bylvay, in the United States of America for the treatment of biliary atresia in patients, regardless of any (i) limitations on patient population, (ii) contraindications or limitations on use or (iii) conditions, restrictions or commitments placed upon the Full Regulatory Approval (the "**Indication**"). "**BOLD Study**" means A Double-Blind, Randomized, Placebo-Controlled Study to Evaluate the Efficacy and Safety of Odevixibat (A4250) in Children With Biliary Atresia Who Have Undergone a Kasai Hepatoportoenterostomy (NCT04336722, Study A4250-011 (BOLD)), and its open label extension study, An Open-label Extension Study to Evaluate Long-term Efficacy and Safety of Odevixibat in Children With Biliary Atresia (NCT05426733,

------

##### [**Table of Contents**](#toc)
Study A4250-016 (BOLD-EXT)), and it is understood that the number of subjects in the BOLD Study will be increased. The Milestone may only be achieved once. If the Milestone is not achieved prior to December 31, 2027, holders of Shares will receive only the Closing Amount for any Shares tendered in the Offer and no payment with respect to the CVRs. It is not possible to predict whether any payment will become payable with respect to the CVRs. Whether the Milestone required for payment of the Milestone Payment is met will depend on many factors, some of which are outside the control of Albireo, Ipsen and their respective affiliates. There can be no assurance that the Milestone will be achieved or that any payment with respect to the CVRs will be made. The foregoing descriptions are qualified entirely by the descriptions contained in Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements.**"

Purchaser is a wholly owned subsidiary of Ipsen, a wholly owned subsidiary of Ipsen Pharma SAS, a French *société par actions simplifiée* ("**Guarantor**"). Guarantor is a wholly owned subsidiary of Ipsen S.A. ("**Ipsen SA**"), a French *société anonyme,* with American Depositary Receipts and Ordinary Shares which are traded on the OTC Markets under the trading symbols "IPSEY" and "IPSEF," respectively. The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of January 8, 2023 (together with any amendments or supplements thereto, the "**Merger Agreement**"), among Albireo, Ipsen, Purchaser and, solely for the purposes of Sections 9.5, 9.6, 9.8 and 9.11 thereunder, Guarantor. The Merger Agreement provides, among other things, that following the consummation of the Offer and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, subject to the terms and conditions of the Merger Agreement, and in accordance with the relevant provisions of the Delaware General Corporation Law (the "**DGCL**") and other applicable legal requirements, Purchaser will merge with and into Albireo (the "**Merger**"), and Albireo will continue as the surviving corporation and a wholly owned subsidiary of Ipsen (the "**Surviving Corporation**"). The Merger will be governed by Section 251(h) of the DGCL and effected without a vote of Albireo stockholders. In the Merger, each Share issued and outstanding immediately prior to the effective time of the Merger (being such date and at such time as the certificate of merger in respect of the Merger has been duly filed with the Secretary of State of the State of Delaware or at such later time and date as may be agreed upon by the parties to the Merger Agreement in writing and specified in the certificate of merger in accordance with the DGCL, the "**Effective Time**") (other than Shares (a) held by Albireo (or in Albireo's treasury) or any subsidiary of Albireo, or by Ipsen, Purchaser or any of their respective subsidiaries immediately prior to the Effective Time, or by Albireo stockholders who have properly exercised and perfected their statutory rights of appraisal under Delaware law, or (b) irrevocably accepted for purchase in the Offer (collectively, the "**Excluded Shares**")) will be automatically converted into the right to receive (x) the Closing Amount, in cash, plus (y) one CVR, in each case, without interest thereon ((x) and (y) collectively, the "**Merger Consideration**"), subject, for the avoidance of doubt, to any withholding of taxes required by applicable legal requirements. At the Effective Time, Albireo will cease to be a publicly traded company and will become wholly owned by Ipsen. The Offer, the Merger and the other transactions contemplated by the Merger Agreement are collectively referred to as the "**Transactions**." As promptly as practicable after the date of the Merger Agreement and, in any event, at or prior to the Effective Time, Ipsen and Guarantor, solely in its capacity as a guarantor, will enter into a Contingent Value Rights Agreement (the "**CVR Agreement**") with a duly qualified rights agent, governing the terms of the CVRs.

**The Albireo board of directors has unanimously (a) determined that the Merger Agreement and the Transactions, including the Offer and the Merger, are advisable and fair to, and in the best interest of, Albireo and its stockholders, (b) agreed that the Merger shall be effected under Section 251(h) and other relevant provisions of the DGCL, (c) approved the execution, delivery and performance by Albireo of the Merger Agreement and the consummation of the Transactions, including the Offer and the Merger, and (d) resolved to recommend that the stockholders of Albireo tender their Shares to Purchaser pursuant to the Offer.** 

**There is no financing condition to the Offer. The Offer is subject to various conditions. See Section 13 –** "**Conditions of the Offer.**" **A summary of the principal terms of the Offer appears on pages 5 through 15 of this Offer to Purchase. You should read this entire document carefully before deciding whether to tender your Shares.**

January 23, 2023

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##### [**Table of Contents**](#toc)
**IMPORTANT** 

If you desire to tender all or any portion of your Shares to us pursuant to the Offer, you should either: (i) if you hold your Shares directly as the registered owner, complete and sign the Letter of Transmittal for the Offer, which is enclosed with this Offer to Purchase, in accordance with the instructions contained in the Letter of Transmittal, mail or deliver the Letter of Transmittal and any other required documents to Computershare Trust Company, N.A. (the "**Paying Agent**"), and either deliver the certificates for your Shares to the Paying Agent along with the Letter of Transmittal or tender your Shares by book-entry transfer by following the procedures described in Section 3 – "**Procedures for Tendering Shares**" of this Offer to Purchase, in each case prior to the expiration of the Offer; or (ii) if you hold your Shares in "street name," request that your broker, dealer, commercial bank, trust company or other nominee effect the transaction for you. If you hold Shares registered in the name of a broker, dealer, commercial bank, trust company or other nominee you must contact that institution in order to tender your Shares to us pursuant to the Offer.

If you desire to tender your Shares to us pursuant to the Offer and the certificates representing your Shares are not immediately available, or you cannot comply in a timely manner with the procedures for tendering your Shares by book-entry transfer, or you cannot deliver all required documents to the Paying Agent prior to the expiration of the Offer, you may tender your Shares to us pursuant to the Offer by following the procedures for guaranteed delivery described in Section 3 – "**Procedures for Tendering Shares**" of this Offer to Purchase.

\* \* \*

Questions and requests for assistance may be directed to Georgeson LLC (the "**Information Agent**") at its address and telephone number set forth on the back cover of this Offer to Purchase. Requests for additional copies of this Offer to Purchase, the Letter of Transmittal, the Notice of Guaranteed Delivery and other tender offer materials may be directed to the Information Agent. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance.

**This Offer to Purchase and the Letter of Transmittal contain important information, and you should read both carefully and in their entirety before making any decision with respect to the Offer.** 

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  [SUMMARY TERM SHEET](#tx427101_1) | [SUMMARY TERM SHEET](#tx427101_1) | 5 |
|  [INTRODUCTION](#tx427101_2) | [INTRODUCTION](#tx427101_2) | 16 |
|  [THE TENDER OFFER](#tx427101_3) | [THE TENDER OFFER](#tx427101_3) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [Terms of the Offer](#tx427101_4) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Acceptance for Payment and Payment for Shares](#tx427101_5) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | [Procedures for Tendering Share](#tx427101_6) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | [Withdrawal Rights](#tx427101_7) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. | [Certain U.S. Federal Income Tax Consequences of the Offer and the Merger](#tx427101_8) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. | [Price Range of Shares; Dividends](#tx427101_9) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. | [Possible Effects of the Offer on the Market for the Shares; Nasdaq Listing; Exchange Act Registration and Margin Regulations](#tx427101_10) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. | [Certain Information Concerning Albireo](#tx427101_11) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. | [Certain Information Concerning Ipsen, Purchaser and Related Entities](#tx427101_12) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. | [Background of the Offer; Contacts with Albireo](#tx427101_13) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. | [Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements](#tx427101_14) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. | [Source and Amount of Funds](#tx427101_15) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. | [Conditions of the Offer](#tx427101_16) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. | [Dividends and Distributions](#tx427101_17) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. | [Certain Legal Matters; Regulatory Approvals](#tx427101_18) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. | [Fees and Expenses](#tx427101_19) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. | [Miscellaneous](#tx427101_20) | 70 |
|  [SCHEDULE A](#tx427101_21) | [SCHEDULE A](#tx427101_21) | A-1 |

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**SUMMARY TERM SHEET** 

Anemone Acquisition Corp., a recently formed Delaware corporation ("**Purchaser**") and wholly owned subsidiary of Ipsen Biopharmaceuticals, Inc., a Delaware corporation ("**Ipsen**") and wholly owned subsidiary of Ipsen Pharma SAS, a French *société par actions simplifiée* ("**Guarantor**") and wholly owned subsidiary of Ipsen S.A., a French *société anonyme* ("**Ipsen SA**"), is offering to purchase (the "**Offer**") all outstanding shares of common stock, par value $0.01 per share (the "**Shares**"), of Albireo Pharma, Inc., a Delaware corporation ("**Albireo**"), at a price per Share of $42.00, to the holder in cash (subject to adjustment as described in Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements**") (the "**Closing Amount**"), plus one non-transferable contractual contingent value right per Share (each, a "**CVR**," and each CVR together with the Closing Amount, the "**Offer Price**") which CVR represents the right to receive a payment in cash, contingent upon the achievement of a certain milestone (the "**Milestone**"), in each case, without interest and subject to any required withholding taxes, upon the terms and subject to the conditions described in this Offer to Purchase (together with any amendments or supplements hereto, this "**Offer to Purchase**") and in the related Letter of Transmittal (together with any amendments or supplements thereto, the "**Letter of Transmittal**").

Following the consummation of the Offer, holders of CVRs may receive a one-time payment of $10.00 per CVR, without interest (the "**Milestone Payment**") if the Milestone is achieved prior to December 31, 2027. The Milestone relates to the receipt from the U.S. Food and Drug Administration (the "**FDA**") by Ipsen or its affiliates of Full Regulatory Approval (as defined below), for which approval the FDA does not require any studies or clinical trials in addition to the BOLD Study (as defined below). "**Full Regulatory Approval**" is defined as the final approval, regardless of any obligation to conduct any post-marketing study, by the FDA of the new drug application or supplemental new drug application filed with the FDA pursuant to 21 U.S.C § 355(b) that is necessary for the commercial marketing and sale of odevixibat, also known as A4250 and marketed under the brand name Bylvay, in the United States of America for the treatment of biliary atresia in patients, regardless of any (i) limitations on patient population, (ii) contraindications or limitations on use or (iii) conditions, restrictions or commitments placed upon the Full Regulatory Approval (the "**Indication**"). "**BOLD Study**" means A Double-Blind, Randomized, Placebo-Controlled Study to Evaluate the Efficacy and Safety of Odevixibat (A4250) in Children With Biliary Atresia Who Have Undergone a Kasai Hepatoportoenterostomy (NCT04336722, Study A4250-011 (BOLD)), and its open label extension study, An Open-label Extension Study to Evaluate Long-term Efficacy and Safety of Odevixibat in Children With Biliary Atresia (NCT05426733, Study A4250-016 (BOLD-EXT)) and it is understood that the number of subjects in the BOLD Study will be increased. The Milestone may only be achieved once. If the Milestone is not achieved prior to December 31, 2027, holders of Shares will receive only the Closing Amount for any Shares tendered in the Offer and no payment with respect to the CVRs. It is not possible to predict whether any payment will become payable with respect to the CVRs. Whether the Milestone required for payment of the Milestone Payment is met will depend on many factors, some of which are outside the control of Albireo, Ipsen and their respective affiliates. There can be no assurance that the Milestone will be achieved or that any payment with respect to the CVRs will be made. The foregoing descriptions are qualified entirely by the descriptions contained in Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements.**"

The following are some questions you, as a stockholder of Albireo, may have, and answers to those questions. This Summary Term Sheet highlights selected information from this Offer to Purchase and may not contain all of the information that is important to you and is qualified in its entirety by the more detailed descriptions and explanations contained in this Offer to Purchase and the related Letter of Transmittal. To better understand the Offer and for a complete description of the legal terms of the Offer, you should read this Offer to Purchase and the related Letter of Transmittal carefully and in their entirety. Questions or requests for assistance may be directed to Georgeson LLC (the "**Information Agent**") at its address and telephone number, as set forth on the back cover of this Offer to Purchase. Unless otherwise indicated in this Offer to Purchase or the context otherwise requires, all references in this Offer to Purchase to "**we,**" "**our,**" or "**us**" refer to Purchaser or Ipsen as the context requires.

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##### [**Table of Contents**](#toc)
**WHO IS OFFERING TO BUY MY SECURITIES?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchaser is offering to buy your securities. Purchaser has been organized in connection with this Offer and has
not carried on any activities other than entering into the Agreement and Plan of Merger, dated as of January 8, 2023 (together with any amendments or supplements thereto, the "**Merger Agreement** "), among Albireo, Ipsen, Purchaser
and, solely for the purposes of Sections 9.5, 9.6, 9.8 and 9.11 thereunder, Guarantor, and activities in connection with the Offer. See Section 9 – "**Certain Information Concerning Ipsen, Purchaser and Related Entities.**" As promptly as practicable after the date of the Merger Agreement and, in any event, at or prior to the Effective Time, Ipsen and Guarantor, solely in its capacity as a guarantor, will enter into a Contingent Value Rights
Agreement (the "**CVR Agreement**") with a duly qualified rights agent (the "**Rights Agent** "), governing the terms of the CVRs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ipsen SA is Ipsen S.A. See Section 9 – "**Certain Information Concerning Ipsen, Purchaser and Related Entities.** "

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guarantor is Ipsen Pharma SAS, a wholly owned subsidiary of Ipsen SA. See Section 9 – "**Certain Information Concerning Ipsen, Purchaser and Related Entities.** "

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ipsen is Ipsen Biopharmaceuticals, Inc., a wholly owned subsidiary of Guarantor. See Section 9 –
" **Certain Information Concerning Ipsen, Purchaser and Related Entities.** "

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchaser is Anemone Acquisition Corp., a wholly owned subsidiary of Ipsen. See Section 9 –
" **Certain Information Concerning Ipsen, Purchaser and Related Entities.** "

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ipsen has agreed pursuant to the Merger Agreement to cause Purchaser to, upon the terms and subject to the
conditions in the Merger Agreement, accept and pay for Shares validly tendered pursuant to the Offer prior to the expiration of the Offer and not validly withdrawn in the Offer.

**WHAT ARE THE CLASSES AND AMOUNTS OF SECURITIES SOUGHT IN THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchaser is seeking to purchase all of the outstanding Shares of Albireo. See the Introduction and
Section 1 – "**Terms of the Offer**."

**HOW MUCH ARE YOU OFFERING TO PAY AND WHAT IS THE FORM OF PAYMENT? WILL I HAVE TO PAY ANY FEES OR COMMISSIONS?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchaser is offering to pay $42.00 per Share to you in cash (subject to adjustment as described in
Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements** "), plus one non-transferable CVR per Share,
in each case, without interest and subject to any required withholding taxes, upon the terms and subject to the conditions contained in this Offer to Purchase and in the related Letter of Transmittal. Following the consummation of the Offer, holders
of CVRs may receive the Milestone Payment in cash if the Milestone is achieved. The Milestone relates to the receipt from the FDA by Ipsen or its affiliates (including the Surviving Corporation) of Full Regulatory Approval, for which approval the
FDA does not require any studies or clinical trials in addition to the BOLD Study. It is understood that the number of subjects in the BOLD Study will be increased. The Milestone may only be achieved once. If the Milestone is not achieved prior to
December 31, 2027, holders of Shares will receive only the Closing Amount for any Shares tendered in the Offer and no payment with respect to the CVRs. It is not possible to predict whether any payment will become payable with respect to the
CVRs. Whether the Milestone required for payment of the Milestone Payment is met will depend on many factors, some of which are outside the control of Albireo, Ipsen and their respective affiliates. There can be no assurance that the Milestone will
be achieved or that any payment with respect to the CVRs will be made. The foregoing descriptions are qualified entirely by the descriptions contained in Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements.** "

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If your Shares are registered in your name and you tender your Shares, you will not be obligated to pay brokerage
fees or commissions or similar expenses. If you hold your Shares through a broker, dealer, commercial bank, trust company or other nominee and your broker, dealer, commercial bank, trust company or other nominee tenders your Shares on your behalf,
your broker, dealer, commercial bank, trust company or other nominee may charge a fee for doing so. You should consult your broker, dealer, commercial bank, trust company or other nominee to determine whether any charges will apply.

**WHAT IS THE CVR AND HOW DOES IT WORK?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The CVR represents the non-transferable contractual right to a payment of
$10.00 per Share, net to the holder in cash, without interest and subject to any withholding of taxes required by applicable legal requirements, upon the achievement of the Milestone prior to December 31, 2027. As promptly as practicable after
the date of the Merger Agreement and in any event at or prior to the effective time of the Merger (the "**Effective Time** "), Ipsen and Guarantor, solely in its capacity as a guarantor, will enter into a Contingent Value Rights
Agreement (the "**CVR Agreement**") with the Rights Agent, governing the terms of the CVRs. Each payment is conditioned upon the achievement of the Milestone prior to December 31, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Milestone means the receipt from the FDA by Ipsen or its affiliates (including the Surviving Corporation) of
Full Regulatory Approval, for which approval the FDA does not require any studies or clinical trials in addition to the BOLD Study. It is understood that the number of subjects in the BOLD Study will be increased. "**Full Regulatory Approval**" is defined as the final approval, regardless of any obligation to conduct any post-marketing study, by the FDA of the new drug application or supplemental new drug application filed with the FDA pursuant to 21 U.S.C § 355(b)
that is necessary for the commercial marketing and sale of odevixibat, also known as A4250 and marketed under the brand name Bylvay, in the United States of America for the treatment of biliary atresia in patients, regardless of any
(i) limitations on patient population, (ii) contraindications or limitations on use or (iii) conditions, restrictions or commitments placed upon the Full Regulatory Approval (the "**Indication** "). See Section 11
– "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements** – **CVR Agreement."** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Milestone may only be achieved once. If the Milestone is not achieved prior to December 31, 2027,
holders of Shares will receive only the Closing Amount for any Shares tendered in the Offer and no payment with respect to the CVRs. It is not possible to predict whether any payment will become payable with respect to the CVRs. Whether the
Milestone required for payment of the Milestone Payment is met will depend on many factors, some of which are outside the control of Albireo, Ipsen and their respective affiliates. There can be no assurance that the Milestone will be achieved or
that any payment with respect to the CVRs will be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additionally, commencing as of the Effective Time, Ipsen has agreed to use, and to cause its subsidiaries to use,
Commercially Reasonable Efforts (as defined in the CVR Agreement) to achieve the Milestone prior to December 31, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is currently anticipated that up to an aggregate of approximately 25,356,000 CVRs may be issued, representing
CVRs to be issued as part of the consideration for each of the issued and outstanding Shares (including CVRs issued upon cancellation of outstanding stock options (i) granted prior to the Cutoff Date (as defined below) and (ii) having an
exercise price per Share that is less than the Closing Amount) and each outstanding Albireo Restricted Stock Unit (as defined below) that accelerates and becomes fully vested as set forth in the Merger Agreement. Section 11 –
" **Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements – Merger Agreement – Treatment of Stock Options and Restricted Stock Units in the Merger.** "

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**IS IT POSSIBLE THAT NO PAYMENTS WILL BE PAYABLE TO THE HOLDERS OF CONTINGENT VALUE RIGHTS IN RESPECT OF SUCH CONTINGENT VALUE RIGHTS?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes. If the Milestone is not achieved prior to December 31, 2027, holders of Shares will receive only the
Closing Amount for any Shares tendered in the Offer and no payment with respect to the CVRs. It is not possible to predict whether any payment will become payable with respect to the CVRs. Whether the Milestone required for payment of the Milestone
Payment is met will depend on many factors, some of which are outside the control of Albireo, Ipsen and their respective affiliates. There can be no assurance that the Milestone will be achieved or that any payment with respect to the CVRs will be
made.

**MAY I TRANSFER MY CONTINGENT VALUE RIGHTS?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The CVRs will not be transferable except (a) upon death of a holder by will or intestacy; (b) by
instrument to an inter vivos or testamentary trust in which the CVRs are to be passed to beneficiaries upon the death of the trustee; (c) pursuant to a court order; (d) by operation of law (including by consolidation or merger) or without
consideration in connection with the dissolution, liquidation or termination of any corporation, limited liability company, partnership or other entity; (e) in the case of CVRs payable to a nominee, from a nominee to a beneficial owner (and, if
applicable, through an intermediary) or from such nominee to another nominee for the same beneficial owner, in each case to the extent as allowable by The Depository Trust Company ()"**DTC** "); or (f) to Ipsen or any of its
affiliates in connection with the abandonment of such CVR by the applicable holder.

**ARE THERE OTHER MATERIAL TERMS OF THE CONTINGENT VALUE RIGHTS?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition to the terms and conditions described above, the CVRs will not have any voting or dividend rights and
will not represent any equity or ownership in Ipsen, Albireo or Purchaser or any of their affiliates, including Ipsen SA and Guarantor. No interest will accrue or be payable in respect of any of the amounts that may become payable on the CVRs.

**WHY IS PURCHASER MAKING THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchaser is making the Offer because Purchaser and Ipsen wish to acquire Albireo. See Section 1 –
" **Terms of the Offer**" and Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements.** "

**WHAT ARE THE MOST SIGNIFICANT CONDITIONS OF THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Offer is subject to, among others, the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there having been validly tendered and not validly withdrawn Shares that, considered together with all other
Shares (if any) otherwise beneficially owned by Ipsen or any of its wholly owned subsidiaries (including Purchaser) (but excluding Shares tendered pursuant to guaranteed delivery procedures that have not yet been received, as defined by
Section 251(h)(6) of the DGCL), represent one more than 50% of the total number of Shares outstanding at the time of the expiration of the Offer (the "**Minimum Condition** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• since January 1, 2022, there having been no event, change, occurrence, circumstance or development that has
or would reasonably be expected to have a Material Adverse Effect (as defined below) (see "**Summary of the Merger Agreement and Certain Other Agreements** – Merger Agreement – Representations and Warranties");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of any judgment, temporary restraining order, preliminary or permanent injunction or other order
issued by a court of competent jurisdiction preventing the acquisition of or payment

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for Shares pursuant to the Offer or the consummation of the Offer or the Merger or of any action, or any legal requirement or order promulgated, entered, enforced, enacted, issued or deemed applicable by any governmental body which directly or indirectly prohibits, or makes illegal, the acquisition of or payment for Shares pursuant to the Offer or the consummation of the Merger; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (i) any waiting period (and any extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of
1976 (the "**HSR Act**") applicable to the Transactions shall have expired or been terminated and no agreement with a governmental body not to consummate the Offer or Merger for any period of time shall be in effect and (ii) any
consents or approvals of any governmental body required in connection with the filings or notifications set forth in the Company's confidential disclosure schedule shall have been obtained and be in full force and effect and any applicable
waiting period with respect thereto shall have expired, as the case may be (each of the conditions in this clause and the clause above (in case of this clause, as such condition relates to the HSR Act), the "**Regulatory Condition** ");
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Merger Agreement not having been terminated in accordance with its terms (the "**Termination Condition** ").

The Offer is subject to other conditions in addition to those set forth above. A more detailed discussion of the conditions to consummation of the Offer is contained in the Introduction, Section 1 – **"Terms of the Offer" and Section 13 – "Conditions of the Offer."**

Purchaser reserves the right to waive certain of the conditions to the Offer, other than the Minimum Condition or the Termination Condition, in its sole discretion.

**IS THERE AN AGREEMENT GOVERNING THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes. Albireo, Ipsen and Purchaser have entered into the Merger Agreement. The Merger Agreement provides, among
other things, for the terms and conditions of the Offer and, following consummation of the Offer, the Merger. See Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements – Merger Agreement.** "

**DOES PURCHASER HAVE FINANCIAL RESOURCES TO MAKE PAYMENTS IN THE OFFER AND, IF REQUIRED, IN RESPECT OF THE CVRs?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes. Ipsen and Purchaser estimate that the total amount of funds required to consummate the Merger (including
payments for warrants and other payments referred to in the Merger Agreement) pursuant to the Merger Agreement and to purchase all of the Shares pursuant to the Offer and the Merger Agreement will be approximately $991 million at or prior to
the closing of the Offer. In addition, Ipsen and Purchaser estimate that they would need approximately an additional $254 million to pay the maximum aggregate amount that holders of the CVRs would be entitled to in the event that the Milestone
is timely achieved. Ipsen SA expects that the purchase of the Shares in the Offer will be paid from available cash on hand of Ipsen SA or one or more of its affiliates and from borrowings under its existing €1.5 billion revolving credit
facility, which would be sufficient to cover all amounts that may become payable pursuant to the Offer, including related transaction fees, costs and expenses. It is anticipated that any amounts payable with respect to the CVRs will be paid with
cash on hand of Ipsen SA and one or more of its affiliates. As of September 30, 2022, Ipsen SA had approximately €977 million in cash on a consolidated basis, of which approximately €893 million was unrestricted cash, and undrawn
availability of €1.5 billion under its revolving credit facility. Guarantor has provided a guarantee in favor of Albireo of the full and timely performance and satisfaction of Ipsen's obligations under the Merger Agreement, including
payment of the Merger Consideration. Guarantor has also provided a guarantee in favor of the Rights Agent to guarantee the full and timely performance and satisfaction of Ipsen's obligations under the CVR Agreement. The Offer is not conditioned
upon

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entering into any financing arrangements. See Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements**" and Section 12 – "**Source and Amount of Funds.**" <br>

**SHOULD PURCHASER'S FINANCIAL CONDITION BE RELEVANT TO MY DECISION TO TENDER IN THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As described above, Ipsen SA and Ipsen expect to have sufficient funds to be used to provide Purchaser with the
funds necessary to purchase all Shares validly tendered (and not validly withdrawn) in the Offer and, as such, Purchaser's financial condition is not relevant to a decision to tender in the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchaser has been organized solely in connection with the Merger Agreement and this Offer and has not carried on
any activities other than in connection with the Merger Agreement and this Offer. Because the form of payment consists of cash and CVRs (payable in cash) that will be provided by Ipsen SA or one or more of its affiliates from available cash on hand
of Ipsen SA or one or more of its affiliates and from borrowings under its existing €1.5 billion revolving credit facility, the Offer is not subject to any financing conditions, and the Offer is for all outstanding Shares of Albireo, and
if Purchaser consummates the Offer, Purchaser will acquire all remaining Shares for the same cash price in the Merger (*i.e.*, the Offer Price), Purchaser's financial condition is not relevant to your decision to tender in the Offer. See
Section 12 – "**Source and Amount of Funds.** "

**HOW LONG DO I HAVE TO DECIDE WHETHER TO TENDER IN THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will have until one minute after 11:59 p.m. Eastern Time on February 21, 2023, to tender your Shares in
the Offer, unless Purchaser extends the Offer, in which event you will have until the expiration date of the Offer as so extended (as extended, the "**Expiration Date** "). If you cannot deliver everything that is required in order to
make a valid tender by that time, you may be able to use a guaranteed delivery procedure, which is described in Section 3 – "**Procedures for Tendering Shares.**" See also Section 1 – "**Terms of the Offer.** "

**CAN THE OFFER BE EXTENDED, AND UNDER WHAT CIRCUMSTANCES?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes, the Offer can be extended. We have agreed in the Merger Agreement, subject to our rights to terminate the
Merger Agreement in accordance with its terms, to extend the Offer on one or more occasions in certain circumstances as described in Section 1 – "**Terms of the Offer .** "

**HOW WILL I BE NOTIFIED IF THE OFFER IS EXTENDED?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If Purchaser extends the Offer, we will inform Computershare Trust Company, N.A., the depositary and paying agent
for this Offer (the "**Paying Agent** "), of that fact and will issue a press release giving the new expiration date no later than 9:00 a.m. Eastern Time on the next business day after the day on which the Offer was previously scheduled
to expire. See Section 1 – "**Terms of the Offer.** "

**HOW DO I TENDER MY SHARES?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you hold your Shares directly as the registered owner, you can: (i) if such Shares are represented by
stock certificates, tender your Shares in the Offer by delivering the certificates representing your Shares, together with a completed Letter of Transmittal and any other documents required by the Letter of Transmittal, to the Paying Agent; or
(ii) such Shares are represented by book-entry positions, tender your Shares by following the procedure for book-entry set forth in Section 3 – "**Procedures for Tendering Shares,**" in each case not
later than the expiration of the Offer. If you are unable to deliver any required document or instrument to the Paying Agent by the expiration of the Offer, you may gain

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some extra time by having a broker, a bank or other fiduciary that is an eligible guarantor institution guarantee that the missing items will be received by the Paying Agent by using the enclosed Notice of Guaranteed Delivery. For the tender to be valid, however, the Paying Agent must receive the missing items within two (2) trading days after the date of execution of such Notice of Guaranteed Delivery. See Section 3 – "**Procedures for Tendering Shares.**" The Letter of Transmittal is enclosed with this Offer to Purchase. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you hold your Shares in street name (*i.e.*, through a broker, dealer, commercial bank, trust company or
other nominee), you must contact the institution that holds your Shares and give instructions that your Shares be tendered. You should contact the institution that holds your Shares for more details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In all cases, payment for tendered Shares will be made only after timely receipt by the Paying Agent of
certificates for such Shares (or of a confirmation of a book-entry transfer of such Shares as described in Section 3 – "**Procedures for Tendering Shares**") and a properly completed and duly executed Letter of Transmittal and
any other required documents for such Shares. See also Section 2 – "**Acceptance for Payment and Payment for Shares.** "

**UNTIL WHAT TIME CAN I WITHDRAW PREVIOUSLY TENDERED SHARES?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may withdraw previously tendered Shares any time prior to the Expiration Time (currently one minute after
11:59 p.m. Eastern Time on February 21, 2023, subject to extension). See Section 4 – "**Withdrawal Rights.** "

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, pursuant to Section 14(d)(5) of the Securities Exchange Act of 1934, as amended (the
" **Exchange Act** "), Shares may be withdrawn at any time after March 24, 2023, which is the 60<sup>th</sup> day after the date of the commencement of the Offer, unless such Shares have
already been accepted for payment by Purchaser pursuant to the Offer. **<sup></sup>** 

**HOW DO I WITHDRAW PREVIOUSLY TENDERED SHARES?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To withdraw previously tendered Shares, you must deliver a written or facsimile notice of withdrawal with the
required information to the Paying Agent while you still have the right to withdraw. If you tendered Shares by giving instructions to a broker, dealer, commercial bank, trust company or other nominee, you must instruct the broker, dealer, commercial
bank, trust company or other nominee to arrange for the withdrawal of your Shares. See Section 4 – "**Withdrawal Rights.** "

**WHAT DOES ALBIREO'S BOARD OF DIRECTORS THINK OF THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Albireo's board of directors has unanimously recommended that you accept the Offer and tender your Shares
pursuant to the Offer. Albireo's full statement on the Offer is set forth in its Solicitation/Recommendation Statement on Schedule 14D-9, which it has filed with the U.S. Securities and Exchange
Commission (the "**SEC**") concurrently with the filing of our Tender Offer Statement on Schedule TO dated January 23, 2023. See also the Introduction in this Offer to Purchase.

**WILL THE TENDER OFFER BE FOLLOWED BY A MERGER IF ALL THE SHARES ARE NOT TENDERED?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we accept Shares for payment pursuant to the Offer representing at least one more than 50% of the total number
of Shares outstanding at the Expiration Time, the Minimum Condition will have been satisfied and we will hold a sufficient number of Shares to ensure any requisite adoption of the Merger Agreement by Albireo stockholders under the DGCL to complete
the Merger. If the Merger occurs, Albireo will become a wholly owned subsidiary of Ipsen and each issued and then outstanding Share (other than Shares held by Albireo (or in the treasury of Albireo) or any subsidiary of Albireo, or by

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Ipsen, Purchaser or any of Ipsen's other subsidiaries and any Shares held by stockholders who are entitled to demand appraisal rights under Section 262 of the DGCL and have properly exercised and perfected their respective demands for appraisal of such Shares in the time and manner provided in Section 262 of the DGCL and, as of the Effective Time, have neither effectively withdrawn nor lost their rights to such appraisal and payment under the DGCL) will be canceled and converted automatically into the right to receive the Offer Price, without interest, and subject to any required withholding taxes. See also the Introduction in this Offer to Purchase. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because the Merger will be governed by Section 251(h) of the DGCL, no stockholder vote will be required to
consummate the Merger. The Merger Agreement provides that the Merger shall be effected as soon as practicable following the consummation of the Offer. See Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements.** "

**IF THE OFFER IS COMPLETED, WILL ALBIREO CONTINUE AS A PUBLIC COMPANY?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No. Immediately following consummation of the Offer and satisfaction or waiver (to the extent permitted by
applicable law) of the conditions to the Merger, we expect to complete the Merger pursuant to applicable provisions of the DGCL, after which the Surviving Corporation will be a wholly owned subsidiary of Ipsen. Following the Merger, we intend to
cause the Shares to be delisted from Nasdaq and deregistered under the Exchange Act. See Section 7 – "**Possible Effects of the Offer on the Market for the Shares; Nasdaq Listing; Exchange Act Registration and Margin Regulations.** "

**IF I DECIDE NOT TO TENDER, HOW WILL THE OFFER AFFECT MY SHARES?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you decide not to tender your Shares in the Offer and the Merger occurs as described above, you will receive
in the Merger the right to receive the Offer Price as if you had tendered your Shares in the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you decide not to tender your Shares in the Offer and Purchaser purchases Shares which have been tendered, and
the Merger does not occur, you will remain a stockholder of Albireo, but there may be so few remaining stockholders and publicly held Shares that the Shares will no longer be eligible to be traded through Nasdaq or any other securities market, there
may not be a public trading market for the Shares, and Albireo may cease making filings with the SEC or otherwise cease being required to comply with the SEC rules relating to publicly held companies. See Section 7 – "**Possible Effects of the Offer on the Market for the Shares; Nasdaq Listing; Exchange Act Registration and Margin Regulations.** "

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following the Offer, the Shares may no longer constitute "margin securities" for purposes of the margin
regulations of the Federal Reserve Board, in which case your Shares may no longer be used as collateral for loans made by brokers. Section 7 – "**Possible Effects of the Offer on the Market for the Shares; Nasdaq Listing; Exchange Act Registration and Margin Regulations.** "

**WHAT IS THE MARKET VALUE OF MY SHARES AS OF A RECENT DATE?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 20, 2023, the last full trading day before we commenced the Offer, the last reported closing
price per Share reported on Nasdaq was $43.81. See Section 6 – "**Price Range of Shares; Dividends.** "

**IF I ACCEPT THE OFFER, WHEN AND HOW WILL I GET PAID?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the conditions to the Offer as set forth in the Introduction and Section 13 – "**Conditions of the Offer**" are satisfied or waived and Purchaser consummates the Offer and accepts your Shares for payment, we will pay you a dollar amount equal to the number of Shares you tendered multiplied by

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$42.00 in cash (subject to adjustment as described in Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements**"), plus one CVR per Share, in each case, without interest and subject to any required withholding taxes, promptly following the time at which Purchaser accepts for payment Shares tendered in the Offer (and in any event within two business days). See Section 1 – "**Terms of the Offer**" and Section 2 – "**Acceptance for Payment and Payment for Shares.**" Following the consummation of the Offer, holders of CVRs may receive the Milestone Payment if the Milestone is achieved. The Milestone relates to the receipt from the FDA by Ipsen or its affiliates (including the Surviving Corporation) of Full Regulatory Approval, for which approval the FDA does not require any studies or clinical trials in addition to the BOLD Study. It is understood that the number of subjects in the BOLD Study will be increased. The Milestone may only be achieved once. If the Milestone is not achieved prior to December 31, 2027, holders of Shares will receive only the Closing Amount for any Shares tendered in the Offer and no payment with respect to the CVRs. It is not possible to predict whether any payment will become payable with respect to the CVRs. Whether the Milestone required for payment of the Milestone Payment is met will depend on many factors, some of which are outside the control of Albireo, Ipsen and their respective affiliates. There can be no assurance that the Milestone will be achieved or that any payment with respect to the CVRs will be made. The foregoing descriptions are qualified entirely by the descriptions contained in Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements.**" <br>

**IF I AM AN EMPLOYEE OF ALBIREO, HOW WILL MY OUTSTANDING EQUITY AWARDS BE TREATED IN THE OFFER AND THE MERGER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Offer is being made for all outstanding Shares, but not for options to purchase Shares ()"**Albireo Options**") or restricted stock units (each, an "**Albireo RSU**") granted under Albireo's equity plans ()"**Albireo Equity Plans** ").

At the Effective Time, each then-outstanding Albireo Option, whether vested or unvested, will be treated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Albireo Option that was granted prior to the date of the Merger Agreement having an exercise price per Share that is less than the Closing Amount will be cancelled and converted into the right to receive: (A) cash in an amount, without interest, equal to the product of (x) the total number of Shares subject to such Albireo Option immediately prior to the Effective Time, multiplied by (y) the excess of (I) the Closing Amount over (II) the exercise price payable per Share under such Albireo Option, and (B) one CVR for each Share subject to such Albireo Option immediately prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Albireo Option that was granted prior to the Cutoff Date having an exercise price per Share that is equal to or greater than the Closing Amount and less than the Offer Price will be cancelled and converted into the right to receive, if the Milestone is achieved, cash in an amount equal to the product of (A) the total number of Shares subject to such Albireo Option immediately prior to the Effective Time, multiplied by (B) the excess of (x) the Per Share Value Paid over (y) the exercise price payable per Share under such Albireo Option. "Per Share Value Paid" means the sum of (I) the Closing Amount and (II) the amount per Share in cash payable on the Milestone Payment Date under the CVR Agreement. "**Milestone Payment Date**" means the date that is selected by Ipsen not more than 10 business days following the end of the quarter in which the Milestone Payment Amounts can be determined following the occurrence of the Milestone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Albireo Option (A) that was granted on or after the Cutoff Date or (B) having an exercise price per Share that is equal to or greater than the Offer Price will be cancelled without consideration and will have no further force or effect. At the Effective Time, each then-outstanding Albireo RSU will be treated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Albireo RSU that was granted prior to the date of the Merger Agreement, and each Albireo RSU that was granted on or after the date of the Merger Agreement and that is designated in the

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confidential disclosure schedules as an "Accelerated 2023 RSU," will be cancelled and converted into the right to receive: (A) cash in an amount, without interest, equal to the product of (x) the total number of Shares subject to such Albireo RSU immediately prior to the Effective Time, multiplied by (y) the Closing Amount, payable promptly following the Closing; and (B) one CVR for each Share subject to such Albireo RSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Albireo RSU that was granted on or after the date of the Merger Agreement and that is designated in the confidential disclosure schedules as a "Cancelled 2023 RSU" will be cancelled and have no further force or effect, and a cash retention award program will be established following the Effective Time.

See Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements –Merger Agreement – Treatment of Stock Options and Restricted Stock Units in the Merger**."

**WHAT ARE THE PRINCIPAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF TENDERING MY SHARES IN THE OFFER OR HAVING MY SHARES EXCHANGED FOR THE OFFER PRICE PURSUANT TO THE MERGER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of cash and CVRs in exchange for Shares pursuant to the Offer or the Merger will be a taxable
transaction for U.S. federal income tax purposes. The amount of gain or loss a holder recognizes, and the timing and character of such gain or loss, depend in part on the U.S. federal income tax treatment of the CVRs, with respect to which there is
uncertainty. We urge you to consult your own tax advisor as to the particular tax consequences to you of the Offer and the Merger (including the application and effect of any state, local or non-U.S. income
and other tax laws). See Section 5 – "**Certain U.S. Federal Income Tax Consequences of the Offer and the Merger**" for a more detailed discussion of certain U.S. federal income tax consequences of the Offer and the Merger.

**WILL I HAVE THE RIGHT TO HAVE MY SHARES APPRAISED?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No appraisal rights are available in connection with the Offer. However, if the Offer is successful and the
Merger is consummated, stockholders or beneficial owners of Albireo who: (i) did not tender their Shares in the Offer (or, if tendered, validly and subsequently withdraw such Shares prior to the Offer Acceptance Time); (ii) otherwise comply
with the applicable requirements and procedures of Section 262 of the DGCL; (iii) do not thereafter withdraw their demand for appraisal of such Shares or otherwise lose their appraisal rights, in each case in accordance with the DGCL; and
(iv) in the case of a beneficial owner, have submitted a demand that (A) reasonably identifies the holder of record of the shares for which the demand is made, (B) is accompanied by documentary evidence of such beneficial owner's
beneficial ownership of stock and a statement that such documentary evidence is a true and correct copy of what it purports to be, and (C) provides an address at which such beneficial owner consents to receive notices given by Albireo and to be
set forth on the verified list to be filed with the Delaware Register in the Delaware Court of Chancery (the "Delaware Court"), will be entitled to demand appraisal of their Shares and receive, in lieu of the consideration payable in the
Merger, a cash payment equal to the "fair value" of their Shares, as determined by the Delaware Court, in accordance with Section 262 of the DGCL, plus interest, if any, on the amount determined to be the fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The "fair value" of the Shares as determined by the Delaware Court of Chancery could be based upon
considerations other than, or in addition to, the price paid in the Offer and the Merger and the market value of such Shares. Stockholders and beneficial owners should be aware that the fair value of their Shares could be more than, the same as or
less than the consideration to be received pursuant to the Merger and that an investment banking opinion as to the fairness, from a financial point of view, of the consideration payable in a sale transaction, such as the Offer and the Merger, is not
an opinion as to, and does not otherwise address, fair value under Section 262 of the DGCL.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Any stockholder or beneficial owner contemplating the exercise of such appraisal rights should review carefully the provisions of Section 262 of the DGCL, particularly the procedural steps required to properly demand and perfect such rights.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The foregoing summary of appraisal rights under the DGCL does not purport to be a statement of the procedures to
be followed by stockholders desiring to exercise any appraisal rights under Delaware law. The preservation and exercise of appraisal rights require strict and timely adherence to the applicable provisions of Delaware law. The foregoing discussion is
not a complete statement of law pertaining to appraisal rights under Delaware law and is qualified in its entirety by reference to Delaware law, including without limitation, Section 262 of the DGCL, a copy of which is included as Annex B
to the Schedule 14D-9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you tender your Shares into the Offer and such Shares are accepted for purchase, you will not be entitled to
exercise appraisal rights with respect to your Shares but, instead, subject to the conditions to the Offer, you will receive the Offer Price for your Shares.

**WITH WHOM MAY I TALK IF I HAVE QUESTIONS ABOUT THE OFFER?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You can call Georgeson LLC, the Information Agent, toll-free at (866) 203-9357 or email them at albireopharma@georgeson.com. See the back cover of this Offer to Purchase.

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**To All Holders of Shares of** 

**Albireo Pharma, Inc.** 

**INTRODUCTION** 

Anemone Acquisition Corp., a recently formed Delaware corporation ("**Purchaser**") and wholly owned subsidiary of Ipsen Biopharmaceuticals, Inc., a Delaware corporation ("**Ipsen**") and wholly owned subsidiary of Ipsen Pharma SAS, a French *société par actions simplifiée* ("**Guarantor**"), is offering to purchase (the "**Offer**") all outstanding shares of common stock, par value $0.01 per share (the "**Shares**"), of Albireo Pharma, Inc., a Delaware corporation ("**Albireo**"), at a price per Share of $42.00, to the holder in cash (subject to adjustment as described in Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements**") (the "**Closing Amount**"), plus one non-transferable contractual contingent value right per Share (each, a "**CVR**," and each CVR together with the Closing Amount, the "**Offer Price**"), which CVR represents the right to receive one or more payments in cash of $10.00 per CVR, contingent upon the achievement of a certain milestone, in each case, without interest and subject to any required withholding taxes, upon the terms and subject to the conditions described in this Offer to Purchase (together with any amendments or supplements hereto, this "**Offer to Purchase**") and in the related Letter of Transmittal (together with any amendments or supplements thereto, the "**Letter of Transmittal**"). Guarantor is a wholly owned subsidiary of Ipsen S.A., a French *société anonyme* ("**Ipsen SA**") with American Depositary Receipts and Ordinary Shares which are traded on the OTC Markets under the trading symbols "IPSEY" and "IPSEF," respectively.

The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of January 8, 2023 (together with any amendments or supplements thereto, the "**Merger Agreement**"), among Albireo, Ipsen, Purchaser and, solely for the purposes of Sections 9.5, 9.6, 9.8 and 9.11 thereunder, Guarantor, pursuant to which, after the completion of the Offer and the satisfaction or waiver of certain conditions, Purchaser will be merged with and into Albireo, and Albireo will be the surviving corporation and a wholly owned subsidiary of Ipsen (such corporation, the "**Surviving Corporation**" and such merger, the "**Merger**"). As promptly as practicable after the date of the Merger Agreement and in any event at or prior to the effective time of the Merger, Ipsen and Guarantor, solely in its capacity as a guarantor, will enter into a Contingent Value Rights Agreement (the "**CVR Agreement**") with the Rights Agent, governing the terms of the CVRs.

If your Shares are registered in your name and you tender directly to Computershare Trust Company, N.A., the paying agent for the Offer (the "**Paying Agent**"), you will not be obligated to pay brokerage fees or commissions or, except as otherwise provided in Instruction 6 of the Letter of Transmittal, transfer taxes on the purchase of Shares by Purchaser pursuant to the Offer. If you hold your Shares through a broker, dealer, commercial bank, trust company or other nominee you should check with such institution as to whether they charge any service fees or commissions.

We will pay all charges and expenses of the Paying Agent and Georgeson LLC, the information agent for the Offer (the "**Information Agent**").

**The Offer is not subject to any financing condition. The Offer is subject to the conditions, among others, that:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. there have been validly tendered and not validly withdrawn Shares that, considered together with all other
Shares (if any) otherwise beneficially owned by Ipsen or any of its wholly owned subsidiaries (including Purchaser) (but excluding Shares tendered pursuant to guaranteed delivery procedures that have not yet been received, as defined by
Section 251(h)(6) of the DGCL), represent one more than 50% of the total number of Shares outstanding at the time of the expiration of the Offer (the "**Minimum Condition** ");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. since January 1, 2022, there having been no event, change, occurrence, circumstance or development that
has or would reasonably be expected to have a Material Adverse Effect (as defined below) (see "**Summary of the Merger Agreement and Certain Other Agreements** – Merger Agreement – Representations and Warranties");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the absence of any judgment, temporary restraining order, preliminary or permanent injunction or other order
issued by a court of competent jurisdiction preventing the acquisition of or payment for Shares pursuant to the Offer or the consummation of the Offer or the Merger or of any action, or any legal requirement or order promulgated, entered, enforced,
enacted, issued or deemed applicable by any governmental body which directly or indirectly prohibits, or makes illegal, the acquisition of or payment for Shares pursuant to the Offer or the consummation of the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. (i) any waiting period (and any extensions thereof) under the HSR Act applicable to the Transactions shall have
expired or been terminated and no agreement with a governmental body not to consummate the Offer or Merger for any period of time shall be in effect and (ii) any consents or approvals of any governmental body required in connection with the
filings or notifications set forth in the Company's confidential disclosure schedule shall have been obtained and be in full force and effect and any applicable waiting period with respect thereto shall have expired, as the case may be (each of
the conditions in this clause and the clause above (in case of this clause, as such condition relates to the HSR Act), the "**Regulatory Condition** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the Merger Agreement not having been terminated in accordance with its terms.

**Purchaser reserves the right to waive certain of the conditions to the Offer in its sole discretion; provided that Purchaser may not waive the Minimum Condition or the Termination Condition. See Section 13 –** "**Conditions of the Offer.**"

**The Offer will expire at one minute after 11:59 p.m. Eastern Time on February 21, 2023, unless the Offer is extended. See Section 1 –** "**Terms of the Offer,**" **Section 13 –** "**Conditions of the Offer**" **and Section 15 –** "**Certain Legal Matters; Regulatory Approvals.**"

**The Albireo board of directors (the "Albireo Board") has unanimously (a) determined that the Merger Agreement and the Transactions, including the Offer and the Merger, are advisable and fair to, and in the best interest of, Albireo and its stockholders, (b) agreed that the Merger shall be effected under Section 251(h) and other relevant provisions of the DGCL, (c) approved the execution, delivery and performance by Albireo of the Merger Agreement and the consummation of the Transactions, including the Offer and the Merger, and (d) resolved to recommend that the stockholders of Albireo tender their Shares to Purchaser pursuant to the Offer.** 

For factors considered by the Albireo Board, see Albireo's Solicitation/Recommendation Statement on Schedule 14D-9 (the "**Schedule 14D-9**") filed with the Securities and Exchange Commission (the "**SEC**") in connection with the Offer, a copy of which (without certain exhibits) is being furnished to stockholders concurrently herewith.

The Offer is being made in connection with the Merger Agreement, pursuant to which, after the completion of the Offer and the satisfaction or waiver of certain conditions, the Merger will be effected. The Merger shall become effective when a certificate of merger is filed with the Secretary of State of the State of Delaware (or at such subsequent date and time as may be agreed by Ipsen, Albireo and Purchaser and specified in the certificate of merger) (the "**Effective Time**").

At the Effective Time, each Share issued and outstanding immediately prior to the Effective Time (other than Shares (a) held by Albireo (or in Albireo's treasury) or any subsidiary of Albireo, or by Ipsen, Purchaser or any other direct or indirect wholly owned subsidiary of Ipsen, or by stockholders of Albireo who have properly exercised and perfected

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their statutory rights of appraisal under Delaware law, or (b) irrevocably accepted for purchase in the Offer) will be converted into the right to receive (A) the Closing Amount, plus (B) one CVR, in each case, without interest thereon, subject to any withholding of taxes required by applicable legal requirements.

The Merger Agreement is more fully described in Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements**," which also contains a discussion of the treatment of Albireo Restricted Stock Units and Albireo Options in the Merger. Section 5 – "**Certain U.S. Federal Income Tax Consequences of the Offer and the Merger**" below describes certain U.S. federal income tax consequences generally applicable to Holders (as defined below) whose Shares are tendered and accepted for purchase pursuant to the Offer or whose Shares are exchanged in the Merger.

Because the Merger will be consummated in accordance with Section 251(h) of the DGCL, approval of the Merger will not require a vote of Albireo's stockholders. Section 251(h) of the DGCL provides that stockholder approval of a merger is not required if certain requirements are met, including that: (i) the acquiring company consummates a tender offer for any and all of the outstanding stock of Albireo that, absent Section 251(h) of the DGCL, would be entitled to vote on the merger; and (ii) following the consummation of such tender offer, the acquiring company owns at least such percentage of the stock of Albireo to be acquired that, absent Section 251(h) of the DGCL, would be required to adopt the Merger Agreement. If the Minimum Condition is satisfied and we accept Shares for payment pursuant to the Offer, we will hold a sufficient number of Shares to ensure that Albireo will not be required to submit the adoption of the Merger Agreement to a vote of its stockholders. As a result of the Merger, Albireo will cease to be a publicly traded company and will become a wholly owned subsidiary of Ipsen. See Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements.**"

**This Offer to Purchase and the related Letter of Transmittal contain important information and both documents should be read carefully and in their entirety before any decision is made with respect to the Offer.** 

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**THE TENDER OFFER** 

**1.** **Terms of the Offer.** 

Upon the terms and subject to the prior satisfaction or waiver of the conditions of the Offer (including, if the Offer is extended or amended, the terms and conditions of any extension or amendment), we will accept for payment, purchase and pay for all Shares validly tendered prior to the expiration of the Offer, and not properly withdrawn in accordance with the procedures set forth in Section 4 – "**Withdrawal Rights.**" The Offer will expire at one minute after 11:59 p.m. Eastern Time on February 21, 2023 (the "**Expiration Date**"), unless we have extended the Offer in accordance with the terms of the Merger Agreement, in which event the term "**Expiration Date**" will mean the date to which the initial expiration date of the Offer is so extended.

**The Offer is conditioned upon the satisfaction of the Minimum Condition and the other conditions described in Section 13 –** "**Conditions of the Offer.**" **We may terminate the Offer without purchasing any Shares if certain events described in Section 11 –** "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements – Summary of the Merger Agreement – Termination**" **occur.**

Purchaser expressly reserves the right to: (i) increase the Offer Price; or (ii) waive any Offer Condition (other than the Minimum Condition and the Termination Condition (as defined below)), except that Albireo's consent is required for Ipsen or Purchaser to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) decrease the Offer Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) change the form of consideration payable in the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) decrease the number of Shares sought to be purchased in the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) impose conditions or requirements to the Offer in addition to the Offer Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) amend or modify any of the Offer Conditions or any other terms or conditions of the Merger Agreement in a
manner that would, or would reasonably be expected to, adversely affect any holder of Shares or that would, individually or in the aggregate, reasonably be expected to prevent or delay the consummation of the Offer or prevent, delay or impair the
ability of Ipsen or Purchaser to consummate the Offer, the Merger or the other transactions contemplated by the Merger Agreement (except to effect an extension of the Offer to the extent expressly permitted or required by the terms of the Merger
Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) change or waive the Minimum Condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) extend or otherwise change the Expiration Date in a manner other than as required or permitted by the Merger
Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) provide any "subsequent offering period" within the meaning of Rule 14d-11 promulgated under the Securities Exchange Act of 1934, as amended (the "**Exchange Act** ").

On the terms specified in the Merger Agreement and subject to the satisfaction or, to the extent waivable by Ipsen or Purchaser, waiver of the Offer Conditions, Purchaser shall, and Ipsen shall cause Purchaser to, irrevocably accept for payment and pay for, all of the Shares validly tendered (and not validly withdrawn) pursuant to the Offer as promptly as practicable (and in any event within two business days) after the Expiration Date (the time of such acceptance, the "**Offer Acceptance Time**").

If, on or before the Expiration Date, we increase the consideration being paid for Shares accepted for payment in the Offer, such increased consideration will be paid to all stockholders whose Shares are purchased in the Offer, whether or not such Shares were tendered before the announcement of the increase in consideration. We also expressly reserve the right to modify the terms of the Offer, subject to compliance with the Exchange Act, the Merger Agreement and the restrictions identified in paragraphs (1) through (8) above. 

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The Merger Agreement provides that, subject to the parties' respective termination rights under the Merger Agreement, the scheduled Expiration Date may be extended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Offer may be extended by Purchaser, in its sole discretion and without the consent of Albireo, on one or
more occasions, for an additional period of up to 10 business days per extension, to permit any offer condition set forth in Section 13 – "**Conditions of the Offer**" that has not been waived to be satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Offer must be extended by Purchaser (and Ipsen will cause the Purchaser to extend the Offer): (A) for any
period required by applicable legal requirement or as required by interpretation or position of the SEC, the staff thereof or Nasdaq Capital Market ()"**Nasdaq**") applicable to the Offer; and (B) for periods of up to 10 business
days per extension until such time as all regulatory conditions, including the expiration of the waiting period under the HSR Act, have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Offer must be extended by Purchaser (and Ipsen will cause the Purchaser to extend the Offer), on one or
more occasions, for an additional period of up to 10 business days per extension, to permit any Offer Condition (other than the Minimum Condition) that has not been waived to be satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In the event that the Minimum Condition is the only Offer Condition that has not been satisfied or waived, the
Offer must be extended by Purchaser (and Ipsen will cause the Purchaser to extend the Offer), if Albireo so requests in writing, for up to two periods consisting of up to 10 business days each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) In the event that the Minimum Condition is the only Offer Condition that has not been satisfied or waived, the
Offer may be extended by Purchaser for up to two periods consisting of up to 10 business days each; *provided*, however, that in no event may the Offer be extended beyond the earlier to occur of (x) the valid termination of the Merger
Agreement, or (y) the first business day following the End Date (as defined below) without the prior written consent of Albireo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) In the event that the Minimum Condition is the only Offer Condition that has not been satisfied or waived and
either party has brought a legal proceeding seeking specific performance of the Merger Agreement, the Offer must be extended for the period during which such proceeding is pending or as otherwise required by the governmental body presiding
thereover.

The "**End Date**" is defined in the Merger Agreement to be 5:00 p.m. Eastern Time on July 8, 2023. No party will be permitted to terminate the Merger Agreement for the failure of the Offer Acceptance Time to occur by the End Date if the failure of the Offer Acceptance Time to occur prior to the End Date is primarily attributable to the failure on the part of such party to perform in any material respect any covenant or obligation in the Merger Agreement required to be performed by such party; *provided*, *however*, that if on the End Date, all of the Offer Conditions other than the condition set forth in the first bullet point under Section 13 *—* "**Conditions of the Offer**" are satisfied or are capable of being satisfied at such time, the End Date will be automatically extended, no more than twice, by a period of 90 days each time (and in the case of such extension, any reference to the End Date herein shall be a reference to the End Date, as so extended). See Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements.**"

Except as set forth above, there can be no assurance that we will be required under the Merger Agreement to extend the Offer. During any extension of the initial offering period pursuant to the paragraphs above, all Shares previously tendered and not withdrawn will remain subject to the Offer and subject to withdrawal rights. See Section 4 – "**Withdrawal Rights.**"

If, subject to the terms of the Merger Agreement, we make a material change in the terms of the Offer or the information concerning the Offer or if we waive a material condition of the Offer, we will disseminate additional tender offer materials and extend the Offer, in each case, if and to the extent required by Rules 14d-3(b)(1), 14d-4(d), 14d-6(c) and 14e-1 under the Exchange Act. The minimum period during which the Offer must remain open following material changes in the terms of the Offer or information concerning the Offer, other than a

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change in the consideration offered or a change in percentage of securities sought, will depend upon the facts and circumstances, including the relative materiality of the terms or information changes. In the SEC's view, an offer should remain open for a minimum of five business days from the date the material change is first published, sent or given to holders of Shares, and with respect to a change in the consideration offered or a change in the percentage of securities sought, a minimum 10 business day period generally is required to allow for adequate dissemination to holders of Shares and investor response.

We expressly reserve the right, in our sole discretion, subject to the terms and upon the conditions of the Merger Agreement and the applicable rules and regulations of the SEC, to not accept for payment any Shares if, at the expiration of the Offer, any of the conditions to the Offer set forth in Section 13 – "**Conditions of the Offer**" have not been satisfied. Under certain circumstances, Ipsen and Purchaser may terminate the Merger Agreement and the Offer.

Any extension, waiver or amendment of the Offer or termination of the Offer will be followed, as promptly as practicable, by public announcement thereof, such announcement in the case of an extension to be issued not later than 9:00 a.m. Eastern Time on the next business day after the Expiration Date in accordance with the public announcement requirements of Rules 14d-3(b)(1), 14d-4(d), 14d-6(c) and l4e-1(d) under the Exchange Act. Without limiting our obligation under such rules or the manner in which we may choose to make any public announcement, we currently intend to make announcements by issuing a press release to the PR Newswire (or such other national media outlet or outlets we deem prudent) and making any appropriate filing with the SEC.

Promptly following the purchase of Shares in the Offer, we intend to effect the closing of the Merger without a vote of the stockholders of Albireo pursuant to Section 251(h) of the DGCL.

Albireo has agreed to provide us with its list of stockholders and security position listings for the purpose of disseminating the Offer to holders of Shares. This Offer to Purchase and the related Letter of Transmittal will be mailed to record holders of Shares whose names appear on Albireo's stockholder list and will be furnished to brokers, dealers, commercial banks, trust companies and similar persons whose names, or the names of whose nominees, appear on the stockholder list or, if applicable, who are listed as participants in a clearing agency's security position listing, for subsequent transmittal to beneficial owners of Shares.

**2.** **Acceptance for Payment and Payment for Shares.** 

Subject to the terms of the Offer and the Merger Agreement and the satisfaction or waiver of the Offer Conditions set forth in Section 13 – "**Conditions of the Offer**," we will accept for payment and pay for all Shares validly tendered and not validly withdrawn pursuant to the Offer as promptly as practicable (and in any event within two business days) after the Offer Acceptance Time. Subject to any applicable rules and regulations of the SEC, including Rule 14e-1(c) promulgated under the Exchange Act, we expressly reserve the right to delay payment for Shares in order to comply in whole or in part with any applicable law or regulation. See Section 15 – "**Certain Legal Matters; Regulatory Approvals**."

In all cases, payment for Shares tendered and accepted for payment pursuant to the Offer will be made only after timely receipt by the Paying Agent of: (i) certificates representing such Shares or confirmation of the book-entry transfer of such Shares into the Paying Agent's account at The Depository Trust Company ("**DTC**") pursuant to the procedures set forth in Section 3 – "**Procedures for Tendering Shares;**" (ii) a Letter of Transmittal, properly completed and duly executed, with any required signature guarantees (or, in the case of a book-entry transfer, an Agent's Message (as defined below) in lieu of the Letter of Transmittal); and (iii) any other documents required by the Letter of Transmittal or any other customary documents required by Paying Agent. See Section 3 – "**Procedures for Tendering Shares.**"

For purposes of the Offer, we will be deemed to have accepted for payment, and thereby purchased, Shares validly tendered to Purchaser and not validly withdrawn as, if and when we give oral or written notice to the

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Paying Agent of our acceptance for payment of such Shares pursuant to the Offer. Upon the terms and subject to the conditions of the Offer, payment for Shares accepted for payment pursuant to the Offer will be made by deposit of the Offer Price for such Shares with the Paying Agent, which will act as agent for tendering stockholders for the purpose of receiving payments from us and transmitting such payments to tendering stockholders whose Shares have been accepted for payment. If we extend the Offer, are delayed in our acceptance for payment of or payment for Shares or are unable to accept Shares for payment pursuant to the Offer for any reason, then, without prejudice to our rights under the Offer, the Paying Agent may retain tendered Shares on our behalf, and such Shares may not be withdrawn except to the extent that tendering stockholders are entitled to withdrawal rights as described in Section 4 – "**Withdrawal Rights**." **Under no circumstances will interest be paid on the Offer Price for the Shares accepted for payment in the Offer, regardless of any extension of the Offer or any delay in making payment for the Shares.**

If any tendered Shares are not accepted for payment pursuant to the terms and conditions of the Offer for any reason, or if certificates are submitted evidencing more Shares than are tendered, certificates representing unpurchased Shares will be returned, without expense to the tendering stockholder (or, in the case of Shares tendered by book-entry transfer into the Paying Agent's account at DTC pursuant to the procedures set forth in Section 3 – "**Procedures for Tendering Shares**," such Shares will be credited to an account maintained at DTC), promptly following the expiration or termination of the Offer.

**3.** **Procedures for Tendering Shares.<sup></sup>** 

**Valid Tender of Shares**. In order for a stockholder to validly tender Shares pursuant to the Offer the Letter of Transmittal (or a manually signed facsimile thereof), properly completed and duly executed, together with any required signature guarantees (or, in the case of a book-entry transfer, an Agent's Message (as defined below) in lieu of the Letter of Transmittal) and any other documents required by the Letter of Transmittal must be received by the Paying Agent at one of its addresses set forth on the back cover of this Offer to Purchase and either (i) the certificates for such shares ("**Share Certificates**") evidencing tendered Shares must be received by the Paying Agent at such address or (ii) such Shares must be tendered pursuant to the procedure for book-entry transfer described below under "Book-Entry Transfer" and a Book-Entry Confirmation must be received by the Paying Agent, in each case prior to the Expiration Date. The term "**Agent's Message**" means a message, transmitted by DTC to, and received by, the Paying Agent and forming a part of a Book-Entry Confirmation (as defined below), which states that DTC has received an express acknowledgment from the participant in DTC tendering the Shares which are the subject of such Book-Entry Confirmation (as defined below) that such participant has received and agrees to be bound by the terms of the Letter of Transmittal and that Purchaser may enforce such agreement against the participant.

**Book-Entry Transfer**. The Paying Agent will take steps to establish and maintain an account with respect to the Shares at DTC for purposes of the Offer. Any financial institution that is a participant in the system of DTC may make a book-entry delivery of Shares by causing DTC to transfer such Shares into the Paying Agent's account at DTC in accordance with DTC's procedures for such transfer. However, although delivery of Shares may be effected through book-entry transfer at DTC, either the Letter of Transmittal (or a manually signed facsimile thereof), properly completed and duly executed, together with any required signature guarantees, or an Agent's Message in lieu of the Letter of Transmittal, and any other required documents, must, in any case, be received by the Paying Agent at one of its addresses set forth on the back cover of this Offer to Purchase prior to the Expiration Date. Delivery of documents to DTC does not constitute delivery to the Paying Agent. The confirmation of a book-entry transfer of Shares into the Paying Agent's account at DTC as described above is referred to herein as a "**Book-Entry Confirmation.**"

**Delivery of documents to DTC in accordance with DTC's procedures does not constitute delivery to the Paying Agent.** 

**Signature Guarantees and Stock Powers**. No signature guarantee is required on the Letter of Transmittal; (i) if the Letter of Transmittal is signed by the registered holder(s) (which term, for purposes of this Section 3,

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includes any participant in DTC's systems whose name appears on a security position listing as the owner of the Shares) of the Shares tendered therewith, unless such holder or holders have completed either the box entitled "Special Delivery Instructions" or the box entitled "Special Payment Instructions" on the Letter of Transmittal or (ii) if the Shares are tendered for the account of a financial institution (including most commercial banks, savings and loan associations and brokerage houses) that is a member in good standing of the Security Transfer Agents Medallion Program or any other "eligible guarantor institution," as such term is defined in Rule 17Ad-15 of the Exchange Act (each an "**Eligible Institution**" and collectively "**Eligible Institutions**"). In all other cases, all signatures on a Letter of Transmittal must be guaranteed by an Eligible Institution. See Instruction 1 of the Letter of Transmittal. If a Share Certificate is registered in the name of a person or persons other than the signers of the Letter of Transmittal, or if payment is to be made or delivered to, or a Share Certificate not accepted for payment or not tendered is to be issued in, the name(s) of a person or persons other than the registered holder(s), then the Share Certificate must be endorsed or accompanied by appropriate duly executed stock powers, in either case signed exactly as the name(s) of the registered holder(s) appear on the Share Certificate, with the signature(s) on such Share Certificate or stock powers guaranteed by an Eligible Institution as provided in the Letter of Transmittal. See Instructions 1 and 5 of the Letter of Transmittal.

If certificates representing Shares are forwarded separately to the Paying Agent, a properly completed and duly executed Letter of Transmittal must accompany each delivery of certificates.

**Guaranteed Delivery.** A stockholder who desires to tender Shares pursuant to the Offer and whose certificates for Shares are not immediately available and cannot be delivered to the Paying Agent prior to the expiration of the Offer, or who cannot complete the procedure for book-entry transfer prior to the expiration of the Offer, or who cannot deliver all required documents to the Paying Agent prior to the expiration of the Offer, may tender such Shares by satisfying all of the requirements set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such tender is made by or through an Eligible Institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a properly completed and duly executed Notice of Guaranteed Delivery, substantially in the form provided by
Purchaser, is received by the Paying Agent (as provided below) prior to the Expiration Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the certificates for all tendered Shares, in proper form for transfer (or a Book-Entry Confirmation with respect
to all such Shares), together with a properly completed and duly executed Letter of Transmittal, with any required signature guarantees (or, in the case of a book-entry transfer, an Agent's Message in lieu of the Letter of Transmittal), and any
other required documents, are received by the Paying Agent within two (2) trading days after the date of execution of such Notice of Guaranteed Delivery. A "trading day" is any day on which Nasdaq is open for business.

The Notice of Guaranteed Delivery may be delivered by overnight courier to the Paying Agent or mailed to the Paying Agent and must include a guarantee by an Eligible Institution in the form set forth in such Notice of Guaranteed Delivery. Shares tendered by a Notice of Guaranteed Delivery will not be deemed validly tendered for purposes of satisfying the Minimum Condition unless and until Shares underlying such Notice of Guaranteed Delivery are delivered to the Paying Agent prior to the expiration of the Offer.

**THE METHOD OF DELIVERY OF THE SHARES (OR SHARE CERTIFICATES), THE LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS, INCLUDING DELIVERY THROUGH DTC, IS AT THE ELECTION AND RISK OF THE TENDERING STOCKHOLDER. DELIVERY OF THE SHARES (OR SHARE CERTIFICATES), THE LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS WILL BE DEEMED MADE, AND RISK OF LOSS THEREOF SHALL PASS, ONLY WHEN THEY ARE ACTUALLY RECEIVED BY THE PAYING AGENT (INCLUDING, IN THE CASE OF A BOOK-ENTRY TRANSFER OF SHARES, BY BOOK-ENTRY CONFIRMATION WITH RESPECT TO SUCH SHARES). IF SUCH DELIVERY IS BY MAIL, IT IS RECOMMENDED THAT THE SHARES (OR SHARE CERTIFICATES), THE LETTER OF** 

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 **TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS BE SENT BY PROPERLY INSURED REGISTERED MAIL WITH RETURN RECEIPT REQUESTED. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO ENSURE TIMELY DELIVERY.** 

**Other Requirements**. Purchaser will pay for Shares tendered (and not validly withdrawn) pursuant to the Offer only after timely receipt by the Paying Agent of: (i) certificates for (or a timely Book-Entry Confirmation with respect to) such Shares; (ii) a Letter of Transmittal, properly completed and duly executed, with any required signature guarantees (or, in the case of a book-entry transfer, an Agent's Message in lieu of the Letter of Transmittal); and (iii) any other documents required by the Letter of Transmittal or any other customary documents required by the Paying Agent. Accordingly, tendering stockholders may be paid at different times depending upon when certificates for Shares or Book-Entry Confirmations with respect to Shares are actually received by the Paying Agent. **Under no circumstances will Purchaser pay interest on the purchase price of Shares, regardless of any extension of the Offer or any delay in making such payment**. If your Shares are held in street name (*i.e.*, through a broker, dealer, commercial bank, trust company or other nominee), your Shares can be tendered by your nominee by book-entry transfer through the Paying Agent. If you are unable to deliver any required document or instrument to the Paying Agent by the expiration of the Offer, you may gain some extra time by having a broker, a bank or other fiduciary that is an eligible guarantor institution guarantee that the missing items will be received by the Paying Agent by using the enclosed Notice of Guaranteed Delivery. For the tender to be valid, however, the Paying Agent must receive the missing items together with the Shares within two (2) trading days after the date of execution of the Notice of Guaranteed Delivery.

**Binding Agreement**. The tender of Shares pursuant to any one of the procedures described above will constitute the tendering stockholder's acceptance of the Offer, as well as the tendering stockholder's representation and warranty that such stockholder has the full power and authority to tender and assign the Shares tendered, as specified in the Letter of Transmittal. Our acceptance for payment of Shares tendered pursuant to the Offer will constitute a binding agreement between the tendering stockholder and us upon the terms and subject to the conditions of the Offer.

**Appointment as Proxy**. By executing the Letter of Transmittal as set forth above (or, in the case of a book-entry transfer, by delivery of an Agent's Message in lieu of a Letter of Transmittal), the tendering stockholder will irrevocably appoint designees of Purchaser as such stockholder's attorneys-in-fact and proxies in the manner set forth in the Letter of Transmittal, each with full power of substitution, to the full extent of such stockholder's rights with respect to the Shares tendered by such stockholder and accepted for payment by Purchaser and with respect to any and all other Shares or other securities or rights issued or issuable in respect of such Shares. All such powers of attorney and proxies will be considered irrevocable and coupled with an interest in the tendered Shares. Such appointment will be effective when, and only to the extent that, we accept for payment the Shares tendered by such stockholder as provided herein. Upon such appointment, all prior powers of attorney, proxies and consents given by such stockholder with respect to such Shares or other securities or rights will, without further action, be revoked and no subsequent powers of attorney, proxies, consents or revocations may be given by such stockholder (and, if given, will not be deemed effective). The designees of Purchaser will thereby be empowered to exercise all voting and other rights with respect to such Shares and other securities or rights, including, without limitation, in respect of any annual, special or adjourned meeting of Albireo's stockholders, actions by written consent in lieu of any such meeting or otherwise, as they in their sole discretion deem proper. We reserve the right to require that, in order for Shares to be deemed validly tendered, immediately upon our acceptance for payment of such Shares, Purchaser must be able to exercise full voting, consent and other rights with respect to such Shares and other related securities or rights, including voting at any meeting of stockholders of Albireo.

**Determination of Validity**. Purchaser will determine, in its sole discretion, all questions as to the form and validity (including time of receipt) of any notice of withdrawal, and such determination will be final and binding to the fullest extent permitted by law, subject to the rights of holders of Shares to challenge such determination with respect to their Shares in a court of competent jurisdiction. We reserve the absolute right to reject any and

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all tenders determined by us not to be in proper form or the acceptance for payment of which may, in our opinion, be unlawful. We also reserve the absolute right to waive any defect or irregularity in the tender of any Shares of any particular stockholder, whether or not similar defects or irregularities are waived in the case of other stockholders. No tender of Shares will be deemed to have been validly made until all defects and irregularities have been cured or waived to our satisfaction. None of Purchaser, Ipsen or any of their respective affiliates or assigns, the Paying Agent, the Information Agent or any other person will be under any duty to give notice of any defects or irregularities in tenders or incur any liability for failure to give any such notice. Subject to applicable law as applied by a court of competent jurisdiction, the terms of the Merger Agreement and the rights of holders of Shares to challenge such interpretation with respect to their Shares in a court of competent jurisdiction, our interpretation of the terms and conditions of the Offer (including the Letter of Transmittal and the instructions thereto) will be final and binding.

**Backup Withholding**. Payments made to stockholders of Albireo in the Offer or the Merger generally will be subject to information reporting and may be subject to backup withholding of U.S. federal income tax on payments for Shares purchased in the Offer or exchanged in the Merger (currently at a rate of 24%).

To avoid backup withholding, a U.S. stockholder or payee should complete and return the Internal Revenue Service ("**IRS**") Form W-9 included in the Letter of Transmittal, listing such U.S. stockholder's correct taxpayer identification number and certifying that such stockholder is a U.S. person, that the taxpayer identification number provided is correct, and that such stockholder is not subject to backup withholding. Failure to provide the information on the IRS Form W-9 may subject a stockholder to backup withholding on a payment pursuant to the Offer or the Merger for all Shares purchased from or exchanged by such stockholder. Certain stockholders or payees (including, among others, corporations, non-resident foreign individuals and foreign entities) are not subject to these backup withholding and reporting requirements.

An exempt U.S. stockholder or payee should indicate its exempt status on IRS Form W-9. Any foreign stockholder or payee should submit an IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable IRS Form W-8) attesting to such exempt foreign status in order to qualify for an exemption from information reporting and backup withholding. A disregarded domestic entity that has a regarded foreign owner must use the appropriate IRS Form W-8, and not the IRS Form W-9.

Information disclosed on an applicable IRS Form by a stockholder or payee may be disclosed to the local tax authorities of the foreign stockholder under an applicable tax treaty or an information exchange agreement. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will generally be allowed as a refund from the IRS or a credit against a stockholder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS. Each stockholder and payee should consult their tax advisors as to any qualification for exemption from backup withholding and the procedure for obtaining any such exemption.

**4.** **Withdrawal Rights.** 

Except as otherwise provided in this Section 4, tenders of Shares pursuant to the Offer are irrevocable. However, a stockholder has withdrawal rights that are exercisable until the expiration of the Offer (*i.e.*, at any time prior to one minute after 11:59 p.m. Eastern Time on February 21, 2023), or in the event the Offer is extended, on such date and time to which the Offer is extended. In addition, pursuant to Section 14(d)(5) of the Exchange Act, Shares may be withdrawn at any time after March 24, 2023, which is the 60th day after the date of the commencement of the Offer, unless prior to that date Purchaser has accepted for payment the Shares validly tendered in the Offer.

For a withdrawal of Shares to be effective, the Paying Agent must timely receive a written or facsimile transmission notice of withdrawal at one of its addresses set forth on the back cover of this Offer to Purchase. Any notice of withdrawal must specify the name of the person who tendered the Shares to be withdrawn, the

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number of Shares to be withdrawn and the name of the registered holder of such shares, if different from that of the person who tendered such Shares. The signature(s) on the notice of withdrawal must be guaranteed by an Eligible Institution, unless such Shares have been tendered for the account of an Eligible Institution. If Shares have been tendered pursuant to the procedures for book-entry transfer as set forth in Section 3 – "**Procedures for Tendering Shares**," any notice of withdrawal must also specify the name and number of the account at DTC to be credited with the withdrawn Shares. If Share Certificates representing the Shares to be withdrawn have been delivered or otherwise identified to the Paying Agent, then, prior to the physical release of such Share Certificates, the name of the registered owner and the serial numbers shown on such Share Certificates must also be furnished to the Paying Agent.

Withdrawals of tenders of Shares may not be rescinded and any Shares validly withdrawn will be deemed not validly tendered for purposes of the Offer. Withdrawn Shares may, however, be retendered by following one of the procedures for tendering Shares described in Section 3 – "**Procedures for Tendering Shares**" at any time prior to the Expiration Date.

Purchaser will determine, in its sole discretion, all questions as to the form and validity (including time of receipt) of any notice of withdrawal. Subject to applicable law as applied by a court of competent jurisdiction and the terms of the Merger Agreement, such determination will be final and binding. No withdrawal of Shares shall be deemed to have been properly made until all defects and irregularities have been cured or waived. None of Purchaser, Ipsen or any of their respective affiliates or assigns, the Paying Agent, the Information Agent or any other person will be under any duty to give notice of any defects or irregularities in any notice of withdrawal or incur any liability for failure to give such notice.

**5.** **Certain U.S. Federal Income Tax Consequences of the Offer and the Merger.** 

The following summary describes certain U.S. federal income tax consequences generally applicable to Holders (as defined below) whose Shares are exchanged for cash and CVRs in the Offer or Merger. This summary is for general information only and is not tax advice. This summary is based on the U.S. Internal Revenue Code of 1986, as amended (the "**Code**"), Treasury Regulations promulgated under the Code, published rulings, administrative pronouncements and judicial decisions, all as available and in effect on the date hereof and all of which are subject to change or differing interpretations, possibly with retroactive effect. This summary addresses only Holders (as defined below) who hold their Shares as capital assets within the meaning of the Code (generally, property held for investment) and does not address all of the tax consequences that may be relevant to Holders in light of their particular circumstances or to certain types of Holders subject to special treatment under the Code, including pass-through entities (including partnerships and S corporations for U.S. federal income tax purposes) and partners or investors who hold their Shares through such entities, certain financial institutions, brokers, dealers or traders in securities or other persons that generally mark their securities to market for U.S. federal income tax purposes, insurance companies, expatriates, mutual funds, real estate investment trusts, regulated investment companies, cooperatives, tax-exempt organizations (including private foundations), retirement plans, controlled foreign corporations, passive foreign investment companies, persons who are subject to the alternative minimum tax, persons who hold their Shares as part of a straddle, hedge, conversion, constructive sale, synthetic security, integrated investment, or other risk-reduction transaction for U.S. federal income tax purposes, stockholders that have a functional currency other than the U.S. dollar, certain taxpayers that are required to prepare certified financial statements or file financial statements with certain regulatory or governmental agencies, persons that own or have owned within the past five years (or are deemed to own or to have owned within the past five years) 5% or more of the outstanding Shares, Holders of Shares that exercise appraisal rights and persons who acquired their Shares upon the exercise of stock options (or upon the vesting and cancellation of Albireo RSUs in connection with the Merger) or otherwise as compensation. This summary does not address any U.S. federal estate, gift, or other non-income tax consequences, the effects of the Medicare contribution tax on net investment income, or any state, local, or non-U.S. tax consequences.

As used in this summary, the term "**U.S. Holder**" means a beneficial owner of Shares that, for U.S. federal income tax purposes, is: (i) an individual who is a citizen or resident of the U.S.; (ii) a corporation, or other entity

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classified as a corporation for U.S. federal income tax purposes, that is created or organized in or under the laws of the U.S. or any state thereof or the District of Columbia; (iii) an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust if (a) a court within the U.S. is able to exercise primary supervision over the administration of the trust and one or more U.S. persons has the authority to control all substantial decisions of the trust or (b) the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

As used in this summary, the term "**Non-U.S. Holder" means a beneficial owner of Shares that is neither a U.S. Holder nor a partnership for U.S. federal income tax purposes, and the term "Holder" means a U.S. Holder or a Non-U.S. Holder.** 

If a partnership (including any entity or arrangement treated as a partnership for U.S. federal income tax purposes) exchanges Shares for cash and CVRs pursuant to the Offer or the Merger, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships and partners in partnerships holding Shares should consult their tax advisors regarding the tax consequences of exchanging Shares for cash and CVRs pursuant to the Offer or the Merger.

We have not sought, and do not expect to seek, a ruling from the IRS as to any U.S. federal income tax consequence described herein, and no assurance can be given that the IRS will not take a position contrary to the discussion below, or that a court will not sustain any challenge by the IRS in the event of litigation.

**Stockholders are urged to consult their tax advisors to determine the tax consequences to them of exchanging Shares for cash and CVRs pursuant to the Offer or the Merger in light of their particular circumstances.** 

**U.S. Holders.** The exchange of Shares for cash and CVRs pursuant to the Offer or the Merger will be a taxable transaction to U.S. Holders for U.S. federal income tax purposes. The amount of gain or loss a U.S. Holder recognizes, and the timing and character of a portion of such gain or loss, depends in part on the U.S. federal income tax treatment of the CVRs, with respect to which there is a significant amount of uncertainty. The installment method of reporting any gain attributable to the receipt of a CVR generally will not be available with respect to the disposition of Shares pursuant to the Offer or the Merger because the Shares are traded on an established securities market.

There is no legal authority directly addressing the U.S. federal income tax treatment of the receipt of the CVRs in connection with the Offer or the Merger. The receipt of the CVRs as part of the Offer or the Merger consideration might be treated as an "open transaction" or as a "closed transaction" for U.S. federal income tax purposes, each discussed below.

Pursuant to U.S. Treasury regulations addressing contingent payment obligations that are analogous to the CVRs, if the fair market value of the CVRs were determined to be "reasonably ascertainable," a U.S. Holder should treat the transaction as a "closed transaction" and treat the fair market value of the CVRs as part of the consideration received in the Offer or the Merger for purposes of determining gain or loss. On the other hand, if the fair market value of the CVRs could not be reasonably ascertained, a U.S. Holder should treat the transaction as an "open transaction" for purposes of determining gain or loss. These Treasury regulations state that only in "rare and extraordinary" cases would the value of contingent payment obligations not be reasonably ascertainable. There is no authority directly addressing whether contingent payment rights with characteristics similar to the rights under a CVR should be treated as "open transactions" or "closed transactions," and such question is inherently factual in nature. The CVRs also may be treated as debt instruments for U.S. federal income tax purposes, which would affect the amount, timing, and character of any gain, income or loss with respect to the CVRs. The discussion below does not address the tax consequences of such a characterization. We urge you to consult your own tax advisor with respect to the proper characterization of the receipt of, and payments made with respect to, a CVR.

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The following sections discuss certain U.S. federal income tax consequences of the Offer or Merger, as applicable, if the exchange of Shares for cash and CVRs pursuant to the Offer or the Merger, as applicable, is treated as an open transaction or, alternatively, as a closed transaction for U.S. federal income tax purposes. Under either "open" or "closed" transaction treatment, gain or loss generally will be determined separately for each block of Shares (that is, Shares acquired at the same cost in a single transaction) tendered pursuant to the Offer or exchanged pursuant to the Merger. To the extent required to take a position, each of the Purchaser and Albireo intend to act consistently for applicable tax purposes with open transaction treatment.

*Treatment as Open Transaction*. If the transaction is treated as an "open transaction" for U.S. federal income tax purposes, a U.S. Holder should generally recognize capital gain for U.S. federal income tax purposes on a sale of Shares for the Offer Price pursuant to the Offer or an exchange of Shares for the Offer Price pursuant to the Merger if and to the extent the amount of cash received in such exchange exceeds such U.S. Holder's adjusted U.S. federal income tax basis in the Shares sold or exchanged. However, a U.S. Holder may not be able to recognize loss for U.S. federal income tax purposes in connection with the closing of the Offer or the Effective Time even if its adjusted U.S. federal income tax basis exceeds the amount of cash received as of the closing of the Offer or the Effective Time, as the case may be, and instead may be required to defer recognition of loss (and the determination of the amount of such loss) until the U.S. Holder's right to receive further payments under the CVRs terminates (e.g. when the Milestone is achieved and the Milestone Payment becomes due, the Milestone Period lapses without achieving the Milestone, or, possibly, if the U.S. Holder abandons its CVRs), as discussed below.

The fair market value of the CVRs generally would not be treated as additional consideration for the Shares at the time the CVRs are received in the Offer or the Merger, and the U.S. Holder would have no U.S. federal income tax basis in the CVRs. Instead, the U.S. Holder would take payments under the CVRs into account when made or deemed made in accordance with the U.S. Holder's regular method of accounting for U.S. federal income tax purposes. A portion of such payments may be treated as interest income under Section 483 of the Code (as discussed below under "**Imputed Interes**t") and the balance, in general, would be treated as additional consideration for the disposition of the Shares. The portion of payments on the CVRs not treated as imputed interest under Section 483 of the Code will generally be treated as gain to the extent the sum of such payments (and all previous payments under the CVRs), together with the cash received upon the closing of the Offer or Merger, exceeds such U.S. Holder's adjusted U.S. federal income tax basis in the Shares surrendered pursuant to the Offer or Merger. Subject to the imputed interest rules discussed below, a U.S. Holder that does not receive cash pursuant to the Offer or Merger (including for this purpose any cash received as payments on the CVRs) in an amount at least equal to such U.S. Holder's adjusted U.S. federal income tax basis in the Shares surrendered pursuant to the Offer or Merger may be able to recognize a capital loss upon termination of the U.S. Holder's right to receive further payments under the CVR (e.g. if the Milestone is achieved and the Milestone Payment becomes due, or the Milestone Period lapses without achieving the Milestone), or possibly upon such U.S. Holder's abandonment of its CVRs. Any such capital gain or loss will be long-term if the Shares were held for more than one year prior to such disposition. The deductibility of capital losses is subject to certain limitations.

*Treatment as Closed Transaction*. If the receipt of the CVRs is treated as part of a closed transaction for U.S. federal income tax purposes, then a U.S. Holder generally would recognize capital gain or loss on a sale of Shares for the Offer Price pursuant to the Offer or an exchange of Shares for the Offer Price pursuant to the Merger, in an amount equal to the difference, if any, between: (i) the amount of cash received plus the fair market value (determined as of the closing of the Offer or the Effective Time, as the case may be) of any CVRs received; and (ii) the U.S. Holder's adjusted U.S. federal income tax basis in the Shares sold or exchanged. The proper method to determine the fair market value of a CVR is not clear. Gain or loss generally would be calculated separately for each block of Shares (that is, Shares acquired at the same cost in a single transaction) tendered pursuant to the Offer or exchanged for the Offer Price pursuant to the Merger. Any capital gain or loss recognized will be long-term capital gain or loss if the Holder's holding period for such Shares exceeds one year. The deductibility of capital losses is subject to limitations.

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A U.S. Holder's initial U.S. federal income tax basis in a CVR received in either the Offer or the Merger would equal the fair market value of such CVR as determined for U.S. federal income tax purposes. The holding period for a CVR would begin on the day following the date of the closing of the Offer or the Effective Time, as the case may be.

There is no authority directly addressing the U.S. federal income tax treatment of receiving payments on the CVRs and, therefore, the amount, timing and character of any gain, income or loss with respect to the CVRs would be uncertain. For example, if a payment is made with respect to a CVR, it could be treated as a payment with respect to a sale or exchange of a capital asset or as giving rise to ordinary income. It is unclear how a U.S. Holder of the CVRs would recover its adjusted tax basis with respect to payments thereon. It is also possible that, were the payment to be treated as being made with respect to the sale of a capital asset, a portion of such payment may constitute imputed interest under Section 483 of the Code (as described below under "Imputed Interest").

*Imputed Interest*. A portion of the payments made with respect to a CVR may be treated as imputed interest, which would be ordinary income to the U.S. Holder of a CVR. The portion of any payment made with respect to a CVR treated as imputed interest under Section 483 of the Code will be determined at the time such payment is made and generally should equal the excess of: (i) the amount of the payment in respect of the CVRs; over (ii) the present value of such amount as of the closing of the Offer or the Effective Time, as the case may be, calculated using the applicable federal rate published by the IRS as the discount rate. A U.S. Holder must include in its taxable income interest imputed pursuant to Section 483 of the Code using such Holder's regular method of accounting for U.S. federal income tax purposes.

**Non-U.S. Holders**. Any gain realized by a Non-U.S. Holder upon the tender of Shares pursuant to the Offer or the exchange of Shares pursuant to the Merger, as the case may be, generally will not be subject to U.S. federal income tax unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with a U.S. trade or business of such Non-U.S. Holder (and, if an applicable income tax treaty so provides, is also attributable to a permanent establishment or fixed base maintained by such Non-U.S. Holder
in the U.S.), in which case the Non-U.S. Holder generally will be taxed in the same manner as a U.S. Holder (as described above under "**U.S. Holders** "), except that if the Non-U.S. Holder is a non-U.S. corporation, an additional branch profits tax may apply at a rate of 30% (or a lower applicable treaty rate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. Holder is a nonresident alien individual who is present in
the U.S. for 183 days or more in the taxable year of the closing of the Offer or the Effective Time, as the case may be, and certain other conditions are met, in which case the Non-U.S. Holder may be subject
to a 30% U.S. federal income tax (or a tax at a reduced rate under an applicable income tax treaty) on such gain (net of certain U.S.-source losses).

Generally, if payments are made to a Non-U.S. Holder with respect to a CVR, such Non-U.S. Holder may be subject to withholding at a rate of 30% (or a lower applicable treaty rate) on the portion of any such payments treated as imputed interest (as discussed above under "**U.S. Holders – Treatment as Open Transaction**"), or possibly the entire CVR payment depending on the U.S. federal income tax treatment of the CVRs unless such Non-U.S. Holder establishes its entitlement to exemption from or a reduced rate of withholding under an applicable tax treaty by providing the appropriate documentation (generally, IRS Form W-8BEN or W-8BEN-E or other applicable IRS Form W-8) to the applicable withholding agents. As discussed above, the tax treatment of the CVRs is unclear, and it is possible that Purchaser or the applicable withholding agent may be required to withhold additional amounts on payments with respect to the CVRs.

**Information Reporting, Backup Withholding and FATCA**. Information reporting generally will apply to payments to a Holder pursuant to the Offer or the Merger (including payments with respect to a CVR),

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unless such Holder is an entity that is exempt from information reporting and, when required, properly demonstrates its eligibility for exemption. Any payment to a U.S. Holder that is subject to information reporting generally will also be subject to backup withholding (currently at a rate of 24%), unless such U.S. Holder: (i) provides the appropriate documentation (generally, IRS Form W-9) to the applicable withholding agent certifying that, among other things, its taxpayer identification number is correct, or otherwise establishes an exemption; and (ii) with respect to payments on the CVRs, provides the rights agent with the certification documentation in clause (i) of this sentence or otherwise establishes an exemption from backup withholding tax.

The information reporting and backup withholding rules that apply to payments to a Holder pursuant to the Offer and Merger generally will not apply to payments to a Non-U.S. Holder if such Non-U.S. Holder certifies under penalties of perjury that it is not a U.S. person (generally by providing an IRS Form W-8BEN or W-8BEN-E or other applicable IRS Form W-8) or otherwise establishes an exemption. Non-U.S. Holders should consult their own tax advisors to determine which IRS Form W-8 is appropriate.

Certain stockholders (including corporations) generally are not subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules generally will be allowed as a refund or a credit against a U.S. Holder's U.S. federal income tax liability if the required information is properly and timely furnished by such U.S. Holder to the IRS.

Tax information provided to a U.S. Holder and the IRS on IRS Form 1099-B for the year of the Offer or the Merger, as applicable, may reflect only the cash amounts paid to the U.S. Holder on the Offer or the Merger and not the fair market value of the U.S. Holder's interest in payments made (or to be made) on the CVRs. Accordingly, a U.S. Holder that treats the Offer or the Merger as a "closed transaction" for U.S. federal income tax purposes may receive an IRS Form 1099-B reporting an amount received that is less than the amount such U.S. Holder will realize in the year of the Offer or the Merger, as applicable. In addition, any IRS Form 1099-B a U.S. Holder receives with respect to payments on the CVRs may reflect the entire amount of the CVR payments paid to the U.S. Holder (except imputed interest) and therefore may not take into account the fact that the U.S. Holder already included the value of such payments in such U.S. Holder's amount realized in the year of the Offer or the Merger. As a result, U.S. Holders reporting under this method should not rely on the amounts reported to them on IRS Forms 1099-B with respect to the Offer or the Merger. U.S. Holders are urged to consult their tax advisors regarding how to accurately report their income under this method.

Under the "Foreign Account Tax Compliance Act" provisions of the Code, related U.S. Treasury guidance and related intergovernmental agreements ("**FATCA**"), Ipsen or another applicable withholding agent will be required to withhold tax at a rate of 30% on the portion of payments on the CVRs reported as imputed interest, or possibly the entire CVR payment depending on the U.S. federal income tax treatment of the receipt of the CVRs, if a Non-U.S. Holder fails to meet prescribed certification requirements. In general, no such withholding will be required with respect to a person that timely provides certifications that establish an exemption from FATCA withholding on a valid IRS Form W-8. Each Non-U.S. Holder should consult its own tax advisor regarding the application of FATCA to the CVRs.

**THE FOREGOING SUMMARY DOES NOT PURPORT TO BE A COMPLETE DISCUSSION OF THE POTENTIAL TAX CONSEQUENCES OF THE OFFER OR THE MERGER OR THE OWNERSHIP OF CVRS. EACH HOLDER SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE U.S. FEDERAL, STATE AND LOCAL AND NON-U.S. INCOME, ESTATE AND OTHER TAX CONSIDERATIONS RELATING TO THE OFFER AND MERGER IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES. NOTHING IN THIS SUMMARY IS INTENDED TO BE, OR SHOULD BE CONSTRUED AS, TAX ADVICE.** 

**6.** **Price Range of Shares; Dividends.** 

According to Albireo's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022, June 30, 2022 and

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September 30, 2022, the Shares are traded on Nasdaq under the symbol "**ALBO**." Albireo has advised Ipsen that, as of the close of business on January 20, 2023, 20,863,673 Shares were issued and outstanding. The following table sets forth, for the fiscal quarters indicated, the high and low sales prices per Share on Nasdaq with respect to the fiscal years ended December 31, 2021 and 2022 and the current fiscal year.

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| | | |
|:---|:---|:---|
| **Fiscal Year Ended December 31, 2021** | **High** | **Low** |
|  First Quarter | $42.85 | $32.03 |
|  Second Quarter | 36.87 | 28.90 |
|  Third Quarter | 35.98 | 27.36 |
|  Fourth Quarter | 31.29 | 21.19 |
| **Fiscal Year Ended December 31, 2022** | **High** | **Low** |
|  First Quarter | $33.74 | $23.94 |
|  Second Quarter | 37.29 | 18.54 |
|  Third Quarter | 26.37 | 16.32 |
|  Fourth Quarter | 23.78 | 18.01 |
| **Current Fiscal Year** | **High** | **Low** |
|  First Quarter (through January 20, 2023) | $44.10 | $21.37 |

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On January 20, 2023, the last full trading day prior to the commencement of the Offer, the reported closing sales price per Share on Nasdaq during normal trading hours was $43.81 per Share.

Albireo has never paid cash dividends on its common stock. In Albireo's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, Albireo indicated that it would continue to retain its future earnings for the development and growth of its business. Additionally, under the terms of the Merger Agreement, Albireo is not permitted to declare or pay any dividends on or make other distributions in respect of its capital stock. See Section 14 – "**Dividends and Distributions.**" **Stockholders are urged to obtain a current market quotation for the Shares**.

**7.** **Possible Effects of the Offer on the Market for the Shares; Nasdaq Listing; Exchange Act Registration and Margin Regulations.** 

**Possible Effects of the Offer on the Market for the Shares**. The purchase of Shares pursuant to the Offer will reduce the number of holders of Shares and the number of Shares that might otherwise trade publicly, which could adversely affect the liquidity and market value of the remaining Shares. We cannot predict whether the reduction in the number of Shares that might otherwise trade publicly would have an adverse or beneficial effect on the market price for, or marketability of, the Shares or whether such reduction would cause future market prices to be greater or less than the Offer Price. If the Offer is successful, there will be no market for the Shares because Purchaser intends to consummate the Merger as soon as practicable following the Offer Closing.

**Nasdaq Listing**. The Shares are currently listed on Nasdaq. Immediately following the consummation of the Merger (which is required to occur at 1:00 a.m., Eastern Time, on the same date as the consummation of the Offer, unless otherwise agreed by Albireo, Ipsen and Purchaser), the Shares will no longer meet the requirements for continued listing on Nasdaq, and Ipsen will seek to cause the listing of Shares on Nasdaq to be discontinued as soon as the requirements for termination of the listing are satisfied.

If Nasdaq were to delist the Shares, it is possible that the Shares would continue to trade on other securities exchanges or in the over-the-counter market and that price or other quotations for the Shares would be reported by other sources. The extent of the public market for such Shares and the availability of such quotations would depend, however, upon such factors as the number of stockholders and the aggregate market value of such securities remaining at such time, the interest in maintaining a market in the Shares on the part of securities firms, the possible termination of registration under the Exchange Act as described below, and other factors. We

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cannot predict whether the reduction in the number of Shares that might otherwise trade publicly would have an adverse or beneficial effect on the market price for, or marketability of, the Shares or whether it would cause future market prices to be greater or less than the Offer Price.

**Trading in the Shares will cease upon consummation of the Merger if trading has not ceased earlier as discussed above.** 

**Exchange Act Registration**. The Shares are currently registered under the Exchange Act. The purchase of the Shares pursuant to the Offer may result in the Shares becoming eligible for deregistration under the Exchange Act. Such registration may be terminated upon application of Albireo to the SEC if the Shares are neither listed on a national securities exchange nor held by 300 or more holders of record. Termination of registration of the Shares under the Exchange Act would substantially reduce the information required to be furnished by Albireo to its stockholders and to the SEC and would make certain provisions of the Exchange Act no longer applicable to Albireo, such as the short-swing profit recovery provisions of Section 16(b) of the Exchange Act, the requirement of furnishing a proxy statement pursuant to Section 14(a) of the Exchange Act in connection with stockholders' meetings and the related requirement of furnishing an annual report to stockholders and the requirements of Rule 13e-3 under the Exchange Act with respect to "going private" transactions. Furthermore, the ability of "affiliates" of Albireo and persons holding "restricted securities" of Albireo to dispose of such securities pursuant to Rule 144 under the Securities Act of 1933, as amended, may be impaired or eliminated. If registration of the Shares under the Exchange Act were terminated, the Shares would no longer be "margin securities" or be eligible for listing on Nasdaq. Ipsen intends to, and will cause the Surviving Corporation to, terminate the registration of the Shares under the Exchange Act as soon after consummation of the Merger as the requirements for termination of registration are met.

**Margin Regulations**. The Shares are currently "margin securities" under the Regulations of the Board of Governors of the Federal Reserve System (the "**Federal Reserve Board**"), which has the effect, among other things, of allowing brokers to extend credit based on the use of Shares as collateral. Depending upon factors similar to those described above regarding the market for the Shares and stock quotations, it is possible that, following the Offer, the Shares would no longer constitute "margin securities" for the purposes of the margin regulations of the Federal Reserve Board and, therefore, could no longer be used as collateral for loans made by brokers.

**8.** **Certain Information Concerning Albireo.** 

The following description of Albireo and its business has been taken from Albireo's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC on March 1, 2022 and Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022, June 30, 2022 and September 30, 2022, filed with the SEC on May 16, 2022, August 15, 2022 and November 8, 2022, respectively, and is qualified in its entirety by reference to such Form 10-K and Form 10-Qs.

Albireo is a commercial-stage biopharmaceutical company focused on the development and commercialization of novel bile acid modulators to treat orphan pediatric liver diseases and other liver or gastrointestinal diseases and disorders. Albireo's product Bylvay has been approved in the United States for the treatment of pruritus in patients with progressive familial intrahepatic cholestasis ("**PFIC**") ages three months or older and authorized in Europe for the treatment of PFIC in patients ages six months or older. In October 2021, the FDA granted Albireo orphan drug exclusivity for Bylvay for the treatment of pruritus in patients ages 3 months or older with PFIC. In July 2021, the European Medicines Agency, granted Albireo orphan drug exclusivity for Bylvay for the treatment of patients 6 months or older with PFIC. In September 2021, Bylvay was also granted marketing authorization by the UK Medicines and Healthcare Products Regulatory Agency, for the treatment of PFIC in patients 6 months or older. Bylvay is available by prescription to patients in the United States and became available by prescription to patients in Germany in September 2021 and in the United Kingdom in the second quarter of 2022. PFIC is a rare, life-threatening genetic disorder affecting young children, and Bylvay is the first approved drug treatment in the disease.

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Albireo was incorporated under the laws of the State of Delaware in December 2003 under the name "Global Positioning Group, Ltd." and subsequently changed its name to "Biodel Inc." On November 3, 2016, Albireo completed a share exchange transaction in which Albireo Limited became a wholly-owned subsidiary of Albireo. As a result of the share exchange transaction, Albireo's corporate name was changed to "Albireo Pharma, Inc." and the business of Albireo Limited became its business. Albireo's principal executive offices are located at 53 State Street, 19th Floor, Boston, MA 02109, and Albireo's telephone number is (857) 254-5555. Albireo's Internet website is http://www.albireopharma.com.

**Available Information**. Albireo is subject to the information and reporting requirements of the Exchange Act and in accordance therewith is obligated to file reports and other information with the SEC relating to its business, financial condition and other matters. Certain information, as of particular dates, concerning Albireo's business, principal physical properties, capital structure, material pending litigation, operating results, financial condition, directors and officers (including their remuneration and stock options granted to them), the principal holders of Albireo's securities, any material interests of such persons in transactions with Albireo and other matters is required to be disclosed in proxy statements and periodic reports distributed to Albireo's stockholders and filed with the SEC. Copies may be obtained by mail, upon payment of the SEC's customary charges, by writing to its principal office at 100 F Street, NE, Washington, DC 20549. The SEC also maintains an Internet website that contains reports, proxy statements and other information about issuers, such as Albireo, who file electronically with the SEC. The address of that site is <u>https://www.sec.gov</u>. Albireo also maintains an Internet website at http://www.albireopharma.com. The information contained in, accessible from or connected to Albireo's website is not incorporated into, or otherwise a part of, this Offer to Purchase or any of Albireo's filings with the SEC. The website addresses referred to in this paragraph are inactive text references and are not intended to be actual links to the websites.

**Sources of Information**. Except as otherwise set forth herein, the information concerning Albireo contained in this Offer to Purchase has been based upon publicly available documents and records on file with the SEC, other public sources and information provided by Albireo. Although we have no knowledge that any such information contains any misstatements or omissions, none of Ipsen, Purchaser or any of their respective affiliates or assigns, the Information Agent or the Paying Agent assumes responsibility for the accuracy or completeness of the information concerning Albireo contained in such documents and records or for any failure by Albireo to disclose events which may have occurred or may affect the significance or accuracy of any such information.

**9.** **Certain Information Concerning Ipsen, Purchaser and Related Entities.** 

**General**. Purchaser is a Delaware corporation with its principal offices located at One Main Street, Cambridge, MA 02142. The telephone number of Purchaser is (617) 679-8500. Purchaser is a wholly owned subsidiary of Ipsen Biopharmaceuticals, Inc. ("**Ipsen**"), a Delaware corporation and wholly owned subsidiary of Guarantor. Purchaser was formed for the purpose of making a tender offer for all of the Shares of Albireo and has not engaged, and does not expect to engage, in any business other than in connection with the Offer and the Merger.

Ipsen is a Delaware corporation with its principal offices located at One Main Street, Cambridge, MA 02142. The telephone number of Ipsen is (617) 679-8500. Guarantor, Ipsen Pharma SAS, is a French *société par actions simplifiée*, and Ipsen SA is a French *société anonyme*, both with principal offices located at 65 Quai Georges Gorse, 92100 Boulogne Billancourt, France. The telephone number of Ipsen SA and Guarantor is +33 1 58 33 50 00. Ipsen SA's American Depositary Receipts and Ordinary Shares trade on the OTC Markets under the trading symbols "IPSEY" and "IPSEF," respectively. Ipsen SA, Guarantor and Ipsen develop and commercialize innovative medicines in three key therapeutic areas – Oncology, Rare Disease and Neuroscience.

The name, citizenship, business address, business phone number, present principal occupation or employment and past material occupation, positions, offices or employment for at least the last five years for each director and each of the executive officers of Ipsen SA, Guarantor, Ipsen and Purchaser (collectively, the "**Offerors**") and certain other information are set forth in Schedule A hereto.

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During the last five years, none of the Offerors or, to the knowledge of the Offerors, any of the persons listed in Schedule A hereto: (i) has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors and convictions that have been overturned on appeal); or (ii) was a party to any judicial or administrative proceeding (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of such laws.

Except as otherwise described in this Offer to Purchase: (i) none of the Offerors, any majority-owned subsidiary of such entities or, to their knowledge, any of the persons listed in Schedule A hereto or any associate or of any of the persons so listed beneficially owns or has any right to acquire, directly or indirectly, any Shares; and (ii) none of the Offerors or, to their knowledge, any of the persons or entities referred to in clause (i) above nor any director, executive officer or subsidiary of any of the foregoing has effected any transaction in the Shares during the past 60 days. As of the date of this Offer to Purchase, none of the Offerors owns shares of Common Stock of Albireo. As discussed in Section 10 – "**Background of the Offer; Contacts with Albireo**," any Shares owned by Ipsen, Purchaser or any other direct or indirect wholly owned subsidiary of Ipsen as of immediately prior to the Effective Time will be automatically cancelled in the Merger for no consideration (including that no CVRs will be issued in respect of such Shares). Ipsen is not restricted from transferring or disposing of any such Shares prior to the Effective Time.

Except as otherwise described in this Offer to Purchase, none of the Offerors or, to their knowledge, any of the persons listed in Schedule A hereto, has any contract, arrangement, understanding or relationship with any other person with respect to any securities of Albireo, including, but not limited to, any contract, arrangement, understanding or relationship concerning the transfer or voting of such securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees against loss, guarantees of profits, division of profits or loss or the giving or withholding of proxies.

Except as set forth in this Offer to Purchase, none of the Offerors or, to their knowledge, any of the persons listed on Schedule A hereto, has had any business relationship or transaction with Albireo or any of its executive officers, directors or affiliates that is required to be reported under the rules and regulations of the SEC applicable to the Offer. Except as set forth in this Offer to Purchase, there have been no contacts, negotiations or transactions between any of the Offerors or any of their subsidiaries or, to their knowledge, any of the persons listed in Schedule A hereto, on the one hand, and Albireo or its affiliates, on the other hand, concerning a merger, consolidation or acquisition, tender offer or other acquisition of securities, an election of directors or a sale or other transfer of a material amount of assets during the past two years.

**Available Information**. Pursuant to Rule 14d-3 under the Exchange Act, Ipsen and Purchaser filed with the SEC a Tender Offer Statement on Schedule TO (the "**Schedule TO**"), of which this Offer to Purchase forms a part, and exhibits to the Schedule TO. The Schedule TO and any amendments thereto, including exhibits, and reports, proxy statements and other information may be obtained by mail, upon payment of the SEC's customary charges, by writing to its principal office at 100 F Street, NE, Washington, DC 20549. The Schedule TO and the exhibits thereto, as well as other information with respect to the Offer filed by Ipsen SA with the SEC, are available at the SEC's website on the Internet at www.sec.gov.

**10.** **Background of the Offer; Contacts with Albireo.** 

**Background of the Offer and the Merger; Past Contacts or Negotiations between Ipsen SA, Guarantor, Ipsen, Purchaser and Albireo**. The following is a description of contacts between representatives of Ipsen SA, Guarantor, Ipsen and Purchaser with representatives of Albireo that resulted in the execution of the Merger Agreement and the agreements related to the Offer. For a review of Albireo's activities relating to these contacts, please refer to Albireo's Schedule 14D-9 being mailed to stockholders with this Offer to Purchase.

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**Background of the Offer and the Merger** 

The *following chronology summarizes the key meetings and other events between Ipsen and Albireo that led to the signing of the Merger Agreement. The following chronology does not purport to catalogue every conversation between Ipsen and Albireo and their respective representatives. For a summary of additional activities of Albireo relating to the signing of the Merger Agreement, please refer to the Schedule 14D-9 being mailed to stockholders with this Offer to Purchase.*

On January 17, 2022, an affiliate of Ipsen entered into a mutual non-disclosure agreement with Albireo in connection with a potential transaction relating to Albireo's A3907 compound (the "**January NDA**"). The January NDA did not contain a standstill provision. Ipsen then began a due diligence process in respect of such a transaction, and the parties explored such a transaction until August 2022, but no transaction ultimately resulted.

In May 2022, Ipsen began internally assessing a potential acquisition of Albireo as a whole.

On June 10, 2022, Albireo and an affiliate of Ipsen entered into a second mutual non-disclosure agreement in order to facilitate discussions regarding a potential transaction pertaining to Albireo's ongoing and prospective R&D and commercial programs and platform technologies (such as, but not limited to, Bylvay) (the "**June NDA**"). The June NDA did not contain a standstill provision. Until August 2022, the parties discussed a potential licensing partnership in certain international markets, but no transaction ultimately resulted.

On September 23, 2022, Philippe Lopes-Fernandes, Executive Vice President, Chief Business Officer of Ipsen, reached out to Constantine Chinoporos, Albireo's Chief Business Officer, to convey Ipsen's broader strategic interest in Albireo.

On October 25, 2022, Ipsen's board of directors (the "**Ipsen Board**") was notified of a potential strategic transaction with Albireo by Ipsen's executive management for the first time at a meeting of the Ipsen Board the following day, at which Ipsen's executive management sought approval to submit a non-binding offer to Albireo for a potential acquisition of 100% of the equity interests of Albireo.

On November 3, 2022, Mr. Lopes-Fernandes reached out to Mr. Chinoporos to suggest a meeting in mid-November 2022 with Ipsen's key leadership team to discuss Ipsen's interest in a potential strategic transaction with Albireo. On that call, Mr. Chinoporos indicated that he would connect Mr. Lopes-Fernandes with a representative of Centerview Partners LLC, Albireo's financial advisor ("**Centerview**"). Later the same day, Mr. Lopes-Fernandes connected a representative of Centerview with Goldman Sachs, Ipsen's financial advisor ("**Goldman**").

On November 16, 2022, Mr. Lopes-Fernandes wrote a letter to Mr. Cooper, setting forth a non-binding proposal from Ipsen for the acquisition of all of the Shares for $32.00 per Share in cash at closing, plus one contingent value right per Share representing the right to receive a one-time cash payment of $5.00 per Share contingent upon and payable at the first commercial sale of Bylvay for the treatment of biliary atresia (provided that such first commercial sale of Bylvay occurred prior to FDA approval of Livmarli for the treatment of biliary atresia).

On November 18, 2022, Centerview sent a bid process letter to a group of potential bidders, including Ipsen, inviting each of them to submit a written non-binding proposal for the acquisition of Albireo no later than December 6, 2022.

Also on November 18, 2022, representatives of Ipsen, certain representatives of Orrick, Herrington & Sutcliffe LLP, legal counsel to Ipsen ("**Orrick**"), and certain representatives of Goldman were given access to a virtual data room established by Albireo. Ipsen and its advisors (including Goldman and Orrick) began their business and legal due diligence of Albireo to assess potential risks in connection with the potential strategic transaction.

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On December 5, 2022, the Ipsen Board met to discuss the potential transaction and the possibility of submitting a revised non-binding offer and ultimately decided not to submit a revised non-binding offer on December 6, 2022. Ipsen did, however, indicate to Albireo that Ipsen would continue its due diligence review of Albireo, that Ipsen remained interested in a potential strategic transaction with Albireo and, as such, the Ipsen Board would be organized in mid-December 2022.

On December 19, 2022, following further discussions between Ipsen and Albireo, and approval by the Ipsen Board authorizing Ipsen to submit a revised non-binding offer, Ipsen submitted a second non-binding indication of interest for the acquisition of all of the Shares for $38.00 per Share in cash at closing, plus one contingent value right per Share representing the right to receive a one-time cash payment of $10.00 per Share contingent upon the first commercial sale of Bylvay in the United States for the treatment of biliary atresia (provided, that FDA approval of Bylvay for the treatment of biliary atresia is granted by December 31, 2027 based on the results of the BOLD Study and the first commercial sale of Bylvay occurs prior to FDA approval of Livmarli for the treatment of biliary atresia).

On December 22, 2022, Centerview sent a second process letter that invited bidders, including Ipsen, to submit a markup of the "auction draft" of the Merger Agreement by January 2, 2023 and their final bid proposal, containing financial price, by January 6, 2023, also accompanied by the final draft of the Merger Agreement in the form that such bidder would be ready to execute.

On December 26, 2022, Ipsen received the "auction draft" of the Merger Agreement from Centerview.

On December 29, 2022, Orrick received the "auction draft" of the CVR Agreement from Paul, Weiss, Rifkind, Wharton & Garrison LLP ("**Paul Weiss**").

On January 2, 2023, Orrick sent revised drafts of the Merger Agreement and CVR Agreement to Paul Weiss.

On January 5, 2023, Paul Weiss sent revised drafts of the Merger Agreement and CVR Agreement on behalf of Albireo to Orrick.

On January 6, 2023, Ipsen submitted to Centerview and Paul Weiss revised drafts of the Merger Agreement and the CVR Agreement, along with a proposal that offered $42.00 per Share in cash at closing, plus one contingent value right per Share representing the right to receive a one-time cash payment of $10.00 contingent upon receipt of FDA approval of Bylvay for the treatment of biliary atresia by December 31, 2027. Along with this proposal, Ipsen indicated that they would be ready to sign the transaction by Sunday, January 8, 2023 if definitive transaction documents could be finalized. Later that same day, Ipsen received news from Albireo that the Albireo Board had decided that Albireo would advance negotiations with Ipsen.

From January 6, 2023 to January 8, 2023, Albireo, Ipsen and their respective legal counsel negotiated the terms of the Merger Agreement and the CVR Agreement, including the size of the termination fee that would be payable by Albireo under specified circumstances, the parties' obligations to obtain required regulatory approvals, the representations and warranties, the interim operating restrictions and the terms of the milestone payment under the CVR Agreement.

Later on January 8, 2023, the Ipsen Board and the Albireo Board each unanimously approved the transaction and the Albireo Board recommended that the stockholders of Albireo tender their shares in a tender offer to be initiated by Ipsen pursuant to the Merger Agreement. The parties executed and delivered the final Merger Agreement that evening.

Early in the morning of January 9, 2023, prior to opening of trading on the Euronext and Nasdaq Stock Exchanges, Ipsen and Albireo each issued a joint press release announcing the execution of the Merger Agreement and the forthcoming commencement of the Offer to acquire all of the Shares for the Merger Consideration.

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On January 23, 2023, Ipsen commenced the Offer and filed this Schedule TO.

**11.** **Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements.** 

**Purpose of the Offer**. The purpose of the Offer and the Merger is for Ipsen to acquire Albireo. Pursuant to the Merger, Ipsen will acquire all of the outstanding stock of Albireo not purchased pursuant to the Offer or otherwise.

Stockholders of Albireo who sell their Shares in the Offer will cease to have any equity interest in Albireo or any right to participate in its earnings and future growth.

**Merger Without a Stockholder Vote**. If the Offer is consummated, we do not anticipate seeking the approval of Albireo's remaining public stockholders before effecting the Merger. Section 251(h) of the DGCL generally provides that following consummation of a successful tender offer for a public corporation, and subject to certain statutory provisions, if the acquiring corporation owns at least the amount of shares of each class of stock of the target corporation that would otherwise be required to adopt a merger agreement for the target corporation, and the other stockholders receive the same consideration for their stock in the merger as was payable in the tender offer, the acquiring corporation can effect a merger without the action of the other stockholders of the target corporation. Accordingly, if we consummate the Offer, we intend to effect the closing of the Merger (the "**Closing**") without a vote of the stockholders of Albireo in accordance with Section 251(h) of the DGCL, upon the terms and subject to the satisfaction or waiver of the conditions to the Merger, as soon as practicable after the consummation of the Offer. Accordingly, we do not expect there to be a significant period of time between the consummation of the Offer and the consummation of the Merger.

**Plans for Albireo**. At the Effective Time, the certificate of incorporation of Albireo as in effect immediately prior to the Effective Time will be amended and restated in its entirety pursuant to the terms of the Merger Agreement to conform to the form previously agreed to by the parties. As of the Effective Time, the bylaws of the Surviving Corporation will be amended and restated to conform to the bylaws of Purchaser as in effect immediately prior to the Effective Time, except that references to the name of Purchaser will be replaced by references to the name of the Surviving Corporation. Purchaser's directors immediately prior to the Effective Time will be the initial directors of the Surviving Corporation, and the officers of the Surviving Corporation shall be the respective individuals who served as the officers of Purchaser as of immediately prior to the Effective Time, in each case, until their respective successors are duly elected and qualified, or their earlier death, resignation or removal. See "**Summary of the Merger Agreement – Board of Directors and Officers**" below.

As soon as practicable after the consummation of the Merger, Ipsen will integrate the business, operations and assets of Albireo with Ipsen's existing business. The common stock of Albireo will be delisted and will no longer be quoted on Nasdaq.

Except as disclosed in this Offer to Purchase, Ipsen and Purchaser do not have any present plan or proposal that would result in the acquisition by any person of additional securities of Albireo, the disposition of securities of Albireo, an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving Albireo or the sale or transfer of a material amount of assets of Albireo.

**Summary of the Merger Agreement and Certain Other Agreements.** 

***Merger Agreement***

The following summary of the material provisions of the Merger Agreement and all other provisions of the Merger Agreement discussed herein are qualified in their entirety by reference to the Merger Agreement, a copy

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of which is filed as Exhibit 2.1 to the Current Report on Form 8-K filed by Albireo with the SEC on January 9, 2023 and is incorporated herein by reference. For a complete understanding of the Merger Agreement, you are encouraged to read the full text of the Merger Agreement. The Merger Agreement may be examined and copies may be obtained at the places and in the manner set forth in Section 8 — "**Certain Information Concerning Albireo**." Capitalized terms used herein and not otherwise defined have the respective meanings set forth in the Merger Agreement.

The summary description has been included in this Offer to Purchase to provide you with information regarding the terms of the Merger Agreement and is not intended to modify or supplement any rights or obligations of the parties under the Merger Agreement or any factual information about Ipsen, Purchaser, Albireo or Guarantor or the Transactions contained in public reports filed by Ipsen or Albireo with the SEC. Such information can be found elsewhere in this Offer to Purchase. The Merger Agreement and the summary of its terms contained in the Current Report on Form 8-K filed by Albireo with the SEC on January 9, 2023, are incorporated herein by reference as required by applicable SEC regulations and solely to inform investors of its terms. The Merger Agreement contains representations, warranties and covenants, which were made only for the purposes of such agreement and as of specific dates, were made solely for the benefit of the parties to the Merger Agreement (and, in the case of certain covenants relating to indemnification of directors and officers, for the benefit of directors and officers of Albireo designated as third-party beneficiaries), and are intended not as statements of fact, but rather as a way of allocating risk to one of the parties if those statements prove to be inaccurate. In addition, such representations, warranties and covenants may have been qualified by certain disclosures in confidential disclosure schedules delivered by Albireo to Ipsen and Purchaser in connection with the signing of the Merger Agreement, and may apply standards of materiality in a way that is different from what may be viewed as material by stockholders of, or other investors in, Albireo. The holders of Shares and other investors should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or conditions of Albireo, Ipsen, Purchaser, Guarantor or any of their respective subsidiaries or affiliates.

Accordingly, the representations and warranties contained in the Merger Agreement and summarized in this Section 11 should not be relied on by any persons as characterizations of the actual state of facts and circumstances of Albireo at the time they were made and the information in the Merger Agreement should be considered in conjunction with the entirety of the factual disclosure about Albireo in Albireo's public reports filed with the SEC. Information concerning the subject matter of the representations and warranties may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in Albireo's public disclosures. The Merger Agreement should not be read alone, but should instead be read in conjunction with the other information regarding the Offer, the Transactions, Albireo, Ipsen, Purchaser, Guarantor, their respective affiliates and their respective businesses that are contained in, or incorporated by reference into, the Tender Offer Statement on Schedule TO and related exhibits, including this Offer to Purchase, and Albireo's Solicitation/Recommendation Statement on Schedule 14D-9 filed by Albireo on January 23, 2023, as well as in Albireo's other public filings.

**The Offer** 

*Principal Terms of the Offer* 

Purchaser's obligation to accept for payment and pay for any Shares validly tendered (and not validly withdrawn) in the Offer is subject to the satisfaction or waiver of the Minimum Condition (as defined below) and the other conditions that are described in Section 13 — "**Conditions of the Offer**" (each, an "**Offer Condition**" and collectively, the "**Offer Conditions**"). Subject to the satisfaction of the Minimum Condition and the satisfaction (or waiver by Ipsen) of the other Offer Conditions, the Merger Agreement provides that Purchaser will, and Ipsen will cause Purchaser to, irrevocably accept for payment, and pay for, all Shares validly tendered (and not validly withdrawn) pursuant to the Offer as promptly as practicable (and in any event within two business days) after the Expiration Date. Acceptance of all such validly tendered Shares for payment pursuant to and subject to the conditions of the Offer, which will occur on February 21, 2023, following the Offer

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Acceptance Time, unless one or more Offer Conditions is not satisfied as of such date, in which case we may, and in some circumstances must (as further described below), extend the Offer pursuant to the terms of the Merger Agreement. The Offer may not be terminated or withdrawn prior to the Expiration Date (including any rescheduled Expiration Date) unless the Merger Agreement is terminated in accordance with its terms.

Purchaser expressly reserves the right to increase the Offer Price or waive any Offer Condition (other than the Minimum Condition and the Termination Condition (as defined below)); provided that, unless otherwise provided by the Merger Agreement, without the prior written consent of Albireo, neither Ipsen nor Purchaser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decrease the Offer Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the form of consideration payable in the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decrease the number of Shares sought to be purchased in the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impose conditions or requirements to the Offer in addition to the Offer Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend or modify any of the Offer Conditions or any other terms or conditions of the Merger Agreement in a manner
that would, or would reasonably be expected to, adversely affect any holder of Shares or that would, individually or in the aggregate, reasonably be expected to prevent or delay the consummation of the Offer or prevent, delay or impair the ability
of Ipsen or Purchaser to consummate the Offer, the Merger or the other Transactions (except to effect an extension of the Offer to the extent expressly permitted or required by the Merger Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change or waive the Minimum Condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extend or otherwise change the Expiration Date in a manner other than as required or permitted by the Merger
Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide any "subsequent offering period" within the meaning of Rule 14d-11 promulgated under the Exchange Act.

The Offer may not be terminated or withdrawn prior to the Expiration Date (or any rescheduled Expiration Date), unless the Merger Agreement is terminated in accordance with its terms.

The Merger Agreement contains provisions to govern the circumstances in which Purchaser is required or permitted to extend the Expiration Date and in which Ipsen is required to cause Purchaser to extend the Expiration Date. Specifically, subject to the parties' rights to terminate the Merger Agreement in accordance with its terms, the Merger Agreement provides that (i) if, as of the scheduled Expiration Date, any Offer Condition (other than those Offer Conditions that by their terms are to be satisfied at the Offer Acceptance Time) is not satisfied and has not been waived, Purchaser may, in its discretion (and without the consent of Albireo or any other person), extend the Offer on one or more occasions, for an additional period of up to 10 business days per extension, to permit such Offer Condition to be satisfied; (ii) Purchaser will extend the Offer from time to time for (A) any period required by applicable Legal Requirements, any interpretation or position of the SEC, the staff thereof or Nasdaq applicable to the Offer; and periods of up to 10 business days per extension, until the Regulatory Condition (as defined below in Section 13 – "**Conditions of the Offer**") has been satisfied; (iii) if, as of the then-scheduled Expiration Date, any other Offer Condition (other than the Minimum Condition and those Offer Conditions that by their terms are to be satisfied at the Offer Acceptance Time) is not satisfied and has not been waived, Purchaser will extend the Offer on one or more occasions for an additional period specified by Purchaser of up to 10 business days per extension to permit such Offer Condition to be satisfied; and (iv) if, as of the scheduled Expiration Date, the Minimum Condition is not satisfied but all other Offer Conditions (other than those Offer Conditions that by their terms are to be satisfied at the Offer Acceptance Time) have been satisfied or waived, (A) at the written request of Albireo, Purchaser will extend the Offer on up to two occasions for an additional period specified by Albireo of up to 10 business days per any such extension to permit the Minimum Condition to be satisfied, and (B) Purchaser may extend the Offer on up to two occasions for an additional period

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specified by Albireo of up to 10 business days per any such extension to permit the Minimum Condition to be satisfied. In no event will Purchaser (1) extend or be required to extend the Offer beyond the earlier to occur of (the "**Extension Deadline**") (x) the valid termination of the Merger Agreement in accordance therewith and (y) the first business day immediately following the End Date (as defined below); or (2) be permitted to extend the Offer beyond the Extension Deadline without the prior written consent of Albireo. If, at the then-scheduled Expiration Date, a party to the Merger Agreement brings or shall have brought any legal proceeding in accordance with the Merger Agreement to enforce specifically the performance of the terms and provisions of the Merger Agreement, the Expiration Date shall be extended (i) for the period during which such legal proceeding is pending or (ii) by such other time period established by the Governmental Body presiding over such legal proceeding, as the case may be; *provided*, *however*, that Purchaser shall not be required to extend the Offer to a date later than the End Date unless either Ipsen or Purchaser is then prohibited from terminating the Merger Agreement pursuant to the provisions thereof, in which case, Purchaser shall be required to extend the Offer beyond the End Date. If we extend the Offer, such extension will extend the time that you will have to tender (or withdraw) your Shares.

Purchaser has agreed that it will (and Ipsen has agreed to cause Purchaser to) promptly terminate the Offer, and will not acquire any Shares pursuant thereto, upon any valid termination of the Merger Agreement prior to the Offer Acceptance Time.

*Offer Conditions* 

The Offer Conditions are described in Section 13 — "**Conditions of the Offer**."

*Schedule 14D-9 and Board Recommendation* 

The Merger Agreement provides that as promptly as practicable on the date of commencement of the Offer, (i) Albireo will file with the SEC and mail or otherwise disseminate to holders of Shares, to the extent required by applicable federal securities laws and regulations, including Rule 14D-9 under the Exchange Act, a Tender Offer Solicitation/Recommendation Statement on Schedule 14D-9 that reflect the Company Board Recommendation (as defined below) and a notice of appraisal rights as contemplated by Section 262 of the DGCL (subject to the terms and conditions of the Merger Agreement) and (ii) otherwise comply with the requirements of Rules 14d-5 and 14d-9 promulgated under the Exchange Act, as and to the extent required by applicable Legal Requirements.

**The Merger** 

*Principal Terms of the Merger* 

The Merger Agreement provides that, following completion of the Offer and subject to the terms and conditions of the Merger Agreement, and in accordance with the DGCL, at the Effective Time, Purchaser will be merged with and into Albireo, and the separate corporate existence of Purchaser will cease, and Albireo will continue as the Surviving Corporation. The Merger will be governed by Section 251(h) of the DGCL and, assuming the conditions to the Merger have been satisfied or waived, the consummation of the Merger will take place electronically by exchange of signatures at 1:00 a.m., Eastern Time, on the same date as the consummation of the Offer (unless otherwise agreed by Albireo, Ipsen and Purchaser) without a vote on the adoption of the Merger Agreement by Company stockholders.

The certificate of incorporation of the Surviving Corporation will be amended and restated as of the Effective Time to conform to the form previously agreed to by the parties. The bylaws of the Surviving Corporation shall be amended and restated as of the Effective Time to conform to the bylaws of Purchaser as in effect immediately prior to the Effective Time.

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Under the Merger Agreement, as of immediately after the Effective Time, the directors of Purchaser as of immediately prior to the Effective Time will be the directors of the Surviving Corporation and the officers of Purchaser as of immediately prior to the Effective Time will be the officers of the Surviving Corporation.

The obligations of Albireo, Ipsen and Purchaser to complete the Merger are subject to the satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there must not have been issued by any court of competent jurisdiction and remain in effect any temporary
restraining order, preliminary or permanent injunction or other order preventing the consummation of the Merger, nor shall any Legal Requirement or order promulgated, entered, enforced, enacted, issued or deemed applicable to the Merger, by any
Governmental Body, which directly or indirectly prohibits, or makes illegal, the consummation of the Merger (provided that Ipsen and Purchaser are not permitted to invoke this condition unless it shall have taken all actions required under the
Merger Agreement to have any such order lifted); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchaser (or Ipsen on Purchaser's behalf) must have accepted for payment all of the Shares validly tendered
pursuant to the Offer and not properly withdrawn.

The Offer Conditions are described in Section 13 — "**Conditions of the Offer**."

*Conversion of Capital Stock at the Effective Time* 

At the Effective Time, any Shares held immediately prior to the Effective Time (other than Shares (a) held by Albireo (or in Albireo's treasury) or any subsidiary of Albireo, or by Ipsen, Purchaser or any other direct or indirect wholly owned subsidiary of Ipsen, or by stockholders of Albireo who have properly exercised and perfected their statutory rights of appraisal under Delaware law, or (b) irrevocably accepted for purchase in the Offer) will be converted into the right to receive (A) the Closing Amount, *plus* (B) one CVR, in each case, without interest thereon ((A) and (B) collectively, the "**Merger Consideration**"), subject to any withholding of taxes required by applicable Legal Requirements. As a result of the Merger, Albireo will cease to be a publicly traded Company.

At the close of business on the day of the Effective Time, the stock transfer books of Albireo with respect to the Shares will be closed and thereafter there will be no further registration of transfers of Shares on the records of Albireo. From and after the Effective Time, the holders of Shares outstanding immediately prior to the Effective Time will cease to have any rights with respect to such Shares other than the right to receive, upon surrender stock of certificates or book-entry shares in accordance with the procedures set forth in the Merger Agreement, the Merger Consideration, or, with respect to Shares of a holder who exercises appraisal rights in accordance with the DGCL, the rights set forth in Section 262 of the DGCL.

*Treatment of Stock Options and Restricted Stock Units in the Merger* 

The Merger Agreement provides that, at the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each then-outstanding Albireo Option, whether vested or unvested, will be treated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Albireo Option that was granted prior to the date of the Merger Agreement having an exercise price per Share
that is less than the Closing Amount will be cancelled and converted into the right to receive (A) cash in an amount, without interest, equal to the product of (x) the total number of Shares subject to such Albireo Option immediately prior
to the Effective Time *multiplied by* (y) the excess of (I) the Closing Amount *over* (II) the exercise price payable per Share under such Albireo Option and (B) one CVR for each Share subject to such Albireo Option
immediately prior to the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Albireo Option that was granted prior to the date of the Merger Agreement having an exercise price per Share
that is equal to or greater than the Closing Amount and less than the Offer

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Price will be cancelled and converted into the right to receive, if the Milestone is achieved, cash in an amount equal to the product of (A) the total number of Shares subject to such Albireo Option immediately prior to the Effective Time *multiplied by* (B) the excess of (x) the sum of (I) the Closing Amount and (II) the amount per Share in cash payable on the Milestone Payment Date under the CVR Agreement *over* (y) the exercise price payable per-Share under such Albireo Option; and <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Albireo Option (A) that was granted on or after the date of the Merger Agreement or (B) having an
exercise price per Share that is equal to or greater than the Offer Price will be cancelled without consideration, and have no further force or effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each then-outstanding Albireo RSU will be treated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Albireo RSU that was granted prior to the date of the Merger Agreement, and each Albireo RSU that was
granted on or after the date of the Merger Agreement and that is designated in the confidential disclosure schedules as an "Accelerated 2023 RSU," will be cancelled and converted into the right to receive (1) cash in an amount,
without interest, equal to the product of (x) the total number of Shares subject to such Albireo RSU immediately prior to the Effective Time *multiplied by* (y) the Closing Amount and (2) one CVR for each Share subject to such
Albireo RSU immediately prior to the Effective Time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Albireo RSU that was granted on or after the date of the Merger Agreement and that is designated in the
confidential disclosure schedules as a "Cancelled 2023 RSU" will be cancelled and have no further force or effect, and a cash retention award program will be established following the Effective Time.

*Treatment of the Company ESPP* 

Pursuant to the Merger Agreement, Albireo must take all necessary actions to (i) provide that each employee participating in the offering period under the ESPP that is in progress on the date of the Merger Agreement shall not be permitted to increase the percentage of his or her earnings pursuant to the ESPP from the individual's applicable elected percentage of earnings that was in effect when the offering period commenced, or make any non-payroll contributions to the ESPP on or following the date of the Merger Agreement; (ii) ensure that no new offering period under the ESPP will be authorized or commence on or after the date of the Merger Agreement; (iii) if the Effective Time will occur prior to the end of the final offering period, provide each individual participating in the final offering with notice of the Transactions; (iv) cause the final offering to end no later than the date that is immediately prior to the Effective Time; (v) make any pro rata adjustments that may be necessary to reflect the shortened length of the final offering period; (vi) cause each participant's accumulated contributions under the ESPP to be used to purchase Shares in accordance with the ESPP as of the end of the final offering period; (vii) provide that the applicable purchase price for Shares will not be decreased below the levels set forth in the ESPP as of the date of the Merger Agreement; and (viii) ensure that no further rights are granted under the ESPP after the Effective Time and that, immediately prior to and effective as of the Effective Time (but subject to the consummation of the Transactions), terminate the ESPP.

***Adjustments to the Offer Price and Merger Consideration***

The Merger Agreement provides that if, between the date of the Merger Agreement and the Offer Acceptance Time there is any change in the outstanding number or class of the Shares, including by reason of any stock split, division or subdivision of shares, stock dividend, reverse stock split, consolidation of shares, reclassification, recapitalization or other similar transaction, then the Offer Price will be appropriately adjusted to reflect such change.

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***Representations and Warranties***

In the Merger Agreement, Albireo has made customary representations and warranties to Ipsen and Purchaser with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• due organization; subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certificate of incorporation and bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capitalization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC filings; financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• absence of changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• title to assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with Legal Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain business practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governmental authorizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employee matters; employee plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal proceedings; orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authority; binding nature of agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 203 of the DGCL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-contravention; consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• opinion of financial advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial advisors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no other representations.

Some of the representations and warranties in the Merger Agreement made by Albireo are qualified as to "materiality" or "Material Adverse Effect." For purposes of the Merger Agreement, a "**Material Adverse Effect**" means an event, change, occurrence, circumstance or development that has a material adverse effect on the business, financial condition or results of operations of Albireo and its subsidiaries, taken as a whole; provided, that, none of the following will be deemed in and of themselves, either alone or in combination, to constitute, and none of the following will be taken into account in determining whether there is, or would reasonably likely to be, a Material Adverse Effect on Albireo:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any change in the market price or trading volume of Albireo's stock;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any event, change, occurrence, circumstance or development resulting from the execution, announcement, pendency
or consummation of the Transactions other than for purposes of the regulatory covenant in the Merger Agreement and the non-contravention representation made by Albireo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any event, occurrence, circumstance, change or effect in the industries in which Albireo or any of its
subsidiaries operates or in the economy generally or other general business, financial or market conditions, except to the extent (and only to the extent) that Albireo is adversely affected materially disproportionately relative to the other
participants in such industries or the economy generally, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any event, circumstance, change or effect arising directly or indirectly from or otherwise relating to
fluctuations in the value of any currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any event, circumstance, change or effect arising directly or indirectly from or otherwise relating to any act of
terrorism, war (whether or not declared), national or international calamity, sabotage or terrorism, pandemic or epidemic (including COVID-19) or quarantine restrictions imposed by a Governmental Body in
response to such pandemic or epidemic, or any other similar event, any volcano, tsunami, earthquake, hurricane, tornado or other natural disaster, weather-related event or act of God or any other force majeure event, except to the extent (and only
to the extent) that such event, circumstance, change or effect materially disproportionately affects Albireo relative to other participants in the industries or geographies in which Albireo operates or the economy generally, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure of Albireo to meet internal or analysts' expectations or projections or the results of
operations of Albireo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any adverse effect arising directly from or otherwise directly relating to any action taken by Albireo at the
written direction of Ipsen or any action specifically required to be taken by Albireo, or the failure of Albireo to take any action that Albireo is specifically prohibited by the terms of the Merger Agreement from taking to the extent Ipsen fails to
give its consent thereto after a written request therefor pursuant to the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any event, occurrence, circumstance, change or effect resulting or arising from Ipsen's or Purchaser's
breach of the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any event, occurrence, circumstance, change or effect arising directly or indirectly from or otherwise relating
to any change in, or any compliance with or action taken for the purpose of complying with, any Legal Requirements or GAAP (or interpretations of any Legal Requirements or GAAP); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any regulatory, non-clinical, clinical or manufacturing events,
occurrences, circumstances, changes, effects or developments relating to any product or product candidate of Albireo or with respect to any product of Ipsen or any of its Subsidiaries or any competitor of Albireo (including, for the avoidance of
doubt, with respect to any non-clinical or clinical studies, tests or results or announcements thereof, any increased incidence or severity of any previously identified side effects, adverse effects, adverse
events or safety observations or reports of new side effects, adverse events or safety observations).

However, the exceptions in the first and sixth bullet points set forth above will not prevent or otherwise affect a determination that the underlying cause of any such decline or failure referred to therein (if not otherwise falling within any of the other exceptions listed above) is or would be reasonably likely to be a Material Adverse Effect.

In the Merger Agreement, Ipsen and Purchaser have made representations and warranties to Albireo with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• due organization;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Merger Sub;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authority; binding nature of the agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-contravention; consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• absence of litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of Company Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• absence of arrangements with management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• absence of certain agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment intention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers and other advisors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acknowledgement by Ipsen and Merger Sub.

Some of the representations and warranties in the Merger Agreement made by Ipsen and Purchaser are qualified as to "materiality" or "Parent Material Adverse Effect." "**Parent Material Adverse Effect**," as used in the Merger Agreement, means an event, change, occurrence or development that would prevent, materially delay or materially impair the ability of Ipsen or Purchaser to perform its obligations under the Merger Agreement or the CVR Agreement or to consummate the Transactions, in each case, in accordance with the terms of the Merger Agreement.

None of the representations and warranties of the parties to the Merger Agreement contained in the Merger Agreement (or in any certificate or other document delivered pursuant to the Merger Agreement) survive the Merger.

***Covenants***

*Conduct of Business Pending the Merger* 

Albireo has agreed that, during the period from the date of the Merger Agreement until the earlier of the Offer Acceptance Time and the termination of the Merger Agreement pursuant to its terms (the "**Pre-Closing Period**"), except (w) as required or otherwise contemplated under the Merger Agreement or as required by applicable Legal Requirements, (x) with the written consent of Ipsen, which consent will not be unreasonably withheld, delayed or conditioned, (y) for any COVID-19 measures or (z) as set forth in Albireo's confidential disclosure schedule, Albireo will, and will cause its subsidiaries to, use commercially reasonable efforts to conduct its business in all material respects in the ordinary course, provided, that no action by Albireo or any of its subsidiaries with respect to matters specifically addressed by the restrictions set forth in the following paragraph will be deemed a breach of the restrictions set forth in this paragraph unless such action would constitute a breach of such other provision.

Albireo has further agreed that, during the Pre-Closing Period, except (i) as required or otherwise contemplated under the Merger Agreement or as required by applicable Legal Requirements, (ii) with the written consent of Ipsen, which consent shall not be unreasonably withheld, delayed or conditioned, (iii) for any COVID-19 measures, or (iv) as set forth in Albireo's confidential disclosure schedule, neither Albireo nor any of its subsidiaries will, among other things and subject to specified exceptions as set forth in the Merger Agreement and Albireo's confidential disclosure schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish a record date for, declare, accrue, set aside or pay any dividend or make any other distribution in
respect of, any shares of its capital stock (including the common stock, $0.01 par value per share, of Albireo) (other than with respect to any dividends or distributions by a direct or indirect wholly owned subsidiary of Albireo to its direct or
indirect parent);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other than with respect to transactions among Albireo and its subsidiaries or among Albireo's wholly owned
subsidiaries, repurchase, redeem or otherwise reacquire any of its shares of capital stock (including any Share), or any rights, warrants or options to acquire any shares of its capital stock, subject to customary exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• split, combine, subdivide or reclassify any shares of its capital stock (including the Shares) or other equity
interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell, issue, grant, deliver, pledge, transfer, encumber or authorize the issuance, sale, delivery, pledge,
transfer, encumbrance or grant by Albireo of (a) any capital stock, equity interest or other security of Albireo, (b) any option, call, warrant, restricted securities or right to acquire any capital stock, equity interest or other security
of Albireo or (c) any instrument convertible into or exchangeable for any capital stock, equity interest or other security of Albireo, subject to customary exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) establish, adopt, terminate or amend in any material respect any employee benefit plan, (b) amend in any
material respect or waive any of its rights under, or accelerate the vesting under any provision of any employee benefit plan, including accelerating the vesting of any Albireo Option or Albireo RSU, (c) grant any current or former employee,
director, independent contractor or consultant any increase in compensation, bonuses or other benefits including severance, subject to certain customary exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) enter into or amend any change-of-control, retention, employment, severance, consulting or other material agreement with any current or former employee, officer, director, independent
contractor or consultant with an annual base salary in excess of $250,000, (b) hire, terminate (other than for cause), or layoff (or give notice of any such actions to) any such person with an annual base salary in excess of $250,000 or
(c) promote or change the title of any such person (retroactively or otherwise) with an annual base salary in excess of $250,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend or permit the adoption of any amendment to its certificate of incorporation or bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• form any subsidiary, acquire any equity interest in any other entity (other than securities in a publicly traded
company held for investment by Albireo and consisting of less than 1% of the outstanding capital stock of such entity, whether directly or indirectly and whether in one transaction or a series of related transactions) or enter into any joint
venture, partnership, limited liability corporation or similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make or authorize any capital expenditure other than pursuant to a specified budget and subject to other
specified exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire, lease, license, sublicense, pledge, sell or otherwise dispose of, abandon, waive, relinquish or fail to
renew, permit to lapse (other than in Albireo's reasonable judgement), transfer, assign, encumber or subject to any material encumbrance (other than specified permitted encumbrances) any material right or other material asset or property or
interests in such asset or property, including any material intellectual property rights, except in the case of the foregoing (a) in the ordinary course of business (including entering into non-disclosure agreements and non-exclusive license agreements in the ordinary course of business), (b) pursuant to dispositions of obsolete, surplus or worn out assets that are no longer useful for the conduct of the
business of Albireo or any of its subsidiaries, and (c) as provided for in the immediately preceding bullet point;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lend, make material capital contributions or advances to or material investments in, any person (other than
between Albireo and its wholly owned subsidiaries), or incur or guarantee any material indebtedness, subject to certain customary exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other than in the ordinary course of business, amend or modify in any material respect, waive any rights under,
terminate, replace or release, settle or compromise any material claim, liability or obligation under any material contract, or enter into any contract which if entered into prior to the date of the Merger Agreement would have been a material
contract, excluding any non-exclusive license agreements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commence any legal proceeding, except with respect to (i) routine matters in the ordinary course of
business, (ii) in such cases where Albireo reasonably determines in good faith that the failure to commence suit would result in a material impairment of a valuable aspect of its business (provided that Albireo consults with Ipsen and considers
in good faith the views and comments of Ipsen with respect to any such legal proceeding prior to commencement thereof), or (iii) in connection with a breach of the Merger Agreement or any other agreements contemplated thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• settle, release, waive or compromise any legal proceeding or other claim (or threatened legal proceeding or other
claim), subject to certain customary exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any collective bargaining agreement or other agreement with any labor organization (except to the
extent required by applicable Legal Requirements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adopt or implement any stockholder rights plan or similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adopt a plan or agreement of complete or partial liquidation or dissolution, merger, consolidation,
restructuring, recapitalization or other reorganization of Albireo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announce, implement or effect any material reductions in force, early retirement programs or mass layoffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• abandon or fail to maintain or perform any material obligations with respect to, any material approvals,
authorizations, certificates, registrations, licenses, exemptions, permits, clearances, or consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with regard to any products and product candidates in development, (A) initiate or commence any new clinical
trials, (B) materially amend or modify any existing clinical trial protocols, study recruitment efforts, study enrollment activities or clinical trial timelines, or (C) terminate any ongoing clinical trials or activities for planned
clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with regard to any products and product candidates in development or in commercial distribution, modify any
specification for such product or product candidate unless such modification is mandated or required by a Governmental Body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any new material line of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (A) make, change or rescind any material tax election, except as in the ordinary course of business or consistent
with past practice; (B) settle or compromise any material tax claim, liability or refund; (C) change (or request to change) any material method tax accounting or tax accounting period; (D) file any material amended tax return;
(E) waive or extend any statute of limitations with respect to any assessment or determination of material taxes (other than pursuant to extensions of time to file tax returns obtained in the ordinary course of business); (F) enter into any
material "closing agreement" as described in Section 7121 of the Code (or any corresponding or similar provision of state, local, or non-U.S. tax Legal Requirements) or other binding written
agreement with any taxing authority with any Governmental Body or any tax sharing, allocation or similar agreement (other than such agreements or arrangements that form part of a larger commercial agreement or arrangement, the primary subject matter
of which is not tax, and agreements or arrangements wholly between Albireo and/or its subsidiaries) or (G) apply for any material tax ruling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terminate, cancel or make any material changes to the structure, limits or terms and conditions of, or otherwise
fail to maintain any material insurance policies, including allowing such insurance policies to expire without renewal or comparable replacement coverage; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize any of, or agree or commit to take any of, the foregoing actions.

*No Solicitation.* Albireo will, and will direct its representatives, to cease any direct or indirect solicitation, encouragement, discussions or negotiations with any person that may be ongoing with respect to any Acquisition Proposal (as defined below), including terminating all access granted to any such person or its representatives to any physical or electronic dataroom. Except as otherwise described below, Albireo will not, and will direct its

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representatives not to, directly or indirectly, (i) continue any solicitation, knowing encouragement, knowing facilitation (including by way of providing non-public information), discussions or negotiations with any persons that may be ongoing with respect to, or would reasonably be expected to lead to, an Acquisition Proposal, (ii) directly or indirectly (A) solicit, initiate or knowingly facilitate or knowingly encourage (including by way of furnishing non-public information) any inquiries regarding, or the making of any proposal or offer that constitutes, or would reasonably be expected to lead to, an Acquisition Proposal; (B) engage in, continue or otherwise participate in any discussions or negotiations regarding, or furnish to any other person any non-public information in connection with, or for the purpose of knowingly encouraging or facilitating, an Acquisition Proposal or any proposal or offer that would reasonably be expected to lead to an Acquisition Proposal; or (C) enter into any letter of intent, acquisition agreement, agreement in principle or similar agreement with respect to an Acquisition Proposal or any proposal or offer that would reasonably be expected to lead to an Acquisition Proposal (other than an Acceptable Confidentiality Agreement (as defined below) in accordance with the Merger Agreement), or (iii) amend, fail to enforce or grant any waiver or release under any standstill or similar agreement with respect to any securities of Albireo or any of its subsidiaries, except to the extent that the Company Board, after consultation with outside legal counsel, determines that the failure to do so would reasonably be expected to be inconsistent with its fiduciary duties under applicable Legal Requirements.

In addition, as soon as reasonably practicable after the date of the Merger Agreement (but in any event within three business days), Albireo will deliver a written notice to each person that entered into a confidentiality agreement since January 1, 2022 in anticipation of potentially making an Acquisition Proposal, requesting the prompt return or destruction of all confidential information previously furnished to any such person if Albireo has the right to do so under such agreement and has not previously provided such a request.

For purposes of the Merger Agreement, the term "**Acquisition Proposal**" means any proposal or offer from any person (other than Ipsen and its affiliates) or "group" (within the meaning of Section 13(d) of the Exchange Act), relating to, in a single transaction or series of related transactions, any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an acquisition or license of assets of Albireo equal to 20% or more of Albireo's assets or to which 20% or
more of Albireo's revenues or earnings are attributable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an issuance or acquisition of 20% or more of the outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a recapitalization, tender offer or exchange offer that if consummated would result in any person or group
beneficially owning 20% or more of the outstanding Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a merger, consolidation, amalgamation, share exchange, business combination, recapitalization, liquidation,
dissolution or similar transaction involving Albireo that if consummated would result in any person or group beneficially owning 20% or more of the outstanding Shares.

Notwithstanding the foregoing, the Transactions are excluded from the definition of "Acquisition Proposal."

For purposes of the Merger Agreement, the term "**Superior Offer**" means any *bona fide* written Acquisition Proposal that the Company Board determines, in its good faith judgment, after consultation with its outside legal counsel and its financial advisor(s), is reasonably likely to be consummated in accordance with its terms and, taking into account all legal, regulatory and financing aspects (including certainty of closing) of the proposal and the person making the proposal and other aspects of the Acquisition Proposal that the Company Board deems relevant, if consummated, would result in a transaction more favorable to Albireo's stockholders (solely in their capacity as such) from a financial point of view than the Transactions (including after giving effect to any revised proposals, if any, made by Ipsen pursuant to the Merger Agreement). However, for purposes of the definition of "Superior Offer," the references to "20% or more" in the definition of Acquisition Proposal are deemed to be references to "more than 50%."

Notwithstanding the restrictions described above, if at any time on or after the date of the Merger Agreement and prior to the Offer Acceptance Time Albireo or any of its representatives receives a written Acquisition

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Proposal from any person or group of persons, which Acquisition Proposal was made or renewed on or after the date of the Merger Agreement and did not result from a material breach of the restrictions described above, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Albireo and its representatives may contact such person or group of persons solely to clarify the terms and
conditions of such proposal and inform such person or group of persons of the terms of Albireo's non-solicit obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Company Board determines in good faith, after consultation with financial advisors and outside legal
counsel, that such Acquisition Proposal constitutes or could reasonably be expected to lead to a Superior Offer, then Albireo and its representatives may (A) negotiate and enter into an Acceptable Confidentiality Agreement with the person or
persons making such Acquisition Proposal and furnish, pursuant to any such Acceptable Confidentiality Agreement, information (including non-public information) with respect to Albireo to the person or group of
persons who has made such Acquisition Proposal and their potential sources of financing and their respective representatives with respect to such Acquisition Proposal (and Albireo must substantially concurrently provide to Ipsen any non-public information concerning Albireo that is provided to any such person given such access which was not previously provided to Ipsen or its representatives) and (B) engage in or otherwise participate in
discussions or negotiations with the person or group of persons making such Acquisition Proposal and their potential sources of financing and their respective representatives with respect to such Acquisition Proposal; *provided*, that Albireo
may only take the actions described in clauses (A) and (B) above if the Company Board determines, in good faith, after consultation with financial advisors and outside legal counsel, that the failure to take any such action could reasonably be
expected to be inconsistent with its fiduciary duties under applicable Legal Requirements.

For purposes of the Merger Agreement, "**Acceptable Confidentiality Agreement**" means any customary confidentiality agreement that (i) contains provisions (other than standstill provisions) that are no less favorable in the aggregate to Albireo than those contained in the confidentiality agreement between Albireo and Ipsen as described in Section 11 — "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements —Confidentiality Agreements**" below, and (ii) does not prohibit Albireo from providing any information to Ipsen in accordance with the Merger Agreement or otherwise prohibit Albireo from complying with its obligations under the Merger Agreement. For the avoidance of doubt, any such confidentiality agreement need not include explicit or implicit standstill restrictions or otherwise restrict the making of, or amendment or modification to any Acquisition Proposal.

In addition, Albireo must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promptly (and in any event within 48 hours of knowledge of receipt by any officer or director of Albireo) notify
Ipsen if any inquiries, proposals or offers with respect to an Acquisition Proposal are received by Albireo or any of its representatives, including the identity of the person or group of persons making such Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide to Ipsen a summary of the material terms and conditions of any such Acquisition Proposal (and any
amendments thereto), the identity of the person making any such Acquisition Proposal and, to the extent applicable, promptly after receipt thereof, a copy of the proposed definitive agreement for such Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• keep Ipsen reasonably informed of any material developments, discussions or negotiations regarding any
Acquisition Proposal (and any amendments thereto) on a prompt basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon the request of Ipsen, reasonably inform Ipsen of the status of such Acquisition Proposal (and any amendments
thereto).

*Change of the Company Board Recommendation*. As described above, and subject to the provisions described below, the Company Board has unanimously resolved to recommend that Albireo's stockholders tender all of their Shares pursuant to the Offer. The foregoing recommendation is referred to herein as the

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"**Company Board Recommendation**." Unless the Company Board has made an Adverse Change Recommendation (as defined below), the Company Board has also agreed to include the Company Board Recommendation in the Schedule 14D-9 and to permit Ipsen to refer to such recommendation in this Offer to Purchase and other documents related to the Offer.

Except as described below, during the Pre-Closing Period, neither the Company Board nor any committee of the Company Board may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fail to make, withdraw (or modify or qualify in a manner adverse to Ipsen or Purchaser) or publicly propose to
fail to make, withdraw (or modify or qualify in a manner adverse to Ipsen or Purchaser), the Company Board Recommendation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approve, recommend or declare advisable, or publicly propose to approve, recommend, endorse or declare advisable,
any Acquisition Proposal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fail to include the Company Board Recommendation in the Schedule 14D-9 when disseminated to Albireo's stockholders.

Any action described in the foregoing three bullet points is referred to as an "**Adverse Change Recommendation**."

The Merger Agreement further provides that the Company Board will not (i) publicly make any recommendation in connection with a tender offer or exchange offer (other than the Offer) other than a recommendation against such offer within 10 business days after commencement (within the meaning of Rule 14d-2 promulgated under the Exchange Act) of such offer or (ii) approve, recommend or declare advisable, or propose to approve, recommend or declare advisable, or allow Albireo to execute or enter into any contract (other than an Acceptable Confidentiality Agreement as described above) with respect to any Acquisition Proposal, or requiring, or reasonably expected to cause, Albireo to abandon, terminate, delay or fail to consummate, or that would otherwise materially impede, interfere with or be inconsistent with, the Transactions.

However, notwithstanding the foregoing, at any time prior to the Offer Acceptance Time, if Albireo has received a written Acquisition Proposal (which Acquisition Proposal did not result from a material breach of the obligations of Albireo described above under "*—* **No Solicitation**") from any person, and such Acquisition Proposal has not been withdrawn, (i) the Company Board may make an Adverse Change Recommendation or (ii) Albireo may terminate the Merger Agreement in order to enter into an agreement with respect to such Acquisition Proposal. However, such action may be taken in each case if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company Board determines in good faith (after consultation with its outside legal counsel and financial
advisors) that the applicable Acquisition Proposal is a Superior Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Albireo has given Ipsen prior written notice of its intention to consider making an Adverse Change Recommendation
or terminate the Merger Agreement to accept such Superior Offer at least 96 hours prior to making any such Adverse Change Recommendation or termination (a "**Determination Notice**") (which notice will not constitute an Adverse Change
Recommendation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Albireo has provided to Ipsen a summary of the material terms and conditions of such Acquisition Proposal, the
latest draft of any documentation being negotiated in connection with such Acquisition Proposal, and all other information required to be provided in connection therewith (as described above under "*—* **No Solicitation** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Albireo has given Ipsen 96 hours after the Determination Notice to propose revisions to the terms of the Merger
Agreement or make another proposal and has made Albireo's representatives reasonably available to negotiate in good faith with Ipsen (to the extent Ipsen desires to negotiate) with respect to such proposed revisions or other proposal, if any;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• after considering the results of any such negotiations and giving effect to any firm commitments made in writing
by Ipsen, after consultation with outside legal counsel and financial advisors, the Company

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Board has determined, in good faith, that such Acquisition Proposal is a Superior Offer and that the failure to make such an Adverse Change Recommendation or to so terminate the Merger Agreement to accept such Superior Offer would be reasonably expected to be inconsistent with its fiduciary duties to Albireo's stockholders under applicable Legal Requirements. <br>

The above will also apply to any material amendment to any Acquisition Proposal, which shall require a new Determination Notice, except that the references to *96* hours therein will be deemed to be references to *48* hours, during which time Albireo and its representatives must again comply with the third bullet above.

Additionally, at any time prior to the Offer Acceptance Time, other than in connection with an Acquisition Proposal, the Company Board may make an Adverse Change Recommendation in response to a Change in Circumstance (as defined below). However, such action may be taken if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company Board determines in good faith (after consultation with its outside legal counsel) that the failure
to take such action would be reasonably expected to be inconsistent with its fiduciary duties to Albireo's stockholders under applicable Legal Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Albireo has given Ipsen a Determination Notice at least 96 hours prior to making any such Adverse Change
Recommendation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Albireo has specified the Change in Circumstance in reasonable detail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Albireo has given Ipsen the 96 hour period after the Determination Notice to propose revisions to the terms of
the Merger Agreement or make another proposal, and has made Albireo's representatives reasonably available to negotiate in good faith with Ipsen (to the extent Ipsen desires to negotiate) with respect to such proposed revisions or other
proposal, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• after considering the results of any such negotiations and giving effect to any firm commitments made in writing
by Ipsen, after consultation with outside legal counsel, the Company Board has determined, in good faith, that the failure to make the Adverse Change Recommendation in response to such Change in Circumstance would be reasonably expected to be
inconsistent with the fiduciary duties of the Company Board to Albireo's stockholders under applicable Legal Requirements.

The above also will apply to any material change to the facts and circumstances relating to such Change in Circumstance, which shall require a new Determination Notice, except that the references to *96* hours therein will be deemed to be references to *48* hours, during which time Albireo and its representatives must again comply with the third bullet in the list above.

For purposes of the Merger Agreement, a "**Change in Circumstance**" means any event or development or change in circumstances with respect to Albireo (other than any event, occurrence, fact or change primarily resulting from a breach of the Merger Agreement by Albireo) that was not known to the Company Board or reasonably foreseeable as of or prior to the date of the Merger Agreement, other than (i) changes in the price of the common stock, $0.01 par value per share, of Albireo, in and of itself (however, the underlying reasons for such changes may constitute a Change in Circumstances), (ii) any Acquisition Proposal or (iii) the fact that, in and of itself, Albireo exceeds any internal or published projections, estimates or expectations of Albireo's revenue, earnings or other financial performance or results of operations for any period, in and of itself (however, the underlying reasons for such events may constitute a Change in Circumstances).

None of the provisions described above under "*—* **No Solicitation**" or elsewhere in the Merger Agreement will prohibit Albireo from (i) taking and disclosing to its stockholders a position contemplated by Rule 14e-2(a), Rule 14d-9 or Item 1012(a) of Regulation M-A promulgated under the Exchange Act, (ii) making any disclosure to Albireo's stockholders that is required by Legal Requirements or (iii) making any "stop, look and listen" communication pursuant to Rule 14d-9(f) promulgated under the Exchange Act. No disclosure or communications expressly permitted pursuant to the foregoing sentence shall be considered a Company Adverse Change Recommendation and shall not require the giving of a Determination Notice or compliance with the procedures set forth above.

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*Reasonable Best Efforts to Consummate the Merger; Regulatory Filings* 

Pursuant to the Merger Agreement, each of the parties has agreed to use its, and to cause its respective affiliates to use their, respective reasonable best efforts to take, or cause to be taken, all actions, to file, or cause to be filed, all documents and to do, or cause to be done, and to assist and cooperate with the other parties in doing, all things necessary, proper or advisable under applicable antitrust laws to consummate and make effective the Transactions as soon as reasonably practicable, including (i) the obtaining of all necessary actions or nonactions, waivers, consents, clearances, decisions, declarations, approvals and, expirations or terminations of waiting periods from Governmental Bodies and the making of all necessary registrations and filings and the taking of all steps as may be necessary to obtain any such consent, decision, declaration, approval, clearance or waiver, or expiration or termination of a waiting period by or from, or to avoid an action or proceeding by, any Governmental Body in connection with any antitrust law, (ii) the obtaining of all necessary consents, authorizations, approvals or waivers from third parties and (iii) the execution and delivery of any additional instruments necessary to consummate the Transactions; provided that in no event shall Albireo or any of its subsidiaries be required to pay prior to the Effective Time any fee, penalty or other consideration or otherwise make any accommodation, commitment or incur any liability or obligation to any third party to obtain any consent or approval required for the consummation of the Transactions under any contract.

Without limiting the foregoing, each of Albireo, Ipsen and Purchaser agree to promptly take, and cause their affiliates to take, all actions and steps requested or required by any Governmental Body as a condition to granting any consent, permit, authorization, waiver, clearance and approvals, and to cause the prompt expiration or termination of any applicable waiting period and to resolve objections, if any, as the U.S. Federal Trade Commission (the "**FTC**") or U.S. Department of Justice (the "**DOJ**"), or other Governmental Bodies of any other jurisdiction for which consents, permits, authorizations, waivers, clearances, approvals and expirations or terminations of waiting periods are sought with respect to the Transactions, so as to obtain such consents, permits, authorizations, waivers, clearances, approvals or termination of the waiting period under the HSR Act or other antitrust laws, and to avoid the commencement of a lawsuit by the FTC, the DOJ, other Governmental Bodies or any other person under antitrust laws, and to avoid the entry of, or to effect the dissolution of, any injunction, temporary restraining order or other order in any suit or proceeding which would otherwise have the effect of preventing the consummation of the Merger or delaying the Offer Acceptance Time or the consummation of the Merger or delaying the Offer Acceptance Time beyond the Expiration Date, including (i) negotiating, committing to and effecting, by consent decree, hold separate order or otherwise, the sale, lease, license, divestiture or disposition of any assets, rights, product lines, or businesses of Albireo, Ipsen or any of its affiliates, (ii) terminating existing relationships, contractual rights or obligations of Albireo, Ipsen or any of its Affiliates, (iii) terminating any venture or other arrangement, (iv) creating any relationship, contractual rights or obligations of Albireo, Ipsen or any of its affiliates, (v) effectuating any other change or restructuring of Albireo, Ipsen or any of its Affiliates, (vi) undertaking or agreeing to (or requesting or authorizing Albireo or any of its subsidiaries to undertake, effective upon the consummation of the Merger) any requirement or obligation to provide prior notice to, or obtain prior approval from, any Governmental Body with respect to any transaction and (vii) otherwise taking or committing to take any actions with respect to the businesses, product lines or assets Albireo, Ipsen or any of its Affiliates (each, a "**Regulatory Remedy**"); *provided*, that Albireo shall only be required to take or commit to take any such action, or agree to any such condition or restriction, if such action, commitment, agreement, condition or restriction is binding on Albireo only in the event the consummation of the Merger occurs. Each of Albireo, Ipsen and Purchaser shall defend through litigation on the merits any claim asserted in court by any person, including any Governmental Body, under antitrust laws in order to avoid entry of, or to have vacated or terminated, any decree, order or judgment (whether temporary, preliminary or permanent) that could restrain, delay, or prevent the consummation of the Merger by the End Date; *provided*, that such litigation in no way limits the obligation of Purchaser and Ipsen to take all actions and steps to eliminate each and every impediment identified herein to the extent required herein.

Subject to the terms and conditions of the Merger Agreement, each of the Parties agreed, and agreed to cause their respective affiliates, to (i) as promptly as reasonably practicable, but in no event later than January 30, 2023 (unless Ipsen and Albireo agree to a later date), (A) make an appropriate filing of all Notification and

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Report forms as required by the HSR Act with respect to the Transactions, and (B) make all other filings or notifications identified in Albireo's confidential disclosure schedule and (ii) cooperate with each other in determining whether, and promptly preparing and making, any other filings or notifications or other consents required to be made with, or obtained from, any other Governmental Bodies in connection with the Transactions.

Each of the parties also agreed to use its reasonable best efforts to (i) cooperate in all respects and consult with each other in connection with any filing or submission in connection with any investigation or other inquiry, including allowing the other party to have a reasonable opportunity to review in advance and comment on drafts of filings and submissions, (ii) give the other parties prompt notice of the making or commencement of any request, inquiry, investigation, action or legal proceeding brought by a Governmental Body or brought by a third party before any Governmental Body, in each case, with respect to the Transactions, (iii) keep the other Parties informed as to the status of any such request, inquiry, investigation, action or legal proceeding, (iv) promptly inform the other Parties of any material communication to or from the FTC, the DOJ or any other Governmental Body in connection with any such request, inquiry, investigation, action or legal proceeding, (v) promptly furnish to the other party a copy of such communications, subject to redaction of documents (A) as necessary to comply with contractual arrangements, (B) to remove references to valuation of Albireo, (C) to preserve privilege, or (D) to address reasonable confidentiality concerns about information unrelated to any investigation or other inquiry with respect to the Transactions, (vi) to the extent reasonably practicable, consult in advance and cooperate with the other parties and consider in good faith the views of the other parties in connection with any substantive communication, analysis, appearance, presentation, memorandum, brief, argument, opinion or proposal to be made or submitted in connection with any such request, inquiry, investigation, action or legal proceeding, and (vii) except as may be prohibited by any Governmental Body, permit authorized representatives of the other parties to be present at each meeting and telephone or video conference relating to such request, inquiry, investigation, action or legal proceeding. Each party shall supply as promptly as practicable such information, documentation, other material or testimony that may be reasonably requested by any Governmental Body, including by complying at the earliest reasonably practicable date with any reasonable request for additional information, documents or other materials, including substantial compliance with any request for additional information and documentary material from the Antitrust Division or FTC ("**Second Request**") under the HSR Act, received by any party or any of their respective Subsidiaries from any Governmental Body in connection with such applications or filings for the Transactions to the extent reasonably necessary to satisfy the HSR Condition (as defined in Section 13 – "**Conditions of the Offer**"). Any party may, as it deems advisable and necessary, reasonably designate any competitively or commercially sensitive material provided to the other parties under the Merger Agreement as "outside counsel only." Such materials and the information contained therein shall be given only to the outside legal counsel of the recipient and will not be disclosed by such outside counsel to employees, officers, or directors of the recipient, unless express written permission is obtained in advance from the source of the materials. The parties shall take reasonable efforts to share information protected from disclosure under the attorney-client privilege, work product doctrine, joint defense privilege or any other privilege pursuant to the Merger Agreement so as to preserve any applicable privilege. Each of Albireo, Ipsen and Purchaser agrees that the information and materials received from each of Albireo, Ipsen and Purchaser, as applicable, shall be disclosed only to authorized representatives that have a need to access the information or materials for a purpose authorized by the Merger Agreement. Purchaser shall pay all filing fees under the HSR Act and for any filings required under foreign Antitrust Laws (if any).

Notwithstanding anything to the contrary in the Merger Agreement, Ipsen shall not be required to take, effect or agree to any Regulatory Remedy that individually or in the aggregate with any other Regulatory Remedy to be taken, would, or would reasonably be expected to, have a Burdensome Effect (as defined in Albireo's confidential disclosure schedule). Neither Ipsen nor Albireo will commit to or agree with any Governmental Body to not consummate the Offer or Merger for any period of time, or to stay, toll or extend, directly or indirectly, any applicable waiting period under the HSR Act or other applicable Antitrust Law, and will not pull and refile any filing made under the HSR Act, in each case without the prior written consent of the other (such consent not to be unreasonably withheld, conditioned or delayed).

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Each of the parties also agreed that Albireo and Ipsen will consult in advance with each other and in good faith take each other's views into account prior to taking any substantive position with respect to (x) the filings under the HSR Act or required by any other Governmental Body under any applicable antitrust laws and (y) any written submissions or, to the extent practicable, any discussions with any Governmental Bodies in connection with obtaining any necessary clearances under the HSR Act or any other antitrust laws.

Ipsen agrees that it will not, and will not permit any of its affiliates to, directly or indirectly, acquire or agree to acquire, lease or license any assets, business or any entity, whether by merger, consolidation, purchasing, leasing or licensing a substantial portion of the assets of or equity in any entity, if the entering into of an agreement relating to or the consummation of such acquisition, merger, consolidation, purchase, lease or license would reasonably be expected to (i) impose any material delay in the expiration or termination of any applicable waiting period or impose any material delay in the obtaining of, or increase the risk in any material respect of not obtaining the expiration of the waiting period pursuant to the HSR Act or any consents or approvals required in connection with the filings listed in Albireo's confidential disclosure schedule, or (ii) increase in any material respect the risk of any Governmental Body entering, or increase the risk of not being able to remove or successfully challenge, any permanent, preliminary or temporary injunction or other order decree, decision, determination or judgment, in each case pursuant to antitrust laws, that would delay in any material respect, restrain, prevent, enjoin or otherwise prohibit consummation of the Offer, the Merger and the other Transactions and the CVR Agreement.

*Access to Information*. Subject to applicable Legal Requirements, during the Pre-Closing Period, Albireo has agreed, solely for purposes of furthering the Transactions or integration planning relating thereto, on reasonable advance notice to Albireo, Albireo will, and will cause the respective representatives of Albireo, to provide Ipsen and its representatives with reasonable access during normal business hours of Albireo to Albireo's representatives, personnel and books and records, subject to customary exceptions.

*Employee Benefits* 

Under the Merger Agreement, for a period of one year following the Effective Time, Ipsen has agreed to provide to each employee of Albireo, including each executive officer, who is employed by Albireo (or who provides services to Albireo pursuant to an arrangement with a professional employer organization) as of immediately prior to the Effective Time (each, a "Continuing Employee") (a) a base salary or wages and cash incentive compensation opportunities, each of which is no less favorable than the base salary or base wages and cash incentive compensation opportunities provided to such Continuing Employee immediately prior to the Effective Time, and (b) employee benefits (excluding retiree medical health or defined benefit plans or severance) that are no less favorable in the aggregate than such benefits provided to similarly situated employees of Ipsen as of the Effective Time.

For a period of one year following the Effective Time**,** Ipsen has also agreed to provide to each Continuing Employee who suffers a qualifying termination of employment specified severance benefits under a change in control severance plan that may be adopted by Albireo prior to the Effective Time with the applicable severance payments and benefits on terms set forth in Albireo's confidential disclosure schedule. Executive officers and other Continuing Employees with employment agreements receive severance benefits under the employment agreements, to the extent that they are greater than the benefits under the change in control severance plan. These severance benefits are subject to the Continuing Employee's execution of a release of claims.

Each Continuing Employee will be given service credit, with respect to his or her length of service with Albireo prior to the Closing Date, for purposes of eligibility to participate, levels of benefits and eligibility for vesting, under Ipsen's and/or the Surviving Corporation's employee benefit plans (excluding any retiree medical health or defined benefit pension plans) to the extent that the Continuing Employee is eligible to participate in such plans and coverage under such plans replaces coverage under comparable Company benefit plans in which the Continuing Employee participates immediately prior to the Closing Date.

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In addition, to the extent that service is relevant for eligibility, vesting or allowances under any health or welfare benefit plan of Ipsen and/or the Surviving Corporation, Ipsen has agreed to (a) waive all limitations as to pre-existing conditions, exclusions and waiting periods with respect to participation and coverage requirements applicable to the Continuing Employees, to the extent that such requirements would not apply under a similar benefit plan in which the Continuing Employees participated prior to the Effective Time and (b) use commercially reasonably efforts to ensure that such benefit plan will, for purposes of eligibility, vesting, deductibles, co-payments and out-of-pocket maximums and allowances, credit Continuing Employees for service and amounts paid prior to the Effective Time with Albireo to the same extent that such service and amounts paid were recognized prior to the Effective Time under the corresponding Company benefit plan.

The Merger Agreement does not confer upon any person (other than Albireo, Ipsen and Purchaser) any rights with respect to the employee matters provisions of the Merger Agreement.

*Directors' and Officers' Indemnification and Insurance.* The Merger Agreement provides that all rights to indemnification, advancement of expenses and exculpation by Albireo existing in favor of those persons who are directors or officers of Albireo as of the date of the Merger Agreement or have been directors or officers of Albireo in the past (the "Indemnified Persons") for their acts and omissions occurring prior to the Effective Time, as provided in the certificate of incorporation and bylaws of Albireo (as in effect as of the date of the Merger Agreement) and as provided in the indemnification agreements between Albireo and said Indemnified Persons in the forms made available by Albireo to Ipsen prior to the date of the Merger Agreement, will survive the Merger and such rights cannot be amended, repealed or otherwise modified in any manner that would adversely affect the rights thereunder of such Indemnified Person, and must be observed by the Surviving Corporation and its subsidiaries to the fullest extent available under Delaware law or other applicable Legal Requirements for a period of six years from the Effective Time, and any claim made pursuant to such rights within such six-year period will continue to be subject to the indemnification provisions of the Merger Agreement and the rights provided thereunder until disposition of such claim.

The Merger Agreement also provides that, from the Effective Time until the sixth anniversary of the Effective Time, Ipsen and the Surviving Corporation will, to the fullest extent that Albireo would have been required to indemnify such person under Delaware law or other applicable Legal Requirements, Albireo's certificate of incorporation or bylaws (as in effect on the date of the Merger Agreement) or the Indemnification Agreements, indemnify and hold harmless each Indemnified Person in his or her capacity as a director or officer against all losses, claims, damages, liabilities, fees, expenses, judgments or fines incurred by such Indemnified Person as an officer or director of Albireo in connection with any pending or threatened legal proceeding based on or arising out of, in whole or in part, the fact that such indemnified person is or was a director or officer of Albireo at or prior to the Effective Time and pertaining to any and all matters pending, existing or occurring at or prior to the Effective Time, whether asserted or claimed prior to, at or after the Effective Time, including any such matter arising under any claim with respect to the Transactions.

The Merger Agreement also provides that, prior to the Effective Time, Albireo must (i) purchase a six-year "tail" policy for the existing policy of directors' and officers' liability insurance maintained by Albireo as of the date of the Merger Agreement for the benefit of the indemnitees who were covered by such policy as of the date of the Merger Agreement with respect to their acts and omissions occurring prior to the Effective Time in their capacities as directors and officers of Albireo (as applicable) (provided that in no event will Albireo be required to expend an amount in excess of 300% of the annual premium currently payable by Albireo with respect to such current policy), and (ii) obtain quotes for a six-year run-off fiduciary liability insurance policy, a six-year cyber liability insurance policy and a pension trust liability insurance policy.

*Security Holder Litigation.* During the Pre-Closing Period, Albireo has agreed to notify Ipsen as promptly as possible after obtaining knowledge thereof of any litigation against Albireo and/or its directors relating to the Transactions. Albireo shall control any legal proceeding brought by stockholders of Albireo against Albireo and/or its directors related to the Transactions. Albireo will give Ipsen (a) the right to review and comment on all

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material filings or responses to be made by Albireo in connection with any such litigation, and (b) the right to consult and be kept informed on the defense and settlement with respect to such litigation with counsel of Ipsen's choice (with the cost of any counsel hired by Ipsen being borne solely by Ipsen), and Albireo will in good faith take such comments into account; *provided*, that the disclosure of information in connection therewith shall be subject to the provisions of the Merger Agreement, including with respect to attorney-client privilege or any other applicable legal privilege. No such settlement will be agreed to without Ipsen's prior written consent (such consent not to be unreasonably withheld, conditioned or delayed), except to the extent the settlement is fully covered by Albireo's insurance policies (other than any applicable deductible), but only if such settlement would not result in the imposition of any restriction on the business or operations of Albireo. Albireo will keep Ipsen reasonably informed with respect to the status of any such legal proceeding.

*Takeover Laws.* Unless there has been an Adverse Change Recommendation, if any "moratorium," "control share acquisition," "fair price," "supermajority," "affiliate transactions," "business combination statute or regulation" or other similar state anti-takeover laws and regulations (each, a "**Takeover Law**") may become, or may purport to be, applicable to the Transactions, each of Ipsen and Albireo and the members of their respective Boards of Directors will use their respective reasonable best efforts to grant such approvals and take such actions as are necessary so that the Transactions may be consummated as promptly as practicable on the terms and conditions contemplated by the Merger Agreement and otherwise act to lawfully eliminate the effect of any Takeover Law on any of the Transactions.

*Section 16 Matters.* Albireo and the Company Board will, to the extent necessary, take appropriate action, prior to or as of the Offer Acceptance Time, to approve, for the purposes of Section 16(b) of the Exchange Act, the disposition and cancellation (or deemed disposition and cancellation) of Shares and Albireo's equity awards in the Transactions by applicable individuals and to cause such dispositions and/or cancellations to be exempt under Rule 16b-3 promulgated under the Exchange Act.

*Rule 14d-10 Matters.* The Merger Agreement provides that prior to the Offer Acceptance Time and to the extent permitted by applicable Legal Requirements, the compensation committee of the Company Board will approve, as an "employment compensation, severance or other employee benefit arrangement" within the meaning of Rule 14d-10(d)(2) promulgated under the Exchange Act, each agreement, arrangement or understanding between Albireo or any of its affiliates and any of the officers, directors or employees of Albireo that are effective as of the date of the Merger Agreement pursuant to which compensation is paid to such officer, director or employee and will take all other action reasonably necessary to satisfy the requirements of the non-exclusive safe harbor set forth in Rule 14d-10(d)(2) promulgated under the Exchange Act.

*Stock Exchange Delisting and Deregistration.* Prior to the Closing Date, Albireo has agreed to cooperate with Ipsen and to use its reasonable best efforts to take, or cause to be taken, all actions, and do or cause to be done all things, reasonably necessary, proper or advisable on its part under applicable Legal Requirements and rules and policies of Nasdaq to enable delisting by the Surviving Corporation of the Shares from Nasdaq and the deregistration of the Shares under the Exchange Act as promptly as practicable after the Effective Time, and in any event no more than ten days after the date on which the closing of the Merger occurs.

*Termination.* The Merger Agreement may be terminated prior to the Effective Time under any of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by mutual written consent of Ipsen and Albireo at any time prior to the Offer Acceptance Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by either Ipsen or Albireo if a court of competent jurisdiction or other Governmental Body of competent
jurisdiction has issued an order, decree or ruling, or has taken any other action, having the effect of permanently restraining, enjoining or otherwise prohibiting the acceptance for payment of Shares pursuant to the Offer or the Merger or making
consummation of the Offer or the Merger illegal, which order, decree, ruling or other action is final and non-appealable (except that no party will be permitted to terminate the Merger Agreement pursuant to
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and non-appealable order, decree, ruling or other action is primarily attributable to a failure on the part of such party to perform in any material respect any covenant or obligation in the Merger Agreement required to be performed by such party at or prior to the Effective Time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by Ipsen, at any time prior to the Offer Acceptance Time, if, whether or not permitted to do so: (i) the
Company Board has failed to include the Company Board Recommendation in the Schedule 14D-9 when mailed, or has effected an Adverse Change Recommendation; or (ii) in the case of a tender offer (other than
the Offer as contemplated herein) or exchange offer subject to Regulation 14D promulgated under the Exchange Act, the Company Board fails to recommend, in a Solicitation/Recommendation Statement on Schedule 14D-9, rejection of such tender offer or exchange offer within 10 business days of the commencement of such tender offer or exchange offer. We refer herein to any termination of the Merger Agreement pursuant
to this bullet point as a "**Change in Recommendation Termination** ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by either Ipsen or Albireo if the Offer Acceptance Time has not occurred on or prior to 5 p.m. Eastern Time on
the End Date (except that no party will be permitted to terminate the Merger Agreement pursuant to this bullet point if the failure of the Offer Acceptance Time to occur prior to the End Date is primarily attributable to the failure on the part of
such party to perform in any material respect any covenant or obligation in the Merger Agreement required to be performed by such party). We refer to any termination of the Merger Agreement pursuant to this bullet point as an "**End Date Termination** "; *provided*, *however*, that if on the End Date, all of the Offer Conditions other than the condition set forth in the first bullet point under Section 13 *—* "**Conditions of the Offer** "
are satisfied or are capable of being satisfied at such time, the End Date will be automatically extended, no more than twice, by a period of 90 days each time (and in the case of such extension, any reference to the End Date herein shall be a
reference to the End Date, as so extended);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by Albireo, at any time prior to the Offer Acceptance Time, in order to accept a Superior Offer and enter into a
binding written definitive acquisition agreement providing for the consummation of a transaction constituting a Superior Offer, so long as Albireo has complied in all material respects with the requirements described above under "*—* **No Solicitation**" and "*—* **Change of the Company Board Recommendation**" with respect to such Superior Offer, and concurrently with such termination pays (or causes to be paid) the Termination Fee (as
defined below). We refer to any termination of the Merger Agreement pursuant to this bullet point as a "**Superior Offer Termination** ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by Ipsen, at any time prior to the Offer Acceptance Time, if a breach of any representation or warranty contained
in the Merger Agreement or failure to perform any covenant or obligation in the Merger Agreement on the part of Albireo has occurred such that the Representations Condition or the Obligations Condition would not be satisfied and cannot be cured by
Albireo by the End Date, or if capable of being cured, has not been cured within 30 business days of the date Ipsen gives Albireo written notice of such breach or failure to perform (except that Ipsen will not be permitted to terminate the Merger
Agreement pursuant to this bullet point if either Ipsen or Purchaser is then in material breach of any representation, warranty, covenant or obligation under the Merger Agreement). We refer to any termination of the Merger Agreement pursuant to this
bullet point as a "**Company Breach Termination** ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by Albireo, at any time prior to the Offer Acceptance Time, if a breach of any representation or warranty
contained in the Merger Agreement or failure to perform any covenant or obligation in the Merger Agreement on the part of Ipsen or Purchaser has occurred, in each case if such breach or failure has prevented or would reasonably be expected to
prevent Ipsen or Purchaser from consummating the Transactions and such breach or failure cannot be cured by Ipsen or Purchaser, as applicable, by the End Date, or if capable of being cured, has not been cured within 30 business days of the date
Albireo gives Ipsen written notice of such breach or failure to perform (except that Albireo will not be permitted to terminate the Merger Agreement pursuant to this bullet point if Albireo is then in material breach of any representation, warranty,
covenant or obligation under the Merger Agreement). We refer to any termination of the Merger Agreement pursuant to this bullet point as a "**Ipsen Breach Termination** "; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by Albireo if (i) Ipsen or Purchaser has failed to commence (within the meaning of Rule 14d-2 promulgated under the Exchange Act) the Offer by January 23, 2023 (other than due to a breach by Albireo of its obligations to provide required information to Purchaser) or (ii) Purchaser has failed to
accept and pay for all Shares validly tendered (and not validly withdrawn) as of the expiration of the Offer (as it may be extended).

*Effect of Termination.* If the Merger Agreement is terminated, it will be of no further force or effect and there will be no liability on the part of Ipsen, Purchaser or Albireo or their respective directors, officers and affiliates following any such termination, except that (i) certain specified provisions of the Merger Agreement, as well as the confidentiality agreement between Ipsen and Albireo (as described below), will survive such termination and remain in full force and effect, including the provisions described in "— **Company Termination Fee**" below, and (ii) no such termination will relieve any party from liability for common law fraud or any willful breach of the Merger Agreement prior to such termination (including, in the case of Ipsen or Purchaser, damages based on the consideration payable to the equityholders of Albireo pursuant to the Merger Agreement).

*Company Termination Fee.* Albireo has agreed to pay Ipsen a termination fee of $36,000,000 in cash (the "**Termination Fee**") in the event that;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Merger Agreement is terminated by Albireo pursuant to a Superior Offer Termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Merger Agreement is terminated by Ipsen pursuant to a Change in Recommendation Termination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (i) the Merger Agreement is terminated pursuant to an End Date Termination (but, in the case of a termination by
Albireo, only if at such time Ipsen would not have been prohibited from terminating the Merger Agreement pursuant to the exception described in the End Date Termination) or a Company Breach Termination, (ii) any person shall have publicly
disclosed a *bona fide* Acquisition Proposal after the date of the Merger Agreement and shall not have publicly withdrawn such Acquisition Proposal prior to (1) in the case of the Merger Agreement being subsequently terminated due to an
End Date Termination, the date that is two business days prior to the Expiration Date or (2) in the case of the Merger Agreement being subsequently terminated pursuant to a Company Breach Termination, the time of the breach or failure to
perform giving rise to such termination and (iii) within twelve months of such termination Albireo consummates an Acquisition Proposal or enters into a definitive agreement with respect to, and later consummated, an Acquisition Proposal (except
that for purposes of determining if the Termination Fee is payable under this prong (iii), the references to "20%" in the definition of "Acquisition Proposal" described above under "*—* **No Solicitation** "
will be deemed to be references to "50%").

In no event will Albireo be required to pay (or cause to be paid) the Termination Fee on more than one occasion. In the event Ipsen or its designee receives the Termination Fee (and specified payments in respect of legal proceedings brought to enforce payment of the Termination Fee, if applicable), such receipt will be deemed to be liquidated damages for any and all losses or damages suffered or incurred by Ipsen, Purchaser, any of their respective affiliates or any other person in connection with the Merger Agreement (and the termination thereof), the Transactions (and the abandonment thereof) or any matter forming the basis for such termination, and none of Ipsen, Purchaser or any of their respective affiliates or any other person will be entitled to bring or maintain any claim, action or proceeding against Albireo or any of its affiliates arising out of or in connection with the Merger Agreement, any of the Transactions or any matters forming the basis for such termination (provided, that Ipsen may seek specific performance to cause Albireo to consummate the Transactions in accordance with the provisions described below under "*—***Specific Performance**," but in no event shall Ipsen be entitled to both specific performance and the payment of the Termination Fee). Any Termination Fee paid to Ipsen will be offset against any award for damages given in any final and non-appealable judgment of a court of competent jurisdiction to Ipsen pursuant to any claim relating to the Transactions.

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*Specific Performance.* Ipsen, Purchaser and Albireo have agreed that irreparable damage, for which monetary damages (even if available) would not be an adequate remedy, would occur in the event that the parties to the Merger Agreement do not perform their obligations under the provisions of the Merger Agreement in accordance with its specified terms or if they otherwise breach such provisions. Accordingly, each party will be entitled to an injunction or injunctions, specific performance, or other non-monetary equitable relief to prevent breaches of the Merger Agreement and to enforce specifically the terms and provisions of the Merger Agreement, without proof of damages or otherwise, in addition to any other remedy to which they are entitled under the terms of the Merger Agreement.

*Guarantee*. As a material inducement to Albireo entering into the Merger Agreement and consummating the transactions contemplated hereby, Guarantor has agreed to guarantee to Albireo the full and timely performance and satisfaction of Ipsen's obligations, including payment of the Merger Consideration, as set forth in the Merger Agreement, in each case as and when due.

In the Merger Agreement, Guarantor has made customary representations and warranties to Albireo with respect to: (i) due organization; (ii) authority; (iii) assets; (iv) solvency; (v) binding nature of the agreement; and (vi) acknowledgment by Guarantor.

*Expenses.* Except in limited circumstances expressly specified in the Merger Agreement, all fees and expenses incurred in connection with the Merger Agreement and the Transactions will be paid by the party incurring such fees or expenses, whether or not the Offer and the Merger are consummated.

*Governing Law.* The Merger Agreement is governed by and will be construed in accordance with the laws of the State of Delaware, without giving effect to any laws, rules or provisions that would cause the application of the laws of any jurisdiction other than the State of Delaware.

***CVR Agreement***

The following description of the CVR Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the form of the CVR Agreement, a copy of which has been filed as Exhibit (d)(3) to the Schedule TO of which this Offer to Purchase forms a part. For a complete understanding of the CVR Agreement, you are encouraged to read the full text of the CVR Agreement. The CVR Agreement may be examined and copies may be obtained at the places and in the manner set forth in Section 8 — "**Certain Information Concerning Albireo**." Capitalized terms used herein and not otherwise defined have the respective meanings set forth in the CVR Agreement.

As promptly as practicable after the date of the Merger Agreement and, in any event, prior to the effective time of the Merger, Ipsen and Guarantor, solely in its capacity as a guarantor, will enter into the CVR Agreement with a duly qualified rights agent (the "**Rights Agent**"), governing the terms of certain consideration payable thereunder. Each CVR represents the right to receive a contingent one-time payment of cash payable to the Rights Agent for the benefit of the holders of CVR, in each case without interest and less any required withholding taxes. Such payments are conditioned upon achievement of the Milestone (as defined below) prior to December 31, 2027.

Each CVR represents the non-transferable contractual right to receive contingent cash payments of up to $10.00 per Share in cash, without interest and less any required withholding taxes, in the aggregate (the "**Milestone Payment**"), payable as specified upon the achievement of the following milestone (the "**Milestone**") prior to December 31, 2027 (such period, the "**Milestone Period**"): the final approval by the FDA of the new drug application or supplemental new drug application filed with the FDA pursuant to 21 U.S.C § 355(b) that is necessary for the commercial marketing and sale of odevixibat in the United States for the treatment of biliary atresia in patients, for which approval the FDA did not require any studies or clinical trials in addition to the BOLD Study (as defined below). "**BOLD Study**" is defined collectively as the Double-Blind, Randomized,

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Placebo-Controlled Study to Evaluate the Efficacy and Safety of Odevixibat (A4250) in Children With Biliary Atresia Who Have Undergone a Kasai Hepatoportoenterostomy (NCT04336722, Study A4250-011 (BOLD)) and its open label extension study, An Open-label Extension Study to Evaluate Long-term Efficacy and Safety of Odevixibat in Children With Biliary Atresia (NCT05426733, Study A4250-016 (BOLD-EXT)), and it is understood that the number of subjects in the BOLD Study will be increased. "**Full Regulatory Approval**" is defined as the final approval, regardless of any obligation to conduct any post-marketing study, by the FDA of the new drug application or supplemental new drug application filed with the FDA pursuant to 21 U.S.C § 355(b) that is necessary for the commercial marketing and sale of odevixibat, also known as A4250 and marketed under the brand name Bylvay in the United States of America for the treatment of biliary atresia in patients, regardless of any (i) limitations on patient population, (ii) contraindications or limitations on use or (iii) conditions, restrictions or commitments placed upon the Full Regulatory Approval (the "**Indication**").

Additionally, commencing as of the Effective Time, Ipsen has agreed to use, and cause its subsidiaries to use, Commercially Reasonable Efforts to achieve the Milestone prior to December 31, 2027. In furtherance of the foregoing, unless required or requested by the FDA, Ipsen shall not, and shall cause its subsidiaries not to, voluntarily propose to the FDA that Ipsen or any subsidiary conduct additional studies or clinical trials as a requirement for Full Regulatory Approval (excluding, for the avoidance of doubt, the BOLD Study). It is understood that the number of subjects in the BOLD Study will be increased and such increase, and any actions and changes reasonably required in connection with such increase, shall not be deemed to be a violation of the terms of the CVR Agreement.

As used in the CVR Agreement, "Commercially Reasonable Efforts" means, with respect to odevixibat (also known as A4250 and marketed under the brand name Bylvay) (the "**Product**") those commercially reasonable efforts that are at least commensurate with the level of efforts that a pharmaceutical company of comparable size and resources as those of Ipsen and its affiliates would devote to the development and seeking of regulatory approval for a pharmaceutical product having similar market potential as the Product, at a similar stage of its development or product life, taking into account its safety, tolerability and efficacy, its proprietary position and profitability (including pricing and reimbursement status, but excluding the obligation to pay the Milestone Amounts under the CVR Agreement), projected costs to develop such product, the competitiveness of alternative third party products, the patent and other proprietary position, including regulatory exclusivities, of such product, and the regulatory environment and other relevant technical, commercial, legal, scientific and/or medical factors to achieve the Milestone prior to the end of the Milestone Period.

The terms of the CVRs described above reflect the parties' agreement over the sharing of potential economic upside benefits from the achievement of regulatory approval by the FDA necessary for the commercial marketing and sale of odevixibat in the United States and do not reflect anticipated receipt of FDA approval of odevixibat. There can be no assurance that FDA approval will occur or that the payments in respect of the CVRs will be made.

It is possible that none of the Milestones will be achieved, in which case you will receive only the Closing Amount for any Shares you tender in the Offer and no payment with respect to your CVRs. It is not possible to predict whether any payment will become payable with respect to the CVRs. Whether the Milestone required for payment of the Milestone Payment is met will depend on many factors, some of which are outside the control of Ipsen and its subsidiaries. There can be no assurance that the Milestone will be achieved or that any payment with respect to your CVRs will be made.

If the Milestone occurs at any time prior to December 31, 2027, then, on or prior to the Milestone Payment Date, Ipsen will deliver or cause to be delivered to the Rights Agent (i) a written notice (the "**Milestone Achievement Notice**") certifying the date of the satisfaction of the Milestone and that each holder is entitled to receive the Milestone Payment Amount applicable to such holder, (ii) any letter of instruction reasonably required by the Rights Agent and (iii) cash, by wire transfer of immediately available funds to an account designated by the Rights Agent, equal to the aggregate Milestone Payment Amounts due to all holders other than

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Equity Award Holders (as defined in the CVR Agreement) with respect to which any such amounts payable to Equity Award Holders will be retained by Ipsen for payment through Ipsen's, the Surviving Corporation's or such affiliate's payroll system or by any paying agent and in accordance with the Merger Agreement. If any such payment cannot be made through the applicable payroll system or payroll provider or by any paying agent, then the Surviving Corporation will issue a check for such payment to such Equity Award Holder (less applicable withholding taxes, if any), which check will be sent by overnight courier to the most recent address on the Surviving Corporation's personnel records for such Equity Award Holder as soon as reasonably practicable following the Milestone Payment Date. "**Milestone Payment Date**" means the date that is selected by Ipsen not more than 10 business days following the end of the quarter in which the Milestone Payment Amounts can be determined following the occurrence of the Milestone.

"**Milestone Payment Amount**" means, for a given holder of CVRs, with respect to the achievement of the Milestone, a one-time payment equal to the product of (a) the Milestone Payment (reduced, with respect to holders of CVRs received pursuant to the Merger Agreement in respect of Albireo Options, by the amount by which the exercise price of such option exceeds the Closing Amount) and (b) the number of CVRs held by such holder as reflected on the CVR register as of the close of business on the date of the Milestone Achievement Notice; provided, that, with respect to holders of CVRs received in respect of Albireo Options pursuant to the Merger Agreement, the Milestone Payment Amount for such holders will be reduced by an amount equal to the (a) aggregate exercise price across all such Albireo Options immediately prior to the Effective Time less (b) the product of (x) the Closing Amount and (y) the number of CVRs held by such holder as reflected on the CVR register as of the close of business on the date Ipsen delivers or causes to be delivered to the Rights Agent a written notice certifying the date of the satisfaction of the Milestone and that each holder is entitled to receive the Milestone Payment Amount applicable to the holder.

The right to the payment described above is solely a contractual right governed by the terms and conditions of the CVR Agreement. The CVRs will not be evidenced by a certificate or other instrument, will not have any voting or dividend rights and will not represent any equity or ownership interest in Ipsen, Purchaser, Albireo, Guarantor or any of their respective affiliates. The CVRs will not be registered or listed for trading. No interest will accrue or be payable in respect of any of the amounts that may be payable on CVRs. Holders of CVRs will have no greater rights against Ipsen than those accorded to general, unsecured creditors under applicable law.

The CVR Agreement provides that the holders of CVRs are intended third party beneficiaries of the CVR Agreement.

The CVRs will not be transferable except (a) upon death of a holder by will or intestacy; (b) by instrument to an inter vivos or testamentary trust in which the CVRs are to be passed to beneficiaries upon the death of the trustee; (c) pursuant to a court order; (d) by operation of law (including by consolidation or merger) or without consideration in connection with the dissolution, liquidation or termination of any corporation, limited liability company, partnership or other entity; (e) in the case of CVRs payable to a nominee, from a nominee to a beneficial owner (and, if applicable, through an intermediary) or from such nominee to another nominee for the same beneficial owner, in each case to the extent as allowable by The Depository Trust Company; or (f) to Ipsen or any of its affiliates in connection with the abandonment of such CVR by the applicable holder.

Under the CVR Agreement, Guarantor irrevocably and unconditionally guarantees to the Rights Agent the full and timely performance and satisfaction of Ipsen's obligations as set forth in the CVR Agreement, in each case as and when due. If, for any reason whatsoever, Ipsen fails or is unable to make full and timely payment as set forth in the CVR Agreement or perform any of its obligations under the CVR Agreement, such payment or obligations will be due and payable for the purposes thereof, and Guarantor will forthwith pay and cause to be paid in lawful currency of the United States, or perform or cause to be performed, Ipsen's obligations thereunder.

Ipsen has agreed to, and to cause its subsidiaries to, keep records in sufficient detail to determine compliance with the terms of the CVR Agreement.

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The Milestone may only be achieved once. If the Milestone is not achieved prior to December 31, 2027, holders of Shares will receive only the Closing Amount for any Shares tendered in the Offer and no payment with respect to the CVRs. It is not possible to predict whether any payment will become payable with respect to the CVRs. Whether the Milestone required for payment of the Milestone Payment is met will depend on many factors, some of which are outside the control of Albireo, Ipsen and their respective affiliates. There can be no assurance that the Milestone will be achieved or that any payment with respect to the CVRs will be made.

***Confidentiality Agreements***

On January 17, 2022, Ipsen Bioscience, Inc., an affiliate of Ipsen, and Albireo entered into a mutual confidentiality agreement, effective as of January 17, 2022 (the "**January 2022 Confidentiality Agreement**"), pursuant to which each party agreed, subject to certain exceptions, to keep confidential nonpublic information disclosed by the other party in connection with a possible negotiated transaction relating to Albireo's A3907 compound during the two-year period commencing on the effective date of the January 2022 Confidentiality Agreement (such period, the "**January 2022 Confidentiality Agreement Exchange Period**"). Ipsen Bioscience, Inc.'s and Albireo's obligations with respect to confidential information under the January 2022 Confidentiality Agreement survive termination or expiration of the January 2022 Confidentiality Agreement and will expire five years after the end of the January 2022 Confidentiality Agreement Exchange Period, with certain confidential information subject to longer confidentiality periods. The January 2022 Confidentiality Agreement does not include a standstill provision.

On June 10, 2022, Guarantor and Albireo entered into a mutual confidentiality agreement, effective as of June 10, 2022 (the "**June 2022 Confidentiality Agreement**" and together with the January 2022 Confidentiality Agreement, the "**Confidentiality Agreements**"), pursuant to which each party agreed, subject to certain exceptions, to keep confidential nonpublic information disclosed by the other party in connection with a possible negotiated transaction pertaining to Albireo's ongoing and prospective R&D and commercial programs and platform technologies (such as, but not limited to, Bylvay) during the two-year period commencing on the effective date of the June 2022 Confidentiality Agreement (such period, the "**June 2022 Confidentiality Agreement Exchange Period**"). Guarantor's and Albireo's obligations with respect to confidential information under the June 2022 Confidentiality Agreement survive termination or expiration of the June 2022 Confidentiality Agreement and will expire seven years after the end of the June 2022 Confidentiality Agreement Exchange Period, with certain confidential information subject to longer confidentiality periods. The June 2022 Confidentiality Agreement does not include a standstill provision. The June 2022 Confidentiality Agreement did not supplant the January 2022 Confidentiality Agreement with respect to the subject matter thereof.

This summary does not purport to be complete and is qualified in its entirety by reference to the Confidentiality Agreements, which are filed as Exhibits (d)(2)(A) and (d)(2)(B) to the Schedule TO and are incorporated by reference herein.

**12.** **Source and Amount of Funds.** 

The Offer is not conditioned upon Ipsen's or Purchaser's ability to finance the purchase of Shares pursuant to the Offer. Ipsen and Purchaser estimate that the total amount of funds required to consummate the Merger (including payments for warrants and other payments referred to in the Merger Agreement) pursuant to the Merger Agreement and to purchase all of the Shares pursuant to the Offer and the Merger Agreement will be approximately $991 million at or prior to the closing of the Offer. In addition, Ipsen and Purchaser estimate that they would need approximately an additional $254 million to pay the maximum aggregate amount that holders of the CVRs would be entitled to in the event that the Milestone is timely achieved. Ipsen SA expects that the purchase of the Shares in the Offer will be paid from available cash on hand of Ipsen SA or one or more of its affiliates and from borrowings under its existing €1.5 billion revolving credit facility, which would be sufficient to cover all amounts that may become payable pursuant to the Offer, including related transaction fees, costs and expenses. It is anticipated that any amounts payable with respect to the CVRs will be paid with cash on hand of

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Ipsen SA and one or more of its affiliates. As of September 30, 2022, Ipsen SA had approximately €977 million in cash on a consolidated basis, of which approximately €893 million was unrestricted cash, and undrawn availability of €1.5 billion under its revolving credit facility. Guarantor has provided a guarantee in favor of Albireo of the full and timely performance and satisfaction of Ipsen's obligations under the Merger Agreement, including payment of the Merger Consideration. Guarantor has also provided a guarantee in favor of the Rights Agent to guarantee the full and timely performance and satisfaction of Ipsen's obligations under the CVR Agreement. Ipsen and Purchaser anticipate that Ipsen will have available sufficient cash resources to pay the Offer Price for all Shares tendered in the Offer, the consideration in connection with the Merger and all related fees and expenses.

***Revolving Facility Agreement***

Ipsen SA is expected to provide Purchaser with sufficient funds to complete the Offer, the Merger, and the other transactions contemplated by the Merger Agreement, funded with cash on hand and available borrowing capacity under the Revolving Facility Agreement, dated May 24, 2019, among Ipsen SA, as the Borrower, BNP Paribas SA, Groupe Crédit Agricole, HSBC France and Société Générale, as Global Mandated Lead Arrangers and Bookrunners, Bank of America Merrill Lynch International Designated Activity Company, Barclays Bank PLC, BRED Banque Populaire, Natixis and Wells Fargo Bank International U.C., as Mandated Lead Arrangers, Société Générale, as Agent (the "**Revolving Facility Agent**"), Natixis, as CSR Coordinator, and the financial institutions listed therein, as Original Lenders (the "**Credit Facility**"). The Credit Facility provides up to €1.5 billion in borrowings on a revolving basis, the proceeds of which may be used to finance general corporate purposes and acquisitions by Ipsen SA and its subsidiaries of a business substantially the same as that carried on by Ipsen SA and its subsidiaries. Borrowings under the Credit Facility are available through May 2026, and may be borrowed in euros or in any other currency that is readily available in the amount required and freely convertible into euros and is British pound sterling, U.S. dollars or any other currency approved by the Revolving Facility Agent, subject to the terms of the Revolving Facility Agreement. Pursuant to the Credit Facility, borrowings in euros may bear interest at a floating rate based on EURIBOR, adjusted according to the terms of the Revolving Facility Agreement, and borrowings in other currencies may bear interest at a floating rate based on LIBOR. Borrowings under the Credit Facility are unsecured. The Credit Facility is subject to certain commitment fees in respect of the unutilized portion of the commitments of the lenders thereunder and certain utilization fees in respect of borrowings made thereunder. The Credit Facility is also subject to customary covenants and restrictions and a leverage ratio-based financial covenant. Ipsen SA will repay amounts borrowed under the Credit Facility from time to time as permitted under the Credit Facility.

We do not believe Purchaser's financial condition is relevant to your decision whether to tender your Shares and accept the Offer because (i) the form of payment consists of cash and CVRs (payable in cash) that will be provided by Ipsen SA or one or more of its affiliates from available cash on hand of Ipsen SA or one or more of its affiliates and from borrowings under its existing €1.5 billion revolving credit facility, (ii) the Offer is not subject to any financing conditions, and the Offer is for all outstanding Shares of Albireo and (iii) if Purchaser consummates the Offer, Purchaser will acquire all remaining Shares for the same cash price in the Merger (*i.e.*, the Offer Price).

**13.** **Conditions of the Offer.** 

For purposes of this Section 13, capitalized terms used but not defined in this Section 13 and defined in the Merger Agreement have the meanings set forth in the Merger Agreement, a copy of which is filed as Exhibit 2.1 to the Current Report on Form 8-K filed by Albireo with the SEC on January 9, 2023 and is incorporated herein by reference. The obligation of Purchaser to accept for payment and pay for Shares validly tendered (and not validly withdrawn) pursuant to the Offer is subject to the satisfaction of the Minimum Condition and the other conditions below.

The Offer is not subject to any financing condition. Subject to Purchaser's right and obligation to extend the Offer pursuant to the terms of the Merger Agreement, Purchaser will not be required to (and Ipsen will not be

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required to cause Purchaser to) accept for payment or, subject to any applicable rules and regulations of the SEC, including Rule 14e-l(c) promulgated under the Exchange Act (relating to Purchaser's obligation to pay for or return tendered Shares promptly after the termination or withdrawal of the Offer), to pay for, any Shares tendered pursuant to the Offer and may delay the acceptance for payment of or, subject to any applicable rules and regulations of the SEC, the payment for, any tendered Shares, and (subject to the provisions of the Merger Agreement) may amend the Offer as otherwise permitted by the Merger Agreement if, at one minute following 11:59 p.m. Eastern Time on any scheduled Expiration Date (as it may be extended or subject to any requirements to extend), (i) the Minimum Condition has not been satisfied, or (ii) any of the following other conditions shall not be satisfied or (to the extent permitted by applicable law or the Merger Agreement) waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (1) any waiting period (and any extensions thereof) under the HSR Act applicable to the Transactions shall have
expired or been terminated (the "**HSR Condition**") and no agreement with a Governmental Body not to consummate the Offer or Merger for any period of time shall be in effect and (2) any consents or approvals of any Governmental
Body required in connection with the filings or notifications set forth in Albireo's confidential disclosure schedule shall have been obtained and be in full force and effect and any applicable waiting period with respect thereto shall have
expired, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there shall not have been issued by any court of competent jurisdiction or remain in effect any judgment,
temporary restraining order, preliminary or permanent injunction or other order preventing the acquisition of or payment for Shares pursuant to the Offer or the consummation of the Offer or the Merger nor shall any action have been taken, or any
Legal Requirement or order promulgated, entered, enforced, enacted, issued or deemed applicable to the Offer or the Merger by any Governmental Body which directly or indirectly prohibits, or makes illegal, the acquisition of or payment for Shares
pursuant to the Offer, or the consummation of the Merger; *provided, however,* that Ipsen and Purchaser shall not be permitted to invoke this clause unless they shall have taken all actions required under the Merger Agreement to avoid any such
order or have any such order lifted (each of the conditions in this bullet point and the preceding bullet point (in the case of this bullet point, as such condition relates to the HSR Act), the "**Regulatory Condition** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Albireo having complied with or performed in all material respects each of the covenants and agreements it is
required to comply with or perform at or prior to the Offer Acceptance Time (the "**Obligations Condition** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Merger Agreement not having been terminated in accordance with its terms (the "**Termination Condition** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (1) the representations and warranties of Albireo as set forth in Section 3.1 (*Due Organization; Subsidiaries*) (other than the third and fifth sentences of Section 3.1(c) thereof), Section 3.20 (*Authority; Binding Nature of Agreement*) and Section 3.24 (*Financial Advisors*) of the Merger Agreement being accurate
in all material respects as of the date of the Merger Agreement and shall be accurate in all material respects at and as of the Offer Acceptance Time as if made at and as of such time (*it being understood* that, for purposes of determining the
accuracy of such representations and warranties, (A) all "Material Adverse Effect" qualification and other materiality qualifications contained in such representations and warranties shall be disregarded and (B) the accuracy of
those representations or warranties that address matters only as of a specific date shall be measured (subject to the applicable materiality standard as set forth in this clause (1)) only as of such date), (2) each of the representations and
warranties of Albireo as set forth in Section 3.5(a) (*Absence of Changes*) shall have been accurate as of the date of the Merger Agreement and shall be accurate at and as of the Offer Acceptance Time as if made on and as of such time
(*it being understood* that the accuracy of those representations or warranties that address matters only as of a specific date shall be measured only as of such date), (3) the representations and warranties of Albireo as set forth in
subsections (a) and (c) (first sentence only) of Section 3.3 (*Capitalization, Etc.*) shall have been accurate in all respects as of the date of the Merger Agreement and shall be accurate in all respects at and as of the Offer
Acceptance Time as if made on and as of such time, other than *de minimis* inaccuracies (*it being* 

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 *understood* that the accuracy of those representations or warranties that address matters only as of a specific date shall be measured (subject to the applicable *de minimis* standard as set forth in this clause (3)) only as of such date); and (4) the representations and warranties of Albireo as set forth in the Merger Agreement (other than those referred to in clauses (1), (2) and (3) above) shall have been accurate in all respects as of the date of the Merger Agreement, and shall be accurate in all respects at and as of the Offer Acceptance Time as if made at and as of such time, except that any inaccuracies in such representations and warranties shall be disregarded if the circumstances giving rise to all such inaccuracies (considered collectively) do not constitute, and would not reasonably be expected to have, a Material Adverse Effect (*it being understood* that, for purposes of determining the accuracy of such representations and warranties, (A) all "Material Adverse Effect" qualifications and other materiality qualifications contained in such representations and warranties shall be disregarded (except where the term material is part of a defined term under the Merger Agreement and the use of such defined term therein) and (B) the accuracy of those representations or warranties that address matters only as of a specific date shall be measured (subject to the applicable materiality standard as set forth in this clause (4) only as of such date) (the "**Representations Condition**"); and <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ipsen and Purchaser having received from Albireo a certificate signed on behalf of Albireo by an executive
officer of Albireo confirming that the Representations Condition and the Obligations Condition have been duly satisfied.

The foregoing conditions are in addition to, and not a limitation of, the rights of Ipsen and Purchaser to extend, terminate or modify the Offer pursuant to the terms of the Merger Agreement.

Purchaser reserves the right to waive certain of the conditions to the Offer in its sole discretion; provided that Purchaser may not waive the Minimum Condition or the Termination Condition. Any reference in this Section 13 or elsewhere in the Merger Agreement to a condition or requirement being satisfied will be deemed to be satisfied if such condition or requirement is so waived.

Purchaser expressly reserves the right to: (i) increase the Offer Price; or (ii) waive any Offer Condition (other than the Minimum Condition and the Termination Condition (as defined below)); provided that, unless otherwise provided by the Merger Agreement, without the prior written consent of Albireo, neither Ipsen nor Purchaser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) decrease the Offer Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) change the form of consideration payable in the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) decrease the number of Shares sought to be purchased in the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) impose conditions or requirements to the Offer in addition to the Offer Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) amend or modify any of the Offer Conditions or any other terms or conditions of the Merger Agreement in a
manner that would, or would reasonably be expected to, adversely affect any holder of Shares or that would, individually or in the aggregate, reasonably be expected to prevent or delay the consummation of the Offer or prevent, delay or impair the
ability of Ipsen or Purchaser to consummate the Offer, the Merger or the other Transactions contemplated by the Merger Agreement (except to effect an extension of the Offer to the extent expressly permitted or required by the terms of the Merger
Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) change or waive the Minimum Condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) extend or otherwise change the Expiration Date in a manner other than as required or permitted by the Merger
Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) provide any "subsequent offering period" within the meaning of Rule 14d-11 promulgated under the Securities Exchange Act of 1934, as amended (the "**Exchange Act** ").

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**14.** **Dividends and Distributions.** 

The Merger Agreement provides that Albireo will not, between the date of the Merger Agreement and the Offer Acceptance Time, establish a record date for, declare, accrue, set aside or pay any dividend or make any other distribution in respect of any shares of its capital stock (including the Shares). See Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements –Summary of the Merger Agreement – Conduct of Business Pending the Merger.**"

**15.** **Certain Legal Matters; Regulatory Approvals.** 

**General**. Except as described below, based on Ipsen's and Purchaser's review of publicly available filings by Albireo with the SEC and other information regarding Albireo, Ipsen and Purchaser are not aware of any licenses or other regulatory permits which appear to be material to the business of Albireo and which might be adversely affected by the acquisition of Shares by Purchaser pursuant to the Offer or of any approval or other action by any governmental, administrative or regulatory agency or authority which would be required for the acquisition or ownership of Shares by Purchaser or Ipsen pursuant to the Offer. In addition, except as set forth below, Ipsen and Purchaser are not aware of any filings, approvals or other actions by or with any governmental body or administrative or regulatory agency that would be required for Ipsen's and Purchaser's acquisition or ownership of the Shares. Should any such approval or other action be required by any "fair price," "business combination" or "control share acquisition" statute or other similar statute or regulation is or may become applicable to any of the transactions contemplated by the Merger Agreement or the CVR Agreement, the parties to the Merger Agreement have agreed to use their respective commercially reasonable efforts to (a) take such actions as are reasonably necessary so that the transactions contemplated under the Merger Agreement and the CVR Agreement may be consummated as promptly as practicable on the terms contemplated by the Merger Agreement and (b) otherwise take all such actions as are reasonably necessary to eliminate or minimize the effects of any such statute or regulation on such transactions. The parties currently expect that such approval or action, except as described below under "**State Takeover Laws,**" would be sought or taken. There can be no assurance that any such approval or action, if needed, would be obtained or, if obtained, that it will be obtained without substantial conditions; and there can be no assurance that, in the event that such approvals were not obtained or such other actions were not taken, adverse consequences might not result to Albireo's or Ipsen's business or that certain parts of Albireo's or Ipsen's business might not have to be disposed of or held separate. In such an event, we may not be required to purchase any Shares in the Offer. See Section 13 – "**Conditions of the Offer.**"

**Compliance with the HSR Act.** Under the HSR Act and the related rules and regulations that have been issued by the U.S. Federal Trade Commission (the "**FTC**"), certain acquisitions of voting securities or assets may not be consummated until Premerger Notification and Report Forms have been filed for review by the FTC and the Antitrust Division of the U.S. Department of Justice (the "**Antitrust Division**") and certain waiting period requirements have been satisfied. These requirements apply to the acquisition of the Shares in the Offer and the Merger. The deadline to file such Premerger Notification and Report Forms is January 30, 2023, which is the date 15 business days following the date of the Merger Agreement.

Under the HSR Act, the purchase of Shares may be completed following the expiration of a 30 calendar day waiting period following the filing of certain required information and documentary material concerning the Offer with the FTC and the Antitrust Division, unless Ipsen receives a Request for Additional Information and Documentary Material from the Antitrust Division or the FTC or unless early termination of the waiting period is granted. Under the terms of the Merger Agreement, Ipsen and Albireo have agreed to file their Premerger Notification and Report Forms under the HSR Act with the FTC and the Antitrust Division in connection with the purchase of Shares in the Offer and the Merger no later than 15 business days after the date of the Merger Agreement. Under the HSR Act, the required waiting period will expire 30 days after Ipsen files a Notification and Report Form under the HSR Act with the FTC and the Antitrust Division in connection with the Offer and the Merger unless earlier terminated by the FTC and the Antitrust Division, Ipsen pulls and refiles its Premerger

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Notification and Report Form under 16 C.F.R. §803.12, or the parties receive a Second Request. Expiration or termination of the HSR Act's waiting period is a condition to the consummation of the Offer.

In addition to the filing under the HSR Act, the U.S. federal antitrust agencies, foreign competition law authorities, U.S. state attorneys general, or private persons may bring legal action under competition or antitrust law seeking to enjoin the Transaction, seeking to add conditions to the completion of the Offer or, if Shares have already been acquired, seeking to require disposition of such Shares. There can be no assurance that a challenge to the Offer on competition or antitrust grounds will not be made or, if such a challenge is made, what the result will be. If any such action results in a judgment, temporary restraining order, preliminary or permanent injunction or other order preventing the consummation of the acquisition of Shares in the Offer or Merger, Ipsen may not be obligated to consummate the Offer or the Merger. See Section 13 – "**Conditions of the Offer**."

**German Antitrust Laws.** The Act Against Restraints of Competition requires the parties to file a notification with the Federal Cartel Office ("**FCO**") and provides that the acquisition of Shares pursuant to the Offer may not be consummated unless the FCO notified Ipsen within one month of submission of the complete notification that the conditions for a prohibition of the concentration are not satisfied or a one-month waiting period from the submission of the complete notification has expired without the FCO notifying the parties in writing that it has initiated an in-depth investigation. In the event of an in-depth investigation, the acquisition of Shares pursuant to the Offer may not be consummated unless (within a waiting period of five months from submission of a complete notification to the FCO (subject to extension)) the FCO approves the transaction or the FCO has not prohibited the transaction.

**Stockholder Approval Not Required**. Albireo has represented in the Merger Agreement that execution, delivery and performance of the Merger Agreement by Albireo and the consummation by Albireo of the Offer and the Merger have been duly and validly authorized by all necessary corporate action on the part of Albireo, and no other corporate proceedings on the part of Albireo are necessary to authorize the Merger Agreement or to consummate the Offer and the Merger. Section 251(h) of the DGCL generally provides that stockholder approval of a merger is not required if certain requirements are met, including that: (i) the acquiring company consummates an offer for all of the outstanding stock of Albireo to be acquired that, absent Section 251(h) of the DGCL, would be entitled to vote on the merger; and (ii) following the consummation of such tender offer, the acquiring company owns at least such percentage of the stock of Albireo to be acquired that, absent Section 251(h) of the DGCL, would be required to adopt the merger agreement. If the Minimum Condition is satisfied and we accept Shares for payment pursuant to the Offer, we will hold a sufficient number of Shares to ensure that Albireo will not be required to submit the adoption of the Merger Agreement to a vote of its stockholders. Following the consummation of the Offer and subject to the satisfaction of the remaining conditions set forth in the Merger Agreement, Purchaser, Ipsen and Albireo will take all necessary and appropriate action to effect the Merger as promptly as practicable without a meeting of stockholders of Albireo in accordance with Section 251(h) the DGCL. See Section 11 – "**Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements.**"

**State Takeover Laws**. A number of states (including Delaware, where Albireo is incorporated) have adopted takeover laws and regulations which purport, to varying degrees, to be applicable to attempts to acquire securities of corporations which are incorporated in such states or which have substantial assets, stockholders, principal executive offices or principal places of business therein.

As a Delaware corporation, Albireo has not opted out of Section 203 of the DGCL. In general, Section 203 of the DGCL would prevent an "interested stockholder" (generally defined in Section 203 of the DGCL as a person, together with such person's affiliates or associates, beneficially owning 15% or more of a corporation's voting stock) from engaging in a "business combination" (as defined in Section 203 of the DGCL) with a Delaware corporation for three years following the time such person became an interested stockholder unless: (i) before such person became an interested stockholder, the board of directors of the corporation approved the

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transaction in which the interested stockholder became an interested stockholder or approved the business combination; (ii) upon consummation of the transaction which resulted in the interested stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced (excluding for purposes of determining the number of shares of outstanding stock held by directors who are also officers and by employee stock plans that do not allow plan participants to determine confidentially whether to tender shares); or (iii) at or subsequent to the transaction in which such person became an interested stockholder, the business combination is: (a) approved by the board of directors of the corporation; and (b) authorized at a meeting of stockholders by the affirmative vote of the holders of at least 66 2/3% of the outstanding voting stock of the corporation not owned by the interested stockholder.

Albireo has represented to us in the Merger Agreement that its board of directors has taken all actions necessary to ensure that the restrictions applicable to business combinations contained in Section 203 of the DGCL are not, and will not be, applicable to the execution, delivery or performance of the Merger Agreement. In such case, Purchaser may not be obligated to accept for purchase, or pay for, any Shares tendered. See Section 13 – "**Conditions of the Offer.**"

**Appraisal Rights**. No appraisal rights are available in connection with the Offer. However, if the Offer is successful and the Merger is consummated, stockholders or beneficial owners of Albireo who: (i) did not tender their Shares in the Offer (or, if tendered, validly and subsequently withdraw such Shares prior to the Offer Acceptance Time); (ii) otherwise comply with the applicable requirements and procedures of Section 262 of the DGCL; (iii) do not thereafter withdraw their demand for appraisal of such Shares or otherwise lose their appraisal rights, in each case in accordance with the DGCL; and (iv) in the case of a beneficial owner, have submitted a demand that (A) reasonably identifies the holder of record of the shares for which the demand is made, (B) is accompanied by documentary evidence of such beneficial owner's beneficial ownership of stock and a statement that such documentary evidence is a true and correct copy of what it purports to be, and (C) provides an address at which such beneficial owner consents to receive notices given by Albireo and to be set forth on the verified list to be filed with the Delaware Register in the Delaware Court of Chancery (the "**Delaware Court**"), will be entitled to demand appraisal of their Shares and receive, in lieu of the consideration payable in the Merger, a cash payment equal to the "fair value" of their Shares, as determined by the Delaware Court, in accordance with Section 262 of the DGCL, plus interest, if any, on the amount determined to be the fair value.

The following discussion is not a complete statement of the law pertaining to appraisal rights under the DGCL and is qualified in its entirety by the full text of Section 262 of the DGCL, which is attached to the Schedule 14D-9 as Annex B and is incorporated by reference therein. All references in Section 262 of the DGCL and in this summary to a "stockholder" or "holder of Shares" are to the record holder of Shares immediately prior to the Effective Time as to which appraisal rights are asserted. A person having a beneficial interest in Shares held of record in the name of another person, such as a broker or nominee, and who wishes to demand appraisal rights, must act promptly to cause the record holder to follow the steps summarized below properly and in a timely manner to perfect appraisal rights. Stockholders should carefully review the full text of Section 262 of the DGCL as well as the information discussed below. Stockholders should assume that Albireo will take no action to perfect any appraisal rights of any stockholder.

Stockholders and beneficial owners should be aware that the fair value of their Shares could be more than, the same as or less than the consideration to be received pursuant to the Merger and that an investment banking opinion as to the fairness, from a financial point of view, of the consideration payable in a sale transaction, such as the Offer and the Merger, is not an opinion as to, and does not otherwise address, fair value under Section 262 of the DGCL. Moreover, Ipsen and Albireo may argue in an appraisal proceeding that, for purposes of such proceeding, the "fair value" of such Shares is less than the Offer Price. Any stockholder or beneficial owner contemplating the exercise of such appraisal rights should review carefully the provisions of Section 262 of the DGCL, particularly the procedural steps required to properly demand and perfect such rights.

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**Any stockholder who desires to exercise his, her or its appraisal rights should review carefully Section 262 of the DGCL and is urged to consult his, her or its legal advisor before electing or attempting to exercise such rights.** 

Under Section 262 of the DGCL, where a merger is approved under Section 251(h), either a constituent corporation before the effective date of the merger, or the surviving corporation within ten days thereafter, will notify each of the holders of any class or series of stock of such constituent corporation who are entitled to appraisal rights of the approval of the merger or consolidation and that appraisal rights are available for any or all shares of such class or series of stock of such constituent corporation, and will include in such notice a copy of Section 262. **The Schedule 14D-9 constitutes the formal notice of appraisal rights under Section 262 of the DGCL**. Any holder of Shares who wishes to exercise such appraisal rights or who wishes to preserve his, her or its right to do so should review the following discussion and Annex II carefully because failure to timely and properly comply with the procedures specified will result in the loss of appraisal rights under the DGCL.

As more fully discussed in the Schedule 14D-9, Albireo stockholders wishing to exercise the right to seek an appraisal of their Shares under Section 262 of the DGCL must, in addition to the other requirements set forth in Section 262 of the DGCL, do ALL of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to the later of the consummation of the Offer and 20 days after the mailing of the Schedule 14D-9, deliver
to Albireo at the address indicated below, a written demand for appraisal of Shares held, which demand must reasonably inform Albireo of the identity of the stockholder or beneficial owner and that the stockholder or beneficial owner is demanding
appraisal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not tender his, her or its Shares in the Offer (or, if tendered, validly and subsequently withdraw such Shares
prior to the Offer Acceptance Time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continuously hold of record or beneficially own the Shares from the date on which the written demand for
appraisal is made through the Effective Time;

comply with the procedures of Section 262 of the DGCL for perfecting appraisal rights thereafter; and

in the case of a beneficial owner, the demand must (A) reasonably identify the holder of record of the shares for which the demand is made, (B) be accompanied by documentary evidence of such beneficial owner's beneficial ownership and a statement that such documentary evidence is a true and correct copy of what it purports to be, and (C) provide an address at which such beneficial owner consents to receive notices given by the Surviving Corporation and to be set forth on the verified list to be filed with the Delaware Register in the Delaware Court.

**Any stockholder who sells Shares in the Offer will not be entitled to exercise appraisal rights with respect thereto but rather will receive the Offer Price, subject to the terms and conditions of the Merger Agreement, as well as the Offer to Purchase and related Letter of Transmittal, as applicable.** 

**The foregoing summary of the rights of dissenting stockholders under the DGCL does not purport to be a statement of the procedures to be followed by stockholders desiring to exercise any appraisal rights under Delaware law. The preservation and exercise of appraisal rights require strict and timely adherence to the applicable provisions of Delaware law which will be set forth in their entirety in the notice of merger. The foregoing discussion is not a complete statement of law pertaining to appraisal rights under Delaware law and is qualified in its entirety by reference to Delaware law, including without limitation, Section 262 of the DGCL, a copy of which is included as Annex B to the Schedule 14D-9.** 

**The information provided above is for informational purposes only with respect to your alternatives if the Merger is consummated. Any stockholder who desires to exercise his, her or its appraisal rights should review carefully Section 262 of the DGCL and is urged to consult his, her or its legal advisor before electing or attempting to exercise such rights. The foregoing summary does not constitute any legal or other advice nor does it constitute a recommendation that Albireo stockholders exercise appraisal rights under Section 262 of the DGCL.** 

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**If you tender your Shares into the Offer, you will not be entitled to exercise appraisal rights with respect to such Shares but, instead, subject to the conditions to the Offer, you will receive the Offer Price for your Shares.** 

"**Going Private**" **Transactions**. Rule 13e-3 under the Exchange Act is applicable to certain "going private" transactions and may under certain circumstances be applicable to the Merger. However, Rule 13e-3 will be inapplicable if: (i) the Shares are deregistered under the Exchange Act prior to the Merger or another business combination; or (ii) the Merger or other business combination is consummated within one year after the purchase of the Shares pursuant to the Offer and the amount paid per Share in the Merger or other business combination is at least equal to the amount paid per Share in the Offer. Neither Ipsen nor Purchaser believes that Rule 13e-3 will be applicable to the Merger.

**Legal Proceedings Relating to the Tender Offer**. None.

**16.** **Fees and Expenses.** 

Ipsen has retained the Paying Agent and the Information Agent in connection with the Offer. The Paying Agent and the Information Agent will receive customary compensation, reimbursement for reasonable out-of-pocket expenses and indemnification against certain liabilities in connection with the Offer, including certain liabilities under the federal securities laws.

As part of the services included in such retention, the Information Agent may contact holders of Shares by personal interview, mail, electronic mail, telephone, telex, telegraph and other methods of electronic communication and may request brokers, dealers, commercial banks, trust companies and other nominees to forward the Offer materials to beneficial holders of Shares.

Except as set forth above, neither Ipsen nor Purchaser will pay any fees or commissions to any broker or dealer or other person for soliciting tenders of Shares pursuant to the Offer. Brokers, dealers, commercial banks and trust companies will upon request be reimbursed by us for customary mailing and handling expenses incurred by them in forwarding the offering material to their customers.

**17.** **Miscellaneous.** 

The Offer is being made to all holders of the Shares. We are not aware of any jurisdiction in which the making of the Offer or the acceptance thereof would be prohibited by securities, "blue sky" or other valid laws of such jurisdiction. If we become aware of any U.S. state in which the making of the Offer or the acceptance of Shares pursuant thereto would not be in compliance with an administrative or judicial action taken pursuant to a U.S. state statute, we will make a good faith effort to comply with any such law. If, after such good faith effort, we cannot comply with any such law, the Offer will not be made to (nor will tenders be accepted from or on behalf of) the holders of Shares in such state. In any jurisdictions where applicable laws require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of Purchaser by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.

Ipsen and Purchaser have filed with the SEC the Schedule TO (including exhibits) in accordance with the Exchange Act, furnishing certain additional information with respect to the Offer, and may file amendments thereto. The Schedule TO and any amendments thereto, including exhibits, may be examined and copies may be obtained from the SEC in the manner set forth in Section 8 – "**Certain Information Concerning Albireo**" under "**Available Information.**"

The Offer does not constitute a solicitation of proxies for any meeting of Albireo's stockholders. Any solicitation of proxies which Purchaser or any of its affiliates might seek would be made only pursuant to separate proxy materials complying with the requirements of Section 14(a) of the Exchange Act.

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**No person has been authorized to give any information or make any representation on behalf of Ipsen or Purchaser not contained in this Offer to Purchase or in the Letter of Transmittal and, if given or made, such information or representation must not be relied upon as having been authorized. No broker, dealer, bank, trust company, fiduciary or other person shall be deemed to be an agent of Purchaser, the Paying Agent or the Information Agent for the purpose of the Offer. Neither delivery of this Offer to Purchase nor any purchase pursuant to the Offer will, under any circumstances, create any implication that there has been no change in the affairs of Ipsen SA, Guarantor, Ipsen, Purchaser, Albireo or any of their respective subsidiaries since the date as of which information is furnished or the date of this Offer to Purchase.** 

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| |
|:---|
|  Ipsen S.A. |
|  Ipsen Pharma SAS |
|  Ipsen Biopharmaceuticals, Inc. |
|  Anemone Acquisition Corp. |
|  January 23, 2023 |

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**SCHEDULE A** 

**INFORMATION CONCERNING MEMBERS OF THE BOARDS OF DIRECTORS AND** 

**THE EXECUTIVE OFFICERS OF PURCHASER, IPSEN, GUARANTOR** 

**AND IPSEN SA** 

**1.** **Anemone Acquisition Corp.** 

The following table sets forth information about the directors and executive officers of Anemone Acquisition Corp. as of January 23, 2023.

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| | |
|:---|:---|
| **Name, <br>Country of Citizenship** | **Position, Present Principal Occupation or Employment; Material Positions<br>Held During the Past Five Years; Certain Other Information** |
| **Francois Garnier**<br> Director <br> Citizenship: France | Mr. Garnier is also a Managing Officer of Ipsen Pharma SAS, a position he has held since June 2022. He has also served as Executive Vice President, General Counsel and Chief Business Ethics Officer of the Ipsen group of companies since January 2015. |
| **Aymeric Le Chatelier** <br> Director<br> Citizenship: France | Mr. Le Chatelier is also a Managing Officer of Ipsen Pharma SAS, a position he has held since June 2022. He has also served as Executive Vice President, Group Chief Financial Officer of the Ipsen group of companies since October 2014. |
| **Christelle Huguet** <br> Citizenship: France and USA | Ms. Huguet has served as President and Chief Executive Officer of Anemone Acquisition Corp. since January 2023. She has also served as Senior Vice President, Head of Research, External Innovation and Early Development of Ipsen Bioscience, Inc. since May 2020. From 2018 to 2020, she was Chief Scientific Officer at X-Chem & ZebiAI. From 2015 to 2017, she was Head of Research at Alexion Pharmaceuticals, Inc. |
| **Jennifer Benenson** <br> Citizenship: USA | Ms. Benenson has served as Vice President, Secretary and Treasurer of Anemone Acquisition Corp. since January 2023. She has also served as Director and Senior Vice President, North America General Counsel of Ipsen Biopharmaceuticals, Inc. since August 2018. From 2011 to July 2018, she was Vice President, North America General Counsel of Ipsen Biopharmaceuticals, Inc. |

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The common business address and telephone number for all the directors and executive officers of Anemone Acquisition Corp. is as follows: One Main Street, Cambridge, MA 02142, Tel: (617) 679-8500.

**2.** **Ipsen Biopharmaceuticals, Inc.** 

The following table sets forth information about the directors and executive officers of Ipsen Biopharmaceuticals, Inc. as of January 23, 2023.

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|:---|:---|
| **Name, <br>Country of Citizenship** | **Position, Present Principal Occupation or Employment; Material Positions<br>Held During the Past Five Years** |
| **Jennifer Benenson** <br> Director<br> Citizenship: USA | Ms. Benenson has served as Director and Senior Vice President, North America General Counsel of Ipsen Biopharmaceuticals, Inc. since August 2018. She has also served as Vice President, Secretary and Treasurer of Anemone Acquisition Corp. since January 2023. From 2011 to July 2018, she was Vice President, North America General Counsel of Ipsen Biopharmaceuticals, Inc. |
| **Stewart Campbell** <br> Director<br> Citizenship: Canada | Mr. Campbell has served as Director and President, North America of Ipsen Biopharmaceuticals, Inc. since June 2021. From May 2021 to June 2021, he was Senior Vice President, Oncology Franchise Head at Ipsen |

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| | |
|:---|:---|
| **Name, <br>Country of Citizenship** | **Position, Present Principal Occupation or Employment; Material Positions<br>Held During the Past Five Years** |
|  | Biopharmaceuticals, Inc. Prior to joining Ipsen, he spent over 14 years at Roche Genentech, Inc., most recently as Vice President, Lifecycle Leader Oncology. |
| **Elliot Beimel** <br> Director<br> Citizenship: USA | Mr. Beimel has served as Director and Vice President, Finance North America, and Treasurer of Ipsen Biopharmaceuticals, Inc. since December 2020. From 2018 to 2020, he was Senior Director, Finance North America at Ipsen Biopharmaceuticals, Inc. Prior to joining Ipsen, he spent over seventeen years at Amgen, Inc., most recently as Director of Commercial Finance, US Oncology Business Unit. |
| **Kimberly Baldwin** <br> Citizenship: USA | Ms. Baldwin has served as Vice President, Value and Access at Ipsen Biopharmaceuticals, Inc. since February 2021. Since June 2014, she has held several positions at Ipsen Biopharmaceuticals, Inc., including Vice President Franchise Head, Neuroscience Business Unit, Head of Oncology and Endocrinology Strategy and Operations and Senior Director of Value & Access Account Management. |

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The common business address and telephone number for all the directors and executive officers of Ipsen Biopharmaceuticals, Inc. is as follows: One Main Street, Cambridge, MA 02142, Tel: (617) 679-8500.

**3.** **Ipsen Pharma SAS** 

The following table sets forth information about the directors and executive officers of Ipsen Pharma SAS as of January 23, 2023.

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| | |
|:---|:---|
| **Name, <br>Country of Citizenship** | **Present Principal Occupation or Employment; Material Positions<br>Held During the Past Five Years** |
| **David Loew** <br> Citizenship: Switzerland | Mr. Loew has served as President of Ipsen Pharma SAS since May 2020. He has also served as Chief Executive Officer and Director of Ipsen S.A. since May 2022. Prior to joining Ipsen, he spent 7 years at Sanofi S.A. where his last position was Executive Vice President Vaccines of Sanofi Pasteur S.A. |
| **Francois Garnier** <br> Citizenship: France | Mr. Garnier is a Managing Officer of Ipsen Pharma SAS. He has also served as Director of Anemone Acquisition Corp. since January 2023 and as Executive Vice President, General Counsel and Chief Business Ethics Officer of the Ipsen group of companies since January 2015. |
| **Regis Mulot** <br> Citizenship: France | Mr. Mulot is a Managing Officer of Ipsen Pharma SAS. He has also served as the Executive Vice President, Chief Human Resources Officer of the Ipsen group of companies since May 2018. Prior to joining Ipsen, he spent over nine years at Staples, Inc., most recently as Executive Vice President, Chief Human Resources Officer. |
| **Aidan Murphy** <br> Citizenship: Ireland | Mr. Murphy is the Managing Officer of Ipsen Pharma SAS. He has also served as Executive Vice President, Technical Operations of the Ipsen group of companies since January 2018. Prior to that, he served as Senior Vice President of Biologics Manufacturing and Development from 2014 to 2017. |
| **Aymeric Le Chatelier** <br> Citizenship: France | Mr. Le Chatelier is a Managing Officer of Ipsen Pharma SAS. He has also served as a Director of Anemone Acquisition Corp. since January 2023 and as Executive Vice President, Group Chief Financial Officer of the Ipsen group of companies since October 2014. |

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|:---|:---|
| **Name, <br>Country of Citizenship** | **Present Principal Occupation or Employment; Material Positions<br>Held During the Past Five Years** |
| **Bartosz (Bartek) Bednarz** <br> Citizenship: Poland | Mr. Bednarz is the Managing Officer of Ipsen Pharma SAS. He has also served as Executive Vice President, Head of Global Product and Portfolio Strategy of the Ipsen group of companies since September 2020. Prior to that, he served as SVP, Global Product and Portfolio Strategy from 2019 to 2020 and SVP Global Oncology Franchise from 2017 to 2019 at Ipsen Biopharm Ltd. Prior to joining Ipsen, he has spent seven years at AstraZeneca plc, most recently as VP Global Commercial Operations, Oncology, and 13 years at Novartis, holding various commercial roles. |
| **Stewart Campbell** <br> Citizenship: Canada | Mr. Campbell has served as Executive Vice President, President of North America of the Ipsen group of companies since June 2021. He has also served as a Director, and President, North America of Ipsen Biopharmaceuticals, Inc. since June 2021. From May 2021 to June 2021, he served as Senior Vice President, Oncology Franchise Head at Ipsen Biopharmaceuticals, Inc. Prior to joining Ipsen, he has spent more than 14 years at Roche Genentech, Inc., most recently as Vice President Lifecycle Leader Oncology. |
| **Steven Hildemann, M.D.** <br> Citizenship: Germany | Mr. Hildemann has served as Executive Vice President, Chief Medical Officer, Head of Global Medical Affairs, Patients Safety and Patients Affairs of the Ipsen group of companies since March 2020. From 2014 to February 2020 he was Global Chief Medical Officer and Senior Vice President Head of Global Medical Affairs and Patient Safety at Merck, KGaA. |
| **Philippe Lopes-Fernandes** <br> Citizenship: France | Mr. Lopes-Fernandes has served as Executive Vice President, Chief Business Officer of the Ipsen group of companies since October 2020. He has served as a Director of Bakx Therapeutics, Inc. since July 2021. From 2012 to September 2020, he was Senior Vice President Global Head of Licensing Business Development and Alliance Management at Merck, KGaA. |
| **Howard Mayer, M.D.** <br> Citizenship: USA | Mr. Mayer has served as Executive Vice President, Head of Research and Development of the Ipsen group of companies since December 2019. Since August 2019, he has served as Director of Entasis Therapeutics, Inc. From 2018 to 2019 he was Senior Vice President, Chief Medical Officer at Shire Pharmaceuticals, Inc. From 2013 of 2018, he was Senior Vice President, Head of Clinical Development at Shire Pharmaceuticals, Inc. |
| **Catherine Abi-Habib** <br> Citizenship: Canada, Lebanon | Ms. Abi-Habib has served as Executive Vice President, Strategy, Transformation and Digital of the Ipsen group of companies since March 2022. From 2010 until February 2022, she was at McKinsey & Company where she served several roles, most recently as Partner. |
| **Mari Scheiffele** <br> Citizenship: Finland | Ms. Scheiffele has served as Executive Vice President, Specialty Care International of the Ipsen group of companies since November 2021. |
|  | From February 2018 to October 2021, she was General Manager, Novartis Oncology, UK & Ireland. From 2016 to January 2018 she was Global Head of Strategy, Novartis Oncology. |

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|:---|:---|
| **Name, <br>Country of Citizenship** | **Present Principal Occupation or Employment; Material Positions<br>Held During the Past Five Years** |
| **Gwenan White** <br> Citizenship: UK | Ms. White has served as Executive Vice President, Communications and Public Affairs of the Ipsen group of companies since March 2021. From 2020 to 2021 she was Global Head of Communications and Engagement at Novartis. From 2019 to 2020, she served as the Public Affairs Director for Western Europe and Canada at AbbVie, where she also served as the UK Director of Communications and Patient Advocacy from 2013 to 2019. |

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The common business address and telephone number for all the directors and executive officers of Ipsen Pharma SAS is as follows: 65 Quai Georges Gorse, 92100 Boulogne Billancourt, France, Tel: +33 1 58 33 50 00.

**4.** **Ipsen S.A.** 

The following table sets forth information about the directors and executive officers of Ipsen S.A. as of January 23, 2023.

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| | |
|:---|:---|
| **Name, <br>Country of Citizenship** | **Position, Present Principal Occupation or Employment; Material Positions<br>Held During the Past Five Years** |
| **Marc de Garidel** <br> Director & Chairman<br> Citizenship: France | Mr. de Garidel has served as the Chairman of Ipsen S.A. since 2016. He has also served as Chief Executive Officer of CinCor Pharma Inc. since 2021. He previously served as Chief Executive Officer and Director of AZTherapies, Inc. from 2020 to 2021. Prior to that he served as Chief Executive Officer of Corvidia Therapeutics (USA) from 2018 to 2020 and as Chief Executive Officer of Ipsen S.A. from 2010 to 2016. He has served as a Director at Claris Biotherapeutics since 2020 and previously served as a Director for Vifor Pharma GmbH from 2015 to 2018. |
| **Anne Beaufour** <br> Director, board representative of Highrock S.ar.l.<br> Citizenship: France | Ms. Beaufour has been a Director and Chairperson of the Board of Directors at Beech Tree S.A. since 2003. She is also Vice Chairperson of the Board of Directors and Managing Director, Mayroy SA (Luxemburg) and a Manager at Highrock S.a.r.l. (Luxemburg) and Bluehill Participations S.a.r.l. |
| **Henri Beaufour** <br> Director<br> Citizenship: France | Mr. Beaufour has served as Chairperson, Partner and Legal Manager at Massa Management SwissCo S.a.r.l. (Switzerland) since 2020 and a Partner, Legal Manager and Chairman of Massa Management S.a.r.l. (Luxemburg), a business consulting firm, since 2018. Mr. Beaufour also serves as a Director of Beech Tree S.a.r.l. (Luxemburg) and Mayroy S.A. (Luxemburg). |
| **Phillippe Bonhomme**<br> Director, board representative of Beech Tree S.A.<br> Citizenship: France | Mr. Bonhomme has served as a Partner, Director and Member of the Management Committee of Hottinguer Corporate Finance SA (France) since 2005 and as Chairman of PBandCO SAS since 2020. He is also a Director of Beech Tree S.A. (Luxemburg) and Mayroy S.A. and Co-managing Director of MR HB S.a.r.l. (Luxemburg). |
| **Naomi Binoche** <br> Director<br> Citizenship: France | Ms. Binoche has served as Vice President, Global Strategic Alliances of Ipsen Pharma SAS since November 2021. From 2020 to 2021, she served as Vice President Head of Partnering and Geographic Expansion at Ipsen Pharma SAS. From 2018 to 2022, she served as Vice President Strategy & Transformation at Ipsen Pharma SAS and prior to 2018, she served as Vice President, Strategic Alliances. |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Name, <br>Country of Citizenship** | **Position, Present Principal Occupation or Employment; Material Positions<br>Held During the Past Five Years** |
| **Laetitia Ducroquet**<br> Director**** <br> Citizenship: France | Ms. Ducroquet has served as Deputy Chief Business Ethics Officer since September 2022. From January 2021 until September 2022, she served as Vice President Global Business Ethics of Ipsen Pharma SAS. From 2019 to 2020, she served as the Senior Director, Business Ethics at Ipsen Pharma SAS. From 2017 to 2019, she served as the Ethics & Compliance Director at Ipsen Pharma SAS. |
| **Antoine Flochel** <br> Director & Vice Chairman<br> Citizenship: France | Mr. Flochel has served as Managing Partner of Financière de Catalogne SPRL (Luxemburg) since 2013 and has served as President and Chairman of VicJen Finance S.A. since 2015. He is also Chairman of the board of directors and Managing Director, Beech Tree S.A, a Director of Mayroy S.A., Legal Manager & Managing Partner at Financière de Catalogne S.a.r.l., Managing Director at MR BMH S.a.r.l., and Legal Manager & Managing Partner at Bluehill Participations S.a.r.l. |
| **Margaret Liu** <br> Director<br> Citizenship: USA | Since 2020, Ms. Liu has served as Global Health, Vaccines and Immunotherapy Consultant at ProTherImmune (USA). She has also served as Co-Chair of the board of International Society for Vaccines since 2022, and as the President Emerita since 2018. Since 2018, she has served as the Chief Executive Officer of Pax Therapeutics. She previously served as a Director for Adjuvance Technologies Inc. from 2020 to 2022. |
| **David Loew** <br> Director and Chief Executive Officer<br> Citizenship: Switzerland | Mr. Loew has served as Chief Executive Officer since May 2022 and has served as President of Ipsen Pharma SAS since May 2020. Prior to joining Ipsen, he spent 7 years at Sanofi S.A. where his last position was Executive Vice President Vaccines of Sanofi Pasteur S.A. |
| **Michèle Ollier** <br> Director<br> Citizenship: France, Switzerland | Ms. Ollier is a Partner of Medicxi Ventures UK LLP, a venture capital company located in Geneva, Switzerland, which she co-founded in 2016. She serves as a Director of a number of companies, including Epsilon 3Bio Ltd., Lingua Flex, Inc., a medical device company, Human Antibody Factory, (UK), a biotechnology company, and Vilaris Therapeutics, a preclinical-stage biopharmaceutical company. |
| **Paul Sekhri** <br> Director<br> Citizenship: USA | Mr. Sekhri has served as Chief Executive Officer of e-Genesis since 2019. Prior to e-Genesis, Inc., Mr. Sekhri served as President and Chief Executive Officer of Lycera Corp. from 2015 through 2018. From 2014 to 2015, Mr. Sekhri served as Senior Vice President, Integrated Care at Sanofi. He has served as a Director at Spring Discovery, a biotechnology research company, Veeva Systems, Inc. (NYSE: VEEV), and as Chairman of the Board of Directors of Pharming Group NV (Nasdaq: PHAR). |
| **Piet Wigerinck, PhD** <br> Director<br> Citizenship: Belgium | Mr. Wigerinck has served as Chief Scientific Officer of Galapagos NV since 2012. He also serves as a Director and Chair of R&D sub-committee at mDiagnostics, a Director of the Advisor Board of Atriva Therapeutics GmbH and Chairman of the Scientific Advisory Board at Ermium Therapeutics S.A. |
| **Karen Witts** <br> Director<br> Citizenship: UK | Ms. Witts has served as Chief Financial Officer of Dunelm Group plc since 2022. Prior to that, she served as Chief Financial Officer of |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Name, <br>Country of Citizenship** | **Position, Present Principal Occupation or Employment; Material Positions<br>Held During the Past Five Years** |
|  | Compass Group plc from 2019 to 2021 and as Group Finance Director of Kingfisher plc from 2012 to 2019. |
| **Carol Xueref** <br> Director<br> Citizenship: UK | Ms. Xueref has served as a Director, Chairperson on the Compensation and Appointment Committee and member of the Strategic Committee of Effiage S.A. since 2014 and serves as Chairperson of Floem SAS (France), a consultancy firm. |

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The common business address and telephone number for all the directors and executive officers of Ipsen S.A. is as follows: 65 Quai Georges Gorse, 92100 Boulogne Billancourt, France, Tel: +33 1 58 33 50 00.

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##### [**Table of Contents**](#toc)
Manually signed facsimiles of the Letter of Transmittal, properly completed, will be accepted. The Letter of Transmittal and certificates evidencing Shares and any other required documents should be sent or delivered by each stockholder or its, his or her broker, dealer, commercial bank, trust company or other nominee to the Paying Agent at one of its addresses set forth below:

*The Paying Agent for the Offer is*:

**Computershare Trust Company, N.A.** 

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| | |
|:---|:---|
| *By Mail*: | *If Delivering via UPS, FedEx or Courier*: |
| Computershare Trust Company, N.A.<br> c/o Voluntary Corp Actions P.O. Box 43011<br> Providence, RI 02940-3011 | Computershare Trust Company, N.A.<br> c/o Voluntary Corporate Actions<br> 150 Royall Street, Suite V<br> Canton, MA 02021 |

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Questions and requests for assistance may be directed to the Information Agent at its address and telephone numbers set forth below. Requests for copies of the Offer to Purchase and the related Letter of Transmittal and Notice of Guaranteed Delivery may be directed to the Information Agent. Such copies will be furnished promptly at Purchaser's expense. Stockholders may also contact brokers, dealers, commercial banks or trust companies for assistance concerning the Offer. Purchaser will not pay any fees or commissions to any broker or dealer or any other person (other than the Information Agent or the Paying Agent) for soliciting tenders of Shares pursuant to the Offer.

*The Information Agent for the Offer is*:

![LOGO](g427101g01p77.jpg)

1290 Avenue of the Americas, 9<sup>th</sup> Floor

New York, New York 10104

**(866) 203-9357 (Toll Free)** 

**albireopharma@georgeson.com**

## Ex-99.(A)(1)(B)

**Exhibit (a)(1)(B)** 

**Letter of Transmittal** 

**To Tender Shares of Common Stock** 

**of** 

**ALBIREO PHARMA, INC.** 

**a Delaware corporation** 

**at** 

**$42.00 per Share in Cash, Plus One Non-Transferable Contractual Contingent Value Right** 

**("CVR") for Each Share, which Represents the Right to Receive a Payment** 

**in Cash of $10.00 per CVR, Contingent upon** 

**the Achievement of a Certain Milestone** 

**Pursuant to the Offer to Purchase** 

**Dated January 23, 2023** 

**by** 

**ANEMONE ACQUISITION CORP.** 

**a wholly owned subsidiary of** 

**IPSEN BIOPHARMACEUTICALS, INC.** 

**a wholly owned subsidiary of** 

**IPSEN PHARMA SAS** 

**a wholly owned subsidiary of** 

**IPSEN S.A.** 

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE AFTER 11:59 P.M., EASTERN TIME, ON FEBRUARY 21, 2023, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.** 

*The Paying Agent for the Offer is*:

**Computershare Trust Company, N.A.** 

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| | |
|:---|:---|
| *By Mail*: | *If Delivering via UPS or FedEx*: |
| Computershare Trust Company, N.A.<br> c/o Voluntary Corp Actions P.O. Box 43011<br> Providence, RI 02940-3011 | Computershare Trust Company, N.A.<br> c/o Voluntary Corporate Actions<br> 150 Royall Street, Suite V<br> Canton, MA 02021 |

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**DESCRIPTION OF SHARES SURRENDERED** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Certificated Shares\*\*** | **Certificated Shares\*\*** | **Certificated Shares\*\*** | |
| **Name(s) and**<br> **Address(es) of**<br> **Registered Holder(s)**<br> **(Please fill in, if**<br> **blank, exactly as**<br> **name(s) appear(s)**<br> **on certificate(s))**<br> **(Attach additional**<br> **signed list if**<br> **necessary)** | **Certificate<br>Number(s)\*** | **Total Number of<br>Shares<br>Represented by<br>Certificate(s)\*** | **Number of Shares<br>Surrendered\*\*** |<br>**Book Entry<br>Shares<br>Surrendered** |
|  | Total Shares |  |  |  |

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\* Need not be completed by book-entry stockholders.

\*\* Unless otherwise indicated, it will be assumed that all shares of common stock represented by certificates described above are being surrendered hereby.

**Delivery of this Letter of Transmittal to an address other than as set forth above will not constitute a valid delivery to the Paying Agent (as defined below). You must sign this Letter of Transmittal in the appropriate space provided therefor below, with signature guaranteed, if required, and complete and sign the Internal Revenue Service (the "IRS") Form W-9 included in this Letter of Transmittal, if the stockholder is a United States person. Stockholders who are not United States persons should submit a properly completed and signed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or other appropriate IRS Form W-8. Failure to provide the information on IRS Form W-9 or an appropriate IRS Form W-8, as applicable, may subject you to United States federal income tax backup withholding on any payments made to you pursuant to the Offer (as defined below). The instructions set forth in this Letter of Transmittal should be read carefully before you tender any of your Shares (as defined below) in the Offer.** 

This Letter of Transmittal is being delivered to you in connection with the offer by Anemone Acquisition Corp., a Delaware corporation ("**Purchaser**") and a wholly owned subsidiary of Ipsen Biopharmaceuticals, Inc., a Delaware corporation ("**Ipsen**") and a wholly owned subsidiary of Ipsen Pharma SAS, a French *société par actions simplifiée* ("**Guarantor**") and a wholly owned subsidiary of Ipsen S.A., a French *société anonyme* ("**Ipsen S.A.**"), to purchase all of the outstanding shares of common stock, par value $0.01 per share (the "**Shares**"), of Albireo Pharma, Inc., a Delaware corporation ("**Albireo**"), at a purchase price of $42.00 per Share in cash, plus one non-transferable contractual contingent value right (each, a "**CVR**") per Share, which CVR represents the right to receive a one-time payment in cash of $10.00 per CVR, contingent upon the achievement of a certain milestone described in the Offer to Purchase by Purchaser, dated January 23, 2023 (the "**Offer to Purchase**," which, together with this Letter of Transmittal, as they may be amended or supplemented from time to time, collectively constitute the "**Offer**"), in each case, without interest and subject to any required withholding taxes, upon the terms and subject to the conditions set forth in the Offer. The Offer expires at one minute following 11:59 P.M., Eastern Time, on the Expiration Date. "Expiration Date" means February 21, 2023, unless Purchaser, in accordance with the Offer, terminates the Offer or extends the period during which the Offer is open, in which event the term "Expiration Date" means the date on which the Offer, as so extended, expires.

The Offer is being made to all holders of the Shares. Purchaser is not aware of any jurisdiction in which the making of the Offer or the acceptance thereof would be prohibited by securities, "blue sky" or other valid laws of such jurisdiction. If Purchaser becomes aware of any U.S. state in which the making of the Offer or the acceptance of Shares pursuant thereto would not be in compliance with an administrative or judicial action taken

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pursuant to a U.S. state statute, Purchaser will make a good faith effort to comply with any such law. If, after such good faith effort, Purchaser cannot comply with any such law, the Offer will not be made to (nor will tenders be accepted from or on behalf of) the holders of Shares in such state. In any jurisdictions where applicable laws require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of Purchaser by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.

This Letter of Transmittal is to be used by stockholders of Albireo if certificates ("**Certificates**") for Shares are to be forwarded herewith or, unless an Agent's Message (as defined in Section 3 of the Offer to Purchase) is utilized, if delivery of Shares is to be made by book-entry transfer to an account maintained by Computershare Trust Company, N.A. at The Depository Trust Company ("**DTC**") (as described in Section 2 of the Offer to Purchase and pursuant to the procedures set forth in Section 3 thereof).

Stockholders whose Certificates are not immediately available, who cannot complete the procedure for book-entry transfer on a timely basis, or who cannot deliver all other required documents to the Paying Agent on or prior to the Expiration Date must tender their Shares according to the guaranteed delivery procedure set forth in Section 3 of the Offer to Purchase in order to participate in the Offer. Shares tendered by the Notice of Guaranteed Delivery (as defined below) will be excluded from the calculation of the Minimum Condition (as defined in the Offer to Purchase), unless such Shares and other required documents are received by the Paying Agent on or prior to the Expiration Date. See Instruction 2. **Delivery of documents to DTC *does not* constitute delivery to the Paying Agent**.

**Additional Information if Certificates Have Been Lost, Destroyed or Stolen, Are Being Delivered by Book-Entry Transfer, or Are Being Delivered Pursuant to a Previous Notice of Guaranteed Delivery** 

If Certificates you are tendering with this Letter of Transmittal have been lost, stolen, destroyed or mutilated, you should contact Continental Stock Transfer & Trust Company in its capacity as transfer agent (the "**Transfer Agent**"), toll-free at **(917) 262-2378** regarding the requirements for replacement. **You may be required to post a bond to secure against the risk that the Certificates may be subsequently recirculated. You are urged to contact the Transfer Agent immediately in order to receive further instructions, for a determination of whether you will need to post a bond and to permit timely processing of this documentation. See Instruction 11.**

☐ CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED HEREWITH.

☐ CHECK HERE IF YOU HAVE LOST YOUR CERTIFICATE(S) AND REQUIRE ASSISTANCE IN OBTAINING REPLACEMENT CERTIFICATE(S). BY CHECKING THIS BOX, YOU UNDERSTAND THAT YOU MUST CONTACT CONTINENTAL STOCK TRANSFER & TRUST COMPANY TO OBTAIN INSTRUCTIONS FOR REPLACING LOST CERTIFICATES. SEE INSTRUCTION 11. 

☐ CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER MADE TO AN ACCOUNT MAINTAINED BY THE PAYING AGENT WITH DTC AND COMPLETE THE FOLLOWING (NOTE THAT ONLY FINANCIAL INSTITUTIONS THAT ARE PARTICIPANTS IN THE SYSTEM OF DTC MAY DELIVER SHARES BY BOOK-ENTRY TRANSFER):

Name of Tendering Institution: <br> DTC Account Number: Transaction Code Number:

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☐ CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE PAYING AGENT AND COMPLETE THE FOLLOWING:

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| |
|:---|
| Name(s) of Tendering Stockholder(s): |
| Window Ticket Number (if any): |
| Date of Execution of Notice of Guaranteed Delivery: |
| Name of Eligible Institution that Guaranteed Delivery: |

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**NOTE: SIGNATURES MUST BE PROVIDED BELOW** 

**PLEASE READ ACCOMPANYING INSTRUCTIONS CAREFULLY** 

Ladies and Gentlemen:

The undersigned hereby tenders to Anemone Acquisition Corp., a Delaware corporation ("**Purchaser**") and a wholly owned subsidiary of Ipsen Biopharmaceuticals, Inc., a Delaware corporation ("**Ipsen**") and a wholly owned subsidiary of Ipsen Pharma SAS, a French *société par actions simplifiée* ("**Guarantor**") and a wholly owned subsidiary of Ipsen S.A., a French *société anonyme* ("**Ipsen S.A.**"), the above described shares of common stock, par value $0.01 per share (the "**Shares**"), of Albireo Pharma, Inc., a Delaware corporation ("**Albireo**"), pursuant to Purchaser's offer to purchase each outstanding Share that is validly tendered and not validly withdrawn, at a price of $42.00 per Share, to the holder in cash, plus one non-transferable contractual contingent value right (each, a "**CVR**") per Share, which CVR represents the right to receive a one-time payment in cash of $10.00 per CVR, contingent upon the achievement of a certain milestone described in the Offer to Purchase, dated January 23, 2023, which the undersigned hereby acknowledges the undersigned has received (the "**Offer to Purchase**," in which together with this Letter of Transmittal (the "**Letter of Transmittal**"), as each may be amended and supplemented from time to time, collectively constitute the "**Offer**"), in each case, without interest and less any required withholding taxes, upon the terms and subject to the conditions set forth in the Offer. The Offer expires at one minute following 11:59 P.M., Eastern Time, on the Expiration Date. "Expiration Date" means February 21, 2023, unless Purchaser, in accordance with the Offer, terminates the Offer or extends the period during which the Offer is open, in which event the term "Expiration Date" means the date on which the Offer, as so extended, expires.

Upon the terms and subject to the conditions of the Offer (and if the Offer is extended or amended, the terms of any such extension or amendment), and effective upon acceptance for payment of the Shares tendered herewith and not validly withdrawn on or prior to the Expiration Date in accordance with the terms of the Offer, the undersigned hereby sells, assigns and transfers to or upon the order of Purchaser all right, title and interest in and to all of the Shares that are being tendered hereby (and any and all dividends, distributions, rights, other Shares or other securities issued or issuable in respect thereof on or after the date hereof (collectively, "**Distributions**")) and irrevocably constitutes and appoints Purchaser the true and lawful agent and attorney-in-fact of the undersigned with respect to such Shares (and any and all Distributions), with full power of substitution (such power of attorney being deemed to be an irrevocable power coupled with an interest in the Shares tendered by this Letter of Transmittal), to: (i) deliver Certificates for such Shares (and any and all Distributions) or transfer ownership of such Shares (and any and all Distributions) on the account books maintained by The Depository Trust Company ("**DTC**") or otherwise held in book-entry form, together, in any such case, with all accompanying evidences of transfer and authenticity, to or upon the order of Purchaser; (ii) present such Shares (and any and all Distributions) for transfer on the books of Albireo; and (iii) receive all benefits and otherwise exercise all rights of beneficial ownership of such Shares (and any and all Distributions), all in accordance with the terms and subject to the conditions of the Offer.

By executing this Letter of Transmittal (or taking action resulting in the delivery of an Agent's Message, as defined in Section 3 of the Offer to Purchase), the undersigned hereby irrevocably appoints each of the designees of Purchaser the attorneys-in-fact and proxies of the undersigned, each with full power of substitution to: (i) vote at any annual or special meeting of Albireo stockholders or any adjournment or postponement thereof or otherwise in such manner as each such attorney-in-fact and proxy or its, his or her substitute shall in its, his or her sole discretion deem proper with respect to; (ii) execute any written consent concerning any matter as each such attorney-in-fact and proxy or its, his or her substitute shall in its, his or her sole discretion deem proper with respect to; and (iii) otherwise act as each such attorney-in-fact and proxy or its, his or her substitute shall in its, his or her sole discretion deem proper with respect to, all of the Shares (and any and all Distributions) tendered hereby and accepted for payment by Purchaser. This appointment will be effective if and when, and only to the extent that, Purchaser accepts such Shares for payment pursuant to the Offer. This power of attorney and proxy are irrevocable as of the effectiveness thereof and are granted in consideration of the acceptance for payment of

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such Shares in accordance with the terms of the Offer. Such acceptance for payment shall, without further action, revoke any prior powers of attorney and proxies granted by the undersigned at any time with respect to such Shares (and any and all Distributions), and no subsequent powers of attorney, proxies, consents or revocations may be given by the undersigned with respect thereto (and, if given, will not be deemed effective). Purchaser reserves the right to require that, in order for the Shares to be deemed validly tendered, immediately upon Purchaser's acceptance for payment of such Shares, Purchaser or its designees must be able to exercise full voting, consent and other rights with respect to such Shares (and any and all Distributions), including voting at any meeting of Albireo stockholders.

The undersigned hereby represents and warrants that the undersigned has full power and authority to tender, sell, assign and transfer any and all of the Shares tendered hereby (and any and all Distributions) and that, when the same are accepted for payment by Purchaser, Purchaser will acquire good and unencumbered title to such Shares (and such Distributions), free and clear of all liens, restrictions, charges and encumbrances and the same will not be subject to any adverse claims. The undersigned hereby represents and warrants that the undersigned is the registered owner of the Shares, or the Certificate(s) have been endorsed to the undersigned in blank, or the undersigned is a participant in DTC whose name appears on a security position listing as the owner of the Shares. The undersigned will, upon request, execute and deliver any additional documents deemed by Computershare Trust Company, N.A. (the "**Paying Agent**") or Purchaser to be necessary or desirable to complete the sale, assignment and transfer of the Shares tendered hereby (and any and all Distributions). In addition, the undersigned shall remit and transfer promptly to the Paying Agent for the account of Purchaser all Distributions in respect of any and all of the Shares tendered hereby, accompanied by appropriate documentation of transfer, and, pending such remittance and transfer or appropriate assurance thereof, Purchaser shall be entitled to all rights and privileges as owner of each such Distribution and may withhold the entire purchase price of the Shares tendered hereby or deduct from such purchase price the amount or value of such Distribution as determined by Purchaser in its sole discretion.

All authority herein conferred or agreed to be conferred shall not be affected by, and shall survive, the death or incapacity of the undersigned, and any obligation of the undersigned hereunder shall be binding upon the heirs, executors, administrators, personal representatives, trustees in bankruptcy, successors and assigns of the undersigned. Except as stated in the Offer to Purchase, this tender is irrevocable.

The undersigned hereby acknowledges that delivery of any Certificate shall be effected, and risk of loss and title to such Certificate shall pass, only upon the proper delivery of such Certificate to the Paying Agent.

The undersigned understands that the valid tender of Shares pursuant to any of the procedures described in the Offer to Purchase and in the instructions hereto will constitute the undersigned's acceptance of the terms and conditions of the Offer. Purchaser's acceptance of such Shares for payment will constitute a binding agreement between the undersigned and Purchaser upon the terms and subject to the conditions of the Offer (and if the Offer is extended or amended, the terms and conditions of such extension or amendment). The undersigned recognizes that under certain circumstances set forth in the Offer, Purchaser may not be required to accept for payment any Shares tendered hereby.

The undersigned understands that the CVRs will not be transferable except (a) upon death of a holder by will or intestacy; (b) by instrument to an inter vivos or testamentary trust in which the CVRs are to be passed to beneficiaries upon the death of the trustee; (c) pursuant to a court order; (d) by operation of law (including by consolidation or merger) or without consideration in connection with the dissolution, liquidation or termination of any corporation, limited liability company, partnership or other entity; (e) in the case of CVRs payable to a nominee, from a nominee to a beneficial owner (and, if applicable, through an intermediary) or from such nominee to another nominee for the same beneficial owner, in each case to the extent as allowable by DTC; or (f) to Ipsen or any of its affiliates in connection with the abandonment of such CVR by the applicable holder.

The undersigned understands that the CVRs will not be evidenced by a certificate or other instrument, will not have any voting or dividend rights and will not represent any equity or ownership interest in Ipsen, Purchaser,

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Albireo, Guarantor or any of their respective subsidiaries or affiliates. The CVRs will not be registered or listed for trading. No interest will accrue or be payable in respect of any of the amounts that may be payable on CVRs. Holders of CVRs will have no greater rights against Ipsen than those accorded to general, unsecured creditors under applicable law. The undersigned understands that the CVRs will be registered in the name of the undersigned.

Unless otherwise indicated under "Special Payment Instructions," a check will be issued for the purchase price of all Shares purchased and, if appropriate, Certificates not tendered or accepted for payment in the name(s) of the registered holder(s) appearing above under "Description of Shares Tendered" will be returned. Similarly, unless otherwise indicated under "Special Delivery Instructions," the check for the purchase price of all Shares purchased will be mailed and, if appropriate, any Certificates not tendered or not accepted for payment (and any accompanying documents, as appropriate) will be returned to the address(es) of the registered holder(s) appearing above under "Description of Shares Tendered." In the event that the boxes entitled "Special Payment Instructions" and "Special Delivery Instructions" are both completed, the check for the purchase price of all Shares purchased will be issued and, if appropriate, any Certificates not tendered or not accepted for payment (and any accompanying documents, as appropriate) will be returned in the name(s) of, and deliver such check and, if appropriate, return any Certificates (and any accompanying documents, as appropriate) to, the person(s) so indicated. Unless otherwise indicated herein in the box entitled "Special Payment Instructions," any Shares tendered herewith that are not accepted for payment will be credited by book-entry transfer by crediting the account at DTC designated above. The undersigned recognizes that Purchaser has no obligation, pursuant to the "Special Payment Instructions," to transfer any Shares from the name of the registered holder thereof if Purchaser does not accept for payment any of the Shares so tendered. Subject to the terms of the CVR Agreement (as defined in the Offer to Purchase), please make all payments regarding the CVRs as directed herein for payment of the cash consideration and enter in the CVR register to be maintained by the rights agent pursuant to the CVR Agreement the name(s) and address(es) appearing on the cover page of this Letter of Transmittal for each registered holder. The undersigned recognizes that Purchaser has no obligation, pursuant to the Special Payment Instructions, to transfer any Shares from the name(s) of the registered holder(s) thereof if Purchaser does not accept for payment any of the Shares so tendered.

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| |
|:---|
| **SPECIAL PAYMENT INSTRUCTIONS<br>(See Instructions 1, 5, 6 and 7)** |
| To be completed ONLY if the check for the purchase price of Shares accepted for payment and/or Certificates not tendered or not accepted for payment are to be issued in the name of someone other than the undersigned. |
| Issue check and/or Certificates to: |
| Name: |
| **(Please Print)** |
| Address: |
| **(Include Zip Code)** |
| **(Taxpayer Identification No. (*e.g.*, Social Security No.))<br>(Also complete, as appropriate, IRS<br>Form W-9 included below)**<br>|

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| |
|:---|
| **SPECIAL DELIVERY INSTRUCTIONS<br>(See Instructions 1, 5, 6 and 7)** |
| To be completed ONLY if the check for the purchase price of Shares accepted for payment and/or Certificates evidencing Shares not tendered or not accepted are to be mailed to someone other than the undersigned or to the undersigned at an address other than that shown above. |
|  Mail check and/or Certificates to: |
| Name: |
| **(Please Print)** |
| Address: |
| **(Include Zip Code)** |

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**IMPORTANT STOCKHOLDER: YOU MUST SIGN BELOW (U.S. Holders: Please complete and return the IRS Form W-9 included below) (Non-U.S. Holders: Please obtain, complete and return appropriate IRS Form W-8)** 

**(Signature(s) of Holder(s) of Shares)** 

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| |
|:---|
|  By:<u> </u><br>Dated:<u> </u><br>Name(s):<u> </u> |
| **(Please Print)** |
|  Capacity (Full Title) (See Instruction 5):<u> </u> |
|  Address:<u> </u> |
| **(Include Zip Code)** |
| Area Code and Telephone No.:<u> </u> |
| Tax Identification No. (e.g., Social Security No.)<br> (See IRS Form W-9 included below):<u> </u> |
| (Must be signed by registered holder(s) exactly as name(s) appear(s) on Certificate(s) or on a security position listing or by person(s) authorized to become registered holder(s) by Certificates and documents transmitted herewith. If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, agent, officer of a corporation or other person acting in a fiduciary or representative capacity, please set forth full title and see Instruction 5.) |

---

---

| |
|:---|
| **Guarantee of Signature(s)<br>(If Required - See Instructions)** |
| [Place Stamp Here] |
| Authorized Signature:<u> </u> |
| Name:<u> </u> |
| Name of Firm:<u> </u> |
| Address:<u> </u> |
| **(Include Zip Code)** |
| Area Code and Telephone No.:<u> </u><br>Dated: , 2023 |

---

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**INSTRUCTIONS** 

**FORMING PART OF THE TERMS AND CONDITIONS OF THE OFFER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Guarantee of Signatures*. No signature guarantee is required on this Letter of Transmittal: (a) if this Letter of Transmittal is signed by the registered holder(s) (which term, for purposes of this Instruction, includes any participant in DTC's systems whose name appears on a security position listing as the owner of the Shares) of Shares tendered herewith, unless such registered holder has completed either the box entitled "Special Payment Instructions" or the box entitled "Special Delivery Instructions" on this Letter of Transmittal; or (b) if such Shares are tendered for the account of a financial institution (including most commercial banks, savings and loan associations and brokerage houses) that is a member in good standing of the Securities Transfer Agents Medallion Program or any other "eligible guarantor institution," as such term is defined in Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (each, an "**Eligible Institution**"). In all other cases, including those referred to above, all signatures on this Letter of Transmittal must be guaranteed by an Eligible Institution. See Instruction 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Requirements of Tender*. No alternative, conditional or contingent tenders will be accepted. In order for Shares to be validly tendered pursuant to the Offer, one of the following procedures must be followed:

For Shares held as physical certificates, the Certificates representing tendered Shares, a properly completed and duly executed Letter of Transmittal, together with any required signature guarantees, and any other documents required by this Letter of Transmittal, must be received by the Paying Agent at one of its addresses set forth on the front page of this Letter of Transmittal before the Expiration Date.

For Shares held in book-entry form, either a properly completed and duly executed Letter of Transmittal, together with any required signature guarantees, or an Agent's Message in lieu of this Letter of Transmittal, and any other required documents, must be received by the Paying Agent at the appropriate address set forth on the front page of this Letter of Transmittal, and such Shares must be delivered according to the book-entry transfer procedures (as set forth in Section 3 of the Offer to Purchase) and a timely confirmation of a book-entry transfer of Shares into the Paying Agent's account at DTC (a "**Book-Entry Confirmation**") must be received by the Paying Agent, in each case before the Expiration Date.

Stockholders whose Certificates are not immediately available, or who cannot complete the procedure for delivery by book-entry transfer prior to the Expiration Date or who cannot deliver all other required documents to the Paying Agent prior to the Expiration Date, may tender their Shares by properly completing and duly executing a notice of guaranteed delivery (a "**Notice of Guaranteed Delivery**") pursuant to the guaranteed delivery procedure set forth in Section 3 of the Offer to Purchase. Pursuant to such procedure: (i) such tender must be made by or through an Eligible Institution; (ii) a properly completed and duly executed Notice of Guaranteed Delivery, substantially in the form made available by Purchaser, must be received by the Paying Agent by the Expiration Date; and (iii) Certificates (or a Book-Entry Confirmation) evidencing all tendered Shares, in proper form for transfer, in each case together with this Letter of Transmittal, properly completed and duly executed, together with any required signature guarantees (or, in the case of book-entry transfer of Shares, either this Letter of Transmittal or an Agent's Message in lieu of this Letter of Transmittal), and any other documents required by this Letter of Transmittal, must be received by the Paying Agent within two Nasdaq Capital Market trading days after the date of execution of such Notice of Guaranteed Delivery. A Notice of Guaranteed Delivery may be delivered by overnight courier or mailed to the Paying Agent and must include a guarantee by an Eligible Institution in the form set forth in the form of Notice of Guaranteed Delivery made available by Purchaser. In the case of Shares held through DTC, the Notice of Guaranteed Delivery must be delivered to the Paying Agent by a participant by means of the confirmation system of DTC. Shares tendered by the Notice of Guaranteed Delivery will be excluded from the calculation of the Minimum Condition, unless such Shares and other required documents are received by the Paying Agent by the Expiration Date.

**The method of delivery of Shares, this Letter of Transmittal, and all other required documents, including delivery through DTC, is at the election and risk of the tendering stockholder. Shares will be** 

------

 **deemed delivered (and the risk of loss of Certificates will pass) only when actually received by the Paying Agent (including, in the case of a book-entry transfer, by Book-Entry Confirmation). If delivery is by mail, then registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to ensure timely delivery.** 

No fractional Shares will be purchased. By executing this Letter of Transmittal, the tendering stockholder waives any right to receive any notice of the acceptance for payment of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Inadequate Space*. If the space provided herein is inadequate, Certificate numbers, the number of Shares represented by such Certificates and/or the number of Shares tendered should be listed on a separate signed schedule attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Partial Tenders (Not Applicable to Stockholders who Tender by Book-Entry Transfer)*. If fewer than all the Shares represented by any Certificate delivered to the Paying Agent are to be tendered, fill in the number of Shares which are to be tendered in the box entitled "Total Number of Shares Tendered." In such case, a new Certificate for the remainder of the Shares represented by the old Certificate will be sent to the person(s) signing this Letter of Transmittal, unless otherwise provided in the appropriate box on this Letter of Transmittal, as promptly as practicable following the expiration or termination of the Offer. All Shares represented by Certificates delivered to the Paying Agent will be deemed to have been tendered unless otherwise indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Signatures on Letter of Transmittal; Stock Powers and Endorsements*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Exact Signatures*. If this Letter of Transmittal is signed by the registered holder(s) of the Shares tendered hereby, the signature(s) must correspond with the name(s) as written on the face of the Certificates without alteration, enlargement or any change whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Joint Holders*. If any of the Shares tendered hereby are held of record by two or more persons, all such persons must sign this Letter of Transmittal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Different Names on Certificates*. If any of the Shares tendered hereby are registered in different names on different Certificates, it will be necessary to complete, sign and submit as many separate Letters of Transmittal as there are different registrations of Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Endorsements*. If this Letter of Transmittal is signed by the registered holder(s) of the Shares tendered hereby, no endorsements of Certificates or separate stock powers are required unless payment of the purchase price is to be made, or Shares not tendered or not purchased are to be returned, in the name of any person other than the registered holder(s). Signatures on any such Certificates or stock powers must be guaranteed by an Eligible Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Stock Powers*. If this Letter of Transmittal is signed by a person other than the registered holder(s) of the Shares tendered hereby, Certificates must be endorsed or accompanied by appropriate stock powers, in either case, signed exactly as the name(s) of the registered holder(s) appear(s) on the Certificates for such Shares. Signature(s) on any such Certificates or stock powers must be guaranteed by an Eligible Institution. See Instruction 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Evidence of Fiduciary or Representative Capacity*. If this Letter of Transmittal or any Certificate or stock power is signed by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or other legal entity or other person acting in a fiduciary or representative capacity, such person should so indicate when signing, and proper evidence satisfactory to the Paying Agent of the authority of such person so to act must be submitted. Proper evidence of authority includes a power of attorney, a letter of testamentary or a letter of appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Stock Transfer Taxes*. Except as otherwise provided in this Instruction 6, Purchaser or any successor entity thereto will pay all stock transfer taxes with respect to the transfer and sale of any Shares to it pursuant to the Offer (for the avoidance of doubt, transfer taxes do not include United States federal income taxes or

------

withholding taxes). If, however, consideration is to be paid to, or if Certificate(s) for Shares not tendered or not accepted for payment are to be registered in the name of, any person(s) other than the registered holder(s), or if tendered Certificate(s) for Share(s) are registered in the name of any person(s) other than the person(s) signing this Letter of Transmittal, Purchaser will not be responsible for any stock transfer or other taxes required by reason of the payment to a person other than the registered holder of such Shares (whether imposed on the registered holder(s) or such other person(s) or otherwise) payable on account of the transfer to such other person(s) and no consideration shall be paid in respect of such Share(s) unless evidence satisfactory to Purchaser of the payment of such taxes, or exemption therefrom, is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Special Payment and Delivery Instructions*. If a check is to be issued for the purchase price of any Shares tendered by this Letter of Transmittal in the name of, and, if appropriate, Certificates for Shares not tendered or not accepted for payment are to be issued or returned to, any person(s) other than the signer of this Letter of Transmittal or if a check and, if appropriate, such Certificates are to be returned to any person(s) other than the person(s) signing this Letter of Transmittal or to an address other than that shown in this Letter of Transmittal, the appropriate boxes on this Letter of Transmittal must be completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Backup Withholding*. Under U.S. federal income tax laws, payments made to certain stockholders or other payees pursuant to the Offer by the Paying Agent may be subject to U.S. backup withholding. To avoid such backup withholding, a tendering stockholder that is a United States person as defined for U.S. federal income tax purposes (a "**United States person**"), and, if applicable, each other payee that is a United States person, is required to: (a) provide the Paying Agent with a correct Taxpayer Identification Number ("**TIN**") on IRS Form W-9, which is included herein, and to certify, under penalty of perjury, that such number is correct and that such stockholder or payee is not subject to backup withholding of U.S. federal income tax; or (b) otherwise establish a basis for exemption from backup withholding. In general, if the payee is an individual, the TIN is generally his or her Social Security number. Failure to provide the information on the IRS Form W-9 may subject the tendering stockholder or payee to backup withholding at the applicable rate (currently 24%), and such stockholder or payee may be subject to a penalty imposed by the IRS. See the enclosed IRS Form W-9 and the instructions thereto for additional information.

Certain stockholders or payees (including, among others, corporations) may not be subject to backup withholding. Exempt stockholders or payees that are United States persons should furnish their TIN, entering the appropriate "exempt payee code" box(es) on the form and sign, date and return the IRS Form W-9 to the Paying Agent in order to avoid erroneous backup withholding.

A stockholder or other payee that is not a United States person will generally not be subject to backup withholding if the stockholder or other payee: (a) provides the Paying Agent with a properly completed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or other appropriate IRS Form W-8, signed under penalties of perjury, attesting to such stockholder's or payee's foreign status; or (b) otherwise establishes an exemption from backup withholding. An appropriate IRS Form W-8 may be obtained from the Paying Agent or the IRS website, <u>https://www.irs.gov/forms-instructions</u> by clicking on "List All Current Forms & Instructions." Each payee that is not a United States person is urged to consult his, her or its tax advisor for more information.

Backup withholding is not an additional tax. Rather, the U.S. federal income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If backup withholding results in an overpayment of taxes, a refund or credit may be obtained from the IRS if eligibility is established and appropriate procedure is followed. Each payee is encouraged to consult his, her or its tax advisor for further guidance regarding the completion of IRS Form W-9 or the appropriate version of IRS Form W-8, as applicable, to claim exemption from backup withholding, including which version of IRS Form W-8 should be provided to the Paying Agent.

**Failure to complete and return the IRS Form W-9 or the appropriate IRS Form W-8 may result in backup withholding of a portion of any payments made to you pursuant to the merger. United States persons should review the "General Instructions" on the enclosed IRS Form W-9 for additional details.** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Irregularities*. All questions as to the validity, form, eligibility (including time of receipt) and acceptance for payment of any tender of Shares will be determined by Purchaser, in its sole discretion, which determination shall be final and binding on all parties. However, stockholders may challenge Purchaser's determinations in a court of competent jurisdiction. Purchaser reserves the absolute right to reject any and all tenders determined by it not to be in proper form or the acceptance for payment of which may, in the opinion of its counsel, be unlawful. Purchaser also reserves the absolute right to waive any defect or irregularity in the tender of any Shares of any particular stockholder, whether or not similar defects or irregularities are waived in the case of other stockholders. No tender of Shares will be deemed to have been validly made until all defects and irregularities have been waived or cured within such time as Purchaser shall determine. None of Ipsen S.A., Guarantor, Ipsen, Purchaser, the Paying Agent, the Information Agent or any other person will be under any duty to give notice of any defects or irregularities in tenders or incur any liability for failure to give any such notice. Purchaser's interpretation of the terms and conditions of the Offer (including the Letter of Transmittal and the instructions thereto) will be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Questions and Requests for Additional Copies*. The Information Agent may be contacted at the address and telephone number set forth on the last page of this Letter of Transmittal for questions and/or requests for additional copies of the Offer to Purchase, this Letter of Transmittal, the Notice of Guaranteed Delivery and other tender offer materials. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance. Such copies will be furnished promptly at Purchaser's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Lost, Stolen Destroyed or Mutilated Certificates*. If any Certificate has been lost, stolen, destroyed or mutilated, the stockholder should promptly notify the Transfer Agent toll-free at **(917) 262-2378**. The stockholder will then be instructed as to the steps that must be taken in order to replace such Certificates. You may be required to post a bond to secure against the risk that the Certificate(s) may be subsequently recirculated. This Letter of Transmittal and related documents cannot be processed until the procedures for replacing lost, destroyed or stolen certificates have been followed. **You are urged to contact the Transfer Agent immediately in order to receive further instructions and for a determination of whether you will need to post a bond and to permit timely processing of this documentation**. This Letter of Transmittal and related documents cannot be processed until the procedures for replacing lost, destroyed, mutilated or stolen Certificates have been followed.

**Certificates evidencing tendered Shares, or a Book-Entry Confirmation into the Paying Agent's account at DTC, as well as this Letter of Transmittal, properly completed and duly executed, with any required signature guarantees, or an Agent's Message (if utilized in lieu of this Letter of Transmittal in connection with a book-entry transfer), and any other documents required by this Letter of Transmittal, must be received before the Expiration Date, or the tendering stockholder must comply with the procedures for guaranteed delivery.** 

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*The Paying Agent for the Offer is*:

**Computershare Trust Company, N.A.** 

---

| | |
|:---|:---|
| *By Mail*: | *If Delivering via UPS or FedEx*: |
| Computershare Trust Company, N.A.<br> c/o Voluntary Corp Actions P.O. Box 43011<br> Providence, RI 02940-3011 | Computershare Trust Company, N.A.<br> c/o Voluntary Corporate Actions<br> 150 Royall Street, Suite V<br> Canton, MA 02021 |

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The Information Agent may be contacted at its address and telephone number listed below for questions and/or requests for additional copies of the Offer to Purchase, this Letter of Transmittal, and other tender offer materials. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance. Such copies will be furnished promptly at Purchaser's expense.

*The Information Agent for the Offer is:*![LOGO](g427101g13v28.jpg)

**1290 Avenue of the Americas, 9<sup>th</sup> Floor** 

**New York, NY 10104** 

**Shareholders, Banks and Brokers** 

**Call Toll Free: 866-203-9357** 

**Email: albireopharma@georgeson.com** 

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![LOGO](g427101g14v01.jpg)

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![LOGO](g427101g15v01.jpg)

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![LOGO](g427101g16v01.jpg)

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![LOGO](g427101g17v01.jpg)

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![LOGO](g427101g18v01.jpg)

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![LOGO](g427101g19v01.jpg)

## Ex-99.(A)(1)(C)

**Exhibit (a)(1)(C)** 

**Notice of Guaranteed Delivery** 

**For Tender of Shares of Common Stock** 

**of** 

**ALBIREO PHARMA, INC.** 

**a Delaware corporation** 

**at** 

**$42.00 PER SHARE IN CASH, PLUS ONE NON-TRANSFERABLE CONTRACTUAL CONTINGENT VALUE RIGHT ("CVR") FOR EACH SHARE, WHICH REPRESENTS THE RIGHT TO RECEIVE A PAYMENT IN CASH OF $10.00 PER CVR, CONTINGENT UPON THE ACHIEVEMENT OF A CERTAIN MILESTONE** 

**Pursuant to the Offer to Purchase** 

**Dated January 23, 2023** 

**by** 

**ANEMONE ACQUISITION CORP.** 

a wholly owned subsidiary of

**IPSEN BIOPHARMACEUTICALS, INC.** 

a wholly owned subsidiary of

**IPSEN PHARMA SAS** 

a wholly owned subsidiary of

**IPSEN S.A.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE AFTER 11:59 P.M. EASTERN TIME ON FEBRUARY 21, 2023, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.**<br>

This Notice of Guaranteed Delivery, or one substantially in the form hereof, must be used to accept the Offer (as defined below) if: (i) certificates representing shares of common stock, par value $0.01 per share (the "**Shares**"), of Albireo Pharma, Inc., a Delaware corporation ("**Albireo**"), are not immediately available; (ii) the procedure for book-entry transfer cannot be completed prior to the expiration of the Offer; or (iii) time will not permit all required documents to reach Computershare Trust Company, N.A. (the "**Paying Agent**") prior to the expiration of the Offer. This Notice of Guaranteed Delivery may be delivered by overnight courier or mailed to the Paying Agent. See Section 3 of the Offer to Purchase (as defined below).

*The Paying Agent for the Offer Is:* 

**Computershare Trust Company, N.A.** 

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| | |
|:---|:---|
| *By Mail:* | *If Delivering via UPS or FedEx:* |
| Computershare Trust Company,<br> N.A. c/o<br> Voluntary Corp Actions P.O.<br> Box 43011. | Computershare Trust Company,<br> N.A.<br> c/o Voluntary Corporate Actions<br> 150 Royall Street, Suite V |
| Providence, RI 02940-3011 | Canton, MA 02021 |

---

*By Email:* CANOTICEOFGUARANTEE@computershare.com

------

All questions on the Offer should be directed to the Information Agent listed in the Offer to Purchase.

**DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID DELIVERY.** 

**THIS NOTICE OF GUARANTEED DELIVERY IS NOT TO BE USED TO GUARANTEE SIGNATURES. IF A SIGNATURE ON A LETTER OF TRANSMITTAL IS REQUIRED TO BE GUARANTEED BY AN ELIGIBLE INSTITUTION (AS DEFINED IN SECTION 3 OF THE OFFER TO PURCHASE) UNDER THE INSTRUCTIONS THERETO, SUCH SIGNATURE GUARANTEE MUST APPEAR IN THE APPLICABLE SPACE PROVIDED IN THE SIGNATURE BOX ON THE APPROPRIATE LETTER OF TRANSMITTAL.** 

**The Eligible Institution that completes this Notice of Guaranteed Delivery must communicate the guarantee to the Paying Agent and must deliver the Letter of Transmittal (as defined below) or an Agent's Message (as defined in Section 3 of the Offer to Purchase) and certificates for Shares (or Book-Entry Confirmation, as defined in Section 3 of the Offer to Purchase) to the Paying Agent within the time period shown herein. Failure to do so could result in a financial loss to such Eligible Institution.** 

------

Ladies and Gentlemen:

The undersigned hereby tenders to Anemone Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Ipsen Biopharmaceuticals, Inc., a Delaware corporation and wholly owned subsidiary of Ipsen Pharma SAS, a French *société par actions simplifiée* and wholly owned subsidiary of Ipsen S.A., a French *société anonyme*, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated January 23, 2023 (as it may be amended or supplemented from time to time, the "**Offer to Purchase**"), and the related Letter of Transmittal (as it may be amended or supplemented from time to time, the "**Letter of Transmittal**" and, together with the Offer to Purchase, the "**Offer**"), receipt of which is hereby acknowledged, the number of Shares specified below, pursuant to the guaranteed delivery procedure set forth in Section 3 of the Offer to Purchase. Shares tendered by the Notice of Guaranteed Delivery will be excluded from the calculation of the Minimum Condition (as defined in the Offer to Purchase), unless such Shares and other required documents are received by the Paying Agent by the expiration date of the Offer.

No. of Shares and Certificate No.(s):

(if available)

☐ Check here if Shares will be tendered by book-entry transfer.

Name of Tendering Institution:<u> </u>

DTC Account Number:<u> </u>

Dated:<u> </u>

Name(s) of Record Holder(s):

**(Please Type or Print)** 

Address(es):<u> </u>

**(Zip Code)** 

Area Code and Telephone No.:<u> </u>

**(Daytime Telephone No.)** 

Signature(s):<u> </u>

------

**Notice of Guaranteed Delivery** 

**GUARANTEE** 

(Not to be used for signature guarantee)

The undersigned, an Eligible Institution, hereby: (i) represents that the tender of Shares effected hereby complies with Rule 14e-4 under the Securities Exchange Act of 1934, as amended; and (ii) within two Nasdaq Capital Market trading days after the date hereof: (A) guarantees delivery to the Paying Agent, at one of its addresses set forth above, of certificates representing the Shares tendered hereby, in proper form for transfer, together with a properly completed and duly executed Letter of Transmittal and any other documents required by the Letter of Transmittal; or (B) guarantees a Book-Entry Confirmation of the Shares tendered hereby into the Paying Agent's account at The Depository Trust Company (pursuant to the procedures set forth in Section 3 of the Offer to Purchase), together with a properly completed and duly executed Letter of Transmittal, or an Agent's Message (defined in Section 3 of the Offer to Purchase) in lieu of such Letter of Transmittal, and any other documents required by the Letter of Transmittal.

Name of Firm:<u> </u>

Address:<u> </u>

**(Zip Code)** 

Area Code and Telephone No.: *<u> </u>*

**(Authorized Signature)** 

Name:<u> </u>

**(Please Type or Print)** 

Title:

Date:

**NOTE: DO NOT SEND CERTIFICATES REPRESENTING TENDERED SHARES WITH THIS NOTICE. CERTIFICATES REPRESENTING TENDERED SHARES SHOULD BE SENT WITH YOUR LETTER OF TRANSMITTAL.**

## Ex-99.(A)(1)(D)

**Exhibit (a)(1)(D)** 

**Offer to Purchase** 

**All Outstanding Shares of Common Stock** 

**of** 

**ALBIREO PHARMA, INC.** 

**a Delaware corporation** 

**at** 

**$42.00 PER SHARE IN CASH, PLUS ONE NON-TRANSFERABLE CONTRACTUAL CONTINGENT VALUE RIGHT ("CVR") FOR EACH SHARE, WHICH REPRESENTS THE RIGHT TO RECEIVE A PAYMENT IN CASH OF $10.00 PER CVR, CONTINGENT UPON THE ACHIEVEMENT OF A CERTAIN MILESTONE** 

**Pursuant to the Offer to Purchase** 

**Dated January 23, 2023** 

**by** 

**ANEMONE ACQUISTION CORP.** 

**a wholly owned subsidiary of** 

**IPSEN BIOPHARMACEUTICALS, INC.** 

**a wholly owned subsidiary of** 

**IPSEN PHARMA SAS** 

**a wholly owned subsidiary of** 

**IPSEN S.A.** 

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE AFTER 11:59 P.M. EASTERN TIME ON FEBRUARY 21, 2023, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.** 

**January 23, 2023** 

To Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees:

We have been engaged by Anemone Acquisition Corp., a Delaware corporation ("**Purchaser**") and wholly owned subsidiary of Ipsen Biopharmaceuticals, Inc., a Delaware corporation ("**Ipsen**") and wholly owned subsidiary of Ipsen Pharma SAS, a French *société par actions simplifiée* ("**Guarantor**") and wholly owned subsidiary of Ipsen S.A., a French *société anonyme*, to act as Information Agent in connection with Purchaser's Offer to Purchase, dated January 23, 2023 (the "**Offer to Purchase**"), subject to certain conditions, including the satisfaction of the Minimum Condition, as defined in the Offer to Purchase, any and all of the outstanding shares of common stock, par value $0.01 per share (the "**Shares**"), of Albireo Pharma, Inc., a Delaware corporation ("**Albireo**"), at a price of $42.00 per Share, to the holder in cash, plus one non-transferable contractual contingent value right (each, a "**CVR**") per Share, which CVR represents the right to receive a one-time payment in cash of $10.00 per CVR, contingent upon the achievement of a certain milestone, in each case, without interest and subject to any required withholding taxes (the "**Offer Price**"), upon the terms and subject to the conditions set forth in the Offer to Purchase and the related Letter of Transmittal (the "**Letter of Transmittal**" and which, together with the Offer to Purchase, each as may be amended or supplemented from time to time, constitute the "**Offer**") enclosed herewith.

------

**The Offer is not subject to any financing condition. The conditions to the Offer are described in Section 13 of the Offer to Purchase.** 

For your information and for forwarding to your clients for whom you hold Shares registered in your name or in the name of your nominee, we are enclosing the following documents:

1. The Offer to Purchase;

2. The Letter of Transmittal for your use in accepting the Offer and tendering Shares and for the information of
your clients, together with the included Internal Revenue Service Form W-9;

3. A Notice of Guaranteed Delivery to be used to accept the Offer if Shares and all other required documents
cannot be delivered to Computershare Trust Company, N.A. (the "**Paying Agent**") by the expiration of the Offer or if the procedure for book-entry transfer cannot be completed by the expiration of the Offer (the "**Notice of Guaranteed Delivery** ");

4. A form of letter which may be sent to your clients for whose accounts you hold Shares registered in your name
or in the name of your nominee, with space provided for obtaining such clients' instructions with regard to the Offer; and

5. A return envelope addressed to the Paying Agent for your use only.

**We urge you to contact your clients as promptly as possible. Please note that the Offer and withdrawal rights will expire at one minute after 11:59 p.m., Eastern Time, on February 21, 2023, unless the Offer is extended or earlier terminated.** 

The Offer is being made in connection with the Agreement and Plan of Merger, dated as of January 8, 2023 (together with any amendments or supplements thereto, the "**Merger Agreement**"), among Albireo, Ipsen, Purchaser and for certain purposes under the Merger Agreement, Guarantor. The Merger Agreement provides, among other things, that following the consummation of the Offer and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, subject to the terms and conditions of the Merger Agreement, and in accordance with the relevant provisions of the Delaware General Corporation Law (the "**DGCL**") and other applicable legal requirements, Purchaser will merge with and into Albireo, and Albireo will continue as the surviving corporation and a wholly owned subsidiary of Ipsen (such merger, the "**Merger**"). At the effective time of the Merger, all then outstanding Shares (other than Shares (a) held by Albireo (or in Albireo's treasury), Ipsen, Purchaser or any of their respective subsidiaries immediately prior to the effective time of the Merger, or by Albireo stockholders who have properly exercised and perfected their statutory rights of appraisal under Delaware law, or (b) irrevocably accepted for purchase in the Offer) will be automatically converted into the right to receive the Offer Price in cash, without interest and less any required withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase.

For Shares to be properly tendered pursuant to the Offer: (a) the share certificates or confirmation of receipt of such Shares under the procedure for book-entry transfer, together with a properly completed and duly executed Letter of Transmittal, including any required signature guarantees, or, in the case of book-entry transfer, either such Letter of Transmittal or an Agent's Message (as defined in Section 3 of the Offer to Purchase) in lieu of such Letter of Transmittal, and any other documents required in the Letter of Transmittal, must be timely received by the Paying Agent; or (b) the tendering stockholder must comply with the guaranteed delivery procedures, all in accordance with the Offer to Purchase and the Letter of Transmittal.

Except as set forth in the Offer to Purchase, Purchaser will not pay any fees or commissions to any broker or dealer or other person, other than to us, as the information agent, and Computershare Trust Company, N.A. as the Paying Agent, for soliciting tenders of Shares pursuant to the Offer. Purchaser will, however, upon request, reimburse brokers, dealers, commercial banks, trust companies and other nominees for customary mailing and handling expenses incurred by them in forwarding the offering material to their customers. Purchaser will pay all stock transfer taxes applicable to its purchase of Shares pursuant to the Offer, subject to Instruction 6 of the Letter of Transmittal.

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Any inquiries you may have with respect to the Offer should be addressed to, and additional copies of the enclosed materials may be obtained from, the undersigned at the address and telephone numbers set forth below.

Very truly yours,

Georgeson LLC

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**Nothing contained herein or in the enclosed documents shall render you the agent of Ipsen, Purchaser, the Information Agent or the Paying Agent or any affiliate of any of them or authorize you or any other person to use any document or make any statement on behalf of any of them in connection with the Offer other than the enclosed documents and the statements contained therein.** 

*The Information Agent for the Offer is:*![LOGO](g427101g13v28.jpg)

**1290 Avenue of the Americas, 9<sup>th</sup> Floor** 

**New York, NY 10104** 

**Shareholders, Banks and Brokers** 

**Call Toll Free: 866-203-9357** 

**Email: albireopharma@georgeson.com**

## Ex-99.(A)(1)(E)

**Exhibit (a)(1)(E)** 

**Offer to Purchase** 

**All Outstanding Shares of Common Stock** 

**of** 

**ALBIREO PHARMA, INC.** 

**a Delaware corporation** 

**at** 

**$42.00 PER SHARE IN CASH, PLUS ONE NON-TRANSFERABLE CONTRACTUAL CONTINGENT VALUE RIGHT ("CVR") FOR EACH SHARE, WHICH REPRESENTS THE RIGHT TO RECEIVE A PAYMENT IN CASH OF $10.00 PER CVR, CONTINGENT UPON THE ACHIEVEMENT OF A CERTAIN MILESTONE** 

**Pursuant to the Offer to Purchase** 

**Dated January 23, 2023** 

**by** 

**ANEMONE ACQUISITION CORP.** 

**a wholly owned subsidiary of** 

**IPSEN BIOPHARMACEUTICALS, INC.** 

**a wholly owned subsidiary of** 

**IPSEN PHARMA SAS** 

**a wholly owned subsidiary of** 

**IPSEN S.A.** 

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE AFTER 11:59 P.M. EASTERN TIME ON FEBRUARY 21, 2023, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.** 

**January 23, 2023** 

To Our Clients:

Enclosed for your consideration are the Offer to Purchase, dated January 23, 2023 (the "**Offer to Purchase**"), and the related Letter of Transmittal (the "**Letter of Transmittal**" and which, together with the Offer to Purchase, as each may be amended or supplemented from time to time, constitute, the "**Offer**") in connection with the offer by Anemone Acquisition Corp., a Delaware corporation ("**Purchaser**") and a wholly owned subsidiary of Ipsen Biopharmaceuticals, Inc., a Delaware corporation ("**Ipsen**") and a wholly owned subsidiary of Ipsen Pharma SAS, a French *société par actions simplifiée* ("**Guarantor**") and wholly owned subsidiary of Ipsen S.A., a French *société anonyme*, to purchase, subject to certain conditions, including the satisfaction of the Minimum Condition, as defined in the Offer to Purchase, any and all of the outstanding shares of common stock, par value $0.01 per share (the "**Shares**"), of Albireo Pharma, Inc., a Delaware corporation ("**Albireo**"), at a price of $42.00 per Share, to the holder in cash, plus one non-transferable contractual contingent value right (each, a "**CVR**") per Share, which CVR represents the right to receive a one-time payment in cash of $10.00 per CVR, contingent upon the achievement of a certain milestone, in each case, without interest and subject to any required withholding taxes (the "**Offer Price**"), upon the terms and subject to the conditions of the Offer.

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We or our nominees are the holder of record of Shares held for your account. A tender of such Shares can be made only by us as the holder of record and pursuant to your instructions. The Letter of Transmittal accompanying this letter is furnished to you for your information only and cannot be used by you to tender Shares held by us for your account.

**We request instructions as to whether you wish us to tender any or all of the Shares held by us for your account, upon the terms and subject to the conditions set forth in the enclosed Offer to Purchase and the Letter of Transmittal.** 

Please note carefully the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The offer price for the Offer is $42.00 per Share in cash, plus one non-transferable contractual CVR per Share, which represents the right to receive a one-time payment in cash of $10.00 per CVR, contingent upon the achievement of a certain specified milestone, in each case, without interest and subject to any required withholding taxes, upon the terms and subject to the conditions of the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Offer is being made for all outstanding Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Offer is being made in connection with the Agreement and Plan of Merger, dated as of January 8, 2023 (together with any amendments or supplements thereto, the "**Merger Agreement**"), among Albireo, Ipsen, Purchaser and for certain purposes under the Merger Agreement, Guarantor. The Merger Agreement provides, among other things, that following the consummation of the Offer and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, subject to the terms and conditions of the Merger Agreement, and in accordance with the relevant provisions of the Delaware General Corporation Law (the "**DGCL**") and other applicable legal requirements, Purchaser will merge with and into Albireo, and Albireo will continue as the surviving corporation and a wholly owned subsidiary of Ipsen (such merger, the "**Merger**"). At the effective time of the Merger, all then outstanding Shares (other than Shares (a) held by Albireo (or in Albireo's treasury), Ipsen, Purchaser or any of their respective subsidiaries immediately prior to the effective time of the Merger, or by Albireo stockholders who have properly exercised and perfected their statutory rights of appraisal under Delaware law, or (b) irrevocably accepted for purchase in the Offer) will be automatically converted into the right to receive the Offer Price in cash, without interest and less any required withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Offer and withdrawal rights will expire at one minute after 11:59 p.m., Eastern Time, on February 21, 2023, unless the Offer is extended by Purchaser or earlier terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Offer is not subject to any financing condition. The Offer is subject to the conditions described in Section 13 of the Offer to Purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Tendering stockholders who are record owners of their Shares and who tender directly to Computershare Trust Company, N.A., the paying agent for the Offer, will not be obligated to pay brokerage fees, commissions or similar expenses or, except as otherwise provided in Instruction 6 of the Letter of Transmittal, stock transfer taxes with respect to the purchase of Shares by Purchaser pursuant to the Offer.

If you wish to have us tender any or all of your Shares, then please instruct us by completing, executing, detaching and returning to us the Instruction Form on the detachable part hereof. An envelope to return your instructions to us is enclosed. If you authorize tender of your Shares, then all such Shares will be tendered unless otherwise specified on the Instruction Form.

**Your prompt action is requested. Your Instruction Form should be forwarded to us in ample time to permit us to submit the tender on your behalf before the Expiration Date.** 

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The Offer is being made to all holders of Shares. Purchaser is not aware of any jurisdiction in which the making of the Offer or the acceptance thereof would be prohibited by securities, "blue sky" or other valid laws of such jurisdiction. If Purchaser becomes aware of any U.S. state in which the making of the Offer or the acceptance of Shares pursuant thereto would not be in compliance with an administrative or judicial action taken pursuant to a U.S. state statute, Purchaser will make a good faith effort to comply with any such law. If, after such good faith effort, Purchaser cannot comply with any such law, the Offer will not be made to (nor will tenders be accepted from or on behalf of) the holders of Shares in such state. In any jurisdictions where applicable laws require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of Purchaser by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.

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**INSTRUCTION FORM** 

**With Respect to the Offer to Purchase** 

**All Outstanding Shares of Common Stock** 

**of** 

**ALBIREO PHARMA, INC.** 

**a Delaware corporation** 

**at** 

**$42.00 PER SHARE IN CASH, PLUS ONE NON-TRANSFERABLE CONTRACTUAL CONTINGENT VALUE RIGHT ("CVR") FOR EACH SHARE, WHICH REPRESENTS THE RIGHT TO RECEIVE A PAYMENT IN CASH OF $10.00 PER CVR, CONTINGENT UPON THE ACHIEVEMENT OF A CERTAIN MILESTONE** 

**Pursuant to the Offer to Purchase dated January 23, 2023** 

**by** 

**ANEMONE ACQUISITION CORP.** 

**a wholly owned subsidiary of** 

**IPSEN BIOPHARMACEUTICALS, INC.** 

**a wholly owned subsidiary of** 

**IPSEN PHARMA SAS** 

**a wholly owned subsidiary of** 

**IPSEN S.A.** 

The undersigned acknowledge(s) receipt of your letter and the enclosed Offer to Purchase, dated January 23, 2023 ("**Offer to Purchase**"), and the related Letter of Transmittal ("**Letter of Transmittal**" and which, together with the Offer to Purchase, each as may be amended or supplemented from time to time, constitute, the "**Offer**"), in connection with the offer by Anemone Acquisition Corp., a Delaware corporation and wholly owned subsidiary of Ipsen Biopharmaceuticals, Inc., a Delaware corporation and wholly owned subsidiary of Ipsen Pharma SAS, a French *société par actions simplifiée* and a wholly owned subsidiary of Ipsen S.A., a French *société anonyme*, to purchase, subject to certain conditions, including the satisfaction of the Minimum Condition, as defined in the Offer to Purchase, any and all of the outstanding shares of common stock, par value $0.01 per share (the "**Shares**"), of Albireo Pharma, Inc., a Delaware corporation, at a price of $42.00 per Share, to the holder in cash, plus one non-transferable contractual contingent value right (each, a "**CVR**") per Share, which CVR represents the right to receive a one-time payment in cash of $10.00 per CVR, contingent upon the achievement of a certain milestone, in each case, without interest and subject to any required withholding taxes, upon the terms and subject to the conditions of the Offer.

The undersigned hereby instruct(s) you to tender to Purchaser the number of Shares indicated below or, if no number is indicated, all Shares held by you for the account of the undersigned, upon the terms and subject to the conditions set forth in the Offer. The undersigned understands and acknowledges that all questions as to validity, form and eligibility of the surrender of any certificate representing Shares submitted on my behalf will be determined by Purchaser and such determination shall be final and binding.

**ACCOUNT NUMBER:** 

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| | |
|:---|:---|
| **NUMBER OF SHARES BEING TENDERED HEREBY:** | **SHARES\*** |

---

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**The method of delivery of this document is at the election and risk of the tendering stockholder. If delivery is by mail, then registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to ensure timely delivery by the Expiration Date (as defined in the Offer to Purchase).** 

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| | |
|:---|:---|
| Dated: |  |
|  | **Signature(s)** |
|  | **Please Print Name(s)** |
| Address: |  |
|  | **(Include Zip Code)** |

---

Area Code and Telephone No.

Tax Identification or Social Security No.

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\* Unless otherwise indicated, it will be assumed that all Shares held by us for your account are to be tendered.

## Ex-99.(A)(1)(F)

**Exhibit (a)(1)(F)** 

*This announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares (as defined below). The Offer (as defined below) is made solely pursuant to the Offer to Purchase (as defined below), dated January 23, 2023, and the related Letter of Transmittal (as defined below), and any amendments or supplements to such Offer to Purchase or Letter of Transmittal. Purchaser (as defined below) is not aware of any state where the making of the Offer is prohibited by any administrative or judicial action pursuant to any valid state statute. If Purchaser becomes aware of any valid state statute prohibiting the making of the Offer or the acceptance of the Shares pursuant thereto, Purchaser will make a good faith effort to comply with that state statute or seek to have such statute declared inapplicable to the Offer. If, after a good-faith effort, Purchaser cannot do so, Purchaser will not make the Offer to, nor will tenders be accepted from or on behalf of, the holders of Shares in that state. Except as set forth above, the Offer is being made to all holders of Shares. In any jurisdiction where securities, "blue sky" or other laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of Purchaser by one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.* 

**Notice of Offer to Purchase** 

**All Outstanding Shares of Common Stock** 

**of** 

**Albireo Pharma, Inc.** 

**at** 

**$42.00 per Share in Cash,** 

**Plus One Non-Transferable Contractual Contingent Value Right ("CVR") for Each Share, which Represents the Right to Receive a Payment in Cash of $10.00 per CVR, Contingent upon the Achievement of a Certain Milestone** 

**by** 

**Anemone Acquisition Corp.** 

**a wholly owned subsidiary of** 

**Ipsen Biopharmaceuticals, Inc.** 

**a wholly owned subsidiary of** 

**Ipsen Pharma SAS** 

**a wholly owned subsidiary of** 

**Ipsen S.A.** 

Anemone Acquisition Corp., a Delaware corporation ("**Purchaser**"), is offering to purchase all outstanding shares of common stock, par value $0.01 per share (the "**Shares**"), of Albireo Pharma, Inc., a Delaware corporation ("**Albireo**"), at a price per Share of $42.00, to the holder in cash (the "**Closing Amount**"), plus one non-transferable contractual contingent value right per Share (each, a "**CVR**," and each CVR together with the Closing Amount, the "**Offer Price**"), which CVR represents the right to receive a payment in cash of $10.00 per CVR, contingent upon the achievement of a certain milestone described below prior to December 31, 2027, in each case, without interest and subject to any required withholding taxes, upon the terms and subject to the conditions described in the Offer to Purchase, dated January 23, 2023 (together with any amendments or supplements thereto, the "**Offer to Purchase**"), and in the related Letter of Transmittal (together with any amendments or supplements thereto, the "**Letter of Transmittal**" and, together with the Offer to Purchase, the "**Offer**"). Purchaser is a wholly owned subsidiary of Ipsen Biopharmaceuticals, Inc., a Delaware corporation ("**Ipsen**") and wholly owned subsidiary of Ipsen Pharma SAS, a French *société par actions simplifiée* ("**Guarantor**") and wholly owned subsidiary of Ipsen S.A., a French *société anonyme*.

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Each CVR represents a non-transferable contractual right to receive a one-time cash payment of $10.00, without interest and less any required withholding taxes, contingent upon receipt from the U.S. Food and Drug Administration (the "**FDA**") by Ipsen or its affiliates of Full Regulatory Approval (as defined below), for which approval the FDA does not require any studies or clinical trials in addition to the BOLD Study (as defined below) (the "**Milestone**"). "**Full Regulatory Approval**" means the final approval by the FDA, regardless of any obligation to conduct any post-marketing study, of the new drug application or supplemental new drug application filed with the FDA pursuant to 21 U.S.C § 355(b) that is necessary for the commercial marketing and sale of odevixibat, also known as A4250 and marketed under the brand name Bylvay, in the United States of America for the treatment of biliary atresia in patients, regardless of any (i) limitations on patient population, (ii) contraindications or limitations on use or (iii) conditions, restrictions or commitments placed upon the Full Regulatory Approval. "**BOLD Study**" means A Double-Blind, Randomized, Placebo-Controlled Study to Evaluate the Efficacy and Safety of Odevixibat (A4250) in Children With Biliary Atresia Who Have Undergone a Kasai Hepatoportoenterostomy (NCT04336722, Study A4250-011 (BOLD)) and its open label extension study, An Open-label Extension Study to Evaluate Long-term Efficacy and Safety of Odevixibat in Children With Biliary Atresia (NCT05426733, Study A4250-016 (BOLD-EXT)). The Milestone may only be achieved once. If the Milestone is not achieved prior to December 31, 2027, holders of Shares will receive only the Closing Amount for any Shares tendered in the Offer and no payment with respect to the CVRs. It is not possible to predict whether any payment will become payable with respect to the CVRs. Whether the Milestone required for payment of the Milestone Payment is met will depend on many factors, some of which are outside the control of Albireo, Ipsen and their respective affiliates. There can be no assurance that the Milestone will be achieved or that any payment with respect to the CVRs will be made.

The Offer is being made in connection with the Agreement and Plan of Merger, dated as of January 8, 2023 (together with any amendments or supplements thereto, the "**Merger Agreement**"), among Albireo, Ipsen, Purchaser and for certain purposes under the Merger Agreement, Guarantor. The Merger Agreement provides, among other things, that following the consummation of the Offer and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, subject to the terms and conditions of the Merger Agreement, and in accordance with the relevant provisions of the Delaware General Corporation Law (the "**DGCL**") and other applicable legal requirements, Purchaser will merge with and into Albireo, and Albireo will continue as the surviving corporation and a wholly owned subsidiary of Ipsen (such merger, the "**Merger**"). At the effective time of the Merger, each Share issued and then outstanding (other than Shares (a) held by Albireo (or in Albireo's treasury), Ipsen, Purchaser or any of their respective subsidiaries immediately prior to the effective time of the Merger, or by Albireo stockholders who have properly exercised and perfected their statutory rights of appraisal under Delaware law, or (b) irrevocably accepted for purchase in the Offer) will be canceled and converted automatically into the right to receive an amount in cash equal to the Offer Price, net of applicable withholding taxes and without interest. As a result of the Merger, the Shares will cease to be publicly traded and Albireo will become a wholly owned subsidiary of Ipsen. Under no circumstances will interest be paid on the Offer Price for Shares, regardless of any extension of the Offer or any delay in making payment for Shares. The parties to the Merger Agreement have agreed that, upon the terms and subject to the conditions specified in the Merger Agreement, the Merger will become effective as soon as practicable after the consummation of the Offer, without a meeting of Albireo's stockholders to adopt the Merger Agreement, in accordance with Section 251(h) of the DGCL. Accordingly, if the Offer is consummated, Purchaser does not anticipate seeking the approval of Albireo's remaining public stockholders before effecting the Merger. The Merger Agreement is more fully described in the Offer to Purchase.

Tendering stockholders who have Shares registered in their names and who tender directly to Computershare Trust Company, N.A. (the "**Paying Agent**") will not be obligated to pay brokerage fees or commissions or, except as set forth in the Letter of Transmittal, transfer taxes on the purchase of Shares by Purchaser pursuant to the Offer. Stockholders who hold their Shares through a broker, bank or other nominee should consult with such institution as to whether it charges any service fees or commissions.

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&nbsp;&nbsp;&nbsp; **THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE AFTER 11:59 P.M., EASTERN TIME, ON FEBRUARY 21, 2023 (SUCH DATE, OR ANY SUBSEQUENT DATE TO WHICH THE EXPIRATION OF THE OFFER IS EXTENDED, THE "EXPIRATION DATE"), UNLESS THE OFFER IS EXTENDED (IN WHICH EVENT THE TERM "EXPIRATION DATE" MEANS THE LATEST TIME AND DATE AT WHICH THE OFFERING PERIOD OF THE OFFER, AS SO EXTENDED, WILL EXPIRE), OR EARLIER TERMINATED.**<br>

The Offer is not subject to a financing condition. The Offer is conditioned upon, among other things, (a) the Merger Agreement not having been terminated in accordance with its terms, (b) the satisfaction of the Minimum Condition (as described below), (c) the expiration or termination of any waiting period (and any extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "**HSR Act**") and no agreement with a governmental body not to consummate the Offer or Merger for any period of time being in effect, and the receipt of consents of, or filings with, any governmental body or pursuant to certain foreign antitrust laws and the expiration of any applicable waiting period, and (d) the absence of any judgment, temporary restraining order, preliminary or permanent injunction or other order issued by a court of competent jurisdiction preventing the acquisition of or payment for Shares pursuant to the Offer or the consummation of the Offer or the Merger or of any action, or any legal requirement or order promulgated, entered, enforced, enacted, issued or deemed applicable by any governmental body which directly or indirectly prohibits, or makes illegal, the acquisition of or payment for Shares pursuant to the Offer or the consummation of the Merger (the "**Regulatory Condition**"). The "**Minimum Condition**" requires that the number of Shares validly tendered and not validly withdrawn, considered together with all other Shares (if any) otherwise beneficially owned by Ipsen or any of its wholly owned subsidiaries (including Purchaser) (but excluding Shares tendered pursuant to guaranteed delivery procedures that have not yet been received, as defined by Section 251(h)(6) of the DGCL), would represent one more than 50% of the total number of Shares outstanding at the time of the expiration of the Offer. The Offer is also subject to other conditions as described in the Offer to Purchase (collectively, the "**Offer Conditions**"). See Section 13 – "Conditions of the Offer" of the Offer to Purchase.

**The Albireo board of directors has unanimously (i) determined that the Merger Agreement and the transactions contemplated thereby (the "Transactions"), including the Offer and the Merger, are advisable and fair to, and in the best interest of, Albireo and its stockholders, (ii) agreed that the Merger shall be effected under Section 251(h) and other relevant provisions of the DGCL, (iii) approved the execution, delivery and performance by Albireo of the Merger Agreement and the consummation of the Transactions, including the Offer and the Merger, and (iv) resolved to recommend that the stockholders of Albireo tender their Shares to Purchaser pursuant to the Offer.** 

The Merger Agreement provides that, subject to the parties' respective termination rights under the Merger Agreement, the scheduled Expiration Date may be extended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Offer may be extended by Purchaser, in its sole discretion and without the consent of Albireo, on one or
more occasions, for an additional period of up to 10 business days per extension, to permit any offer condition set forth in Section 13 – "Conditions of the Offer" of the Offer to Purchase that has not been waived to be
satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Offer must be extended by Purchaser (and Ipsen will cause the Purchaser to extend the Offer): (A) for any
period required by applicable Legal Requirement (as defined in the Merger Agreement) or as required by interpretation or position of the SEC, the staff thereof or Nasdaq Capital Market applicable to the Offer; and (B) for periods of up to 10
business days per extension until such time as all regulatory conditions, including the expiration of the waiting period under the HSR Act, have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Offer must be extended by Purchaser (and Ipsen will cause the Purchaser to extend the Offer), on one or
more occasions, for an additional period of up to 10 business days per extension, to permit any Offer Condition (other than the Minimum Condition) that has not been waived to be satisfied.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In the event that the Minimum Condition is the only Offer Condition that has not been satisfied or waived, the
Offer must be extended by Purchaser (and Ipsen will cause the Purchaser to extend the Offer), if Albireo so requests in writing, for up to two periods consisting of up to 10 business days each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) In the event that the Minimum Condition is the only Offer Condition that has not been satisfied or waived, the
Offer may be extended by Purchaser for up to two periods consisting of up to 10 business days each; *provided*, *however*, that in no event may the Offer be extended beyond the earlier to occur of (x) the valid termination of the
Merger Agreement, or (y) the first business day following the End Date (as defined below) without the prior written consent of Albireo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) In the event that the Minimum Condition is the only Offer Condition that has not been satisfied or waived and
either party has brought a legal proceeding seeking specific performance of the Merger Agreement, the Offer must be extended for the period during which such proceeding is pending or as otherwise required by the governmental body presiding
thereover.

The "**End Date**" is defined in the Merger Agreement to be 5:00 p.m. Eastern Time on July 8, 2023; *provided, however*, that if on the End Date, all of the Offer Conditions other than the condition set forth in the first bullet point under Section 13 – "Conditions of the Offer" of the Offer to Purchase are satisfied or are capable of being satisfied at such time, the End Date will be automatically extended, no more than twice, by a period of 90 days each time (and in the case of such extension, any reference to the End Date herein shall be a reference to the End Date, as so extended). No party will be permitted to terminate the Merger Agreement for the failure of the Offer Acceptance Time to occur by the End Date if the failure of the Offer Acceptance Time to occur prior to the End Date is primarily attributable to the failure on the part of such party to perform in any material respect any covenant or obligation in the Merger Agreement required to be performed by such party. See Section 11 – "Purpose of the Offer and Plans for Albireo; Summary of the Merger Agreement and Certain Other Agreements" of the Offer to Purchase.

During any extension of the initial offering period, all Shares previously validly tendered and not validly withdrawn will remain subject to the Offer and subject to withdrawal rights.

The purpose of the Offer and the Merger is for Ipsen to acquire Albireo. Pursuant to the Merger, Ipsen will acquire all of the outstanding stock of Albireo not purchased pursuant to the Offer or otherwise. Following the consummation of the Offer, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Ipsen and Purchaser intend to effect the Merger. No appraisal rights are available to holders of Shares in connection with the Offer. However, if the Merger is consummated, a stockholder of Albireo that has not tendered its Shares in the Offer (or, if tendered, has validly and subsequently withdrawn such Shares) will have rights under Section 262 of the DGCL to demand appraisal of, and obtain payment in cash for, the "fair value" of, that stockholder's Shares.

Purchaser expressly reserves the right to: (i) increase the Offer Price; or (ii) waive any Offer Condition (other than the Minimum Condition and the Termination Condition (as defined in the Merger Agreement)); provided that, unless otherwise provided by the Merger Agreement, without the prior written consent of Albireo, neither Ipsen nor Purchaser will: (1) decrease the Offer Price; (2) change the form of consideration payable in the Offer; (3) decrease the number of Shares sought to be purchased in the Offer; (4) impose conditions or requirements to the Offer in addition to the Offer Conditions; (5) amend or modify any of the Offer Conditions or any other terms or conditions of the Merger Agreement in a manner that would, or would reasonably be expected to, adversely affect any holder of Shares or that would, individually or in the aggregate, reasonably be expected to prevent or delay the consummation of the Offer or prevent, delay or impair the ability of Ipsen or Purchaser to consummate the Offer, the Merger or the other transactions contemplated by the Merger Agreement (except to effect an extension of the Offer to the extent expressly permitted or required by the Merger Agreement); (6) change or waive the Minimum Condition; (7) extend or otherwise change the Expiration Date in a manner other than as required or permitted by the Merger Agreement; or (8) provide any "subsequent offering period" within the meaning of Rule 14d-11 promulgated under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). The Offer may not be terminated or withdrawn prior to the Expiration Date (or any rescheduled Expiration Date) unless the Merger Agreement is terminated in accordance with its terms.

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For purposes of the Offer, Purchaser will be deemed to have accepted for payment, and thereby purchased, Shares validly tendered, and not properly withdrawn, prior to the Expiration Date if and when Purchaser gives oral or written notice to the Paying Agent of Purchaser's acceptance for payment of such Shares pursuant to the Offer. Upon the terms and subject to the conditions of the Offer, payment for Shares accepted for payment pursuant to the Offer will be made by deposit of the aggregate Offer Price for such Shares with the Paying Agent, which will act as paying agent for the tendering stockholders for the purpose of receiving payments from Purchaser and transmitting such payments to the tendering stockholders. **Under no circumstances will interest be paid on the Offer Price for Shares, regardless of any extension of the Offer or any delay in making payment for Shares.**

In all cases, payment for Shares tendered and accepted for payment pursuant to the Offer will be made only after timely receipt by the Paying Agent of: (a) certificates for such Shares ("**Share Certificates**") or timely confirmation of the book-entry transfer of such Shares ("**Book-Entry Confirmations**") into the Paying Agent's account at The Depository Trust Company ("**DTC**") pursuant to the procedures set forth in the Offer to Purchase; (b) a Letter of Transmittal, properly completed and duly executed, with any required signature guarantees (or, in the case of a book-entry transfer, an Agent's Message (as defined in the Offer to Purchase) in lieu of the Letter of Transmittal); and (c) any other documents required by the Letter of Transmittal. Accordingly, tendering stockholders may be paid at different times depending upon when Share Certificates or Book-Entry Confirmations with respect to Shares are actually received by the Paying Agent.

Shares tendered pursuant to the Offer may be withdrawn at any time prior to the Expiration Date and, unless theretofore accepted for payment by Purchaser pursuant to the Offer, may also be withdrawn at any time after March 24, 2023, which is the 60th day after the date of the commencement of the Offer, pursuant to SEC regulations.

For a withdrawal of Shares to be effective, a written or facsimile transmission notice of withdrawal must be timely received by the Paying Agent at its address set forth on the back cover of the Offer to Purchase. Any such notice of withdrawal must specify the name of the person having tendered the Shares to be withdrawn, the number of Shares to be withdrawn and the name of the record holder of the Shares to be withdrawn, if different from that of the person who tendered such Shares. The signature(s) on the notice of withdrawal must be guaranteed by an Eligible Institution (as defined in the Offer to Purchase), unless such Shares have been tendered for the account of any Eligible Institution. If Shares have been tendered pursuant to the procedures for book-entry transfer as set forth in the Offer to Purchase, any notice of withdrawal must specify the name and number of the account at DTC to be credited with the withdrawn Shares and must otherwise comply with DTC's procedures. If certificates representing the Shares to be withdrawn have been delivered or otherwise identified to the Paying Agent, the name of the registered holder and the serial numbers shown on such certificates must also be furnished to the Paying Agent as aforesaid prior to the physical release of such certificates.

All questions as to the form and validity (including time of receipt) of any notice of withdrawal will be determined by Purchaser, in its sole discretion, which determination will be final and binding, subject to the rights of tendering stockholders to challenge Purchaser's determination in a court of competent jurisdiction. No withdrawal of tendered Shares will be deemed to have been properly made until all defects and irregularities have been cured or waived. None of Ipsen, Purchaser or any of their respective affiliates or assigns, the Paying Agent, the Information Agent (listed below), or any other person will be under any duty to give notification of any defects or irregularities in any notice of withdrawal or incur any liability for failure to give such notification. Withdrawals of tendered Shares may not be rescinded, and any Shares properly withdrawn will be deemed not to have been validly tendered for purposes of the Offer. However, withdrawn Shares may be retendered by following one of the procedures for tendering Shares described in the Offer to Purchase at any time prior to the Expiration Date.

The information required to be disclosed by paragraph (d)(1) of Rule 14d-6 under the Exchange Act is contained in the Offer to Purchase and is incorporated herein by reference. Albireo has provided Purchaser with Albireo's stockholder list and security position listings for the purpose of disseminating the holders of Shares information regarding the Offer. The Offer to Purchase and related Letter of Transmittal will be mailed to record

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holders of Shares whose names appear on Albireo's stockholder list and will be furnished to brokers, dealers, commercial banks, trust companies and similar persons whose names, or the names of whose nominees, appear on the stockholder list or, if applicable, who are listed as participants in a clearing agency's security position listing, for subsequent transmittal to beneficial owners of Shares.

The receipt of cash and CVRs in exchange for Shares pursuant to the Offer or the Merger will be a taxable transaction for U.S. federal income tax purposes. The amount of gain or loss a U.S. holder recognizes, and the timing and potential character of a portion of such gain or loss, depends in part on the U.S. federal income tax treatment of the CVRs, with respect to which there is a significant amount of uncertainty. The installment method of reporting any gain attributable to receipt of a CVR generally will not be available with respect to the disposition of Shares pursuant to the Offer or the Merger because the Shares are traded on an established securities market. Stockholders should consult with their tax advisors as to the particular tax consequences of the Offer and the Merger to them. For a more complete description of the principal U.S. federal income tax consequences of the Offer and the Merger, see the Offer to Purchase.

**The Offer to Purchase, the related Letter of Transmittal and Albireo's Solicitation/Recommendation Statement on Schedule 14D-9 (which contains the recommendation of the Albireo board of directors and the reasons therefor) contain important information and should be read carefully and in their entirety before any decision is made with respect to the Offer.** 

Questions and requests for assistance may be directed to the Information Agent at the address and telephone number set forth below. Requests for copies of the Offer to Purchase and the related Letter of Transmittal, the Notice of Guaranteed Delivery and other tender offer materials may be directed to the Information Agent or to brokers, dealers, commercial banks or trust companies. Such copies will be furnished promptly at Purchaser's expense. Except as set forth in the Offer to Purchase, neither Purchaser nor Ipsen will pay any fees or commissions to any broker or dealer or any other person for soliciting tenders of Shares pursuant to the Offer.

*The Information Agent for the Offer is*:

![LOGO](g427101g01p77.jpg)

1290 Avenue of the Americas, 9<sup>th</sup> Floor

New York, New York 10104

**(866) 203-9357 (Toll Free)** 

**albireopharma@georgeson.com** 

January 23, 2023

## Ex-99.(B)(1)

**Exhibit (b)(1)** 

**[CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH "[\*\*\*]."]** 

**Dated 24 May 2019** 

**EUR1,500,000,000 Revolving Facility Agreement** 

between

**Ipsen S.A.** 

as the Borrower

and

**BNP Paribas SA, Groupe Crédit Agricole, HSBC France and Société Générale** 

as Global Mandated Lead Arrangers and Bookrunners

and

**Bank of America Merrill Lynch International Designated Activity Company, Barclays** 

**Bank PLC, BRED Banque Populaire, Natixis and Wells Fargo Bank International U.C.** 

as Mandated Lead Arrangers

and

**Société Générale** 

as Agent

and

**Natixis** 

as CSR Coordinator

and

**The Financial Institutions listed in Schedule 1** 

as Original Lenders

White & Case LLP

Avocats au Barreau de Paris

Toque Générale: J002

19, Place Vendome

75001 Paris

France

------

**Table of Contents** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 1. | Definitions and Interpretation | 1 |
| 1.1 | Definitions | 1 |
| 1.2 | Construction | 15 |
| 1.3 | Currency symbols and definitions | 17 |
| 2. | Facility | 17 |
| 2.1 | The Facility | 17 |
| 2.2 | Finance Parties' rights and obligations | 17 |
| 3. | Purpose | 18 |
| 3.1 | Purpose | 18 |
| 3.2 | Monitoring | 18 |
| 4. | Conditions of Utilisation | 18 |
| 4.1 | Initial conditions precedent | 18 |
| 4.2 | Further conditions precedent | 18 |
| 4.3 | Conditions precedent for the sole benefit of the Lenders | 19 |
| 4.4 | Conditions relating to Optional Currencies | 19 |
| 4.5 | Maximum number of Loans | 19 |
| 5. | Utilisation | 19 |
| 5.1 | Delivery of a Utilisation Request | 19 |
| 5.2 | Completion of a Utilisation Request | 19 |
| 5.3 | Currency and amount | 20 |
| 5.4 | Lenders' Participation | 20 |
| 5.5 | Cancellation of Commitment | 20 |
| 6. | Optional Currencies | 20 |
| 6.1 | Selection of currency | 20 |
| 6.2 | Unavailability of a currency | 20 |
| 7. | Extension of the Termination Date | 21 |
| 7.1 | First Extension Option | 21 |
| 7.2 | Second Extension Option | 21 |
| 7.3 | Consent to an Extension Request by the Lenders | 21 |
| 7.4 | Determination of the Termination Date for a Lender | 22 |
| 7.5 | Determination of the Total Commitments following an Extension | 22 |
| 7.6 | Withdrawal of an Extension Request | 22 |
| 8. | Repayment | 22 |
| 9. | Prepayment and Cancellation | 23 |
| 9.1 | Mandatory prepayment - Illegality | 23 |
| 9.2 | Mandatory prepayment - Change of control | 23 |
| 9.3 | Voluntary cancellation | 23 |
| 9.4 | Voluntary Prepayment | 24 |
| 9.5 | Right of replacement or repayment and cancellation in relation to a single Lender | 24 |
| 9.6 | Mandatory prepayment and cancellation in relation to a single Lender | 25 |
| 9.7 | Restrictions | 25 |
| 9.8 | Application of prepayments | 26 |
| 10. | Interest | 26 |
| 10.1 | Calculation of interest | 26 |
| 10.2 | Payment of interest | 26 |
| 10.3 | Margin adjustment | 26 |
| 10.4 | CSR KPI Margin Adjustment | 27 |

---

(i) ------

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 10.5 | Default interest | 28 |
| 10.6 | Notification of rates of interest | 29 |
| 10.7 | Effective Global Rate (*Taux Effectif Global*) | 29 |
| 11. | Interest Periods | 29 |
| 11.1 | Selection of Interest Periods | 29 |
| 11.2 | Non-Business Days | 30 |
| 12. | Changes to the Calculation of Interest | 30 |
| 12.1 | Unavailability of Screen Rate | 30 |
| 12.2 | Calculation of Reference Bank Rate | 31 |
| 12.3 | Market disruption | 31 |
| 12.4 | Cost of funds | 31 |
| 12.5 | Notification to the Borrower | 32 |
| 12.6 | Break Costs | 32 |
| 13. | Fees | 32 |
| 13.1 | Commitment Fee | 32 |
| 13.2 | Arrangement and participation fees | 32 |
| 13.3 | CSR Coordinator fee | 33 |
| 13.4 | Agency fee | 33 |
| 13.5 | Documentation Agent's fee | 33 |
| 13.6 | Utilisation fee | 33 |
| 13.7 | Extension Fee | 33 |
| 14. | Tax Gross-Up and Indemnities | 34 |
| 14.1 | Definitions | 34 |
| 14.2 | Tax gross-up | 35 |
| 14.3 | Tax indemnity | 36 |
| 14.4 | Tax Credit | 36 |
| 14.5 | Lender status confirmation | 37 |
| 14.6 | Stamp taxes | 37 |
| 14.7 | Value added tax | 37 |
| 14.8 | FATCA Information | 38 |
| 14.9 | FATCA Deduction | 39 |
| 15. | Increased Costs | 39 |
| 15.1 | Increased costs | 39 |
| 15.2 | Increased cost claims | 40 |
| 15.3 | Exceptions | 40 |
| 16. | Other Indemnities | 41 |
| 16.1 | Currency indemnity | 41 |
| 16.2 | Other indemnities | 41 |
| 16.3 | Indemnity to the Agent | 42 |
| 17. | Mitigation by the Lenders | 42 |
| 17.1 | Mitigation | 42 |
| 17.2 | Limitation of liability | 42 |
| 17.3 | Conduct of business by a Finance Party | 43 |
| 18. | Costs and Expenses | 43 |
| 18.1 | Transaction expenses | 43 |
| 18.2 | Amendment costs | 43 |
| 18.3 | Enforcement costs | 43 |

---

(ii) ------

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 19. | Representations | 43 |
| 19.1 | Status | 43 |
| 19.2 | Binding obligations | 44 |
| 19.3 | Non-conflict with other obligations | 44 |
| 19.4 | Power and authority | 44 |
| 19.5 | Validity and admissibility in evidence | 44 |
| 19.6 | Governing law and enforcement | 44 |
| 19.7 | Tax Deduction | 44 |
| 19.8 | No filing or stamp taxes | 44 |
| 19.9 | No default | 45 |
| 19.10 | No misleading information | 45 |
| 19.11 | Financial statements | 45 |
| 19.12 | *Pari passu* ranking | 45 |
| 19.13 | No proceedings pending or threatened | 45 |
| 19.14 | Authorisations in place | 45 |
| 19.15 | Insurance | 45 |
| 19.16 | Centre of main interests | 46 |
| 19.17 | Existing Security | 46 |
| 19.18 | Sanctioned Persons | 46 |
| 19.19 | Anti-bribery, anti-corruption and anti-money-laundering laws and regulations | 46 |
| 19.20 | Anti-boycott Provisions | 46 |
| 19.21 | Repetition | 47 |
| 20. | Information Undertakings | 47 |
| 20.1 | Financial statements | 47 |
| 20.2 | Compliance Certificate | 47 |
| 20.3 | Requirements as to financial statements | 47 |
| 20.4 | CSR KPI Certificates and CSR Change | 48 |
| 20.5 | Information: miscellaneous | 48 |
| 20.6 | Notification of default | 49 |
| 20.7 | Use of websites | 49 |
| 20.8 | "Know your customer" checks | 49 |
| 21. | Financial Covenant | 50 |
| 21.1 | Financial definitions | 50 |
| 21.2 | Interpretation | 50 |
| 21.3 | Leverage Ratio | 51 |
| 21.4 | Determination of Leverage Ratio | 51 |
| 22. | General Undertakings | 51 |
| 22.1 | Authorisations | 51 |
| 22.2 | Compliance with laws | 51 |
| 22.3 | Negative pledge | 51 |
| 22.4 | Disposals | 53 |
| 22.5 | *Pari passu* ranking | 53 |
| 22.6 | Change of business | 53 |
| 22.7 | Maintenance of insurances | 54 |
| 22.8 | Merger | 54 |
| 22.9 | Financial Indebtedness | 54 |
| 22.10 | Acquisitions | 55 |
| 22.11 | Sanctions | 55 |
| 23. | Events of Default | 55 |
| 23.1 | Non-payment | 56 |

---

(iii) ------

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 23.2 | Financial Covenant | 56 |
| 23.3 | Other obligations | 56 |
| 23.4 | Misrepresentation | 56 |
| 23.5 | Cross default | 56 |
| 23.6 | Insolvency | 57 |
| 23.7 | Insolvency proceedings | 57 |
| 23.8 | Creditors' process | 58 |
| 23.9 | Unlawfulness | 58 |
| 23.10 | Cessation of business | 58 |
| 23.11 | Material adverse effect | 58 |
| 23.12 | Audit qualification | 58 |
| 23.13 | Acceleration | 58 |
| 24. | Changes to the Lenders | 59 |
| 24.1 | Transfers by the Lenders | 59 |
| 24.2 | Conditions of transfer | 59 |
| 24.3 | Other conditions of transfer | 59 |
| 24.4 | Transfer fee | 60 |
| 24.5 | Minimum transfer amount | 60 |
| 24.6 | Limitation of responsibility of Existing Lenders | 60 |
| 24.7 | Procedure for transfer | 61 |
| 24.8 | Copy of Transfer Agreement | 61 |
| 24.9 | Security over Lenders' rights | 62 |
| 25. | Disclosure of Information | 62 |
| 25.1 | Confidential Information | 62 |
| 25.2 | Disclosure of Confidential Information | 63 |
| 25.3 | Disclosure to numbering service providers | 65 |
| 25.4 | Entire agreement | 66 |
| 25.5 | Inside information | 66 |
| 25.6 | Notification of disclosure | 66 |
| 25.7 | No announcement relating to CSR KPIs | 66 |
| 25.8 | Continuing obligations | 66 |
| 26. | Changes to the Borrower | 67 |
| 27. | Role of the Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners and the CSR Coordinator | 67 |
| 27.1 | Appointment of the Agent | 67 |
| 27.2 | Instructions | 67 |
| 27.3 | Duties of the Agent | 68 |
| 27.4 | Role of the Global Mandated Lead Arranger, the Mandated Lead Arrangers, the Bookrunners and the CSR Coordinator | 68 |
| 27.5 | No fiduciary duties | 68 |
| 27.6 | Business with the Group | 68 |
| 27.7 | Rights and discretions of the Agent | 68 |
| 27.8 | Responsibility for documentation | 70 |
| 27.9 | No duty to monitor | 70 |
| 27.10 | Exclusion of liability | 70 |
| 27.11 | Lenders' indemnity to the Agent | 72 |
| 27.12 | Resignation of the Agent | 72 |
| 27.13 | Confidentiality | 73 |
| 27.14 | Relationship with the Lenders | 73 |
| 27.15 | Credit appraisal by the Lenders | 74 |

---

(iv) ------

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 27.16 | Agent's management time | 74 |
| 27.17 | Deduction from amounts payable by the Agent | 74 |
| 27.18 | Role of Reference Banks | 75 |
| 28. | Conduct of Business by the Finance Parties | 75 |
| 29. | Sharing among the Finance Parties | 75 |
| 29.1 | Payments to Finance Parties | 75 |
| 29.2 | Redistribution of payments | 76 |
| 29.3 | Recovering Finance Party's rights | 76 |
| 29.4 | Reversal of redistribution | 76 |
| 29.5 | Exceptions | 76 |
| 30. | Payment Mechanics | 76 |
| 30.1 | Payments to the Agent | 76 |
| 30.2 | Distributions by the Agent | 77 |
| 30.3 | Distributions to the Borrower | 77 |
| 30.4 | Clawback | 77 |
| 30.5 | Partial payments | 77 |
| 30.6 | No set-off by the Borrower | 78 |
| 30.7 | Business Days | 78 |
| 30.8 | Currency of account | 78 |
| 30.9 | Change of currency | 78 |
| 30.10 | Disruption to Payment Systems etc. | 79 |
| 31. | Set-Off | 79 |
| 32. | Notices | 79 |
| 32.1 | Communications in writing | 79 |
| 32.2 | Addresses | 80 |
| 32.3 | Delivery | 80 |
| 32.4 | Notification of address and fax number | 80 |
| 32.5 | Electronic communication | 81 |
| 32.6 | English language | 81 |
| 32.7 | Data Protection Policy | 82 |
| 33. | Calculations and Certificates | 82 |
| 33.1 | Accounts | 82 |
| 33.2 | Certificates and Determinations | 82 |
| 33.3 | Day count convention | 82 |
| 34. | Partial Invalidity | 83 |
| 35. | Remedies and Waivers | 83 |
| 35.1 | No hardship | 83 |
| 36. | Amendments and Waivers | 83 |
| 36.1 | Required consents | 83 |
| 36.2 | Exceptions | 83 |
| 36.3 | Replacement of Screen Rate | 84 |
| 37. | Confidentiality of Funding Rates and Reference Bank Quotations | 85 |
| 37.1 | Confidentiality and disclosure | 85 |
| 37.2 | Related obligations | 86 |
| 37.3 | No Event of Default | 86 |
| 38. | Governing Law | 86 |

---

(v) ------

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 39. | Jurisdiction | 86 |
| 40. | Acknowledgement Regarding Any Supported QFCs | 86 |
|  **Schedule 1** | **The Original Lenders** | **88** |
|  **Schedule 2** | **Conditions Precedent** | **89** |
|  **Schedule 3** | **Form of Utilisation Request** | **91** |
|  **Schedule 4** | **Form of Transfer Agreement** | **92** |
|  **Schedule 5** | **Form of Compliance Certificate** | **95** |
|  **Schedule 6** | **Form of Extension Request** | **96** |
|  **Schedule 7** | **Timetables** | **97** |
|  **Schedule 8** | **CSR Targets** | **98** |
|  **Schedule 9** | **Form of CSR KPI Certificate** | **99** |
|  **Schedule 10** | **Form of CSR Donation Certificate** | **100** |

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(vi) ------

**This Agreement** is made on 24 May 2019.

**Between:**

**(1)** **Ipsen S.A.**, a company incorporated under the laws of France as a *société anonyme*,
whose registered office is at 65 quai Georges Gorse, 92100 Boulogne-Billancourt, France, registered in France under identification number 419 838 529 RCS Nanterre (the "**Borrower** ");

**(2)** **BNP Paribas SA**, incorporated under the laws of France as a *société anonyme*, whose
registered office is at 16, boulevard des Italiens, 75009 Paris, France, registered in France under identification number 662 042 449 RCS Paris, **Groupe Crédit Agricole**, **HSBC France,** incorporated under the laws of France as a *société anonyme*, whose registered office is at 103, avenue des Champs-Elysees, 75008 Paris, France, registered in France under identification number 775 670 284 RCS Paris, and **Société Générale**,
incorporated under the laws of France as a *société anonyme*, whose registered office is at 29, boulevard Haussmann, 75009 Paris, France, registered in France under identification number 552 120 222 RCS Paris (the "**Global Mandated Lead Arrangers**" and "**Bookrunners** ");

**(3)** **Bank of America Merrill Lynch International Designated Activity Company**, incorporated under the laws of
Ireland, whose registered office is at Two Park Place, Hatch Street, Dublin 2, Ireland, registered under number 229165, **Barclays Bank PLC,** a public limited company incorporated and existing under the laws of England and Wales, whose
registered office is at 1 Churchill Place, E14 5HP, London, England (United Kingdom) and with companies number 1026167, **BRED Banque Populaire,** in incorporated under the laws of France as a *Société Anonyme Coopérative de Banque Populaire, régie par les articles L. 512-2 et suivants du Code monétaire et financier et l'ensemble des textes relatifs aux Banques Populaires et aux Etablissements de Crédit*, whose registered office is at 18 quai de la Rapée, 75012 Paris, registered in France under identification number 552 091 795 RCS Paris, **Natixis,** incorporated under the laws of France as a *société anonyme*, whose registered office is at 30, avenue Pierre Mendès France, 75013 Paris, France, registered in France under identification number 542 044 524 RCS Paris, and **Wells Fargo Bank International U.C.**, incorporated under the
laws of Ireland, whose registered office is at Arthur Cox Building, Earlsfort Terrace, Dublin 2, Ireland, registered under number 429222 (the "**Mandated Lead Arrangers** ");

**(4)** **Société Générale** (the "**Agent** ");

**(5)** **Natixis (the "CSR Coordinator");** 

**and**

**(6)** **The Financial Institutions** listed in Schedule 1 (the "**Original Lenders** ")

**It is agreed as follows:** 

**1.** **Definitions and Interpretation** 

**1.1** **Definitions** 

In this Agreement:

"**Affiliate**" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. Notwithstanding the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to Natixis, the term "Affiliate" shall also include any member of the Banque Populaire
Group or Caisse d'Epargne Group, Banque Palatine and any member of the Banque Populaire and Caisse d'Epargne networks within the meaning of articles L512-11, L512-86 and L512-106 of the French *Code Monétaire et Financier*; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to Crédit Agricole Corporate and Investment Bank and Crédit Lyonnais, the term
"Affiliate" shall also include any Caisse Régionale du Crédit Agricole Mutuel.

"**Agent's Spot Rate of Exchange**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent's spot rate of exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (if the Agent does not have an available spot rate of exchange) any other publicly available spot rate of
exchange selected by the Agent (acting reasonably),

for the purchase of the relevant currency with the Base Currency in the Paris foreign exchange market at or about 11:00 a.m. on a particular day.

"**Agreement**" means this agreement (together with its Schedules and any TEG Letter, which form an integral part thereof), as amended from time to time.

"**Authorisation**" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

"**Availability Period**" means the period from and including the Signing Date to and including one (1) Month prior to the Termination Date.

"**Available Commitment**" means a Lender's Commitment minus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Base Currency Amount of its participation in any outstanding Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any proposed Utilisation, the Base Currency Amount of its participation in any Loans that are
due to be made on or before the proposed Utilisation Date, other than that Lender's participation in any Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date.

"**Available Facility**" means the aggregate for the time being of each Lender's Available Commitment.

"**Base Currency**" means euro.

"**Base Currency Amount**" means, in relation to a Loan, the amount specified in the Utilisation Request delivered by the Borrower for that Loan (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency at the Agent's Spot Rate of Exchange on the date which is three (3) Business Days before the Utilisation Date or, if later, on the date the Agent receives the Utilisation Request), adjusted to reflect any repayment or prepayment of such Loan.

"**Beaufour Family**" means Anne Beaufour and Henri Beaufour and their respective spouses, descendants and ancestors (the "**Individuals**"), together with any company to the extent at least fifty-one per cent. (51%) of such company's share capital or voting rights is held by one or more of the Individuals, directly or indirectly through their family trusts, including Mayroy.

"**Break Costs**" means the positive amount (if any) by which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the interest (excluding the Margin) which a Lender should have received for the period from the date of receipt
of all or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;

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exceeds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or
Unpaid Sum received by it on deposit with a leading bank for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period.

"**Business Day**" means a day (other than a Saturday or Sunday) on which banks are open for general business in Paris, London, Dublin and New York, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (in relation to any date for payment or purchase of euro) any TARGET Day; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (in relation to any date for payment or purchase of a currency other than euro) the principal financial centre
of the country of that currency.

"**Commitment**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an Original Lender, the Base Currency Amount set opposite its name under the heading
"Commitment" in Schedule 1 (*The Original Lenders*) and the amount of any other Commitment transferred to it under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other Lender, the Base Currency Amount of any Commitment transferred to it under this
Agreement, to the extent not cancelled, reduced or transferred by it under this Agreement. "**Commitment Fee**" has the meaning given to that term in Clause 13.1 (*Commitment Fee*).

"**Compliance Certificate**" means a certificate substantially in the form set out in Schedule 5 (*Form of Compliance Certificate*).

"**Confidential Information**" means all information relating to the Borrower, the Group, the Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any member of the Group or any of its advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any
member of the Group or any of its advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such
information but excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is or becomes public information other than as a direct or indirect result of any breach by that Finance Party
of Clause 25 (*Disclosure of Information*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is identified in writing at the time of delivery as non-confidential by
any member of the Group or any of its advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs
(a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not
been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Funding Rate or Reference Bank Quotation.

"**Confidentiality Undertaking**" means a confidentiality undertaking in substance similar to the undertaking in Clause 25 (*Disclosure of Information*) or in substantially the form of the LMA form of confidentiality undertaking.

"**Consolidated EBITDA**" has the meaning given to such term in Clause 21.1 (*Financial definitions*).

"**Consolidated Total Assets**" means, at any time, the total assets of the Company and its Subsidiaries as specified in the most recent annual consolidated financial statements for the Group."

"**CSR Account**" means a segregated account of the Borrower held with the Agent, dedicated solely to the receipt of CSR Premiums and CSR Savings and to the payment of such amounts to CSR Associations, it being understood that the only instructions which may be given by the Borrower during the life of this Agreement with respect to this account are to transfer donations to CSR Associations.

"**CSR Association**" means Médecins sans Frontières or any other association, the purpose of which is to provide health care services to populations, as agreed between the Agent (acting on the instructions of all the Lenders) and the Borrower.

"**CSR Auditor**" means one of the statutory auditors of the Group in charge of verifying the CSR Results in the context of the Reference Document.

"**CSR Change**" means (i) in relation to any CSR Key Performance Indicator, a regulatory change or material change in market or published guidelines, on which the Borrower has no recourse or ability to act upon, which affects, significantly whether positively and/or negatively, one or more of the CSR KPIs, (ii) with respect to CSR KPI 2 and KPI 3, the expiry of a period commencing on the Signing Date and ending on 31 December 2019, during which period the CSR Targets shall be agreed between the Borrower and the Agent (on the instructions of the Majority Lenders) for the Borrower's financial years ending 31 December 2019 or (iii) any other change in methodology or scope of any CSR KPI.

"**CSR Deposits**" has the meaning given to such term in Clause 10.4.4.

"**CSR KPI Certificate**" means the certificate in relation to disclosure of the CSR Results and to their alignment with the CSR Targets signed by the Chief Financial Officer and the Chief Executive Officer (*Directeur Général*) of the Borrower, substantially in the form set out in Schedule 9 *(Form of CSR KPI Certificate*).

"**CSR Donation Certificate**" means the certificate in relation to disclosure of the amount of the CSR Deposits paid to the CSR Associations signed by the Chief Financial Officer and the Chief Executive Officer (*Directeur Général*) of the Borrower, substantially in the form set out in Schedule 10 (*Form of CSR Donation Certificate*).

"**CSR Key Performance Indicator**" or "**CSR KPI**" means any corporate social responsibility indicator monitored by the Borrower, as verified by the CSR Auditor (or, as the case may be, based on values verified by the CSR Auditor) through the verification of the corporate social responsibility indicators of the Borrower's Reference Document, and specified in the column under the heading "CSR Key Performance Indicator" in Schedule 8 (*CSR Targets*) and "**CSR KPI 1**", "**CSR KPI 2**" and "**CSR KPI 3**", each refers to the relevant CSR KPI identified as such in Schedule 8 (*CSR Targets*)

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"**CSR Premium**" has the meaning given to that term in Clause 10.4 (*CSR KPI Margin Adjustment*).

"**CSR Result**" means, in relation to any CSR Key Performance Indicator included in any CSR KPI Certificate, the actual value assigned to such CSR Key Performance Indicator (as verified by the CSR Auditor or, as the case may be, based on values verified by the CSR Auditor in the Reference Document, for the relevant financial year of the Borrower.

"**CSR Savings**" has the meaning given to that term in Clause 10.4 (*CSR KPI Margin Adjustment*).

"**CSR Target**" means, with respect to any financial year of the Borrower and any CSR Key Performance Indicator, the value set out opposite that CSR Key Performance Indicator under the heading "CSR Target for each relevant FY" in Schedule 8 (*CSR Targets*) with respect to that financial year.

"**Default**" means an Event of Default or a Potential Event of Default.

"**Disruption Event**" means either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material disruption to those payment or communications systems or to those financial markets which are, in
each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the
control of, any of the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of any other event which results in a disruption (of a technical or systems related nature) to
the treasury or payments operations of a Party preventing that, or any other Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from performing its payment obligations under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from communicating with other Parties in accordance with the terms of the Finance Documents,

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

"**Documentation Agent**" means Natixis.

"**Environmental Approval**" means any authorisation required by any law or regulation concerning:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the conditions of the workplace; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any emission or substance which is capable of causing harm to any living organism or the environment.

"**EURIBOR**" means, in relation to any Loan in the Base Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Screen Rate as of the Specified Time for euro and for a period equal in length to the Interest
Period of that Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as otherwise determined pursuant to Clause 12.1 (*Unavailability of Screen Rate*),

and, if, in either case, that rate is less than zero (0), EURIBOR shall be deemed to be equal to zero (0).

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"**Event of Default**" means any event or circumstance specified as such in Clause 23 (*Events of Default*).

"**Existing Facilities**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the EUR600,000,000 revolving facility under the revolving facility agreement dated 17 October 2014 (as
amended and restated on 24 June 2016 and as further amended and restated on 6 June 2017 and on 4 January 2019) entered into among the Borrower and certain financial institutions as lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the EUR100,000,000 facility under the bilateral facility agreement dated 24 June 2016 entered into between
the Borrower and [\*\*\*] (as amended from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the EUR100,000,000 facility under the bilateral facility agreement dated 24 June 2016 entered into between
the Borrower and [\*\*\*] (as amended from time to time); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the EUR100,000,000 facility under the bilateral facility agreement dated 24 June 2016 entered into between
the Borrower and [\*\*\*] (as amended from time to time).

"**Extended Lender**" means, in relation to an Extension, each Lender which agrees to the relevant Extension Request in accordance with Clause 7.3 (*Consent to an Extension Request by the Lenders*).

"**Extension**" means an extension of the Termination Date requested by the Borrower in an Extension Request and accepted by one or more Extended Lender(s) in accordance with Clause 7 (*Extension of the Termination Date*).

"**Extension Date**" has the meaning given to such term in Clause 7.3.3.

"**Extension Request**" means the First Extension Request or the Second Extension Request, which shall be made by the Borrower substantially in the form set out in Schedule 6 (*Form of Extension Request*).

"**Facility**" means the revolving loan facility made available under this Agreement as described in Clause 2 (*Facility*).

"**Facility Office**" means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five (5) Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement.

"**Fallback Interest Period**" means one (1) week.

"**FATCA**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sections 1471 to 1474 of the US Internal Revenue Code or any associated regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between
the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

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**"FATCA Application Date"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a **"** withholdable payment **"** described in section 1473(1)(A)(i) of the US
Internal Revenue Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a **"** passthru payment **"** described in section 1471(d)(7) of the US Internal
Revenue Code not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding requested by FATCA.

**"FATCA Deduction"** means a deduction or withholding from a payment under a Finance Document required by FATCA.

**"FATCA Exempt Party"** means a Party that is entitled to receive payments free from any FATCA Deduction.

**"Fee Letter"** means any letter or letters dated on or about the Signing Date between the Agent, the Documentation Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners, the CSR Coordinator and the Borrower, setting out any of the fees referred to in Clause 13 (*Fees*).

**"Finance Document"** means this Agreement, the Mandate Letter, any Fee Letter and any other document designated as such by the Agent and the Borrower.

**"Finance Party"** means the Agent, a Global Mandated Lead Arranger, a Mandated Lead Arranger, a Bookrunner or a Lender.

**"Financial Indebtedness"** means any indebtedness for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) moneys borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock
or any similar instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with
GAAP, be treated as a finance or capital lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any amount raised under any other transaction (including any forward sale or purchase agreement) having the
commercial effect of a borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in
any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value shall be taken into account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of
credit or any other instrument issued by a bank or financial institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in
paragraphs (a) to (h) above.

**"First Extended Termination Date"** means the date falling six (6) years after the Signing Date.

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"**First Extension Request**" has the meaning given to such term in Clause 7.1 (*First Extension Option*).

**"French Bank Levy**" means the French *taxe pour le financement du fonds de soutien aux collectivités territoriales* levied pursuant to the provisions of article 235 ter ZE bis of the French *Code Général des Impôts*.

"**Funding Rate**" means any individual rate notified by a Lender to the Agent pursuant to paragraph (a)(ii) of Clause 12.4 (*Cost of funds*).

"**GAAP**" means generally accepted accounting principles in France, including IFRS. "**Group**" means the Borrower and its Subsidiaries for the time being.

"**Groupe Crédit Agricole**" means (i) Crédit Agricole Corporate and Investment Bank, incorporated under the laws of France as a *société anonyme*, whose registered office is at 12 place des États-Unis, CS 70052, 92547 Montrouge Cedex, registered in France under identification number 304 187 701 RCS Nanterre and (ii) Crédit Lyonnais, incorporated under the laws of France as a *société anonyme*, whose registered office is at 18, rue de la République, 69002 Lyon, registered in France under identification number 954 509 741 RCS Lyon.

"**Historic Screen Rate**" means, in relation to any Loan, the most recent applicable Screen Rate for the currency of that Loan and for a period equal in length to the Interest Period of that Loan and which is as of a day which is no more than one (1) Business Day before the Quotation Day.

"**Holding Company**" means, in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary.

"**IFRS**" means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.

"**Initial Termination Date**" means the date falling five (5) years after the Signing Date.

"**Interest Period**" means, in relation to a Loan, each period determined in accordance with Clause 11 (*Interest Periods*) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 10.5 (*Default interest*).

"**Interpolated Historic Screen Rate**" means, in relation to any Loan, the rate (rounded to the same number of decimal places as to the two relevant Screen Rates) which results from interpolating on a linear basis between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the most recent applicable Screen Rate for the longest period (for which that Screen Rate is available) which
is less than the Interest Period of that Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the most recent applicable Screen Rate for the shortest period (for which that Screen Rate is available) which
exceeds the Interest Period of that Loan,

each for the currency of that Loan and each of which is as of a day which is no more than one (1) Business Day before the Quotation Day.

"**Interpolated Screen Rate**" means, in relation to any Loan, the rate (rounded to the same number of decimal places as to the two relevant Screen Rates) which results from interpolating on a linear basis between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than
the Interest Period of that Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the
Interest Period of that Loan, each as of the Specified Time for the currency of that Loan.

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"**Lender**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Original Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any entity (excluding, for the avoidance of doubt, any natural person) which has become a Party as a
"Lender" in accordance with Clause 24 (*Changes to the Lenders*),

which in each case has not ceased to be a Party as such in accordance with the terms of this Agreement.

"**Leverage Ratio**" has the meaning given to such term in Clause 21.1 (*Financial definitions*).

"**LIBOR**" means, in relation to any Loan in an Optional Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Screen Rate as of the Specified Time for the currency of that Loan and for a period equal in
length to the Interest Period of that Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as otherwise determined pursuant to Clause 12.1 (*Unavailability of Screen Rate*),

and if, in either case, that rate is less than zero (0), LIBOR shall be deemed to be equal to zero (0).

"**Loan**" means a loan made or to be made under this Agreement or the principal amount outstanding for the time being of that Loan.

"**Majority Lenders**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if there are no Loans then outstanding, a Lender or Lenders whose Commitments aggregate more than 66<sup>2</sup>⁄<sub>3</sub>% of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66<sup>2</sup>⁄<sub>3</sub>% of the Total Commitments immediately prior to the reduction); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any other time, a Lender or Lenders whose participations in the Loans then outstanding aggregate more than
66<sup>2</sup>⁄<sub>3</sub>% of all the Loans then outstanding.

"**Mandate Letter**" means the mandate letter dated 3 May 2019 from the Global Mandated Lead Arrangers, the CSR Coordinator and the Mandated Lead Arrangers to the Borrower and countersigned by the Borrower on 10 May 2019.

"**Margin**" means the rate per annum calculated in accordance with Clause 10.3 (*Margin adjustment*).

"**Material Company**" means the Borrower and any member of the Group which has EBITDA representing five per cent. (5%) or more of the Consolidated EBITDA or which has turnover representing five per cent. (5%) or more of the Group's consolidated turnover. A list of Material Companies is or will be provided by the Borrower (i) as of 31 December 2018, pursuant to paragraph 3(c) of Schedule 2 (*Conditions Precedent*) and (ii) in each Compliance Certificate, pursuant to and in accordance with paragraphs (b) and (c) of Clause 20.2 (*Compliance Certificate*).

"**Material Adverse Effect**" means a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower's ability to perform or comply with its payment obligations or other material obligations
under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the validity or enforceability of, or the effectiveness of the rights or remedies of any Lender under the
Finance Documents.

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**"Month"** means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period
shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if there is no numerically corresponding day in the calendar month in which that period is to end, that period
shall end on the last Business Day in that calendar month; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on
the last Business Day in the calendar month in which that Interest Period is to end.

The above rules will only apply to the last Month of any period.

**"New Lender"** has the meaning given to such term in Clause 24.1 (*Transfers by the Lenders*).

**"Non-Cooperative Jurisdiction"** means a **"**non-cooperative state or territory**"** (*Etat ou territoire non coopératif*) as set out in the list referred to in article 238-0 A of the French *Code Général des Impôts*, as such list may be amended or supplemented from time to time or replaced by any other provision or list having a similar purpose.

**"OECD Country"** means any country which is or becomes a party to the Convention on the Organisation for Economic Co-operation and Development dated 14 December 1960, as amended from time to time.

**"OFAC"** means the Office of Foreign Assets Control of the US Department of the Treasury.

**"Optional Currency"** means a currency (other than the Base Currency) which complies with the conditions set out in Clause 4.4 (*Conditions relating to Optional Currencies*).

**"Original Financial Statements"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the audited consolidated and unconsolidated financial statements of the Borrower for the financial year ended
31 December 2018; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the unaudited consolidated financial statements of the Group for the financial half year ended on 30 June
2018. **"Participating Member State"** means any member state of the European Union that has the euro as its lawful currency in accordance with the legislation of the European Union relating to Economic and Monetary Union.

**"Party"** means a party to this Agreement.

**"Permitted Acquisitions"** means one or several acquisition(s) by a member of the Group for cash or share consideration of all or part of the issued share capital of a target, business or undertaking and engaged in a business substantially the same as that carried on by the Group.

**"Potential Event of Default"** means any event or circumstance specified in Clause 23 (*Events of Default*) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

**"Qualifying Lender"** has the meaning given to such term in Clause 14 (*Tax Gross-Up and Indemnities*).

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"**Quotation Day**" means, in relation to any period for which an interest rate is to be determined:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (if the currency is euro) two (2) TARGET Days before the first day of that period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (if the currency is sterling) the first day of that period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (for any other currency) two (2) Business Days before the first day of that period,

unless market practice differs in the Relevant Market for a currency, in which case the Quotation Day for that currency will be determined by the Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days).

"**Reference Bank Quotation**" means any quotation supplied to the Agent by a Reference Bank.

"**Reference Bank**" means each bank as may be appointed from time to time by the Agent in consultation with the Borrower for the purposes referred to in this Agreement, subject to the prior consent of such entity to its appointment.

"**Reference Bank Rate**" means the arithmetic means of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference Banks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to EURIBOR:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (other than where paragraph (ii) below applies) as the rate at which the relevant Reference Bank believes
one prime bank is quoting to another prime bank for interbank term deposits in euro within the Participating Member States for the relevant period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if different, as the rate (if any and applied to the relevant Reference Bank and the relevant period) which
contributors to the applicable Screen Rate are asked to submit to the relevant administrator; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to LIBOR, as either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Reference Bank is a contributor to the applicable Screen Rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) it consists of a single figure,

the rate (applied to the relevant Reference Bank and the relevant currency and period) which contributors to the applicable Screen Rate are asked to submit to the relevant administrator; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any other case, the rate at which the relevant Reference Bank could fund itself in the relevant currency for
the relevant period with reference to the unsecured wholesale funding market.

"**Reference Document**" means each reference document (*document de référence*) filed by the Borrower annually with the *Autorité des Marchés Financiers* and which contains information relating to the Borrower, its activities, risks and perspectives of business.

"**Reference Document (2018)**" means the Reference Document registered with the French *Autorité des Marchés Financiers* on 26 March 2019 under number D.19-0205.

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"**Related Fund**" in relation to a fund (the "**first fund**"), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.

"**Relevant Financial Statements**" has the meaning given to such term in Clause 21.1 (*Financial definitions*).

"**Relevant Market**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to euro, the European interbank market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other currency, the London interbank market.

"**Relevant Nominating Body**" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

"**Relevant Period**" has the meaning given to such term in Clause 21.1 (*Financial definitions*).

"**Repeating Representations**" means each of the representations set out in Clause 19 (*Representations*), except those set out in Clauses 19.7 (*Tax Deduction*), 19.8 (*No filing or stamp taxes*), 19.10 (*No misleading information*) and 19.11 (*Financial statements*).

"**Replacement Benchmark**" means a benchmark rate which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) formally designated, nominated or recommended as the replacement for a Screen Rate by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate
measures is the same as that measured by that Screen Rate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Relevant Nominating Body,

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Benchmark" will be the replacement under paragraph (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the opinion of the Majority Lenders and the Borrower, generally accepted in the international or any
relevant domestic syndicated loan markets as the appropriate successor to a Screen Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the opinion of the Majority Lenders and the Borrower, an appropriate successor to a Screen Rate.

"**Representative**" means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

"**Rollover Loan**" means one or more Loan(s):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) made or to be made on the same day that a maturing Loan is due to be repaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate amount of which is equal to or less than the amount of the maturing Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the same currency as the maturing Loan (unless it arose as a result of the operation of Clause 6.2
(*Unavailability of a currency*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) made or to be made to the Borrower for the purpose of refinancing the maturing Loan.

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"**Sanctioned Person**" means any person who is a designated target of Sanctions or is otherwise a subject of Sanctions (including without limitation as a result of being (a) owned or controlled directly or indirectly by any person which is a designated target of Sanctions, or (b) organised under the laws of, or a resident of, any country that is subject to general or country-wide Sanctions), but excludes any such person to the extent that the business to be undertaken with it by any member of the Group is not Sanctions-Related Business.

"**Sanctions**" means, at the relevant time, any economic or financial sanctions, trade embargoes or similar measures enacted, administered or enforced by any of the following (or by any agency of any of the following):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the United Nations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the United States of America; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the European Union or any member state thereof at the relevant time or the United Kingdom; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the respective institutions and agencies of any of the above, including OFAC, the U.S. Department of State, the
U.S. Department of Commerce, the French Treasury and Her Majesty's Treasury.

"**Sanctions-Related Business**" means any business with or involving any Sanctioned Person, unless at the relevant time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such business would be legal for the relevant member of the Group to undertake under then-applicable Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such business would be legal for any Lender to finance under then-applicable Sanctions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it would not cause any Lender to breach then-applicable Sanctions to receive proceeds from such business.

"**Screen Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to EURIBOR, the euro interbank offered rate administered by the European Money Markets Institute
(or any other person which takes over the administration of that rate) for the relevant period, displayed on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration Limited
(or any other person which takes over the administration of that rate) for the relevant currency and period, displayed on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate),

or, in each case, on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with the Borrower.

"**Screen Rate Replacement Event**" means, in relation to a Screen Rate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority
Lenders, and the Borrower materially changed;

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(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) the administrator of that Screen Rate or its supervisor publicly announces that such administrator is
insolvent; or (B) information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which
reasonably confirms that the administrator of that Screen Rate is insolvent,

provided that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the administrator of that Screen Rate publicly announces that it has ceased or will cease, to provide that
Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Screen Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been or
will be permanently or indefinitely discontinued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer be used
or has ceased to be representative.

**"Security"** means any *hypothèque*, *nantissement*, *gage*, *privilège* or any other *sûreté réelle*, mortgage, charge, pledge, lien, assignment by way of security (*cession à titre de garantie*), *fiducie-sûreté* or any mandate enabling a person to create the same or undertaking to create the same or other security interest or charge securing any obligation or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.

**"Second Extended Termination Date"** means the date falling seven (7) years after the Signing Date.

**"Second Extension Request"** has the meaning given to such term in Clause 7.2 (*Second Extension Option*).

**"Signing Date"** means the date of execution of this Agreement.

**"Specified Time"** means a day and time determined in accordance with Schedule 7 (*Timetables*).

**"Subsidiary"** means, in relation to any company, another company which is controlled by it within the meaning of article L.233-3 I and II of the French *Code de Commerce*.

**"TARGET2"** means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007.

**"TARGET Day"** means any day on which TARGET2 is open for the settlement of payments in euro.

**"Tax"** means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

**"Tax Deduction"** has the meaning given to such term in Clause 14.1 (*Definitions*).

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"**TEG Letter**" means any letter setting the effective global rate (*taux effectif global*) referred to in Clause 10.7 (*Effective Global Rate (Taux Effectif Global)*).

"**Termination Date**" means, as the case may be for each Lender's Commitment in accordance with Clause 7.4 (*Determination of the Termination Date for a Lender*), the Initial Termination Date, the First Extended Termination Date or the Second Extended Termination Date.

"**Test Date**" has the meaning given to such term in Clause 21.1 (*Financial definitions*).

"**Total Amount CSR Deposits**" means, in respect of any financial year of the Borrower, the aggregate amount of CSR Deposits made in such financial year pursuant to Clause 10.4.4.

"**Total Commitments**" means the aggregate of the Commitments of all the Lenders being as at the Signing Date, the total amount specified as such in Schedule 1 (*The Original Lenders*).

"**Transfer Agreement**" means an agreement substantially in the form set out in Schedule 4 (*Form of Transfer Agreement*) or any other form agreed between the Agent and the Borrower.

"**Transfer Date**" means, in relation to a transfer, the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the proposed Transfer Date specified in the relevant Transfer Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the Agent executes the Transfer Agreement.

"**Unpaid Sum**" means any sum due and payable but unpaid by the Borrower under the Finance Documents.

"**US**" means the United States of America.

"**US Internal Revenue Code**" means the US Internal Revenue Code of 1986.

"**Utilisation**" means a utilisation of the Facility.

"**Utilisation Date**" means the date of a Utilisation, being the date on which the relevant Loan is to be made.

"**Utilisation Request**" means a notice substantially in the form set out in Schedule 3 (*Form of Utilisation Request*).

"**VAT**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value
added tax (EC Directive 2006/112); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other tax of a similar nature, whether imposed in a member state of the European Union, in substitution
for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

**1.2** **Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless a contrary indication appears, any reference in this Agreement to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the "**Agent** ", the "**CSR Coordinator**" any "**Global Mandated Lead Arranger** ", any "**Mandated Lead Arranger** ", any "**Bookrunner** ", any "**Finance Party** ", any "**Lender** ", the "**Borrower**" or any "**Party**" shall be
construed so as to include its successors in title, permitted assigns and permitted transferees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a document "**in agreed form**" is a document which is previously agreed in writing by or on
behalf of the Borrower and the Agent or, if not so agreed, is in the form specified by the Agent;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an "**amendment**" includes an amendment, supplement, novation, re-enactment, replacement, restatement or variation and "**amended**" will be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**assets**" includes present and future properties, revenues and rights of every description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**corporate reconstruction**" includes in relation to any company any contribution of part of its
business in consideration of shares (*apport partiel d'actifs*) and any demerger (*scission*) implemented in accordance with articles L.236-1 to L.236-24 of the French *Code de Commerce*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a "**Finance Document**" or any other agreement or instrument is a reference to that Finance
Document or other agreement or instrument as amended or novated, supplemented, extended or restated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "**gross negligence**" means "*faute lourde* ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a "**guarantee**" includes any "*cautionnement* ", "*aval*" and any
" *garantie*" which is independent from the debt to which it relates or any "*lettre d'intention*" constituting a payment obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) "**incorporation**" includes the formation or establishment of a partnership or any other person
and "**incorporate**" will be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**indebtedness**" includes any obligation (whether incurred as principal or as surety) for the
payment or repayment of money, whether present or future, actual or contingent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) "**merger**" includes any fusion implemented in accordance with articles L.236-1 to L.236-32 of the French *Code de Commerce*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) "**know your customer requirements**" are the identification checks that a Finance Party requests
in order to meet its obligations under any applicable law or regulation to identify a person who is (or is to become) its customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) a "**transfer**" includes any means of transfer of rights and/or obligations under French law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) a "**person**" includes any individual, firm, company, corporation, government, state or agency of
a state or any grouping (whether or not having separate legal personality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) a "**regulation**" includes any *décret*, regulation, rule, official directive,
request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) a "**security interest**" includes any type of security (*sûreté réelle*)
and transfer by way of security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) "**trustee** ", "**fiduciary**" and "**fiduciary duty**" has in each case
the meaning given to such term under any applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) "**wilful misconduct**" means "*dol* ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) a provision of law is a reference to that provision as amended or re-enacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) a time of day is a reference to Paris time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The determination of the extent to which a rate is "for a period equal in length" to an Interest
Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Clause and Schedule headings are for ease of reference only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or
in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Default is "**continuing**" if it has not been remedied or waived.

**1.3** **Currency symbols and definitions** 

In this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**euro** ", "**EUR**" or **" € "** means, at any time,
the lawful currency of the Participating Member States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**sterling** ", "**GBP**" or "**£**" means, at any time, the
lawful currency of the United Kingdom; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**dollars** ", "**USD**" or "**$**" means the lawful currency of the US.

**2.** **Facility** 

**2.1** **The Facility** 

Subject to the terms of this Agreement, the Lenders make available to the Borrower a revolving loan facility in an aggregate amount equal to the Total Commitments.

**2.2** **Finance Parties' rights and obligations** 

2.2.1 The obligations of each Finance Party under the Finance Documents are several (*conjointes et non solidaires*). Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other
Finance Party under the Finance Documents.

2.2.2 The rights of each Finance Party under or in connection with the Finance Documents are separate and independent
rights and any debt arising under the Finance Documents to a Finance Party from the Borrower is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph 2.2.3 below. The
rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of a Loan or any other amount owed by the Borrower which relates to a Finance Party's participation
in a Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by the Borrower.

2.2.3 A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights
under or in connection with the Finance Documents.

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**3.** **Purpose** 

**3.1** **Purpose** 

The Borrower shall apply all amounts borrowed by it under the Facility towards general corporate purposes of the Group, including the repayment and cancellation of the Existing Facilities and thereafter the financing or refinancing of any Permitted Acquisition (including any related interest, fees, costs and expenses related thereto).

**3.2** **Monitoring** 

No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

**4.** **Conditions of Utilisation** 

**4.1** **Initial conditions precedent** 

4.1.1 The Borrower may not deliver a Utilisation Request unless the Agent has received, on the Signing Date, all of
the documents and other evidence listed in Schedule 2 (*Conditions Precedent*) in form and substance satisfactory to the Agent (acting reasonably). The Agent shall notify the Borrower and the Lenders promptly upon being so satisfied.

4.1.2 Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent
gives the notification described in paragraph 4.1.1 above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such
notification, unless directly caused by its gross negligence or wilful misconduct.

**4.2** **Further conditions precedent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Lenders will only be obliged to comply with Clause 5.4 (*Lenders' Participation*) in relation to
a Loan if on the date of the Utilisation Request and on the proposed Utilisation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed Loan and,
in the case of any other Loan, no Default is continuing or would result from the proposed Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Repeating Representations to be made by the Borrower are true in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Lenders will only be obliged to comply with Clause 5.4 (*Lenders' Participation*) in relation to
the first Utilisation if on or prior to such Utilisation the Borrower delivers to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a certificate signed by an authorised signatory of the Borrower certifying that the Leverage Ratio *pro forma* as at the Utilisation Date (taking into account the repayment of the Existing Facilities with the proceeds of such Utilisation) does not exceed 3.5:1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) satisfactory evidence that, no later than upon the occurrence of the first Utilisation, all the Existing
Facilities shall be repaid and cancelled in full.

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**4.3** **Conditions precedent for the sole benefit of the Lenders** 

The conditions precedent provided for in Clause 4.1 (*Initial conditions precedent*) and Clause 4.2 (*Further conditions precedent*) are stipulated for the sole benefit of the Lenders.

**4.4** **Conditions relating to Optional Currencies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A currency will constitute an Optional Currency in relation to a Loan if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is readily available in the amount required and freely convertible into the Base Currency in the wholesale
market for that currency on the Quotation Day and the Utilisation Date for that Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it is sterling, dollars or any other currency approved by the Agent (acting on the instructions of all the
Lenders) on or prior to receipt by the Agent of the relevant Utilisation Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Agent has received a written request from the Borrower for a currency to be approved under paragraph
(a)(ii) above, the Agent will confirm to the Borrower by the Specified Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether or not the Lenders have granted their approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if approval has been granted, the minimum amount (and, if required, integral multiples) for any subsequent
Utilisation in that currency.

**4.5** **Maximum number of Loans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower may not deliver a Utilisation Request if, as a result of the proposed Utilisation, more than ten
(10) Loans would be outstanding at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Loan made by a single Lender under Clause 6.2 (*Unavailability of a currency*) shall not be taken into
account in this Clause 4.5.

**5.** **Utilisation** 

**5.1** **Delivery of a Utilisation Request** 

The Borrower may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time.

**5.2** **Completion of a Utilisation Request** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the proposed Utilisation Date is a Business Day within the Availability Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the proposed Utilisation Date in respect of the first Utilisation is on or prior to 31 July 2019;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the currency and amount of the Utilisation comply with Clause 5.3 (*Currency and amount*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the proposed Interest Period complies with Clause 11 (*Interest Periods*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Only one Loan may be requested in each Utilisation Request.

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**5.3** **Currency and amount** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The currency specified in a Utilisation Request must be the Base Currency or an Optional Currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of the proposed Loan must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the currency selected is the Base Currency, a minimum of EUR 10,000,000 (or, if higher, any integral
multiple of EUR 1,000,000) or, if less, the Available Facility; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the currency selected is sterling, a minimum of GBP 10,000,000 (or, if higher, any integral multiple of GBP
1,000,000) or, if less, the Available Facility; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the currency selected is dollars, a minimum of USD 10,000,000 (or, if higher, any integral multiple of USD
1,000,000) or, if less, the Available Facility; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the currency selected is an Optional Currency (other than sterling or dollars), the minimum amount (and, if
required, integral multiple) specified by the Agent pursuant to paragraph (b)(ii) of Clause 4.4 (*Conditions relating to Optional Currencies*) or, if less, the Available Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in any event, such that its Base Currency Amount is less than or equal to the Available Facility.

**5.4** **Lenders' Participation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the conditions set out in this Agreement have been met, each Lender shall make its participation in each
Loan available by the Utilisation Date through its Facility Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of each Lender's participation in each Loan will be equal to the proportion borne by its
Available Commitment to the Available Facility immediately prior to making the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall determine the Base Currency Amount of each Loan which is to be made in an Optional Currency and
shall notify each Lender of the amount, currency and the Base Currency Amount of each Loan, the amount of its participation in that Loan, in each case by the Specified Time.

**5.5** **Cancellation of Commitment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Available Facility shall be immediately cancelled at the end of the Availability Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Available Facility shall be immediately cancelled in full if the first utilisation has not occurred on or
prior to 31 July 2019.

**6.** **Optional Currencies** 

**6.1** **Selection of currency** 

The Borrower shall select the currency of a Loan in a Utilisation Request.

**6.2** **Unavailability of a currency** 

If before the Specified Time on any Quotation Day:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Lender notifies the Agent that the Optional Currency requested is not readily available to it in the amount
required; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Lender notifies the Agent that compliance with its obligation to participate in a Loan in the proposed
Optional Currency would contravene a law or regulation applicable to it,

the Agent will give notice to the Borrower to that effect by the Specified Time on that day. In this event, any Lender that gives notice pursuant to this Clause 6.2 (*Unavailability of a currency*) will be required to participate in the Loan in the Base Currency (in (i) an amount equal to that Lender's proportion of the Base Currency Amount or (ii) in respect of a Rollover Loan, an amount equal to that Lender's proportion of the Base Currency Amount of the Rollover Loan that is due to be made) and its participation will be treated as a separate Loan denominated in the Base Currency during that Interest Period.

**7.** **Extension of the Termination Date** 

**7.1** **First Extension Option** 

The Borrower may request that the Lenders extend the Initial Termination Date for a further period of one (1) year by delivering an Extension Request to the Agent no more than ninety (90) days and not less than forty-five (45) days prior to the first anniversary of the Signing Date (the "**First Extension Request**").

**7.2** **Second Extension Option** 

Without prejudice to Clause 7.1 (*First Extension Option*), the Borrower may request that the Lenders extend the relevant Termination Date (which may or may not have already been extended pursuant to Clause 7.1 (*First Extension Option*)), for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a further period of one (1) year following the First Extended Termination Date for Lenders who had agreed
to the First Extension Request (to the extent the First Extension Request was made by the Borrower); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a further period of one (1) year or two (2) years following the Initial Termination Date (i) for
Lenders who had not agreed to the First Extension Request or (ii) if the Borrower had not made or has revoked the First Extension Request,

by delivering an Extension Request to the Agent no more than ninety (90) days and not less than forty-five (45) days prior to the second anniversary of the Signing Date (the "**Second Extension Request**").

**7.3** **Consent to an Extension Request by the Lenders** 

7.3.1 The Agent shall promptly notify the Lenders upon receipt of an Extension Request.

7.3.2 Each Lender shall give irrevocable notice to the Agent no later than thirty-five (35) days after the date
of receipt by the Agent of an Extension Request as to whether it agrees to or refuses the Extension requested in the relevant Extension Request, it being agreed that (i) each Lender shall decide whether or not to accept an Extension Request
made pursuant to this Clause 7 (*Extension of the Termination Date*) at its sole discretion and (ii) any Lender which does not reply to an Extension Request within the thirty-five (35) days' period mentioned above will be deemed
to have refused the relevant Extension.

7.3.3 The Agent shall notify the Borrower of the responses given by the Lenders pursuant to Clause 7.3.2 at the
expiry of the thirty-five (35) days' period mentioned in Clause 7.3.2, it being agreed that, to the extent it has been accepted by one or more Extended Lender(s), the relevant Extension will be considered effective at the date of receipt
by the Borrower of such notice from the Agent (the "**Extension Date** ").

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**7.4** **Determination of the Termination Date for a Lender** 

If a Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) agrees to the First Extension Request, the Termination Date in respect of its Commitment shall be the First
Extended Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agrees to the First Extension Request and the Second Extension Request, the Termination Date in respect of its
Commitment shall be the Second Extended Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has not agreed to the First Extension Request but agrees to the Second Extension Request, the Termination Date
in respect of its Commitment shall be (at its discretion and as specified by such Lender in its answer to the Second Extension Request), the First Extended Termination Date or the Second Extended Termination Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has agreed neither to the First Extension Request nor to the Second Extension Request, its Commitment shall be
cancelled on the Initial Termination Date.

**7.5** **Determination of the Total Commitments following an Extension** 

7.5.1 As from the Initial Termination Date, the Total Commitments will be reduced by the amount of the Commitment of
each Lender whose Commitment expires on the Initial Termination Date and the aggregate amount of such Lender's participation in any Utilisation, together with any interest accrued thereon and any other amounts due from the Borrower in respect
thereof shall be repaid by the Borrower on the Initial Termination Date.

7.5.2 As from the First Extended Termination Date, the Total Commitments will be reduced by the amount of the
Commitment of each Lender whose Commitment expires on the First Extended Termination Date and the aggregate amount of such Lender's participation in any Utilisation, together with any interest accrued thereon and any other amounts due from the
Borrower in respect thereof shall be repaid by the Borrower on the First Extended Termination Date.

**7.6** **Withdrawal of an Extension Request** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any provision to the contrary in Clause 7 (*Extension of the Termination Date*), the
Borrower may freely withdraw an Extension Request by sending a written notice to the Agent no later than three (3) Business Days following the Extension Date without incurring any penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case of withdrawal of an Extension Request made in accordance with paragraph (a) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relevant Extension Request shall be automatically considered as null and void;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Extension requested in the relevant Extension Request will not be effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no extension fee shall be owed by the Borrower under Clause 13.7 (*Extension Fee*) with respect to such
Extension Request.

**8.** **Repayment** 

The Borrower must repay each Loan on the last day of its Interest Period.

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**9.** **Prepayment and Cancellation** 

**9.1** **Mandatory prepayment - Illegality** 

If, in any applicable jurisdiction, it becomes unlawful for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that Lender shall promptly notify the Agent upon becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the Agent notifying the Borrower, the Commitment of that Lender will be immediately cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent that the Lender's participation has not been transferred pursuant to paragraph (d) of
Clause 9.5 (*Right of replacement or repayment and cancellation in relation to a single Lender*), the Borrower shall repay that Lender's participation in the Loans on the last day of the Interest Period for each Loan occurring after the
Agent has notified the Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender's corresponding
Commitment(s) shall be cancelled in the amount of the participation repaid.

**9.2** **Mandatory prepayment - Change of control** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any person or group of persons (other than the Beaufour Family or any members thereof) acting in concert
gains control of the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall promptly notify the Agent upon becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Lender shall not be obliged to fund a Utilisation (except for a Rollover Loan); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if a Lender so requires and notifies the Agent within five (5) Business Days of the Agent notifying
promptly the Lenders of the event, the Agent shall, by not less than ten (10) calendar days' notice to the Borrower cancel the Commitment of that Lender and declare the participation of that Lender in all outstanding Loans, together with
accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Commitment of that Lender will be cancelled and all such outstanding amounts will become immediately due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of paragraph (a) above, "**control**" has the meaning given in article L.233-3 of the French *Code de Commerce* and "**acting in concert**" has the meaning given in article L.233-10 of the French *Code de Commerce*.

**9.3** **Voluntary cancellation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower may, if it gives the Agent not less than five (5) Business Days' (or such shorter period
as the Majority Lenders may agree) prior notice, cancel the whole or any part of the Available Facility (but if in part, for a minimum amount of EUR 10,000,000 or an integral multiple thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any cancellation under this Clause 9.3 (*Voluntary cancellation*) shall reduce the Commitments of the
Lenders rateably.

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**9.4** **Voluntary Prepayment** 

The Borrower may, if it gives the Agent not less than five (5) Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Loan (but if in part, being an amount that reduces the Base Currency Amount of the Loan by a minimum amount of EUR 10,000,000 or, if higher, any integral multiple of EUR 10,000,000).

**9.5** **Right of replacement or repayment and cancellation in relation to a single Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any sum payable to any Lender by the Borrower is required to be increased under paragraph (c) of Clause
14.2 (*Tax gross-up*) or under an equivalent provision of any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Lender claims indemnification from the Borrower under Clause 14.3 (*Tax indemnity*) or Clause 15
(*Increased Costs*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any amount payable to any Lender by the Borrower under a Finance Document is not, or will not be (when the
relevant corporate income tax is calculated) treated as a deductible charge or expense for French tax purposes for the Borrower by reason of that amount being (i) paid or accrued to a Lender incorporated, domiciled, established or acting
through a Facility Office situated in a Non-Cooperative Jurisdiction, or (ii) paid to an account opened in the name of or for the benefit of that Lender in a financial institution situated in a Non-Cooperative Jurisdiction,

the Borrower may, whilst the circumstance giving rise to the requirement for that increase, indemnification or non-deductibility continues (or, in the case of Basel III Costs (as defined in Clause 15.1.2), after the Borrower has been requested to indemnify a Finance Party in respect of any Basel III Costs and has indemnified that Finance Party in accordance with Clause 15.2 (*Increased cost claims*)), give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender's participation in the Loans or give the Agent notice of its intention to replace that Lender in accordance with paragraph (d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender
shall immediately be reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the last day of each Interest Period which ends after the Borrower has given notice of cancellation under
paragraph (a) above (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that Lender's participation in any Loan then outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the circumstances set out in paragraph (a) above apply to a Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower becomes obliged to pay any amount in accordance with Clause 9.1 (*Mandatory prepayment - Illegality*) to any Lender,

the Borrower may, on 15 Business Days' prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) transfer pursuant to Clause 24 (*Changes to the Lenders*) all (and not part only) of its rights and obligations under this Agreement to any Lender or other bank, financial institution, trust, fund or other entity selected by the Borrower and which, in each case, is not a member of the Group, which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance

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with Clause 24 (*Changes to the Lenders*) for a purchase price in cash payable at the time of the transfer in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding Loans and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall have no right to replace the Agent in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the Agent nor any Lender shall have any obligation to find a replacement Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in no event shall the Lender replaced under paragraph (d) above be required to pay or surrender any of the
fees received by such Lender pursuant to the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (d) above
once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Lender shall perform the checks described in paragraph (e)(iv) above as soon as reasonably practicable
following delivery of a notice referred to in paragraph (d) above and shall notify the Agent and the Borrower when it is satisfied that it has complied with those checks.

**9.6** **Mandatory prepayment and cancellation in relation to a single Lender** 

If it becomes unlawful for the Borrower to perform any of its obligations to any Lender under paragraph (c) of Clause 14.2 (*Tax gross-up*) or under an equivalent provision of any Finance Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower shall promptly notify the Agent upon becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the Agent notifying that Lender, its Commitment will be immediately cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower shall repay that Lender's participation in the Loans on the last day of each Interest Period
which ends after the Borrower has given notice under paragraph (a) above or, if earlier, the date specified by that Lender in a notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law).

**9.7** **Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice of replacement, cancellation or prepayment given by any Party under this Clause 9 (*Prepayment and Cancellation*) shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant replacement, cancellation or prepayment is to be made and the amount of that replacement,
cancellation or prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and,
subject to any Break Costs, without premium or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless a contrary indication appears in this Agreement, any part of the Facility which is prepaid may be re-borrowed in accordance with the terms of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall not replace any Lender, repay or prepay all or any part of the Loans or cancel all or any
part of the Commitments except at the times and in the manner expressly provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Agent receives a notice under this Clause 9 (*Prepayment and Cancellation*), it shall promptly
forward a copy of that notice to either the Borrower or the affected Lender, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If all or part of any Lender's participation in a Loan is repaid or prepaid and is not available for
redrawing (other than by operation of Clause 4.2 (*Further conditions precedent*)), the amount of that Lender's Commitment (equal to the Base Currency Amount of the amount of the participation which is repaid or prepaid) will be deemed to
be cancelled on the date of repayment or prepayment.

**9.8** **Application of prepayments** 

Any prepayment of a Loan pursuant to Clause 9.4 (*Voluntary Prepayment*) shall be applied pro rata to each Lender's participation in that Loan.

**10.** **Interest** 

**10.1** **Calculation of interest** 

The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Margin adjusted, as the case may be, in accordance with Clause 10.4 (*CSR KPI Margin Adjustment*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EURIBOR or, in relation to any Loan not in euro, LIBOR.

**10.2** **Payment of interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay accrued interest on each Loan on the last day of each Interest Period (and, if the
Interest Period is longer than six (6) Months, on the dates falling at six monthly intervals after the first day of the Interest Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary set forth in this Agreement, the portion of accrued and payable
interest representing CSR Premium shall not be paid to the Agent or the Lenders but shall be paid in accordance with Clause 10.4.4.

**10.3** **Margin adjustment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial Margin is **[\*\*\*]** per cent. (**[\*\*\*]**) per annum for the Facility (increased by **[\*\*\*]** per cent. (**[\*\*\*]**) per annum with respect to any Optional Currency Loan denominated in dollars or sterling) and the applicable Margin will be adjusted upwards or downwards on a semi-annual basis according to the Leverage Ratio as
set out in the relevant Compliance Certificate and for the first time on the basis of

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the Compliance Certificate delivered in respect of the half year consolidated financial statements of the Borrower for the semester ended 30 June 2019, as follows:

---

| | | |
|:---|:---|:---|
| **Leverage Ratio ("L")** | **Margin (per cent. per annum)**<br>**(Base Currency Loans and<br>Optional Currency Loans not<br>denominated in USD or in<br>sterling)** | **Margin (per cent. per annum)**<br>**(Optional Currency Loans<br>denominated in USD or in<br>sterling)** |
|  **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** |
|  **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** |
|  **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** |
|  **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** |
|  **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** |
|  **[\*\*\*]** | **[\*\*\*]** | **[\*\*\*]** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any change in the Margin shall take effect, for new Loans and outstanding Loans (including Rollover Loans) and
for the purpose of Clause 13.1 (*Commitment Fee*), five (5) Business Days after the date of receipt by the Agent of the relevant Compliance Certificate. In the event the Compliance Certificate is delivered less than ten (10) Business
Days before the end of the relevant Interest Period, the Margin will be adjusted as at the last day of the next Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without prejudice to any other rights of the Lenders under this Agreement (in particular under Clause 23
(*Events of Default*)), if (and for so long as):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower is in default of its obligation to provide a Compliance Certificate together with the Relevant
Financial Statements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Event of Default (other than under paragraph (i) above) has occurred and is continuing,

then, the highest level of the above Margin grid for the Facility, being **[\*\*\*]** per cent. (**[\*\*\*]**) per annum for Base Currency Loans and Optional Currency Loans not denominated in dollars or in sterling and **[\*\*\*]** per cent. (**[\*\*\*]**) per annum for Loans denominated in dollars or in sterling, will immediately apply to all Loans then outstanding and for the purposes of Clause 13.1 (*Commitment Fee*); the Margin will revert to the applicable level of the above Margin grid three (3) Business Days after the date when the relevant default mentioned in paragraphs (i) or (ii) above has been remedied or waived.

**10.4** **CSR KPI Margin Adjustment** 

10.4.1 The Margin as determined in accordance with Clause 10.3 (*Margin adjustment*) will be further adjusted by
reference to the most recently delivered CSR KPI Certificate as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if, with respect to any financial year of the Borrower, any of the CSR Targets have been achieved, then the
applicable Margin shall be reduced by **[\*\*\*]** per annum per CSR KPI achieved, up to a maximum reduction of **[\*\*\*]** per annum (the amount of any such reduction and the corresponding reduction to the Commitment Fee, the "**CSR Savings** "), provided that such CSR Savings shall be paid into the CSR Account and donated in accordance with Clause 10.4.4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if, with respect to any financial year of the Borrower, any CSR Target is not achieved, then the applicable
Margin shall be increased by **[\*\*\*]** % per annum per CSR KPI which is not achieved, up to a maximum increase of **[\*\*\*]** % per annum (the amount of any such increase and the corresponding increase to the Commitment Fee, the "**CSR Premium** "); provided that such CSR Premium shall not be paid to the Lenders but paid into the CSR Account and donated in accordance with Clause 10.4.4.

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For the avoidance of doubt, the adjustment described above applies only for the purposes of the calculations of the CSR Savings and the CSR Premium.

10.4.2 Any adjustment of the Margin pursuant to Clause 10.4.1 shall take effect, for new Loans and outstanding Loans
(including Rollover Loans) and for the purpose of Clause 13.1 (*Commitment Fee*), five (5) Business Days after the date of receipt by the Agent of the relevant CSR KPI Certificate in accordance with Clause 20.4 (*CSR KPI Certificates*) (and for the first time in relation to the CSR KPI Certificate delivered for the financial year of the Borrower ending 31 December 2019. In the event the CSR KPI Certificate is delivered less than ten (10) Business Days
before the end of the relevant Interest Period, the Margin will be adjusted as at the last day of the next Interest Period.

10.4.3 If (and for so long as) the Borrower is not in compliance with its obligation to provide a CSR KPI Certificate
or a CSR Donation Certificate pursuant to Clause 20.4 (*CSR KPI Certificates*), then the Borrower shall not benefit from any CSR Savings and the highest level of CSR Premium (being **[\*\*\*]** per annum) will immediately apply to all Loans
then outstanding and for the purposes of Clause 13.1 (*Commitment Fee*). The Margin will revert to the applicable level of CSR Savings or CSR Premium three (3) Business Days after the date when the relevant certificate has been delivered.

10.4.4 On the last day of each Interest Period (and, if the Interest Period is longer than six (6) Months on the
date(s) falling at six monthly intervals after the first day of the Interest Period), the Borrower shall deposit (i) the portion of accrued and payable interest and Commitment Fee representing CSR Premium for such Interest Period and
(ii) any CSR Savings for such Interest Period into the CSR Account (such deposits, the "**CSR Deposits** "). The Borrower shall, from time to time, donate the aggregate amount of CSR Deposits to one or more CSR Associations (the
amounts and details of which shall be certified each year in a CSR Donation Certificate pursuant to Clause 20.4 (*CSR KPI Certificates and CSR Change*)); provided that, in respect of any financial year of the Borrower, the total CSR Deposits
made in such financial year shall be donated to one or more CSR Associations prior to the end of such financial year.

10.4.5 In the event a CSR Change occurs, the Borrower shall submit a proposal to the Lenders to be considered in good
faith and with the purpose of agreeing through a Majority Lenders' consent by no later than the end of the financial year of the Borrower following such CSR Change (or, in the case of sub-clause (ii) of the definition CSR Change, no later than the relevant date(s) set forth in such definition), revisions, adjustments or updates to the relevant CSR Target or CSR KPI as may be required further to such CSR Change.

10.4.6 In the event no agreement is found between the Borrower and the Agent following a 30 days negotiation period on
the revision, adjustment or update of a CSR KPI or CSR Target, Clause 10.4.1 and Clause 10.4.2 shall cease to apply with respect to such CSR KPI.

**10.5** **Default interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall
accrue to the fullest extent permitted by law on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (**1%**) per
annum higher than the rate which would have been applicable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest
Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 10.5 (*Default interest*) shall be immediately payable by the Borrower on demand by the Agent. For the avoidance of doubt, default
interest shall accrue automatically as of right (*de plein droit*) without need for notification (*mise en demeure*) to the Borrower and is in addition, and without prejudice, to the other rights of the Finance Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of
an Interest Period relating to that Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the
current Interest Period relating to that Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the rate of interest applying to the overdue amount during that first Interest Period shall be **[\*\*\*]** per
cent. (**[\*\*\*]**) per annum higher than the rate which would have applied if the overdue amount had not become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the demand by the Agent nor the payment of default interest shall constitute a waiver of any right or
remedy by any Finance Party under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount only if,
within the meaning of article 1343-2 of the French Code Civil, such interest is due for a period of at least one (1) year, but will remain immediately due and payable.

**10.6** **Notification of rates of interest** 

The Agent shall promptly notify the Lenders and the Borrower of the determination of a rate of interest under this Agreement, it being agreed however that the Agent shall not include the details of any individual quotation provided by a Reference Bank nor the rate provided by a Lender in accordance with Clause 12.3 (*Market disruption*) as part of any such notification.

**10.7** **Effective Global Rate (*Taux Effectif Global*)** 

10.7.1 For the purposes of articles L.314-1 to L.314-5 and R.314-1 et seq. of the French *Code de la Consommation* and article L.313-4 of the French *Code Monétaire et Financier*, the Parties acknowledge that (i) the effective global rate (*taux effectif global*) calculated on the Signing Date, based on assumptions as to the period rate (*taux de période*) and the
period term (*durée de période*) and on the assumption that the interest rate and all other fees, costs or expenses payable under this Agreement will be maintained at their original level throughout the term of this Agreement, is
set out in a letter addressed by the Agent to the Borrower and (ii) that letter forms part of this Agreement.

10.7.2 The Borrower acknowledges receipt of the TEG Letter by countersigning the TEG Letter on the Signing Date.

**11.** **Interest Periods** 

**11.1** **Selection of Interest Periods** 

11.1.1 The Borrower may select an Interest Period for a Loan in the Utilisation Request for that Loan.

11.1.2 Subject to this Clause 11 (Interest Periods), the Borrower may select an Interest Period of one (1), three
(3) or six (6) Months or any other period agreed between the Borrower and the Agent (acting on the instructions of all the Lenders), provided that Loans which have been selected for an initial Interest Period of one (1) Month may be
rolled-over (under the conditions applicable to Rollover Loans) for a new Interest Period of three (3) Months or six (6) Months only.

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11.1.3 The Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than one
(1) Loan with an Interest Period of one (1) Month would be outstanding at any time. Moreover, the Borrower may not deliver a Utilisation Request for a Loan with an Interest Period of one (1) Month to be made on a day where another
Loan with such an Interest Period is to be repaid.

11.1.4 An Interest Period for a Loan shall not extend beyond the Termination Date.

11.1.5 A Loan has one (1) Interest Period only.

**11.2** **Non-Business Days** 

If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

**12.** **Changes to the Calculation of Interest** 

**12.1** **Unavailability of Screen Rate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Interpolated Screen Rate*: If no Screen Rate is available for EURIBOR or, if applicable, LIBOR for the
Interest Period of a Loan, the applicable EURIBOR or LIBOR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period of that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Shortened Interest Period*: If no Screen Rate is available for EURIBOR or, if applicable, LIBOR for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the currency of a Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Interest Period of a Loan and it is not possible to calculate the Interpolated Screen Rate,

the Interest Period of that Loan shall (if it is longer than the applicable Fallback Interest Period) be shortened to the applicable Fallback Interest Period and the applicable EURIBOR or LIBOR for that shortened Interest Period shall be determined pursuant to the relevant definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Shortened Interest Period and Historic Screen Rate*: If the Interest Period of a Loan is, after giving
effect to paragraph (b) above, either the applicable Fallback Interest Period or shorter than the applicable Fallback Interest Period and, in either case, no Screen Rate is available for EURIBOR or, if applicable, LIBOR for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the currency of that Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Interest Period of that Loan and it is not possible to calculate the Interpolated Screen Rate,

the applicable EURIBOR or LIBOR shall be the Historic Screen Rate for that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Shortened Interest Period and Interpolated Historic Screen Rate*: If paragraph (c) above applies but
no Historic Screen Rate is available for the Interest Period of the Loan, the applicable EURIBOR or LIBOR shall be the Interpolated Historic Screen Rate for a period equal in length to the Interest Period of that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Reference Bank Rate*: If paragraph (d) above applies but it is not possible to calculate the
Interpolated Historic Screen Rate, the Interest Period of that Loan shall, if it has been shortened pursuant to paragraph (b) above, revert to its previous length and the applicable EURIBOR or LIBOR shall be the Reference Bank Rate as of
the Specified Time for the currency of that Loan and for a period equal in length to the Interest Period of that Loan **.** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Cost of funds*: If paragraph (e) above applies but no Reference Bank Rate is available for the
relevant currency or Interest Period there shall be no EURIBOR or LIBOR for that Loan and Clause 12.4 (*Cost of funds*) shall apply to that Loan for that Interest Period.

**12.2** **Calculation of Reference Bank Rate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (b) below, if EURIBOR or LIBOR is to be determined on the basis of a Reference Bank
Rate but a Reference Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be calculated based on the quotations of the remaining Reference Banks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at or about 11:30 a.m. on the Quotation Day none or only one of the Reference Banks supplies a quotation,
there shall be no Reference Bank Rate for the relevant Interest Period.

**12.3** **Market disruption** 

If before close of business in Paris on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed 35 per cent. of that Loan) that the cost to it of funding its participation in that Loan from whatever source it may reasonably select would be in excess of EURIBOR or, if applicable, LIBOR then Clause 12.4 (*Cost of funds*) shall apply to that Loan for the relevant Interest Period.

**12.4** **Cost of funds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If this Clause 12.4 applies, the rate of interest on each Lender's share of the relevant Loan for the
relevant Interest Period shall be the percentage rate per annum which is the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the rate notified to the Agent by that Lender as soon as practicable and in any event by close of business on
the date falling five (5) Business Days after the Quotation Day (or, if earlier, on the date falling five (5) Business Days before the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses
as a percentage rate per annum the cost to the relevant Lender of funding its participation in that Loan from whatever source it may reasonably select.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Clause 12.4 applies and the Agent or the Borrower so requires, the Agent and the Borrower shall enter
into negotiations (for a period of not more than thirty (30) days) (the "**Rate Negotiation Period**") with a view to agreeing a substitute basis for determining the rate of interest, it being agreed that during the Rate
Negotiation Period, the rate of interest for the relevant Interest Period will be determined in accordance with the provisions of paragraph (a) of Clause 12.4 (*Cost of funds*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the
Lenders and the Borrower, be binding on all Parties, it being agreed that if no agreement is reached between the Agent and the Borrower during the Rate Negotiation Period, the rate of interest for the relevant Interest Period will be determined in
accordance with the provisions of paragraph (a) of Clause 12.4 (*Cost of funds*).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If this Clause 12.4 applies pursuant to Clause 12.1 (*Unavailability of Screen Rate*) and a Lender does
not supply a quotation by the time specified in paragraph (a) above, the rate of interest shall be calculated on the basis of the quotations of the remaining Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If this Clause 12.4 applies pursuant to Clause 12.3 (*Market disruption*) and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Lender's Funding Rate is less than EURIBOR or, if applicable LIBOR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Lender does not supply a quotation by the time specified in paragraph (a)(ii) above,

the cost to that Lender of funding its participation in that Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be EURIBOR or, if applicable, LIBOR.

**12.5** **Notification to the Borrower** 

If Clause 12.4 (*Cost of funds*) applies the Agent shall, as soon as is practicable, notify the Borrower.

**12.6** **Break Costs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its
Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by the Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate
confirming the amount of its Break Costs for any Interest Period in which they accrue.

**13.** **Fees** 

**13.1** **Commitment Fee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay to the Agent (for the account of each Lender) a fee (the "**Commitment Fee**") in euro computed at the rate of **[\*\*\*]** per cent. (**[\*\*\*]**) of the applicable Margin on that Lender's Available Commitment as described in paragraph (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The accrued Commitment Fee is payable on the last day of each successive period of three (3) Months which
ends during the Availability Period, on the last day of the Availability Period and, if cancelled in full, on the cancelled amount of the relevant Lender's Commitment at the time the cancellation is effective. Notwithstanding anything to the
contrary set forth in this Agreement, the portion of accrued and payable Commitment Fee representing CSR Premium shall not be paid to the Agent or the Lenders but shall be paid in accordance with Clause 10.4.4.

**13.2** **Arrangement and participation fees** 

The Borrower shall pay to the Agent (for the account of the Global Mandated Lead Arrangers, the Bookrunners, the Mandated Lead Arrangers and the Original Lenders) an arrangement and participation fees in accordance with the Mandate Letter.

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**13.3** **CSR Coordinator fee** 

The Borrower shall pay to the CSR Coordinator (for its own account) a CSR coordinator fee in the amount and at the times agreed separately in a Fee Letter.

**13.4** **Agency fee** 

The Borrower shall pay to the Agent (for its own account) an agency fee in the amount and at the times agreed separately in a Fee Letter.

**13.5** **Documentation Agent's fee** 

The Borrower shall pay to the Documentation Agent (for its own account) a documentation agent's fee in the amount and at the times agreed separately in a Fee Letter.

**13.6** **Utilisation fee** 

13.6.1 The Borrower shall pay to the Agent (for the account of each Lender) as from the Signing Date and until the
Termination Date, or if the Facility is cancelled in full before the Termination Date, on the date on which such cancellation is effective, a utilisation fee in an amount applicable to the relevant Loans computed at the rate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **[\*\*\*]** per cent. (**[\*\*\*]**) per annum of the total drawn portion of the Facility for each day on
which the aggregate amount of the Loans is more than **[\*\*\*]** per cent. (**[\*\*\*]**) of the total uncancelled amount of the Total Commitments but equals or is less than **[\*\*\*]** per cent. (**[\*\*\*]**) of the total uncancelled amount of
the Total Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **[\*\*\*]** per cent. (**[\*\*\*]**) per annum of the total drawn portion of the Facility for each day on
which the aggregate amount of the Loans is more than **[\*\*\*]** per cent. (**[\*\*\*]**) of the total uncancelled amount of the Total Commitments but equals or is less than **[\*\*\*]** per cent. (**[\*\*\*]**) of the total uncancelled amount of
the Total Commitments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **[\*\*\*]** per cent. (**[\*\*\*]**) per annum of the total drawn portion of the Facility for each day on
which the aggregate amount of the Loans exceeds **[\*\*\*]** per cent. (**[\*\*\*]**) of the total uncancelled amount of the Total Commitments.

13.6.2 The utilisation fee is calculated and accrues on a daily basis and is payable on the last day of each
successive period of three (3) Months which ends during the Availability Period, on the Termination Date and, if the Facility is cancelled in full, on the date on which such cancellation is effective.

**13.7** **Extension Fee** 

13.7.1 If the First Extension Request is made by the Borrower and accepted by one or more Extended Lender(s) in
accordance with Clause 7 (*Extension of the Termination Date*) for an additional period of one (1) year (i.e. until the First Extended Termination Date), the Borrower shall pay to the Agent (for the account of each relevant Extended
Lender), within three (3) Business Days following the relevant Extension Date, a fee in euro equal to **[\*\*\*]** per cent. (**[\*\*\*]**) of each relevant Extended Lender's Commitment on such Extension Date.

13.7.2 If the Second Extension Request is made by the Borrower and accepted by one or more Extended Lender(s) in
accordance with Clause 7 (*Extension of the Termination Date*) for an additional period of one (1) year (i.e. until the First Extended Termination Date or the Second Extended Termination Date (as applicable)), the Borrower shall pay to the
Agent (for the account of each relevant Extended Lender), within three (3) Business Days following the relevant Extension Date, a fee in euro equal to **[\*\*\*]** per cent. ([\*\*\*]) of each relevant Extended Lender's Commitment on such
Extension Date.

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13.7.3 If the Second Extension Request is made by the Borrower and accepted by one or more Extended Lender(s) in
accordance with Clause 7 (*Extension of the Termination Date*) for an additional period of two (2) years (i.e. until the Second Extended Termination Date), the Borrower shall pay to the Agent (for the account of each relevant Extended
Lender), within three (3) Business Days following the relevant Extension Date, a fee in euro equal to **[\*\*\*]** per cent. (**[\*\*\*]**) of each relevant Extended Lender's Commitment on such Extension Date.

**14.** **Tax Gross-Up and Indemnities** 

**14.1** **Definitions** 

"**Protected Party**" means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.

"**Qualifying Lender**" means a Lender which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is a Treaty Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fulfils the conditions imposed by French Law in order for a payment under a Finance Document not to be subject
to (or as the case may be, to be exempt from) any Tax Deduction.

"**Tax Credit**" means a credit against, relief or remission for, or repayment of any Tax.

"**Tax Deduction**" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.

"**Tax Payment**" means an increased payment made by the Borrower to a Finance Party under Clause 14.2 (*Tax gross-up*) or a payment under Clause 14.3 (*Tax indemnity*).

"**Treaty Lender**" means a Lender which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is treated as resident of a Treaty State for the purposes of the Treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) does not carry on business in France through a permanent establishment with which that Lender's
participation in the Loan is effectively connected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is acting from a Facility Office situated in its jurisdiction of incorporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fulfils any other conditions which must be fulfilled under the Treaty by residents of the Treaty State for such
residents to obtain exemption from Tax imposed on payments under the Finance Documents by France, subject to the completion of any necessary procedural formalities.

"**Treaty State**" means a jurisdiction having a double taxation agreement with France (the "**Treaty**"), which makes provision for full exemption from Tax imposed by France on payments under the Finance Documents.

Unless a contrary indication appears, in this Clause 14 (*Tax Gross-Up and Indemnities*) a reference to "**determines**" or "**determined**" means a determination made in the absolute discretion of the person making the determination.

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**14.2** **Tax gross-up** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is
required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall promptly upon becoming aware that the Borrower must make a Tax Deduction (or that there is
any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a
Lender it shall notify the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Tax Deduction is required by law to be made by the Borrower, the amount of the payment due from the
Borrower shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower is not required to make an increased payment to a Lender under paragraph (c) above for a Tax
Deduction in respect of Tax imposed by France, if on the date on which the payment falls due:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the payment could have been made to the relevant Lender without a Tax Deduction if it was a Qualifying Lender,
but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or
double taxation agreement, or any published practice or concession of any relevant taxing authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the relevant Lender is a Treaty Lender and the Borrower making the payment is able to demonstrate that the
payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under paragraph (g) below;

provided that the exclusion for changes after the date a Lender became a Lender under this Agreement in paragraph 14.2(d)(i) above shall not apply in respect of any Tax Deduction on account of Tax imposed by France on a payment made to a Lender if such Tax Deduction is imposed solely because this payment is made to an account opened in the name of or for the benefit of that Lender in a financial institution situated in a Non-Cooperative Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Borrower is required to make a Tax Deduction, the Borrower shall make that Tax Deduction and any payment
required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Within thirty (30) calendar days of making either a Tax Deduction or any payment required in connection
with that Tax Deduction, the Borrower shall deliver to the Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment
paid to the relevant taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A Qualifying Lender and the Borrower which makes a payment to which that Qualifying Lender is entitled shall co-operate in completing any procedural formalities necessary for the Borrower to obtain authorisation to make that payment without a Tax Deduction.

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**14.3** **Tax indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall (within three (3) Business Days of demand by the Agent) pay to a Protected Party an
amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Tax assessed on a Finance Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the
jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect of
amounts received or receivable in that jurisdiction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum
deemed to be received or receivable) by that Finance Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if that Tax is attributable to the application of or the compliance with (aa) the French Bank Levy or (bb) any
Tax in any jurisdiction assessed on a basis similar to the French Bank Levy or levied for a similar purpose (including, for the avoidance of doubt, any Tax enacted for the purpose of discouraging excessive risk taken by financial institutions vis-à-vis the financial system and wider economy); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the extent a loss, liability or cost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is compensated for by an increased payment under Clause 14.2 (*Tax gross-up*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) would have been compensated for by an increased payment under Clause 14.2 (*Tax gross-up*) but was not so compensated solely because one of the exclusions in paragraph (d) of Clause 14.2 (*Tax gross-up*) applied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) relates to a FATCA Deduction required to be made by a Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly notify
the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Protected Party shall, on receiving a payment from the Borrower under this Clause 14.3 (*Tax indemnity*), notify the Agent.

**14.4** **Tax Credit** 

If the Borrower makes a Tax Payment and the relevant Finance Party determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Tax Credit is attributable to that Tax Payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that Finance Party has obtained, utilised and retained that Tax Credit,

the Finance Party shall pay an amount to the Borrower which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been made by the Borrower.

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**14.5** **Lender status confirmation** 

Each Lender which becomes a Party to this Agreement after the Signing Date shall indicate, in the Transfer Agreement which it executes on becoming a Party, and for the benefit of the Agent and without liability to the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether it is incorporated, domiciled or acting through a Facility Office situated in a Non-Cooperative Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether it is a Treaty Lender, a Qualifying Lender other than a Treaty Lender, or not a Qualifying Lender, it
being agreed that, if such Lender fails to indicate its status, it shall be treated as if it is not a Qualifying Lender until such time as it notifies its status to the Agent.

For the avoidance of doubt, a Transfer Agreement shall not be invalidated by any failure of a Lender to comply with this Clause 14.5 (*Lender status confirmation)*.

**14.6** **Stamp taxes** 

The Borrower shall pay and, within three (3) Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document (provided that this Clause 14.6 shall not apply in respect of any stamp duty, registration or similar taxes payable in respect of a transfer by a Finance Party of any of its rights or obligations under a Finance Document pursuant to Clause 24 (*Changes to the Lenders*)), except for registration duties (*droits d'enregistrement*) payable in the case of voluntary registration of the Finance Documents by a Finance Party or registration of the Finance Documents to the extent such registration was not necessary to enforce, establish or evidence any rights of a Finance Party under the Finance Documents.

**14.7** **Value added tax** 

14.7.1 All amounts set out, or expressed to be payable under a Finance Document by any Party to a Finance Party which
(in whole or in part) constitute the consideration for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply, and accordingly, subject to Clause 14.7.3, if VAT is chargeable on any supply made by any Finance
Party to any Party under a Finance Document, that Party shall (i) pay to the Finance Party (in addition to and at the same time as paying the consideration) an amount equal to the amount of the VAT (and such Finance Party shall promptly provide
an appropriate VAT invoice to such Party) or (ii) where applicable, directly account for such VAT at the appropriate rate under any applicable reverse charge procedure.

14.7.2 If VAT is chargeable on any supply made by any Finance Party (the **"Supplier"**) to any other
Finance Party (the **"Recipient"**) under a Finance Document, and any Party (the **"Relevant Party"**) is required by the terms of any Finance Document to pay an amount equal to the consideration for such supply to the
Supplier (rather than being required to reimburse the Recipient in respect of that consideration), such Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such VAT. The
Recipient will promptly pay to the Relevant Party an amount equal to any credit or repayment from the relevant tax authority which it reasonably determines relates to the VAT chargeable on that supply.

14.7.3 Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that Party
shall also at the same time pay and indemnify the Finance Party against all VAT incurred by the Finance Party in respect of the costs or expenses to the extent that the Finance Party reasonably determines that neither it nor any other member of any
group of which it is a member for VAT purposes is entitled to credit or repayment from the relevant tax authority in respect of the VAT.

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**14.8** **FATCA Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (c) below, each Party shall, within ten (10) Business Days of a reasonable
request by another Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm to that other Party whether it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a FATCA Exempt Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) not a FATCA Exempt Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) supply to that other Party such forms, documentation and other information relating to its status under FATCA
as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) supply to that other Party such forms, documentation and other information relating to its status as that other
Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange of information regime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it
subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall
not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any fiduciary duty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with paragraphs (a)(i) or (a)(ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and
payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.

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**14.9** **FATCA Deduction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection
with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change
in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Borrower and the Agent and the Agent shall notify the other Finance Parties.

**15.** **Increased Costs** 

**15.1** **Increased costs** 

15.1.1 Subject to Clause 15.3 (*Exceptions*) the Borrower shall, within three (3) Business Days of a demand
by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the introduction of or any change in (or in the interpretation, administration or application of) any law or
regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) compliance with any law or regulation made after the Signing Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the implementation or application of, or compliance with, Basel III or any law or regulation which implements
or applies Basel III, regardless the date enacted, adopted or issued.

15.1.2 In this Agreement:

"**Basel III**" means (i) the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published by the Basel Committee in December 2010, each as amended and (ii) any further guidance or standards published by the Basel Committee relating to "Basel III", it being agreed that Basel III includes, without limitation, CRD IV or CRR.

"**Basel III Costs**" means, in relation to any Finance Party, any Increased Costs attributable to the implementation or application of or compliance with Basel III or any other law or regulation which implements Basel III (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates).

"**Basel Committee**" means the Basel Committee on Banking Supervision.

"**CRD IV**" means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, or any law or regulation which implements such Directive.

"**CRR**" means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms.

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"**Increased Costs**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's)
overall capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an additional or increased cost; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a reduction of any amount due and payable under any Finance Document,

which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.

**15.2** **Increased cost claims** 

15.2.1 A Finance Party intending to make a claim pursuant to Clause 15.1 (*Increased costs*) (the
" **Relevant Finance Party**") shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower.

15.2.2 Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming
the amount of its Increased Costs.

15.2.3 Where such claim relates to any Basel III Costs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Relevant Finance Party shall provide the Borrower, on a confidential basis, with a certificate setting out
in reasonable detail the amount and the event giving rise to such Basel III Costs, provided that nothing herein shall require the Relevant Finance Party to disclose any confidential information relating to the organisation of its affairs or to its
financing strategy and provided that the Relevant Finance Party may not request any Basel III Costs incurred by it earlier than the date starting six (6) months before the date of the claim of the Relevant Finance Party is notified to the
Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if required by the Borrower, the Relevant Finance Party and the Borrower shall negotiate in good faith for a
period not exceeding twenty (20) calendar days following receipt by the Borrower of the notice from the Relevant Finance Party (the "**Negotiation Period** "), with a view to mitigating and allocating the amount of Basel III Costs,
provided that any Loan requested during the Negotiation Period will be subject to the Borrower paying the applicable Basel III Costs. If such mutually satisfactory arrangements are agreed within the Negotiation Period, these arrangements will be
binding on the Borrower and the Relevant Finance Party. If no such mutually satisfactory arrangements are agreed within the Negotiation Period, then the Borrower will pay the amount of such Basel III Costs requested by the Relevant Finance Party no
later than three (3) Business Days after the expiry date of the Negotiation Period, without prejudice to the right of the Borrower to subsequently prepay and/or cancel the Commitment of the Relevant Finance Party in accordance with Clause 9.5
(*Right of replacement or repayment and cancellation in relation to a single Lender*).

**15.3** **Exceptions** 

Clause 15.1 (*Increased costs*) does not apply to the extent any Increased Cost is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) attributable to a Tax Deduction required by law to be made by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) attributable to a FATCA Deduction required to be made by a Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) compensated for by Clause 14.3 (*Tax indemnity*) (or would have been compensated for under Clause 14.3
(*Tax indemnity*)) but was not so compensated solely because one of the exclusions in paragraph (b) of Clause 14.3 (*Tax indemnity*) applied);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) attributable to the application of or compliance with (i) the French Bank Levy or (ii) any Tax in any
jurisdiction assessed on a basis similar to the French Bank Levy or levied for a similar purpose (including, for the avoidance of doubt, any Tax enacted for the purpose of discouraging excessive risk taken by financial institutions vis-à-vis the financial system and wider economy); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) attributable to the implementation or application of or compliance with the "International Convergence of
Capital Measurement and Capital Standards, a Revised Framework" published by the Basel Committee in June 2004 in the form existing on the Signing Date (but excluding for the avoidance of doubt any amendment arising out of Basel III)
(" **Basel II**") or any other law or regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates).

In this Clause 15.1 a reference to a "Tax Deduction" has the same meaning given to that term in Clause 14.1 (*Definitions*).

**16.** **Other Indemnities** 

**16.1** **Currency indemnity** 

16.1.1 If any sum due from the Borrower under the Finance Documents (a "**Sum** "), or any order, judgment
or award given or made in relation to a Sum, has to be converted from the currency (the "**First Currency**") in which that Sum is payable into another currency (the "**Second Currency**") for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) making or filing a claim or proof against the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

the Borrower shall as an independent obligation within three (3) Business Days of demand, indemnify to the extent permitted by law each Finance Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (i) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (ii) the rate or rates of exchange available to that person at the time of its receipt of that Sum.

16.1.2 The Borrower waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in
a currency or currency unit other than that in which it is expressed to be payable.

**16.2** **Other indemnities** 

The Borrower shall, within three (3) Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of any Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a failure by the Borrower to pay any amount due under a Finance Document on its due date, including without
limitation, any cost, loss or liability arising as a result of Clause 29 (*Sharing among the Finance Parties*);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) funding, or making arrangements to fund, its participation in a Loan requested by the Borrower in a Utilisation
Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower or
a Lender not being replaced in accordance with a notice of replacement given by the Borrower.

**16.3** **Indemnity to the Agent** 

The Borrower shall promptly indemnify the Agent against any cost, loss or liability incurred by the Agent (acting reasonably) as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) investigating any event which it reasonably believes is a Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and
appropriately authorised; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under this Agreement.

**17.** **Mitigation by the Lenders** 

**17.1** **Mitigation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any
circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 9.1 (*Mandatory prepayment - Illegality*), Clause 14 (*Tax Gross-Up and Indemnities*), Clause 15 (*Increased Costs*) or in any amount payable under a Finance Document by the Borrower becoming not deductible from the Borrower's taxable income for French
tax purposes by reason of that amount being (i) paid or accrued to a Finance Party incorporated, domiciled, established or acting through a Facility Office situated in a Non-Cooperative Jurisdiction or
(ii) paid to an account opened in the name of or for the benefit of that Finance Party in a financial institution situated in a Non-Cooperative Jurisdiction, including (but not limited to) transferring
its rights and obligations under the Finance Documents to another Affiliate or Facility Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not in any way limit the obligations of the Borrower under the Finance Documents.

**17.2** **Limitation of liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance
Party as a result of steps taken by it under Clause 17.1 (*Mitigation*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Finance Party is not obliged to take any steps under Clause 17.1 (*Mitigation*) if, in the opinion of
that Finance Party (acting reasonably), to do so might be prejudicial to it.

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**17.3** **Conduct of business by a Finance Party** 

No term of any Finance Document will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interfere with the right of any Finance Party to arrange its affairs (Tax or otherwise) in whatever manner it
thinks fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it in
respect of Tax or the extent, order and manner of any claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) oblige any Finance Party to disclose any information relating to its affairs (Tax or otherwise) or any
computation in respect of Tax.

**18.** **Costs and Expenses** 

**18.1** **Transaction expenses** 

The Borrower shall promptly on demand pay the Agent, the Global Mandated Lead Arrangers, the Bookrunners, the Mandated Lead Arrangers and the CSR Coordinator the amount of all costs and expenses (including agreed legal fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing and execution of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement and any other documents referred to in this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other Finance Documents executed after the Signing Date.

**18.2** **Amendment costs** 

If (a) the Borrower requests an amendment, waiver or consent or (b) an amendment is required pursuant to Clause 30.9 (*Change of currency*), the Borrower shall, within three (3) Business Days of demand, reimburse the Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Agent in responding to, evaluating, negotiating or complying with that request or requirement.

**18.3** **Enforcement costs** 

The Borrower shall, within three (3) Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document.

**19.** **Representations** 

Save where otherwise provided, the representations and warranties set out in this Clause 19 (*Representations*) are made to each Finance Party by the Borrower for itself and, where specified, on behalf of its Subsidiaries.

**19.1** **Status** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a corporation, duly incorporated and validly existing under the law of France.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being
conducted.

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**19.2** **Binding obligations** 

The obligations expressed to be assumed by it in each Finance Document are (subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4.1 (*Initial conditions precedent*)), legal, valid, binding and enforceable obligations.

**19.3** **Non-conflict with other obligations** 

The entry into and performance by it of, and the transactions contemplated by, the Finance Documents do not and will not conflict with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any law or regulation applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its and each of its Subsidiaries' constitutional documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its
Subsidiaries' assets.

**19.4** **Power and authority** 

It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents.

**19.5** **Validity and admissibility in evidence** 

All Authorisations required or desirable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance
Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of
incorporation,

have been obtained or effected and are in full force and effect except where failure to do so would not be materially adverse to the interests of the Lenders.

**19.6** **Governing law and enforcement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The choice of French law as the governing law of the Finance Documents to which the Borrower is a party will be
recognised and enforced in its jurisdiction of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any judgment obtained in France in relation to a Finance Document to which the Borrower is a party will be
recognised and enforced in France.

**19.7** **Tax Deduction** 

It is not required to make any Tax Deduction from any payment it may make to a Qualifying Lender under any Finance Document. The Borrower makes the representation in this Clause 19.7 (*Tax Deduction*) for itself only and not on behalf of any of its Subsidiaries.

**19.8** **No filing or stamp taxes** 

It is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents.

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**19.9** **No default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No other event or circumstance is outstanding which constitutes a default under any other agreement or
instrument which is binding on it or any of its Subsidiaries or to which its (or its Subsidiaries') assets are subject which has or might reasonably be expected to have a Material Adverse Effect.

**19.10** **No misleading information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any factual information provided by the Borrower to the Finance Parties in relation with this Agreement before
the Signing Date was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing has occurred or been omitted and no information has been given or withheld in relation with this
Agreement that results in the information provided to the Finance Parties before the Signing Date being untrue or misleading in any material respect.

**19.11** **Financial statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Original Financial Statements were prepared in accordance with GAAP consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Original Financial Statements fairly represent the financial condition and operations of the Group during
the relevant financial year or financial half year, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No event having a Material Adverse Effect has occurred since the latest annual consolidated and audited
financial statements.

**19.12**  ***Pari passu* ranking** 

Its payment obligations under the Finance Documents rank at least *pari passu* with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.

**19.13** **No proceedings pending or threatened** 

No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries.

**19.14** **Authorisations in place** 

All authorisations, licences, permits and approvals (including all Environmental Approvals) necessary for the conduct of the business, trade and ordinary activities of the members of the Group have been obtained and effected and are in full force and effect where failure to obtain such authorisations, licences, permits or approvals has or might reasonably be expected to have a Material Adverse Effect.

**19.15** **Insurance** 

All insurances on and in relation to the Group's business and assets against all material risks which are normally insured against by other companies owning or carrying on similar businesses are subscribed.

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**19.16** **Centre of main interests** 

For the purpose of (i) the Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings and (ii) as from 26 June 2017, the Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast), the Borrower's centre of main interests is situated in France.

**19.17** **Existing Security** 

No Security exists over the whole or any part of the assets of the Borrower or any member of the Group, except those permitted under this Agreement.

**19.18** **Sanctioned Persons** 

Neither the Borrower nor any member of the Group nor, to the Borrower's knowledge, any director, officer, or employee of any member of the Group is a Sanctioned Person.

**19.19** **Anti-bribery, anti-corruption and anti-money-laundering laws and regulations** 

Neither the Borrower nor any of its Subsidiaries nor any of their respective directors, officers or employees has engaged (directly or indirectly on behalf of any member of the Group) in any activity or conduct which would violate any applicable anti-bribery, anti-corruption or anti-money laundering laws or regulations in any applicable jurisdiction and the Borrower has instituted and maintains policies and procedures designated to prevent violation of such laws, regulations and rules.

**19.20** **Anti-boycott Provisions** 

Notwithstanding any other provision of any Finance Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to each Finance Party that notifies the Agent to this effect (each a "**Restricted Finance Party** "), the provisions of Clause 19.18 (*Sanctioned Persons*) and Clause 22.11 (*Sanctions*) (together, the "**Sanctions Provisions**") shall only apply for the benefit of that Restricted Finance Party to the extent
that the Sanctions Provisions do not result in any violation by it of, conflict with or liability for it under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Council Regulation (EC) 2271/96;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) section 7 of the German Foreign Trade Rules (AWV) (*Au ß enwirtschaftsverordnung*) in
connection with section 4 paragraph 1 no. 3 of the German Foreign Trade Act (*Au ß enwirtschaftsgeset* z); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a similar anti-boycott statute in the United States of America, the European Union or the United Kingdom; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in connection with any amendment, waiver, determination, declaration, decision (including a decision to
accelerate) or direction (each a "**Relevant Measure**") relating to any part of the Sanctions Provisions of which a Restricted Finance Party does not have the benefit as referred to in paragraph (a) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Commitments of a Lender that is a Restricted Finance Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the vote of any other Restricted Finance Party which would be required to vote in accordance with the
provisions of this Agreement,

will be excluded for the purpose of determining whether the consent of the requisite Finance Parties to approve such Relevant Measure has been obtained.

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**19.21** **Repetition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties in this Clause 19 (*Representations*) are made by the Borrower on the
Signing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Repeating Representations are deemed to be made by the Borrower by reference to the facts and circumstances
then existing on the date of each Utilisation Request and the first day of each Interest Period.

**20.** **Information Undertakings** 

The undertakings in this Clause 20 (*Information Undertakings*) remain in force from the Signing Date for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

**20.1** **Financial statements** 

The Borrower shall supply to the Agent in sufficient copies for all the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as the same become available, but in any event within one hundred and eighty (180) calendar days
after the end of each of its financial years, its audited consolidated financial statements for that financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as the same become available, but in any event within one hundred and twenty (120) calendar days
after the end of each first half of each of its financial years, its consolidated financial statements for that financial half year.

**20.2** **Compliance Certificate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall supply to the Agent, with each set of financial statements delivered pursuant to paragraph
(a) or (b) of Clause 20.1 (*Financial statements*), a Compliance Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Compliance Certificate shall be signed by the Chief Financial Officer and the Chief Executive Officer
(*Directeur Général*) of the Borrower and shall set out a list of the Material Companies and, if required to be delivered with the financial statements delivered pursuant to paragraph (a) of Clause 20.1 (*Financial statements*), shall be reported on by the Borrower's auditors through their certification of such financial statements, failing which such report shall be in the form agreed by the Borrower and the Agent (acting reasonably).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Material Companies do not represent at least **[\*\*\*]** per cent. (**[\*\*\*]**) of Consolidated
EBITDA and turnover of the Group, then the Borrower shall designate other members of the Group as Material Companies to ensure that the [\*\*\*] per cent. ([\*\*\*]) threshold is complied with.

**20.3** **Requirements as to financial statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each set of financial statements delivered by the Borrower pursuant to Clause 20.1 (*Financial statements*) shall be certified by the Chief Financial Officer or the Chief Executive Officer (*Directeur Général*) of the Borrower as fairly representing its financial condition as at the date as at which those financial
statements were drawn up.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall procure that each set of its financial statements delivered pursuant to Clause 20.1
(*Financial statements*) is prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements unless, in relation to any set of financial statements,
it notifies the Agent that there has been a change in GAAP, the accounting practices or reference periods and its auditors deliver to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a description of any change necessary for those financial statements to reflect the GAAP, accounting practices
and reference periods upon which the Original Financial Statements were prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders
to verify the calculation of the Leverage Ratio and make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any reference in this Agreement to those financial statements shall be construed as a reference to those
financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared.

**20.4** **CSR KPI Certificates and CSR Change** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall supply to the Agent (in sufficient copies for all the Lenders if the Agent so requests),
within five (5) Business Days of the publication of each Reference Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a CSR KPI Certificate setting out each of the CSR Results for each CSR KPI as at the date as to which that
Reference Document relates, together with the Margin computations set out in Clause 10.4 (*CSR KPI Margin Adjustment*): and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (for the first time in relation to the financial year of the Borrower ending 31 December 2020), a CSR
Donation Certificate certifying the amounts and the details of the CSR Deposits paid to the CSR Account and the CSR Premiums and the amount of the CSR Savings paid to the CSR Associations during the most recently ended financial year of the
Borrower, as reported on by the Borrower's auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall promptly notify the Agent of the occurrence of any CSR Change.

**20.5** **Information: miscellaneous** 

The Borrower shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all documents dispatched by the Borrower to its shareholders (or any class of them) or its creditors generally
at the same time as they are dispatched;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly upon becoming aware of them, the details of any litigation, labour dispute, arbitration or
administrative proceedings (other than frivolous claims dismissed (other than as a result of a settlement) within twenty (20) Business Days) which are current, threatened or pending against the Borrower or any member of the Group, and which
each involves a potential liability or fine in excess of EUR 25,000,000 (or its equivalent in any other currency or currencies);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or agency
which is made against the Borrower or any member of the Group, and which involves a liability or fine in excess of EUR25,000,000 (or its equivalent in any other currencies); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly, such further information regarding the financial condition, business and operations of the Borrower
or any member of the Group as any Finance Party (through the Agent) may reasonably request subject to applicable regulations (including stock exchange rules).

**20.6** **Notification of default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly
upon becoming aware of its occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly upon a request by the Agent, the Borrower shall supply to the Agent a certificate, signed by the Chief
Financial Officer or the Chief Executive Officer (*Directeur Général*) of the Borrower, certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy
it).

**20.7** **Use of websites** 

20.7.1 The Borrower acknowledges and agrees that any information under this Agreement may be delivered to a Lender
(through the Agent) (a "**Website Lender**") on to an electronic website if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent and the Lenders agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent appoints a website provider (which shall be Debtdomain or Intralinks) and designates an electronic
website for this purpose (the "**Designated Website** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Designated Website is used for communication between the Agent and the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Agent notifies the Lenders of the address and password for the Designated Website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the information can only be posted on the website by the Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the information posted is in a format agreed between the Borrower and the Agent.

20.7.2 The cost of the Designated Website shall be borne by the Borrower, subject to such cost being agreed by the
Borrower beforehand.

20.7.3 Any Website Lender may request, through the Agent, one paper copy of any information required to be provided
under this Agreement which is posted onto the Designated Website. The Borrower shall at its own cost comply with any such request within ten (10) Business Days.

**20.8** **"Know your customer" checks** 

20.8.1 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the introduction of or any change in (or in the interpretation, administration or application of) any law or
regulation made after the Signing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change in the status of the Borrower after the Signing Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a proposed transfer by a Lender of any of its rights and/or obligations under this Agreement to a party that is
not a Lender prior to such transfer,

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obliges the Agent or any Lender (or, in the case of paragraph (c) above, any prospective new Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (c) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (c) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

20.8.2 Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation
and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and
regulations pursuant to the transactions contemplated in the Finance Documents.

**21.** **Financial Covenant** 

**21.1** **Financial definitions** 

In this Clause 21 (*Financial Covenant*):

"**Consolidated EBITDA**" means, for any Relevant Period, the consolidated core operating income (*Résultat Opérationnel Courant*) before any depreciation and amortisation as set out in the Relevant Financial Statements.

"**Consolidated Net Debt**" means, for any Relevant Period, the consolidated financial indebtedness (*Passifs financiers*) but including in the case of finance leases, only the capitalised value thereof, less cash and cash equivalent (*Trésorerie et équivalents de trésorerie*) as set out in the latest Relevant Financial Statements.

"**Leverage Ratio**" means the ratio of Consolidated Net Debt to Consolidated EBITDA in respect of the Relevant Period.

"**Relevant Financial Statements**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for each Relevant Period ending on 31 December, the audited consolidated annual financial statements of
the Borrower for the financial year ending on the same date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for each Relevant Period ending on 30 June, the consolidated financial statements of the Borrower for the
financial half year ending on the same date.

"**Relevant Period**" means each twelve-month period ending on a Test Date.

"**Test Date**" means 30 June and 31 December of each year.

**21.2** **Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided to the contrary in this Agreement, an accounting term used in this Clause 21 (*Financial Covenant*) is to be construed in accordance with the principles applied in connection with the Original Financial Statements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amount in a currency other than euro is to be taken into account at its euro equivalent, provided that if
the amount is to be calculated on the last day of a financial period of the Borrower, that euro equivalent will be calculated on the basis of the relevant rates of exchange used by the Borrower in, or in connection with, its financial statements for
that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No item must be credited or deducted more than once in any calculation under this Clause 21 (*Financial Covenant*).

**21.3** **Leverage Ratio** 

The Borrower shall ensure that, for each Relevant Period, the Leverage Ratio shall not exceed **[\*\*\*]**.

**21.4** **Determination of Leverage Ratio** 

The Leverage Ratio shall be determined by reference to the financial statements delivered pursuant to Clause 20.1 (*Financial statements*) and each Compliance Certificate delivered pursuant to Clause 20.2 (*Compliance Certificate*) and calculated for each Relevant Period on a rolling twelve-month basis.

**22.** **General Undertakings** 

The undertakings in this Clause 22 (*General Undertakings*) in respect of the Borrower and, where applicable, in relation to any member of the Group, remain in force from the Signing Date for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

**22.1** **Authorisations** 

The Borrower shall promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtain, comply with and do all that is necessary to maintain in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) supply certified copies to the Agent of,

any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document.

**22.2** **Compliance with laws** 

The Borrower shall comply in all respects with all laws to which it may be subject, if failure so to comply would materially impair its ability to perform its obligations under the Finance Documents.

**22.3** **Negative pledge** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall not (and the Borrower shall ensure that no other member of the Group will) create or permit
to subsist any Security over any of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall not (and the Borrower shall ensure that no other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by the Borrower or any other member of the Group;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sell, transfer or otherwise dispose of any of its receivables on recourse terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into any other preferential arrangement having a similar effect,

in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraphs (a) and (b) above do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Security listed in the Reference Document (2018) or replacing the same, except to the extent the
principal amount secured by that all such Security exceeds the amount stated in the Reference Document (2018);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any netting or set-off arrangement entered into by any member of the
Group in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any lien arising by operation of law and in the ordinary course of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Security over any asset acquired by a member of the Group after the Signing Date if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Security was not created in contemplation of the acquisition of that asset by a member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the principal amount secured has not been increased in contemplation of, or since the acquisition of that asset
by a member of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Security is removed or discharged within one hundred and twenty (120) calendar days of the date of
acquisition of such asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Security over assets acquired after the Signing Date to secure the financing of the acquisition of such
assets (to the extent such financing is permitted under Clause 22.9 (*Financial Indebtedness*)) and provided that the secured amount may not exceed the amount (including the related interest, fees and costs) of the financing of the acquisition
of such assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Security over any asset of any company which becomes a member of the Group after the Signing Date, where
the Security is created prior to the date on which that company becomes a member of the Group, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Security was not created in contemplation of the acquisition of that company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the principal amount secured has not increased in contemplation of or since the acquisition of that company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Security is removed or discharged within one hundred and twenty (120) calendar days of that company
becoming a member of the Group; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any Security securing indebtedness the principal amount of which (when aggregated with the principal amount of
any other indebtedness which has the benefit of Security given by any member of the Group other than any permitted under paragraphs (i) to (vi) above) does not exceed EUR150,000,000 (or its equivalent in any other currency or currencies) in any
financial year and EUR450,000,000 (or its equivalent in any other currency or currencies) in aggregate during the term of this Agreement.

**22.4** **Disposals** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall not (and the Borrower shall ensure that no other member of the Group will), enter into a
single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to any sale, lease, transfer or other disposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) made in the ordinary course of trading of the disposing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of assets in exchange for other assets comparable or superior as to type, value and quality; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of assets between members of the Group on arms' length terms (other than sales, leases, transfers or other
disposals by the Borrower to other members of the Group which would exceed an aggregate amount of €200,000,000 (or its equivalent in any other currency or currencies) during the term of this Agreement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on arms' length terms involving the Group's consumer health care division ()"*activité de Santé Familiale* "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) on arms' length terms where (1) the aggregate net book value of property or assets disposed in such
sale, lease, transfer or other disposal and all other such sales, leases, transfers or other disposals coming under this paragraph (v) over the life of the Facility does not exceed 40% of Consolidated Total Assets (determined as of the last day
of the most recently ended financial year) and (2) the aggregate net book value of property or assets disposed in such sale, lease, transfer or other disposal and all other such sales, leases, transfers or other disposals coming under this
paragraph (v) during the financial year in which such sale, lease, transfer or other disposal occurs does not exceed 10% of Consolidated Total Assets (determined as of the last day of the most recently ended financial year).

**22.5**  ***Pari passu* ranking** 

The Borrower must ensure that its payment obligations under the Finance Documents at all times rank at *least pari passu* with all its other present and future unsecured payment obligations, except for obligations mandatorily preferred by law applying to companies generally.

**22.6** **Change of business** 

The Borrower shall procure that no substantial change is made to the general nature of the business of the Borrower or the Group from that carried on at the Signing Date.

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**22.7** **Maintenance of insurances** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall (and the Borrower shall ensure that each member of the Group will) maintain insurances on
and in relation to its business and assets against those risks and to the extent as is usual for companies carrying on the same or substantially similar business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All insurances must be with reputable independent insurance companies or underwriters.

**22.8** **Merger** 

The Borrower shall not (and the Borrower shall ensure that no other member of the Group will) enter into any amalgamation, merger consolidation, corporate reconstruction, demerger or spinoff, unless it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (subject to paragraph (c) below), a merger between a member of the Group (other than the Borrower) and
another member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) amalgamation, consolidation, corporate reconstruction, demerger or spin-off between Group members (other than the Borrower); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a merger involving the Borrower where the surviving or absorbing entity is the Borrower,

(each a **"Merger Operation"**),

and provided that in the case of an amalgamation, demerger, merger, corporate reconstruction, demerger or spin-off under paragraphs (a) to (c) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower must provide reasonable details of the Merger Operation to the Agent in a timely manner prior to
its taking place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Merger Operation involves the Borrower, the Agent may reasonably require legal opinions from external
counsel at the cost and expense of the Borrower confirming, inter alia, that the obligations of the Borrower under the Finance Documents would remain legal, valid, binding and enforceable notwithstanding the Merger Operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where the Merger Operation involves the Borrower, the surviving entity remains parent of the Group and its
creditworthiness would not, in the reasonable opinion of the Lenders, be adversely affected by the Merger Operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (1) where the Merger Operation involves the Borrower, the place of incorporation and registered head office of
the Borrower remains in France; and (2) where the Merger Operation involves a member of the Group (other than the Borrower), the place of incorporation and registered head office of the surviving or absorbing entity remains in the jurisdiction
of incorporation of such member of the Group before the Merger Operation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the rights of the Finance Parties under any Finance Document would not be impaired or restricted in any way by
the Merger Operation.

**22.9** **Financial Indebtedness** 

22.9.1 Except as provided below, no member of the Group (other than the Borrower) may incur or permit to be
outstanding any Financial Indebtedness.

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22.9.2 Clause 22.9.1 does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Financial Indebtedness owed by a member of the Group to another member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Financial Indebtedness of any person acquired by a member of the Group which is incurred under arrangements
in existence at the date of acquisition, but only for a period of one hundred and twenty (120) calendar days from the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any derivative transaction protecting against or benefiting from fluctuations in any rate or price entered into
in the ordinary course of business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Financial Indebtedness incurred by members of the Group (other than the Borrower) which, once added to the
aggregate amount of Financial Indebtedness already incurred at that time by any member of the Group (other than the Borrower), does not exceed over the life of the Facility **[\*\*\*]** per cent. (**[\*\*\*]**) of the latest notified Consolidated
EBITDA of the Group, provided that within such maximum amount no more than **[\*\*\*]** per cent (**[\*\*\*]**) of the latest notified Consolidated EBITDA of the Group may be utilised by members of the Group (other than the Borrower) which are
established outside an OECD Country.

**22.10** **Acquisitions** 

No member of the Group may make any acquisition other than a Permitted Acquisition.

**22.11** **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall not (and shall ensure that no other member of the Group will), directly or indirectly, use
the proceeds of the Facility in any manner that would result in a violation of Sanctions by the Borrower or any other member of the Group or any of the Finance Parties (including without limitation as a result of the proceeds of the Facility being
used to finance or facilitate any Sanctions-Related Business).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower (i) shall ensure that no person that is a Sanctioned Person will have any legal or beneficial
interest in any funds repaid or remitted by the Borrower to any Finance Party in connection with the Facility, and (ii) shall not use any revenue or benefit derived from any Sanctions-Related Business or dealing with a Sanctioned Person for the
purpose of discharging amounts owing to any Finance Party in respect of the Facility or in any manner that would cause any Finance Party to be in breach of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall implement and maintain appropriate policies, procedures and safeguards designed to prevent
any action that would be contrary to paragraphs (a) or (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall (and shall procure that each other member of the Group will), promptly upon becoming aware
of the same, supply to the Agent details of any claim, action, suit, proceedings or investigation against it or any other member of the Group with respect to Sanctions.

**23.** **Events of Default** 

Each of the events or circumstances set out in this Clause 23 (*Events of Default*) in respect of the Borrower and, where applicable, in respect of any member of the Group, is an Event of Default (save for Clause 23.13 (*Acceleration*)).

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**23.1** **Non-payment** 

The Borrower does not pay on the due date any amount payable pursuant to a Finance Document (except an amount the non-payment of which requires the Borrower to make a prepayment under Clause 9.6 (*Mandatory prepayment and cancellation in relation to a single Lender*)) at the place at and in the currency in which it is expressed to be payable unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Disruption Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment is made within three (3) Business Days of its due date.

**23.2** **Financial Covenant** 

Any requirement of Clause 21 (*Financial Covenant*) is not satisfied.

**23.3** **Other obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower does not comply with any provision of the Finance Documents (other than those referred to in
Clause 23.1 (*Non-payment*) and Clause 23.2 (*Financial Covenant*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default under paragraph (a) above will occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the failure to comply is capable of remedy and is remedied within a period of fifteen (15) Business
Days of the earlier of the date on which (A) the Agent gives notice to the Borrower; or (B) the Borrower becomes aware of the failure to comply; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as a result of failure to comply with Clause 10.4.6 or Clause 20.4 (*CSR KPI Certificates*).

**23.4** **Misrepresentation** 

Any representation or statement made or deemed to be made by the Borrower in the Finance Documents or any other document delivered by or on behalf of the Borrower under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made unless it is capable of remedy and is remedied within a period of fifteen (15) Business Days of the earlier of the date on which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent gives notice to the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower becomes aware of such misrepresentation.

**23.5** **Cross default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally applicable
grace period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable
prior to its specified maturity as a result of an event of default (however described).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended by a
creditor of any member of the Group as a result of an event of default (however described).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of
the Group due and payable prior to its specified maturity as a result of an event of default (however described).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Event of Default will occur under this Clause 23.5 (*Cross default*) if the aggregate amount of
Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than EUR20,000,000 (or its equivalent in any other currency or currencies).

**23.6** **Insolvency** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower or any Material Company is unable or admits inability to pay its debts as they fall due, suspends
making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness, makes a general assignment for the
benefit of creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower or any Material Company which conducts business in France is in a state of *cessation des paiements*, or the Borrower or any Material Company becomes insolvent for the purpose of any insolvency law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A moratorium is declared in respect of any indebtedness of the Borrower or any Material Company.

**23.7** **Insolvency proceedings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any corporate action, legal proceedings or other procedure or step is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Material Company (other than a solvent liquidation or reorganisation of
any Material Company which is not the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a composition, compromise, assignment or arrangement with any creditor of any Material Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the appointment of a liquidator (other than in respect of a solvent liquidation of a Material Company which is
not the Borrower), receiver, administrator, administrative receiver, compulsory manager, *mandataire ad hoc* in accordance with articles L.611-1 to L.611-16 of the
French *Code de Commerce*, *conciliateur*, or other similar officer in respect of any Material Company or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enforcement of any Security over any assets of any Material Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower or any Material Company commences proceedings for *mandat ad hoc* or conciliation in
accordance with articles L.611-1 to L.611-16 of the French *Code de Commerce*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A judgment for *sauvegarde*, *sauvegarde accélérée*, *sauvegarde financière accélérée*, *redressement judiciaire*, *liquidation judiciaire* or for *cession totale ou partielle de l'entreprise* is entered in relation to the Borrower or any Material Company under
articles L.620-1 to L.670-8 of the French *Code de Commerce*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any analogous procedure or step is taken in any jurisdiction which has effects similar to those referred to in
paragraphs (a), (b) and (c) above.

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**23.8** **Creditors' process** 

Any of the enforcement proceedings provided for in the French *Code des Procédures Civiles d'Exécution* or any expropriation, attachment, sequestration, distress or execution (the "**Proceedings**") affects any asset or assets of a member of the Group having an aggregate value of EUR25,000,000 (or its equivalent in any other currency or currencies), other than Proceedings which are being contested in good faith and which are in any case dismissed within ten (10) Business Days of the commencement of those Proceedings.

**23.9** **Unlawfulness** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in Clause 9.6 (*Mandatory prepayment and cancellation in relation to a single Lender*),
it is or becomes unlawful for the Borrower to perform any of its obligations under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Finance Document is not effective in accordance with its terms or is alleged by the Borrower to be
ineffective in accordance with its terms for any reason.

**23.10** **Cessation of business** 

The Borrower or any Material Company ceases, or threatens to cease, to carry on business (except, in relation to Material Companies only, as a result of a merger or corporate reconstruction permitted under this Agreement).

**23.11** **Material adverse effect** 

Any event or circumstance occurs which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) materially and adversely affects the business or financial condition of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) materially and adversely affects the Borrower's ability to perform its payment obligations under the
Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) adversely affects the validity or enforceability of, or the effectiveness or the rights or remedies of any
Lender under the Finance Documents.

**23.12** **Audit qualification** 

The auditors of the Group refuse to certify or qualify the audited annual consolidated or unconsolidated financial statements of the Borrower except for qualifications of a minor and technical nature.

**23.13** **Acceleration** 

On and at any time after the occurrence of an Event of Default which is continuing, the Agent may, without *mise en demeure* or any other judicial or extra judicial step (and shall if so directed by the Majority Lenders), by notice to the Borrower but subject to the mandatory provisions of articles L. 611-16 and L.620-1 to L.670-8 of the French *Code de Commerce*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel the Total Commitments whereupon they shall immediately be cancelled; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable.

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**24.** **Changes to the Lenders** 

**24.1** **Transfers by the Lenders** 

24.1.1 Subject to this Clause 24, a Lender (the "**Existing Lender**") may transfer any of its rights
(including such as relate to that Lender's participation in each Loan) and/or obligations, to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making,
purchasing or investing in loans, securities or other financial assets (the "**New Lender** ").

24.1.2 The consent of the Finance Parties is hereby given to a transfer by an Existing Lender to a New Lender.

24.1.3 If required by the Borrower at any time, the Agent shall supply the list of the Lenders (as such list is
updated from time to time).

**24.2** **Conditions of transfer** 

24.2.1 The consent of the Borrower is required for a transfer by an Existing Lender, provided that the Borrower hereby
consents to a transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to another Lender or an Affiliate of any Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) made at a time when an Event of Default is continuing.

Notwithstanding the above, no transfer may be effected to a New Lender incorporated, domiciled or acting through a Facility Office situated in a Non-Cooperative Jurisdiction, without the prior consent of the Borrower. In the same way, no Lender may change its Facility Office to a Non-Cooperative Jurisdiction without the prior consent of the Borrower.

24.2.2 The consent of the Borrower to a transfer must not be unreasonably withheld or delayed. The Borrower will be
deemed to have given its consent five (5) Business Days after the Existing Lender has requested it to the Borrower (with a copy of such request to the Agent) unless consent is expressly refused by the Borrower within that time.

**24.3** **Other conditions of transfer** 

24.3.1 Subject to any applicable laws and regulations regarding procedures for specific types of transfers, a transfer
will only be effective if the procedure set out in Clause 24.7 (*Procedure for transfer*) is complied with.

24.3.2 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Lender transfers any of its rights and/or obligations under the Finance Documents or changes its Facility
Office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as a result of circumstances existing at the date the transfer or change occurs, the Borrower would be obliged
to make a payment to the New Lender or the Lender acting through its new Facility Office under Clause 14 (*Tax Gross-Up and Indemnities*) or Clause 15 (*Increased Costs*), then the New Lender or the
Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or the Lender acting through its previous Facility Office would have been if the transfer or change had
not occurred.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each New Lender, by executing the relevant Transfer Agreement, confirms, for the avoidance of doubt, that the
Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer becomes effective and that
it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.

**24.4** **Transfer fee** 

The New Lender shall, on the date upon which a transfer takes effect, pay to the Agent (for its own account) a fee of EUR**[\*\*\*]** except in case of transfer to an Affiliate of a Lender which takes effect within three (3) months as from the Signing Date.

**24.5** **Minimum transfer amount** 

The minimum amount of any transfer under this Clause 24 (*Changes to the Lenders*) is EUR5,000,000 or all of a Lender's Commitment if such commitment is less than EUR5,000,000.

**24.6** **Limitation of responsibility of Existing Lenders** 

24.6.1 Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no
responsibility to a New Lender for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other
documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the financial condition of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the performance and observance by the Borrower of its obligations under the Finance Documents or any other
documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or
any other document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the existence of any transferred rights or receivables or their accessories,

and any representations or warranties implied by law are excluded.

24.6.2 Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of the Borrower and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will continue to make its own independent appraisal of the creditworthiness of the Borrower and its related
entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

24.6.3 Nothing in any Finance Document obliges an Existing Lender to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accept a re-transfer from a New Lender of any of the rights and/or
obligations transferred under this Clause 24 (*Changes to the Lenders*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by the Borrower of its obligations under the Finance Documents or otherwise.

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**24.7** **Procedure for transfer** 

24.7.1 Subject to the conditions set out in Clause 24.2 (*Conditions of transfer*) and Clause 24.3 (*Other conditions of transfer*) and subject to any applicable laws and regulations regarding procedures for specific transfer, a transfer of rights and/or obligations is effected as against the Existing Lender, the New Lender, the Agent and the other
Finance Parties, in accordance with Clause 24.7.3 when the Agent executes an otherwise duly completed Transfer Agreement delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to Clause 24.7.2, as soon as reasonably
practicable after receipt by it of a duly completed Transfer Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Agreement.

24.7.2 The Agent shall only be obliged to execute a Transfer Agreement delivered to it by the Existing Lender and the
New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.

24.7.3 As from the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the extent that in the Transfer Agreement the Existing Lender seeks to transfer its rights and obligations
under the Finance Documents, the Existing Lender shall be discharged to the extent provided for in the Transfer Agreement from further obligations towards the Borrower and the other Finance Parties under the Finance Documents and the Borrower and
the other Finance Parties hereby consent to such discharge in accordance with article 1216-1 of the Civil Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the rights and/or obligations of the Existing Lender with respect to the Borrower shall be transferred to the
New Lender, to the extent provided for in the Transfer Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners, the CSR
Coordinator, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have had had the New Lender been an Original Lender with the rights and/or obligations acquired or
assumed by it as a result of the transfer and to that extent the Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners, the CSR Coordinator and the Existing Lender shall each be released from further obligations to
each other under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the New Lender shall become a Party as a Lender.

**24.8** **Copy of Transfer Agreement** 

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Agreement, send to the Borrower a copy of that Transfer Agreement.

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**24.9** **Security over Lenders' rights** 

24.9.1 In addition to the other rights provided to Lenders under this Clause 24 (*Changes to the Lenders*), each
Lender may, without consulting with or obtaining consent from the Borrower, at any time transfer (including all or any of its rights under any Finance Document to any *fonds commun de titrisation*, CLO, CDO or any other securitization vehicle)
or charge, pledge or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any transfer, charge, pledge or other Security to secure the obligations to a federal reserve or central bank
or equivalent body (including, for the avoidance of doubt, the European Central Bank) including, without limitation, any transfer of rights to a special purpose vehicle where Security over securities issued by such special purpose vehicle is to be
created in favour of a federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any transfer, charge, pledge or other Security granted to any holders (or trustee or representatives of
holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities, except that no such transfer, charge, pledge or Security shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the
relevant transfer, charge, pledge or Security for the Lender as a party to any of the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) require any payments to be made by the Borrower other than or in excess of, or grant to any person any more
extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

24.9.2 The limitations on transfers by a Lender set out in any Finance Document, in particular in Clause 24.1
(*Transfers by the Lenders*), Clause 24.2 (*Conditions of transfer*), Clause 24.4 (*Transfer fee*) and Clause 24.7 (*Procedure for transfer*) shall not apply to a creation of Security pursuant to Clause 24.9.1.

24.9.3 The limitations and provisions referred to in Clause 24.9.2 shall further not apply to any transfer of rights
under the Finance Documents or of the securities issued by the special purpose vehicle, made by a federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank) to a third party in connection with the enforcement
of Security created pursuant to Clause 24.9.1.

**25.** **Disclosure of Information** 

**25.1** **Confidential Information** 

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 25.2 (*Disclosure of Confidential Information*) and Clause 25.3 (*Disclosure to numbering service providers*), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.

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**25.2** **Disclosure of Confidential Information** 

Any Finance Party may, without prejudice to the provisions of article L.511-33 of the French *Code Monétaire et Financier*, disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional
advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in
writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to
maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to (or through) whom it transfers (or may potentially transfer) all or any of its rights and/or obligations
under one or more Finance Document(s) and to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Document(s) and to any of that person's Affiliates, Related
Funds, Representatives and professional advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) appointed by any Finance Party or by a person to whom paragraph (i) or (ii) above applies to receive
communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under Clause 27.14.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in paragraph (i) or (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to whom information is required or requested to be disclosed by any court of competent jurisdiction or any
governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to whom or for whose benefit that Finance Party charges, transfers or otherwise creates Security (or may do so)
pursuant to Clause 24.9 (*Security over Lenders' rights*) or to any third party to whom a federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank) transfers rights under the Finance Documents or
securities issued by a special purpose vehicle in accordance with Clause 24.9.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) who is a Party; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) with the consent of the Borrower,

in each case, such Confidential Information as that Finance Party shall consider appropriate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information
is to be given has entered into a Confidentiality Undertaking (it being agreed that a limited amount of Confidential Information may be disclosed as required for the purpose of negotiating the terms of the Confidentiality Undertaking, provided that
such Confidential Information to be disclosed shall be limited to the name of the Borrower, the amount of the Facility and the term of the Facility) except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a
professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has
entered into a Confidentiality Undertaking (it being agreed that a limited amount of Confidential Information may be disclosed as required for the purpose of negotiating the terms of the Confidentiality Undertaking, provided that such Confidential
Information to be disclosed shall be limited to the name of the Borrower, the amount of the Facility and the term of the Facility) or is otherwise bound by requirements of confidentiality in relation to the Confidential Information it receives and
is informed that some or all of such Confidential Information may be price-sensitive information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information
is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not
practicable so to do in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any person appointed by that Finance Party or by a person to whom paragraphs (b)(i) or (b)(ii) above applies
to provide administration or settlement services in respect of one or more of the Finance Document(s) (including, without limitation, in relation to the trading of participations in respect of the Finance Documents), such Confidential Information as
may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality
agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrower and the relevant Finance Party;
and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to any rating agency (including its professional advisers) such Confidential Information as may be required to
be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or
all of such Confidential Information may be price-sensitive information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Finance Party may disclose to any financial information agency such information as may be necessary or
desirable (limited to name of the Borrower; country of domicile of the Borrower; place of incorporation of the Borrower; sector and business type of the Borrower; date of this Agreement; Clause 38 (*Governing Law*); the names of the Agent, the
Documentation Agent, the Global Mandated Lead Arrangers, the Bookrunners, the Mandated Lead Arrangers and the CSR Coordinator; amount of, and name of, the Facility; amount of Total Commitments; purpose for which borrowed amounts under the Facility
will be applied; currency of the Facility; type of the Facility and Termination Date for the Facility) for the purpose of such financial information agency compiling league table data in relation to transactions and participants.

**25.3** **Disclosure to numbering service providers** 

25.3.1 Any Finance Party may, without prejudice to the provisions of article L.511-33 of the French *Code Monétaire et Financier*, disclose to a national or international numbering service provider (which shall be DTCC, Euroclear, Markit or Standard & Poor's)
appointed by that Finance Party to provide identification numbering services in respect of this Agreement and/or the Facility, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) name of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) country of domicile of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) place of incorporation the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Signing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the names of the Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners and
the CSR Coordinator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) date of each amendment and restatement of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) amount of Total Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) currencies of the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) type of the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) ranking of the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) changes to any of the information previously supplied pursuant to paragraphs (a) to (k) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) such other information agreed between such Finance Party and the Borrower,

to enable such numbering service provider to provide its usual syndicated loan numbering identification services.

25.3.2 The Parties acknowledge and agree that each identification number assigned to this Agreement and/or the
Facility by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.

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25.3.3 The Agent shall notify the Borrower and the other Finance Parties of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of any numbering service provider appointed by the Agent in respect of this Agreement and/or the
Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number or, as the case may be, numbers assigned to this Agreement and/or the Facility by such numbering
service provider.

**25.4** **Entire agreement** 

Subject to the provisions of article L.511-33 of the French *Code Monétaire et Financier*, this Clause 25 (*Disclosure of Information*) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

**25.5** **Inside information** 

Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.

**25.6** **Notification of disclosure** 

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause
25.2 (*Disclosure of Confidential Information*) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon becoming aware that Confidential Information has been disclosed in breach of this Clause 25 (*Disclosure of Information*).

**25.7** **No announcement relating to CSR KPIs** 

No announcements of any CSR Key Performance Indicator or the corporate social responsibility policy of the Group (including with respect to any CSR Change in respect of the Group or any achievement or failure to achieve CSR Targets) shall be made by any Finance Party without the prior written consent of the Borrower which may withhold the same in its absolute discretion.

**25.8** **Continuing obligations** 

The obligations in this Clause 25 (*Disclosure of Information*) are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve (12) Months from the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date on which all amounts payable by the Borrower under or in connection with this Agreement have been paid
in full and all Commitments have been cancelled or otherwise cease to be available; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which such Finance Party otherwise ceases to be a Finance Party.

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**26.** **Changes to the Borrower** 

The Borrower may not assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

**27.** **Role of the Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners and the CSR Coordinator** 

**27.1** **Appointment of the Agent** 

27.1.1 Each other Finance Party appoints the Agent to act as its agent under and in connection with the Finance
Documents.

27.1.2 Each other Finance Party authorises the Agent to perform the duties, obligations and responsibilities and to
exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions.

**27.2** **Instructions** 

27.2.1 The Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Agent in accordance with any instructions given to it by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in all other cases, the Majority Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph
(i) above.

27.2.2 The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority
Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any
right, power, authority or discretion. The Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

27.2.3 Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the
relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all
Finance Parties.

27.2.4 The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until
it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it
may incur in complying with those instructions.

27.2.5 In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best
interest of the Lenders.

27.2.6 The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent)
in any legal or arbitration proceedings relating to any Finance Document.

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**27.3** **Duties of the Agent** 

27.3.1 The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

27.3.2 Subject to paragraph 27.3.3 below, the Agent shall promptly forward to a Party the original or a copy of any
document which is delivered to the Agent for that Party by any other Party.

27.3.3 Without prejudice to Clause 24.8 (*Copy of Transfer Agreement*), paragraph 27.3.2 above shall not apply to
any Transfer Agreement.

27.3.4 Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check
the adequacy, accuracy or completeness of any document it forwards to another Party.

27.3.5 If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that
the circumstance described is a Default, it shall promptly notify the other Finance Parties.

27.3.6 If the Agent is aware of the non-payment of any principal, interest,
commitment fee or other fee payable to a Finance Party (other than the Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners or the CSR Coordinator) under this Agreement, it shall promptly notify the other Finance
Parties.

27.3.7 The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance
Documents to which it is expressed to be a party (and no others shall be implied).

**27.4** **Role of the Global Mandated Lead Arranger, the Mandated Lead Arrangers, the Bookrunners and the CSR Coordinator** 

Except as specifically provided in the Finance Documents, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners and the CSR Coordinator have no obligations of any kind to any other Party under or in connection with any Finance Document.

**27.5** **No fiduciary duties** 

27.5.1 Nothing in this Agreement constitutes the Agent, any Global Mandated Lead Arranger, any Mandated Lead Arranger,
any Bookrunner or the CSR Coordinator as a trustee or fiduciary of any other person.

27.5.2 Neither the Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners or the CSR
Coordinator shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.

**27.6** **Business with the Group** 

The Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners and the CSR Coordinator may accept deposits from, lend money to and generally engage in any kind of banking or other business with, any member of the Group.

**27.7** **Rights and discretions of the Agent** 

27.7.1 The Agent may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) assume that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given
in accordance with the terms of the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless it has received notice of revocation, that those instructions have not been revoked; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) rely on a certificate from any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that
person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the effect that such person approves of any particular dealing, transaction, step, action or thing,

as sufficient evidence that that is the case and, in the case of paragraph (i) above, may assume the truth and accuracy of that certificate.

27.7.2 The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders)
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Default has occurred (unless it has actual knowledge of a Default arising under Clause 23.1 (*Non-payment*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any notice or request made by the Borrower (other than a Utilisation Request) is made on behalf of and with the
consent and knowledge of the Borrower.

27.7.3 The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts.

27.7.4 Without prejudice to the generality of paragraph 27.7.3 above or paragraph 27.7.5 below, the Agent may at any
time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be necessary.

27.7.5 The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other
professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying,
unless directly caused by its gross negligence or wilful misconduct.

27.7.6 The Agent may act in relation to the Finance Documents through its personnel and agents.

27.7.7 Unless a Finance Document expressly provides otherwise, the Agent may disclose to any other Party any
information it reasonably believes it has received as agent under this Agreement.

27.7.8 Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor any Global
Mandated Lead Arranger, any Mandated Lead Arranger, any Bookrunner or the CSR Coordinator is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary
duty or duty of confidentiality.

27.7.9 Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or
risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds
or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

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**27.8** **Responsibility for documentation** 

Neither the Agent nor any Global Mandated Lead Arranger, Mandated Lead Arranger, Bookrunner nor the CSR Coordinator:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is responsible or liable for the adequacy, accuracy and/or completeness of any information (whether oral or
written) supplied by the Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners, the CSR Coordinator, the Borrower or any other person given in or in connection with any Finance Document or the transactions
contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is responsible or liable for the legality, validity, effectiveness, adequacy or enforceability of any Finance
Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is responsible or liable for any determination as to whether any information provided or to be provided to any
Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.

**27.9** **No duty to monitor** 

The Agent shall not be bound to enquire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether or not any Default has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether any other event specified in any Finance Document has occurred.

**27.10** **Exclusion of liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document
excluding or limiting the liability of the Agent), the Agent will not be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a
result of taking or not taking any action under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with,
any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document, other than by reason of gross negligence or wilful misconduct; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any
person, any diminution in value or any liability whatsoever (but not including any claim based on the fraud of the Agent) arising as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any act, event or circumstance not reasonably within its control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the general risks of investment in, or the holding of assets in, any jurisdiction,

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in
respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause
27.10 (*Exclusion of liability*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount
required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by
the Agent for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this Agreement shall oblige the Agent, the Global Mandated Lead Arrangers, the Mandated Lead
Arrangers, the Bookrunners or the CSR Coordinator to carry out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any "know your customer" or other checks in relation to any person: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any
Lender or for any Affiliate of any Lender,

on behalf of any Lender and each Lender confirms to the Agent, the Global Mandated Lead Arranger, the Mandated Lead Arrangers, the Bookrunners and the CSR Coordinator that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners or the CSR Coordinator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without prejudice to any provision of any Finance Document excluding or limiting the liability of the Agent,
the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners or the CSR Coordinator, any liability of the Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers or the CSR Coordinator arising under or in
connection with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the
Bookrunners or the CSR Coordinator or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent, the Global Mandated Lead Arrangers, the Mandated
Lead Arrangers, the Bookrunners or the CSR Coordinator at any time which

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increase the amount of that loss. In no event shall the Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners or the CSR Coordinator be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners or the CSR Coordinator has been advised of the possibility of such loss or damages.

**27.11** **Lenders' indemnity to the Agent** 

Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three (3) Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 30.10 (*Disruption to Payment Systems etc.*) notwithstanding the Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by the Borrower pursuant to a Finance Document).

**27.12** **Resignation of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may resign and appoint one of its Affiliates acting through an office in France or in London as
successor by giving notice to the other Finance Parties and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Alternatively the Agent may resign by giving notice to the other Finance Parties and the Borrower, in which
case the Majority Lenders (after consultation with the Borrower) may appoint a successor Agent, which shall not be incorporated or acting through an office situated in a Non-Cooperative Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower may, on no less than thirty (30) days' prior notice to the Agent, require the Lenders to
replace the Agent and to appoint a replacement Agent if any amount payable under a Finance Document by the Borrower becomes not deductible from the Borrower's taxable income for French tax purposes by reason of that amount (i) being paid
or accrued to an Agent incorporated, domiciled, established or acting through an office situated in a Non-Cooperative Jurisdiction or (ii) paid to an account opened in the name of that Agent in a
financial institution situated in a Non-Cooperative Jurisdiction. In this case, the Agent shall resign and a replacement Agent shall be appointed by the Majority Lenders (after consultation with the Borrower)
within thirty (30) days after notice of replacement was given, which replacement Agent shall not be incorporated or acting through an office situated in a Non-Cooperative Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Majority Lenders have not appointed a successor Agent in accordance with paragraphs (b) or (c)
above within thirty (30) calendar days after notice of resignation was given, the Agent (after consultation with the Borrower) may appoint a successor Agent acting through an office in France.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records and
provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent's resignation notice shall only take effect upon the appointment of a successor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in
respect of the Finance Documents (other than its obligations under paragraph (e) above) but shall remain entitled to the benefit of Clause 16.3 (*Indemnity to the Agent*) and this Clause 27 (and any agency fees for the account of the
retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original
Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) After consultation with the Borrower, the Majority Lenders may, by notice to the Agent, require it to resign in
accordance with paragraph (b) above. In this event, the Agent shall resign in accordance with paragraph (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use
reasonable endeavours to appoint a successor Agent pursuant to paragraph (b) above) if, on or after the date which is three (3) Months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance
Documents, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent fails to respond to a request under Clause 14.8 (*FATCA Information*) and the Borrower or a
Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information supplied by the Agent pursuant to Clause 14.8 (*FATCA Information*) indicates that the
Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be) a FATCA
Exempt Party on or after that FATCA Application Date,

and (in each case) the Borrower or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Borrower or that Lender, by notice to the Agent, requires it to resign.

**27.13** **Confidentiality** 

27.13.1 In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division
which shall be treated as a separate entity from any other of its divisions or departments.

27.13.2 If information is received by another division or department of the Agent, it may be treated as confidential to
that division or department and the Agent shall not be deemed to have notice of it.

**27.14** **Relationship with the Lenders** 

27.14.1 The Agent may treat the person shown in its records as Lender at the opening of business (in the place of the
Agent's principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) entitled to or liable for any payment due under any Finance Document on that day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) entitled to receive and act upon any notice, request, document or communication or make any decision or
determination under any Finance Document made or delivered on that day,

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unless it has received not less than five (5) Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

27.14.2 Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications,
information and documents to be made or dispatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 32.5
(*Electronic communication*) electronic mail address and/or any other information required to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication
is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address, department and officer by that Lender for the purposes of Clause 32.2 (*Addresses*) and paragraph (b) of Clause 32.5.1
(*Electronic communication*) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.

**27.15** **Credit appraisal by the Lenders** 

Without affecting the responsibility of the Borrower for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Agent, the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners and the CSR Coordinator that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the financial condition, status and nature of each member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other
agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its
respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other
person under or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any
Finance Document.

**27.16** **Agent's management time** 

Any amount payable to the Agent under Clause 16.3 (*Indemnity to the Agent*), Clause 18 (*Costs and Expenses*) and Clause 27.11 (*Lenders' indemnity to the Agent*) shall include the cost of utilising the Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Borrower and is in addition to any fee paid or payable to the Agent under Clause 13 (*Fees*).

**27.17** **Deduction from amounts payable by the Agent** 

If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.

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**27.18** **Role of Reference Banks** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Reference Bank is under any obligation to provide a quotation or any other information to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document,
or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or
agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank
Quotation, and any officer, employee or agent of each Reference Bank may rely on this Clause 27.18.

**28.** **Conduct of Business by the Finance Parties** 

28.1.1 No provision of this Agreement will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it
thinks fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or
the extent, order and manner of any claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax.

28.1.2 Any Lender is entitled to exercise any of its rights and discretion under the Finance Documents through any
agent (including any entity appointed to act as servicer on its behalf).

**29.** **Sharing among the Finance Parties** 

**29.1** **Payments to Finance Parties** 

If a Finance Party (a **"Recovering Finance Party"**) receives or recovers any amount from the Borrower other than in accordance with Clause 30 (*Payment Mechanics*) (a **"Recovered Amount"**) and applies that amount to a payment due under the Finance Documents then such Recovering Finance Party shall be deemed to have been substituted for the Agent for purposes of receiving or recovering a Sharing Payment (as defined below) and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Recovering Finance Party shall, within three (3) Business Days, notify details of the receipt or
recovery, to the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 30 (*Payment Mechanics*), without taking account of any Tax which would be imposed on the Agent in relation to
the receipt, recovery or distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay to the
Agent an amount (the **"Sharing Payment"**) equal to such receipt or

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recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 30.5 (*Partial payments*).

**29.2** **Redistribution of payments** 

The Agent shall treat the Sharing Payment as if it had been paid by the Borrower and distribute it between the Finance Parties (other than the Recovering Finance Party) (the "**Sharing Finance Parties**") in accordance with Clause 30.5 (*Partial payments*) towards the obligations of the Borrower to the Sharing Finance Parties.

**29.3** **Recovering Finance Party's rights** 

29.3.1 On a distribution by the Agent under Clause 29.2 (*Redistribution of payments*) of a payment received by a
Recovering Finance Party from the Borrower, as between the Borrower and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by the Borrower to the Recovering Finance
Party.

**29.4** **Reversal of redistribution** 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which
that Recovering Finance Party is required to pay) (the "**Redistributed Amount** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as between the Borrower and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed
Amount will be treated as not having been paid by the Borrower to the relevant Sharing Finance Party.

**29.5** **Exceptions** 

29.5.1 This Clause 29 (*Sharing among the Finance Parties*) shall not apply to the extent that the Recovering
Finance Party would not, after making any payment pursuant to this Clause 29 (*Sharing among the Finance Parties*), have a valid and enforceable claim against the Borrower.

29.5.2 A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering
Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it notified that other Finance Party of the legal or arbitration proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did
not do so as soon as reasonably practicable after having received notice and did not take separate legal or arbitration proceedings.

**30.** **Payment Mechanics** 

**30.1** **Payments to the Agent** 

30.1.1 On each date on which the Borrower or a Lender is required to make a payment under a Finance Document, the
Borrower or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement
of transactions in the relevant currency in the place of payment.

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30.1.2 Payment shall be made to such account in the principal financial centre of the country of that currency (or, in
relation to euro, in a principal financial centre in such Participating Member State or London, as specified by the Agent), other than a Non-Cooperative Jurisdiction, and with such bank as the Agent, in each
case, specifies.

**30.2** **Distributions by the Agent** 

Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 30.3 (*Distributions to the Borrower*) and Clause 30.4 (*Clawback*) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five (5) Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London as specified by that Party), other than a Non-Cooperative Jurisdiction.

**30.3** **Distributions to the Borrower** 

The Agent may (with the consent of the Borrower or in accordance with Clause 31 (*Set-Off*)) apply any amount received by it for the Borrower in or towards payment (on the date and in the currency and funds of receipt) of any amount due from the Borrower under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

**30.4** **Clawback** 

30.4.1 Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged
to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.

30.4.2 If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually
received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date
of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

**30.5** **Partial payments** 

30.5.1 If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by the
Borrower under the Finance Documents, the Agent shall apply that payment towards the obligations of the Borrower under the Finance Documents in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the Finance
Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) secondly, in or towards payment pro rata of any accrued interest or commission due but unpaid under this
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fourthly, in or towards payment pro rata of any other Unpaid Sum.

30.5.2 The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a) to (d)
of Clause 30.5.1.

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30.5.3 Clauses 30.5.1 and 30.5.2 will override any appropriation made by the Borrower.

**30.6** **No set-off by the Borrower** 

All payments to be made by the Borrower under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

**30.7** **Business Days** 

30.7.1 Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day
in the same calendar month (if there is one) or the preceding Business Day (if there is not).

30.7.2 During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement
interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

**30.8** **Currency of account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraphs (b) to (e) below, the Base Currency is the currency of account and payment for any
sum due from the Borrower under any Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency in which
that Loan or Unpaid Sum is denominated on its due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each payment of interest shall be made in the currency in which the sum in respect of which the interest is
payable was denominated when that interest accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses
or Taxes are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any amount expressed to be payable in a currency other than the Base Currency shall be paid in that other
currency.

**30.9** **Change of currency** 

30.9.1 Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised
by the central bank of any country as the lawful currency of that country, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the
currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Borrower); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any translation from one currency or currency unit to another shall be at the official rate of exchange
recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably).

30.9.2 If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting
reasonably and after consultation with the Borrower) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Market and otherwise to reflect the change in currency.

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**30.10** **Disruption to Payment Systems etc.** 

If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Borrower that a Disruption Event has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent may, and shall if requested to do so by the Borrower, consult with the Borrower with a view to
agreeing with the Borrower such changes to the operation or administration of the Facility as the Agent may deem necessary in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall not be obliged to consult with the Borrower in relation to any changes mentioned in paragraph
(a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above
but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any such changes agreed upon by the Agent and the Borrower shall (whether or not it is finally determined that
a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 36 (*Amendments and Waivers*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Agent shall not be liable for any damages, costs or losses whatsoever (including, without limitation for
negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause
30.10 (*Disruption to Payment Systems etc.*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

**31.** **Set-Off** 

A Finance Party may set off any matured obligation due from the Borrower under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to the Borrower, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

**32.** **Notices** 

**32.1** **Communications in writing** 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter.

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**32.2** **Addresses** 

The address, email address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Borrower, the following:

**Ipsen S.A.**

Attention: VP Head of Treasury and Financing

Address: 65 quai Georges Gorse, 92650 Boulogne-Billancourt Cedex (France)

Tel.: [\*\*\*]

E-mail: **[\*\*\*]**: [\*\*\*] / **[\*\*\*]**: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of each Lender, that notified in writing to the Agent on or prior to the date on which it becomes a
Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the Agent, that identified with its name below,

or any substitute address or fax number or department or officer as a Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five (5) Business Days' notice.

**32.3** **Delivery** 

32.3.1 Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will only be effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if by way of fax, when received in legible form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if by way of letter, when it has been left at the relevant address or five (5) Business Days after being
deposited in the post postage prepaid in an envelope addressed to it at that address,

and, if a particular department or officer is specified as part of its address details provided under Clause 32.2 (*Addresses*), if addressed to that department or officer.

32.3.2 Any communication or document to be made or delivered to the Agent will be effective only when actually
received by the Agent and then only if it is expressly marked for the attention of the department or officer identified with the Agent's signature below (or any substitute department or officer as the Agent shall specify for this purpose).

32.3.3 All notices from or to the Borrower shall be sent through the Agent.

**32.4** **Notification of address and fax number** 

Promptly upon receipt of notification of an address or fax number or change of address or fax number pursuant to Clause 32.2 (*Addresses*) or changing its own address or fax number, the Agent shall notify the other Parties.

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**32.5** **Electronic communication** 

32.5.1 Any communication to be made between the Agent and a Lender under or in connection with the Finance Documents
may be made by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website), if the Agent and the relevant Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) notify each other in writing of their electronic mail address and/or any other information required to enable
the sending and receipt of information by that means; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) notify each other of any change to their address or any other such information supplied by them by not less
than five Business Days' notice.

32.5.2 Any such electronic communication as specified in paragraph 32.5.1 above to be made between the Borrower and a
Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication.

32.5.3 Any such electronic communication as specified in paragraph 32.5.1 above made between any two Parties will be
effective only when actually received (or made available) in readable form and in the case of any electronic communication made by a Party to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose.

32.5.4 Any electronic communication which becomes effective, in accordance with paragraph 32.5.3 above, after 5:00
p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day.

32.5.5 Any reference in a Finance Document to a communication being sent or received shall be construed to include
that communication being made available in accordance with this Clause 32.5.

**32.6** **English language** 

32.6.1 Any notice given under or in connection with any Finance Document must be in English.

32.6.2 All other documents provided under or in connection with any Finance Document must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in English; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if not in English, and if so required by the Agent (subject to Clause 32.6.3), accompanied by a certified
English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

32.6.3 Any constitutional document (*statuts*), minutes of the resolutions of corporate bodies, K-bis extract, non-bankruptcy certificate and *état des privilèges* of the Borrower (the **"Corporate Documents"**) may be provided to the
Agent in French. If required by a Lender, a certified English translation of any Corporate Document shall be provided by the Borrower, at the cost of that Lender.

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**32.7** **Data Protection Policy** 

Each Finance Party undertakes to comply with its obligations under the rules applicable to the processing of personal data, in particular, the Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 and the French law n° 78-17 of 6 January 1978 (as modified) insofar as it applies to it under this Agreement. Each Finance Party, to the extent it is responsible for processing of personal datas, shall take all appropriate measures to inform concerned persons for instance by publishing a data protection policy. For such purposes, it is specified that the data protection policy of the Finance Parties which are parties to this Agreement on the Signing Date may be consulted on the following internet addresses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for Bank of America Merrill Lynch International Designated Activity Company: <u>https://www.bofaml.com/en-us/content/GDPR.html;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for Barclays Bank PLC: <u>https://www.barclays.co.uk/control-your-data/;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for BNP Paribas SA: <u>https://group.bnpparibas/notice-protection-donnees;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for BRED Banque Populaire: <u>https://www.bred.fr/informations-reglementaires/traitement-des-donnees-personnelles;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for Crédit Agricole Corporate and Investment Bank: <u>https://www.ca-cib.fr/politique-protection-donnees;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for Crédit Lyonnais: <u>https://entreprises.lcl.fr/politique-protection-des-donnees/;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) for HSBC France: <u>https://www.hsbc.fr/1/2/hsbc-france/charte-de-protection-des-donnees;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for Natixis: <u>https://cib.natixis.com/public/DataProtection.aspx;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for Société Générale: <u>https://static.societegenerale.fr/com/COM/multi_marche/rgpd-charte-donnees/pdf/politique-protection-donnees-personnelles-eie.pdf;</u> and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) for Wells Fargo Bank International U.C. : <u>https://www08.wellsfargomedia.com/assets/pdf/personal/privacy-security/eu-privacy-notice-english.pdf</u>.

**33.** **Calculations and Certificates** 

**33.1** **Accounts** 

In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate.

**33.2** **Certificates and Determinations** 

Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.

**33.3** **Day count convention** 

Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 calendar days or, in any case where the practice in the Relevant Market differs, in accordance with that market practice.

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**34.** **Partial Invalidity** 

If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

**35.** **Remedies and Waivers** 

No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any Finance Document on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and, subject to Clause 35.1 (*No hardship*), not exclusive of any rights or remedies provided by law.

**35.1** **No hardship** 

Each Party hereby acknowledges that the provisions of article 1195 of the French Code civil shall not apply to it with respect to its obligations under the Finance Documents and that it shall not be entitled to make any claim under article 1195 of the French Code civil.

**36.** **Amendments and Waivers** 

**36.1** **Required consents** 

36.1.1 Subject to Clause 36.2 (*Exceptions*), any term of the Finance Documents may be amended or waived only
with the consent of the Majority Lenders and the Borrower and any such amendment or waiver will be binding on all Parties.

36.1.2 The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 36
(*Amendments and Waivers*).

**36.2** **Exceptions** 

36.2.1 Subject to Clause 36.3 (*Replacement of Screen Rate*), an amendment or waiver that has the effect of
changing or which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the definition of "Majority Lenders" in Clause 1.1 (*Definitions*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an extension to the date of payment of any amount under the Finance Documents (save for any Extension effected
in accordance with Clause 7 (*Extension of the Termination Date*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a reduction in the amount of any payment of principal, interest, fees or commission payable or a change in the
currency of any payment to the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or
commission payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an increase in or an extension of any Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a change to the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any provision which expressly requires the consent of all the Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Clause 2.2 (*Finance Parties' rights and obligations*), Clause 9.1 (*Mandatory prepayment - Illegality*), Clause 9.2 (*Mandatory prepayment - Change of control*), Clause 24 (*Changes to the Lenders*), Clause 29 (*Sharing among the Finance Parties*), Clause 38 (*Governing Law*), this Clause 36 (*Amendments and Waivers*) or Clause 39 (*Jurisdiction*),

shall not be made without the prior consent of all the Lenders.

For the avoidance of doubt, a reduction pursuant to Clause 10.3 (*Margin adjustment*) or Clause 10.4 (*CSR KPI Margin Adjustment*) does not fall within the scope of this Clause 36.2.1.

36.2.2 An amendment or waiver which relates to the rights or obligations of the Agent, the Global Mandated Lead
Arrangers, the Mandated Lead Arrangers, the Bookrunners, the CSR Coordinator or a Reference Bank may not be effected without the consent of the Agent or the Global Mandated Lead Arrangers, the Mandated Lead Arrangers, the Bookrunners, the CSR
Coordinator or a Reference Bank, as the case may be.

**36.3** **Replacement of Screen Rate** 

Subject to Clause 36.2.2 (*Exceptions*), if a Screen Rate Replacement Event has occurred in relation to any Screen Rate for a currency which can be selected for a Loan, any amendment or waiver which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) providing for the use of a Replacement Benchmark in relation to that currency in place of that Screen Rate ;
and

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) aligning any provision of any Finance Document to the use of that Replacement Benchmark;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including,
without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) implementing market conventions applicable to that Replacement Benchmark;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the
adjustment shall be determined on the basis of that designation, nomination or recommendation),

may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Borrower.

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**37.** **Confidentiality of Funding Rates and Reference Bank Quotations** 

**37.1** **Confidentiality and disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent and the Borrower agree to keep each Funding Rate (and, in the case of the Agent, each Reference Bank
Quotation) confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b), (c) and (d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may, without prejudice to the provisions of article L.511-33 of the French *Code monétaire et financier*, disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the relevant Borrower
pursuant to Clause 10.6 (*Notification of rates of interest*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration
services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality
agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender or
Reference Bank, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent may, without prejudice to the provisions of article L.511-33 of the French *Code monétaire et financier*, disclose any Funding Rate or any Reference Bank Quotation, and the Borrower may disclose any Funding Rate, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors,
partners and Representatives if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this paragraph (i) is informed in writing of its confidential nature and that it may be price-sensitive information
except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of
confidentiality in relation to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any person to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to
be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the Borrower, as the case may be, it is not
practicable to do so in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any person to whom information is required to be disclosed in connection with, and for the purposes of, any
litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be
price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the Borrower, as the case may be, it is not practicable to do so in the circumstances; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any person with the consent of the relevant Lender or Reference Bank, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent's obligations in this Clause 37 relating to Reference Bank Quotations are without prejudice to
its obligations to make notifications under Clause 10.6 (*Notification of rates of interest*) provided that (other than pursuant to paragraph (b)(i) above) the Agent shall not include the details of any individual Reference Bank Quotation as
part of any such notification.

**37.2** **Related obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent and the Borrower acknowledge that each Funding Rate (and, in the case of the Agent, each Reference
Bank Quotation) is or may be price-sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and the Borrower undertake not to
use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation for any unlawful purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent and the Borrower agree (to the extent permitted by law and regulation) to inform the relevant Lender
or Reference Bank, as the case may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 37.1 (*Confidentiality and disclosure*) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon becoming aware that any information has been disclosed in breach of this Clause 37.

**37.3** **No Event of Default** 

No Event of Default will occur under Clause 23.3 (*Other obligations*) by reason only of the Borrower's failure to comply with this Clause 37.

**38.** **Governing Law** 

This Agreement is governed by French law.

**39.** **Jurisdiction** 

The *Tribunal de Commerce de Paris* has exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement).

**40.** **Acknowledgement Regarding Any Supported QFCs** 

To the extent that the Finance Documents provide support, through a guarantee or otherwise, for any hedging agreement or any other agreement or instrument that is a QFC (such support, "**QFC Credit Support**", and each such QFC, a "**Supported QFC**"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "**U.S. Special Resolution Regimes**") in respect of such Supported QFC and QFC Credit Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event a Covered Entity that is party to a Supported QFC (each, a "**Covered Party** ")
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and

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obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Finance Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Finance Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this Clause 40, the following terms have the following meanings:

"**BHC Act Affiliate**" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"**Covered Entity**" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"**QFC**" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

------

**Schedule 1** 

**The Original Lenders** 

---

| | |
|:---|:---|
| **Name of Original Lender** | **Commitment (EUR)** |
|  [\*\*\*] | [\*\*\*] |
|  [\*\*\*] | [\*\*\*] |
|  [\*\*\*] | [\*\*\*] |
|  [\*\*\*] | [\*\*\*] |
|  [\*\*\*] | [\*\*\*] |
|  [\*\*\*] | [\*\*\*] |
|  [\*\*\*] | [\*\*\*] |
|  [\*\*\*] | [\*\*\*] |
|  [\*\*\*] | [\*\*\*] |
|  [\*\*\*] | [\*\*\*] |
|  Total Commitments | 1500000000 |

---

------

**Schedule 2** 

**Conditions Precedent** 

**1.** **The Borrower** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An original K-bis extract for the Borrower, dated not more than fifteen
(15) days prior to the Signing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the constitutional documents (*statuts*) of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An original *certificat de recherche de procédure collective* (non-bankruptcy certificate) of the Borrower, dated not more than fifteen (15) days prior to the Signing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An original *état des privilèges* of the Borrower, dated not more than fifteen
(15) days prior to the Signing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Evidence that each person who has signed the Finance Documents on behalf of the Borrower was duly authorised so
to sign.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Certified copy of extracts of the minutes of the resolutions of the board of directors (*conseil d'administration*) of the Borrower authorising the terms of and the signing of the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A specimen of the signature (together with evidence of their identity) of each person authorised to sign the
Finance Documents on behalf of the Borrower and to sign and/or dispatch all documents and notices to be signed and/or dispatched by the Borrower under or in connection with any Finance Document (including any Utilisation Request).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A certificate of an authorised signatory of the Borrower:

---

| | |
|:---|:---|
| () | confirming that utilisation by the Borrower of the Total Commitments in full will not breach any borrowing limit binding on the Borrower; and  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) certifying that each copy document relating to the Borrower specified in paragraphs 1(a) to 1(g) of this
Schedule 2 (*Conditions Precedent*) is correct, complete and in full force and effect as at a date no earlier than the Signing Date.

**2.** **Legal opinions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A validity legal opinion of White & Case LLP, legal advisers to the Original Lenders and the Agent in
France, in a form satisfactory to the Original Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A capacity legal opinion of Latham & Watkins AARPI, legal advisers to the Borrower in France in respect of
the status and capacity of the Borrower to enter into the Facility Agreement, in a form satisfactory to the Original Lenders.

**3.** **Other documents and evidence** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of any other authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Original Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A list of the Material Companies as at 31 December 2018.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Evidence that all fees, costs and expenses then due by the Borrower under the Finance Documents have been paid or will be paid within three (3) Business Days from the Signing Date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An original copy of each Fee Letter and of the TEG Letter countersigned by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In respect of the Borrower, evidence of compliance with the relevant provisions relating to any applicable "know your customers" requirements as requested by the Agent on behalf of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Reference Document (2018).

------

**Schedule 3** 

**Form of Utilisation Request** 

From: **Ipsen S.A**, as Borrower

To: [●]

Date: [●]

Dear Sir/Madam,

**Ipsen S.A. – Revolving Facility Agreement dated 24 May 2019 (as amended and restated from time to time) (the "Facility Agreement")** 

1. We refer to the Facility Agreement. This is a Utilisation Request. Terms defined in the Facility Agreement have
the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.

2. We wish to borrow a Loan on the following terms:

---

| | |
|:---|:---|
| Proposed Utilisation Date: | [●] (or, if that is not a Business Day, the next Business Day) |
| Currency of Loan: | [●] |
| Amount: | [●] or, if less, the Available Facility |
| Interest Period: | [●] |

---

3. We confirm that each condition specified in Clause 4.2 (*Further conditions precedent*) is satisfied on
the date of this Utilisation Request.

4. The proceeds of this Loan should be credited to [ *account* ].

5. This Utilisation Request is irrevocable.

Yours faithfully

---

| |
|:---|
|  authorised signatory for |
|  Ipsen S.A. |

---

------

**Schedule 4** 

**Form of Transfer Agreement** 

This Transfer Agreement is made on [●]

**Between**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [●] (the "**Existing Lender**")

**and**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [●] (the "**New Lender**")

**Ipsen S.A. – Revolving Facility Agreement dated 24 May 2019 (as amended and restated from time to time) (the "Facility Agreement")** 

**Whereas**:

(A) The Existing Lender is a party to the above revolving loan facility agreement entered into between, *inter alia*, Ipsen S.A. as Borrower, [●] (as amended and restated from time to time, the "**Facility Agreement** ").

(B) The Existing Lender wishes to transfer and the New Lender wishes to acquire [all]/[the part specified in
Schedule 1 to this Transfer Agreement] of the Existing Lender's Commitment, rights [and obligations] referred to in Schedule 1 to this Transfer Agreement.

(C) Terms defined in the Facility Agreement have the same meaning when used in this Transfer Agreement.

**It is agreed as follows:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [The Existing Lender and the New Lender agree to the transfer (*cession*) of]/[The Existing Lender
confirms that, by a separate agreement, it will transfer (*céder*) on the Transfer Date to the New Lender] [all]/[the part specified in Schedule 1 to this Transfer Agreement] of the Existing Lender's Commitment, rights [and
obligations] referred to in Schedule 1 to this Transfer Agreement in accordance with Clause 24.7 (*Procedure for transfer*) of the Facility Agreement.<sup>1</sup>

2. The proposed Transfer Date is [●]<sup>2</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Facility Office and address, fax number and attention details for notices of the New Lender for the
purposes of Clause 32.2 (*Addresses*) of the Facility Agreement are set out in Schedule 1 to this Transfer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in
Clause 24.6 (*Limitation of responsibility of Existing Lenders*) of the Facility Agreement.

<sup>1</sup> In the case of a transfer of rights and/or obligations by the Existing Lender under this Transfer Agreement, the New Lender should, if it considers it necessary to make the transfer effective as against the Borrower, arrange for such transfer to be notified to the Borrower or acknowledged by the Borrower. 

<sup>2</sup> Please note that in case of a transfer made, for example, by way of *bordereau FCT*, *bordereau Dailly* or *contrat de fiducie*, it is assumed that the Transfer Date will be the date affixed on such *bordereau FCT* or *bordereau Dailly* or agreed in such *contrat de fiducie*. 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The New Lender confirms, for the benefit of the Agent and without liability to the Borrower, that it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Qualifying Lender other than a Treaty Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treaty Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not a Qualifying Lender,<sup>3</sup>

and that it is [not]<sup>4</sup> incorporated or acting through a Facility Office situated in a Non-Cooperative Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Transfer Agreement shall be notified to the Borrower by the New Lender in accordance with Clause 24 of the
Facility Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The New Lender confirms to the other Finance Parties represented by the Agent that it has become entitled to
the same rights and that it will assume the same obligations to those Parties as it would have been under if it had been an Original Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Transfer Agreement is governed by French law. The *Tribunal de Commerce de Paris* shall have
jurisdiction in relation to any dispute concerning it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Transfer Agreement has been entered into on the date stated at the beginning of this Transfer Agreement.

------

<sup>3</sup> Delete as applicable. Each New Lender is required to confirm which of these three categories it falls within.

<sup>4</sup> Delete as applicable. Each New Lender is required to confirm whether it falls within one of these categories or not.

------

**Schedule 1** 

**Commitment/rights [and obligations] to be transferred** 

[*insert relevant details*] [*Facility Office address, fax number and attention details for notices and* 

*account details for payments*]

---

| | |
|:---|:---|
|  [Existing Lender] | [New Lender] |
|  By: | By: |

---

This Transfer Agreement is accepted by the Agent and the Transfer Date is confirmed as [●].

[Agent]

By:

------

**Schedule 5** 

**Form of Compliance Certificate** 

To: [●] as Agent

From: **Ipsen S.A.**, as Borrower

Date: [●]

Dear Sir/Madam,

**Ipsen S.A. – Revolving Facility Agreement dated 24 May 2019 (as amended and restated from time to time) (the "Facility Agreement")** 

1. We refer to the Facility Agreement. This is a Compliance Certificate. Terms defined in the Facility Agreement
have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

2. [We confirm that: [ *Insert Leverage Ratio as at the date of the Compliance Certificat* e].]

3. We confirm that the following companies were Material Companies at [ *relevant Test Date* ].

4. [We confirm that no Default is continuing.]<sup>5</sup>

---

| |
|:---|
|  Signed: |
| [Chief Financial Officer] / [Chief Executive Officer]<br> of<br> Ipsen S.A. |

---

------

<sup>5</sup> If this statement cannot be made, the Compliance Certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.

------

**Schedule 6** 

**Form of Extension Request** 

To: [●] as Agent

From: **Ipsen S.A.**, as Borrower

Date: [●]

Dear Sir/Madam,

**Ipsen S.A. – Revolving Facility Agreement dated 24 May 2019 (as amended and restated from time to time) (the "Facility Agreement")** 

1. We refer to the Facility Agreement. This is an Extension Request. Terms defined in the Facility Agreement have
the same meaning when used in this Extension Request unless given a different meaning in this Extension Request.

2. We hereby give you notice that, in accordance with Clause 7 (*Extension of the Termination Date*) of the
Facility Agreement, we request the Lenders to agree to an extension of the current Termination Date (i.e. [ *insert current Termination Date at the date of the Extension Request* ]) to a further period of [one (1) year / two (2) years]<sup>6</sup>.

3. We hereby repeat, as if set out in this Extension Request, the Repeating Representations.

4. This Extension Request is a Finance Document.

Yours faithfully

<br> authorised signatory for Ipsen S.A. [●]

------

<sup>6</sup> Select as appropriate in accordance with the provisions of Clauses 7.1 (*First Extension Option*) and 7.2 (*Second Extension Option*).

------

**Schedule 7** 

**Timetables** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Loans in euro** | **Loans in sterling** | **Loans in other<br>currencies** |
| Agent notifies the Borrower if a currency is approved as an Optional Currency in accordance with Clause 4.4 (*Conditions relating to Optional Currencies*) | N/A | 5.00 p.m. four (4)<br>Business Days<br>prior to the<br>proposed<br>Utilisation Date | 5.00 p.m. four (4)<br>Business Days<br>prior to the<br>proposed<br>Utilisation Date |
| Delivery of a duly completed<br> Utilisation Request (Clause 5.1 (*Delivery of a Utilisation Request*)) | 10.00 a.m. three<br>(3) Business Days<br>prior to the<br>proposed<br>Utilisation Date | 10.00 a.m. three (3)<br>Business Days<br>prior to the<br>proposed<br>Utilisation Date | 10.00 a.m. three<br>(3) Business Days<br>prior to the<br>proposed<br>Utilisation Date |
| Agent determines (in relation to a Utilisation) the Base Currency Amount of the Loan, if required under Clause 5.4 (*Lenders' Participation*) | N/A | 11.00 a.m. three (3)<br>Business Days<br>prior to the<br>proposed<br>Utilisation Date | 11.00 a.m. three<br>(3) Business Days<br>prior to the<br>proposed<br>Utilisation Date |
| Agent notifies the Lenders of the Loan in accordance with Clause 5.4 (*Lenders' Participation*) | Promptly three (3)<br>Business Days<br>prior to the<br>proposed<br>Utilisation Date | Promptly three (3)<br>Business Days<br>prior to the<br>proposed<br>Utilisation Date | Promptly three (3)<br>Business Days<br>prior to the<br>proposed<br>Utilisation Date |
| Agent receives a notification from a Lender under Clause 6.2 (*Unavailability of a currency*) | Quotation Day as<br>of 3:00 p.m. | Quotation Day as<br>of 3:00 p.m. | Quotation Day as<br>of 3:00 p.m. |
| Agent gives notice to the Borrower in accordance with Clause 6.2 (*Unavailability of a currency*) | Quotation Day as<br>of 5:00 p.m. | Quotation Day as<br>of 5:00 p.m. | Quotation Day as<br>of 5:00 p.m. |
| EURIBOR or LIBOR is fixed | Quotation Day as<br>of 11:00 a.m.<br>(Brussels time) in<br>respect of<br>EURIBOR and<br>11:00 a.m.<br>(London time) in<br>respect of LIBOR | Quotation Day as<br>of 11:00 a.m. | Quotation Day as<br>of 11:00 a.m. |

---

------

**Schedule 8** 

**CSR Targets** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CSR Key<br>Performance<br>Indicator** | **Last<br>reported<br>data** | **CSR Target for each relevant FY** | **CSR Target for each relevant FY** | **CSR Target for each relevant FY** | **CSR Target for each relevant FY** | **CSR Target for each relevant FY** | **CSR Target for each relevant FY** |
|  | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** |
|  [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] |
|  [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] |
|  [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] | [\*\*\*] |

---

------

**Schedule 9** 

**Form of CSR KPI Certificate** 

To: [●] as Agent

From: **Ipsen S.A.**, as Borrower

Date: [●]

Dear Sir/Madam,

**Ipsen S.A. – Revolving Facility Agreement dated 24 May 2019 (as amended and restated from time to time) (the "Facility Agreement")** 

1. We refer to the Facility Agreement. This is a CSR KPI Certificate. Terms defined in the Facility Agreement have
the same meaning when used in this CSR KPI Certificate unless given a different meaning in this CSR KPI Certificate.

2. We confirm that for the financial year of the Borrower ended [●]:

(a) the CSR Result in respect of CSR KPI 1 is [●] and therefore the CSR Result for KPI 1 [has/has not] been complied with for that financial year;

(b) the CSR Result in respect of CSR KPI 2 is [●] and therefore the CSR Result for KPI 2 [has/has not] been complied with for that financial year; and

(c) the CSR Result in respect of CSR KPI 3 is [●] and therefore the CSR Result for KPI 3 [has/has not] been complied with for that financial year;

3. Therefore, the Margin shall be [reduced/increased] by [●] in accordance with Clause 10.4 (*CSR KPI Margin Adjustment*).

Signed:

---

| |
|:---|
|  [Chief Financial Officer] / [Chief Executive Officer]<br> of<br> Ipsen S.A. |
|  [*insert applicable certificate language*] |

---

------

**Schedule 10** 

**Form of CSR Donation Certificate** 

To: [●] as Agent

From: **Ipsen S.A.**, as Borrower

Date: [●]

Dear Sir/Madam,

**Ipsen S.A. – Revolving Facility Agreement dated 24 May 2019 (as amended and restated from time to time) (the "Facility Agreement")** 

1. We refer to the Facility Agreement. This is a CSR Donation Certificate. Terms defined in the Facility Agreement
have the same meaning when used in this CSR KPI Certificate unless given a different meaning in this CSR Donation Certificate.

2. We confirm that the following CSR Deposits were made during the financial year of the Borrower ended [●]: **[ *details to be included* ]**.

3. We confirm that the amount of the CSR Savings paid to the CSR Associations during the financial year of the
Borrower ended [●], is [[●] to Médecins sans Frontières] [and] [[●] to Médecins du Monde].

4. We confirm that the amount of the CSR Premiums paid to the CSR Associations during the financial year of the
Borrower ended [●], is [[●] to Médecins sans Frontières] [and] [[●] to Médecins du Monde].

Signed:

---

| |
|:---|
| [Chief Financial Officer] / [Chief Executive Officer]<br> of |
| Ipsen S.A. |

---

[*insert applicable certificate language*]

------

Signed in Paris, on 24 May 2019, in thirteen (13) original copies.

---

| | |
|:---|:---|
| **The Borrower** | **The Borrower** |
| **Ipsen S.A.** | **Ipsen S.A.** |
| /s/ Aymeric Le Châtelier | /s/ Aymeric Le Châtelier |
| By: | Aymeric Le Châtelier |
| Title: | Authorized Signatory |

---

------

**BNP Paribas SA** 

as Global Mandated Lead, Bookrunner and Original Lender

---

| | |
|:---|:---|
| /s/ Philippe Molas | /s/ Philippe Molas |
| By: | Philippe Molas |
| Title: | Senior Banker |

---

---

| | |
|:---|:---|
| Address: | [\*\*\*] |
| Attention: | [\*\*\*] |
| Phone: | [\*\*\*] |
| E-mail: | [\*\*\*] |

---

---

| | |
|:---|:---|
| /s/ Emma Védrunes | /s/ Emma Védrunes |
| By: | Emma Védrunes |
| Title: | Director Domestic Debt Markets |

---

---

| | |
|:---|:---|
| Address: | [\*\*\*] |
| Attention: | [\*\*\*] |
| Phone: | [\*\*\*] |
| E-mail: | [\*\*\*] |

---

------

**Groupe Crédit Agricole** 

as Global Mandated Lead Arranger and Bookrunner, acting through:

---

| | | | |
|:---|:---|:---|:---|
| **Crédit Agricole Corporate and Investment Bank**<br> as Original Lender | **Crédit Agricole Corporate and Investment Bank**<br> as Original Lender | **Crédit Agricole Corporate and Investment Bank**<br> as Original Lender | **Crédit Agricole Corporate and Investment Bank**<br> as Original Lender |
| /s/ Gilles Musquin | /s/ Gilles Musquin | /s/ Corinne Tirilly | /s/ Corinne Tirilly |
| By: | Gilles Musquin | By: | Corinne Tirilly |
| Title: | Senior Banker | Title: | Managing Director |

---

---

| | |
|:---|:---|
| Address: | [\*\*\*] |
| Attention: | [\*\*\*] |
| Phone: | [\*\*\*] |
| E-mail: | [\*\*\*] |
| **Crédit Lyonnais** | **Crédit Lyonnais** |
| as Original Lender | as Original Lender |

---

---

| | |
|:---|:---|
| /s/ Marie-Cécile JACQUET | /s/ Marie-Cécile JACQUET |
| By: | Marie-Cécile JACQUET |
| Title: | Senior Banker |

---

---

| | |
|:---|:---|
| Address: | [\*\*\*] |
| Attention: | [\*\*\*] |
| Phone: | [\*\*\*] |
| E-mail: | [\*\*\*] |

---

------

**HSBC France** 

as Global Mandated Lead Arranger, Bookrunner and Original Lender

---

| | | | |
|:---|:---|:---|:---|
| /s/ Arthur La Moissonnière | /s/ Arthur La Moissonnière | /s/ Sébastien Cuny | /s/ Sébastien Cuny |
| By: | Arthur La Moissonnière | By: | Sébastien Cuny |
| Title: | Authorised Signatory | Title: | Authorised Signatory |

---

---

| | |
|:---|:---|
| Address: | [\*\*\*] |
| Attention: | [\*\*\*] |
| Phone: | [\*\*\*] |
| E-mail: | [\*\*\*] |

---

------

**Société Générale** 

as Global Mandated Lead Arranger, Bookrunner and Original Lender

---

| | |
|:---|:---|
| /s/ Olivier Amicel | /s/ Olivier Amicel |
| By: | Olivier Amicel |
| Title: | Director Acquisition Finance |

---

---

| | |
|:---|:---|
| Address: | [\*\*\*] |
| Attention: | [\*\*\*] |
| Phone: | [\*\*\*] |
| E-mail: | [\*\*\*] |

---

------

**Bank of America Merrill Lynch International Designated Activity Company** as Mandated Lead Arranger and Original Lender

---

| | |
|:---|:---|
| /s/ Olivier Amicel | /s/ Olivier Amicel |
| By: | Olivier Amicel |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| Address: | [\*\*\*] |
| Attention: | [\*\*\*] |
| Phone: | [\*\*\*] |
| E-mail: | [\*\*\*] |

---

------

**Barclays Bank PLC** 

as Mandated Lead Arranger and Original Lender

---

| | |
|:---|:---|
| /s/ Olivier Amicel | /s/ Olivier Amicel |
| By: | Olivier Amicel |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| Address: | [\*\*\*] |
| Attention: | [\*\*\*] |
| Phone: | [\*\*\*] |
| E-mail: | [\*\*\*] |

---

------

---

| | |
|:---|:---|
| **BRED Banque Populaire** | **BRED Banque Populaire** |
| as Mandated Lead Arranger and Original Lender | as Mandated Lead Arranger and Original Lender |
| /s/ Gülnur OCAKLI | /s/ Gülnur OCAKLI |
| By: | Gülnur OCAKLI |
| Title: | Senior Relationship Manager Large Corporates |

---

---

| | |
|:---|:---|
| Address: | [\*\*\*] |
| Attention: | [\*\*\*] |
| Phone: | [\*\*\*] |
| E-mail: | [\*\*\*] |

---

---

| | |
|:---|:---|
| /s/ Frederic CORMEROIS | /s/ Frederic CORMEROIS |
| By: | Frederic CORMEROIS |
| Title: | Director Large Corporates |

---

---

| | |
|:---|:---|
| Address: | [\*\*\*] |
| Attention: | [\*\*\*] |
| Phone: | [\*\*\*] |
| E-mail: | [\*\*\*] |

---

------

**Natixis** 

as Mandated Lead Arranger, CSR Coordinator and Original Lender

---

| | | | |
|:---|:---|:---|:---|
| /s/ Grégoire Hoppenot | /s/ Grégoire Hoppenot | /s/ Brigitte Poggi | /s/ Brigitte Poggi |
| By: | Grégoire Hoppenot | By: | Brigitte Poggi |
| Title: | Senior Banker | Title: | Director |

---

---

| | |
|:---|:---|
| Address: | [\*\*\*] |
| Attention: | [\*\*\*] |
| Phone: | [\*\*\*] |
| E-mail: | [\*\*\*] |

---

------

---

| | |
|:---|:---|
| **Wells Fargo Bank International U.C.** | **Wells Fargo Bank International U.C.** |
| as Mandated Lead Arranger and Original Lender | as Mandated Lead Arranger and Original Lender |
| /s/ Calixte Richard | /s/ Calixte Richard |
| By: | Calixte Richard |
| Title: | Director |

---

---

| | |
|:---|:---|
| Address: | [\*\*\*] |
| Attention: | [\*\*\*] |
| Phone: | [\*\*\*] |
| E-mail: | [\*\*\*] |

---

------

---

| | |
|:---|:---|
| **Société Générale** | **Société Générale** |
| as Agent | as Agent |
| /s/ Olivier Amicel | /s/ Olivier Amicel |
| By: | Olivier Amicel |
| Title: | Director Acquisition Finance |

---

---

| | |
|:---|:---|
| Address: | [\*\*\*] |
| Attention: | [\*\*\*] |
| Phone: | [\*\*\*] |
| E-mail: | [\*\*\*] |

---

## Ex-99.(D)(2)(A)

**Exhibit (d)(2)(A)**![LOGO](g427101g0119115906850.jpg)

**MUTUAL CONFIDENTIALITY AGREEMENT** 

**THIS MUTUAL CONFIDENTIALITY AGREEMENT** (the "**Agreement**") made as of January 17, 2022 (the "**Effective Date**"), is between Albireo Pharma, Inc. ("**Albireo**") and Ipsen Bioscience, Inc. ("**Ipsen**") and Albireo and Ipsen may be referred to herein individually as a "Party" and collectively as the "Parties".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** WHEREAS, Albireo and Ipsen intend to engage in discussions for the purpose of evaluating a potential business or collaborative transaction between the Parties relating to Albireo's A3907, an inhibitor of apical sodium dependent bile acid transporter inhibitor (ASBTi) (the "**Purpose**").

WHEREAS, in the course of such discussions and negotiations, each Party may disclose to the other Party certain of its confidential or proprietary information relating to the Purpose. The Party disclosing Confidential Information (defined below) will be referred to as "Discloser" with respect to that Confidential Information; the Party receiving that Confidential Information will be referred to as "Recipient." This Agreement describes the Recipient's obligations to maintain the confidentiality of the Discloser's information.

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable consideration, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Definition</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** "**Confidential Information**" means any and all information relating to the Purpose in
whatever form (written, oral or visual) that is furnished or made available to Recipient by or on behalf of Discloser. Confidential Information shall include, without limitation, scientific, technical, financial and business information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** "**Affiliate**" shall mean a company or other legal entity which; (i) is controlled by
a Party; (ii) controls a Party; or (iii) is under common control with a Party. For the purpose of this definition, "control" means that more than fifty percent (50%) of the shares or ownership interest representing the voting
right for the election of directors or persons performing similar functions for such a corporation, company or entity are owned or controlled, directly or indirectly, by the controlling entity. Such corporation, company or entity shall be deemed to
be an Affiliate so long as such ownership or control exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** "**Representatives**" shall mean officers, executives, directors, employees, agents,
consultants, outside attorneys, accountants, contractors and advisors of each Party and/or those of its Affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Obligations**. Recipient agrees to (a) hold in confidence all Confidential Information, (b) use Confidential Information solely for the Purpose, (c) treat Confidential Information with the same degree of care it uses to protect its own confidential information but in no event with less than a reasonable degree of care, (d) reproduce Confidential Information solely to the extent necessary to accomplish the Purpose, with all such reproductions being considered Confidential Information, (e) disclose Confidential Information solely to its Representatives, on a need-to-know basis, provided that any such Representatives are bound by written obligations of confidentiality at least as restrictive as those set forth herein, and Recipient remains liable for the compliance of such Representatives and (f) not disclose either the fact that discussions or negotiations are taking place concerning a possible relationship between the Parties nor any of the terms, conditions, or other facts with respect to the possible relationship, including the status thereof or the receipt of Confidential Information. Recipient understands and acknowledges that the securities laws of United States prohibit any person who has material non- public information about a company from purchasing or selling securities of such company, and prohibits communicating such information to any other person under circumstances where it is reasonably foreseeable that such person is likely to purchase or sell securities of such company. Recipient further acknowledges that Confidential Information can constitute such material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Exceptions**. Recipient will have no obligations of non-disclosure and non-use with respect to any portion of Confidential Information which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** is generally known to the public at the time of disclosure or becomes generally known through no fault
of Recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** is in the Recipient's or its Affiliates' possession at the time of disclosure other than as a
result of Recipient's breach of any legal obligation, as evidenced by Recipient's written records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** becomes known to Recipient or its Affiliates through disclosure by sources other than Discloser having
the legal right to disclose such Confidential Information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** is independently developed by Recipient or its Affiliates without reference to or reliance upon the
Confidential Information, as evidenced by Recipient's or its Affiliates' written records.

Confidential Information will not be deemed to be in the public domain or in the possession of Recipient merely because it is embraced by generalized disclosures in the public domain. In the event a combination of several Confidential Information constitutes Confidential Information, such Confidential Information will not be deemed to fall within any of the exceptions set forth above simply because each of the elements is itself included within an exception.

In the event that Recipient is required by a governmental authority or by order of a court of competent jurisdiction to disclose any Confidential Information, Recipient will give Discloser prompt written notice thereof so that Discloser may seek an appropriate protective order prior to such required disclosure. Recipient will (i) not oppose any action by Discloser to obtain a protective order or other appropriate remedy and (ii) reasonably cooperate with Discloser in its efforts to seek such a protective order. Recipient will disclose only that portion of the Confidential Information of Discloser that Recipient is legally required to disclose.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Ownership of Confidential Information**. Recipient agrees that, other than as expressly stated in this Agreement, it will not receive any right, title or interest in, or any license or right to use, the Confidential Information or any patent, copyright, trade secret, trademark or other intellectual property rights therein, by implication or otherwise. There will be no obligation for the Parties to enter into any further agreement. Nothing herein will be construed as establishing any joint venture or other business relationship between the Parties. Discloser will at all times remain the sole owner of Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Expiration and Termination**. The term of this Agreement will expire two (2) years following the Effective Date unless earlier terminated by either Party upon thirty (30) days' prior written notice to the other Party. The obligations of confidentiality and non-use hereof will survive any such termination or expiration and continue in full force and effect for a period of five (5) years following the Effective Date. Upon the request of Discloser, Recipient will (a) destroy any and all copies of Confidential Information, and (b) provide a written certification to Discloser regarding such destruction. Recipient may, however, retain one (1) copy of Confidential Information in its confidential files, solely for the purpose of monitoring its continuing obligations of confidentiality hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** This Agreement supersedes all prior agreements, written or oral, between the Parties relating to the
subject matter of this Agreement. This Agreement may not be modified, changed or discharged, in whole or in part, except by an agreement in writing signed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** In the event that any one of the provisions contained in this Agreement is found invalid, illegal or
unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision shall be deemed
deleted. Any modification to or deletion of a provision under this Article shall not affect the validity and enforceability of the rest of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** This Agreement (i) will be binding upon and inure to the benefit of the Parties and their
respective heirs, successors and assigns and (ii) may not be assigned or otherwise transferred by either Party without the prior written consent of the other Party; <u>provided</u>, <u>however</u>, that either Party may, without such consent,
assign this Agreement to an Affiliate or to a third party in connection with a merger, consolidation or sale of substantially all of its business to which this Agreement relates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** This Agreement will be construed and interpreted in accordance with the laws of the State of New York,
USA, without giving effect to the principles of conflicts of law thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** The provisions of this Agreement are necessary for the protection of the business and goodwill of
Discloser and are considered by Recipient to be reasonable for such purpose. It is understood and agreed that Discloser may be irreparably injured by a breach of this Agreement by Recipient; that money damages would not be an adequate remedy for any
such breach; and that Discloser will be entitled to seek equitable relief, including injunctive relief and specific performance, without having to post a bond, as a remedy for any such breach, and such remedy will not be the exclusive remedy for any
breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** Neither Party makes any representations nor warranties, express or implied, with respect to the accuracy
or completeness of its Confidential Information. Discloser, including its Representatives will have no liability with respect to Recipient's use of or reliance upon Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** The failure of a Party to enforce at any time or for any period of time the provisions hereof will not
be construed to be a waiver of such provisions or of the right of that Party to enforce each and every such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** For the convenience of the Parties, this Agreement may be executed by electronic PDF or facsimile and in
counterparts, each of which will be deemed to be an original, and both of which taken together, will constitute one agreement binding on both Parties.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date first above written.

---

| | | | |
|:---|:---|:---|:---|
| **IPSEN BIOSCIENCE, INC.** | **IPSEN BIOSCIENCE, INC.** | **ALBIREO PHARMA, INC.** | **ALBIREO PHARMA, INC.** |
| Signature: | /s/ Chris J. Vlahos | Signature: | /s/ John Grant |
| Print Name: | Chris J. Vlahos, Ph.D. | Print Name: | John Grant |
| Title: | Global Head, External | Title: | VP, Business Development |
|  | Innovation Rare Diseases and Neuroscience |  |  |

---

## Ex-99.(D)(2)(B)

**Exhibit (d)(2)(B)**![LOGO](g427101g0119115906850.jpg)

**MUTUAL CONFIDENTIALITY AGREEMENT** 

**THIS MUTUAL CONFIDENTIALITY AGREEMENT** (the "**Agreement**") made as of June 10, 2022 (the "**Effective Date**"), is between Albireo Pharma, Inc., with a main address at 53 State Street, Boston, Massachusetts 02109 ("**Albireo**") and Ipsen Pharma SAS with a main address at 65 Quai Georges Gorse, 92100 Boulogne-Billancourt, France ("**Other Party**").

**1.**  **<u>Background</u>** . Albireo and Other Party intend to engage in discussions for the purpose of
evaluating a potential business or collaborative transaction between the parties pertaining to Albireo's ongoing and prospective R&D and commercial programs and platform technologies such as but not limited to Bylvay<sup>®</sup> (the "**Purpose** "). In the course of such discussions and negotiations and in the course of any such business relationship, it is anticipated that Albireo may disclose to Other
Party certain of its confidential or proprietary information relating to its ongoing and prospective R&D and commercial programs and platform technologies ()"**Albireo Field**") and that Other Party may disclose to Albireo certain of
its confidential or proprietary information relating to certain of its confidential or proprietary information relating to its ongoing and prospective R&D and commercial programs and platform technologies ()"**Other Party Field** ").
The party disclosing Confidential Information (defined below) will be referred to as "Discloser" with respect to that Confidential Information; the party receiving that Confidential Information will be referred to as "Recipient."
This Agreement describes the Recipient's obligations to maintain the confidentiality of the Discloser's information.

**2.**  **<u>Confidential Information</u>** . "**Confidential Information**" means any and all
scientific, technical, financial or business information in whatever form (written, oral or visual) that is furnished or made available to Recipient by or on behalf of Discloser, which in the case of Albireo, is related to the Albireo Field, and in
the case of Other Party, is related to Other Party Field. Albireo and the Other Party will endeavor, but are not obligated, to label disclosures in writing as proprietary or confidential.

**3.**  **<u>Obligations</u>** . Recipient agrees to (a) hold in confidence all Confidential Information,
(b) use Confidential Information solely for the Purpose, (c) treat Confidential Information with the same degree of care it uses to protect its own confidential information but in no event with less than a reasonable degree of care,
(d) reproduce Confidential Information solely to the extent necessary to accomplish the Purpose, with all such reproductions being considered Confidential Information, (e) if Recipient is a company, disclose Confidential Information solely
to its directors, officers, employees, subsidiaries, affiliates or consultants (including, without limitation, attorneys, accountants, bankers, financial advisors) (in the case of Albireo, its collaborators) on a need-to-know basis, provided that any such directors, officers, employees subsidiaries, affiliates and consultants (or collaborators if applicable) are bound by written obligations of confidentiality at least
as restrictive as those set forth herein, and Recipient remains liable for the compliance of such employees and consultants (and collaborators if applicable), and (f) not disclose either the fact that discussions or negotiations are taking
place concerning a possible relationship between the parties nor any of the terms, conditions, or other facts with respect to the

------

possible relationship, including the status thereof or the receipt of Confidential Information. Recipient understands and acknowledges the United States securities laws prohibit any person who has material non-public information about a company from purchasing or selling securities of such company, and prohibits communicating such information to any other person under circumstances where it is reasonably foreseeable that such person is likely to purchase or sell securities of such company. Recipient further acknowledges that Confidential Information can constitute such material non-public information.

**4.**  **<u>Exceptions</u>** . Recipient will have no obligations of non-disclosure and non-use with respect to any portion of Confidential Information which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** is generally known to the public at the time of disclosure or becomes generally known through no fault
of Recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** is in the Recipient's possession at the time of disclosure other than as a result of
Recipient's breach of any legal obligation, as evidenced by Recipient's written records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** becomes known to Recipient through disclosure by sources other than Discloser having the legal right to
disclose such Confidential Information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** is independently developed by Recipient without reference to or reliance upon the Confidential
Information, as evidenced by Recipient's written records.

Confidential Information will not be deemed to be in the public domain or in the possession of Recipient merely because it is embraced by generalized disclosures in the public domain nor will a combination of Confidential Information be deemed to fall within any of the exceptions set forth above simply because each of the elements is itself included within an exception if the combination itself does not fall within any of the exceptions.

In the event that Recipient is required by a governmental authority or by order of a court of competent jurisdiction to disclose any Confidential Information, Recipient will give Discloser prompt notice thereof so that Discloser may seek an appropriate protective order prior to such required disclosure. Recipient will reasonably cooperate with Discloser in its efforts to seek such a protective order.

**5.**  **<u>Ownership of Confidential Information</u>** . Recipient agrees that, other than as expressly
stated in this Agreement, it will not receive any right, title or interest in, or any license or right to use, the Confidential Information or any patent, copyright, trade secret, trademark or other intellectual property rights therein, by
implication or otherwise. There will be no obligation for the parties to enter into any further agreement. Nothing herein will be construed as establishing any joint venture or other business relationship between the parties. Discloser will at all
times remain the sole owner of Confidential Information.

------

**6.**  **<u>Expiration and Termination</u>** . The term of this Agreement will expire two (2) years
following the Effective Date unless earlier time and by either party upon thirty (30) days' prior written notice to the other party. The obligations of confidentiality and non-use hereof will survive
any such termination or expiration and continue in full force and effect for a period of seven (7) years following the date of termination or expiration. Upon the request of Discloser, Recipient will (a) destroy any and all copies of
Confidential Information, and (b) provide a written certification to Discloser regarding such destruction. Recipient may, however, retain one (1) copy of Confidential Information in its confidential files, solely for the purpose of
monitoring its continuing obligations of confidentiality hereunder.

**7.**  **<u>Miscellaneous</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** This Agreement supersedes all prior agreements, written or oral, between the parties relating to the
subject matter of this Agreement. This Agreement may not be modified, changed or discharged, in whole or in part, except by an agreement in writing signed by the parties. The Parties acknowledge that Albireo and the Other Party's affiliate,
specifically Ipsen Bioscience, Inc., entered into a certain mutual confidentiality agreement relating to Albireo's inhibitor of apical sodium dependent bile acid inhibitor (ASBTi) on January 17, 2022 ()"**A3907 Confidentiality Agreement** "). which agreement shall remain applicable with respect to the subject matter of the A3907 Confidentiality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** This Agreement (i) will be binding upon and inure to the benefit of the parties and their
respective heirs, successors and assigns and (ii) may not be assigned or otherwise transferred by either party without the prior written consent of the other party; <u>provided</u>, <u>however</u>, that either party may, without such consent,
assign this Agreement to an affiliate or to a third party in connection with a merger, consolidation or sale of substantially all of its business to which this Agreement relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** This Agreement will be construed and interpreted in accordance with the internal laws of the
Commonwealth of Massachusetts, without giving effect to the principles of conflicts of law thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The provisions of this Agreement are necessary for the protection of the business and goodwill of
Discloser and are considered by Recipient to be reasonable for such purpose. It is understood and agreed that Discloser may be irreparably injured by a breach of this Agreement by Recipient; that money damages would not be an adequate remedy for any
such breach; and that Discloser will be entitled to seek equitable relief, including injunctive relief and specific performance, without having to post a bond, as a remedy for any such breach, and such remedy will not be the exclusive remedy for any
breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Neither party makes any representations or warranties, express or implied, with respect to the accuracy
or completeness of its Confidential Information. Discloser, including its officers, directors, employees, stockholders, owners, affiliates (if Discloser is a company) and agents will have no liability with respect to Recipient's use of or
reliance upon Confidential Information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** The failure of a party to enforce at any time or for any period of time the provisions hereof will not
be construed to be a waiver of such provisions or of the right of that party to enforce each and every such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** For the convenience of the parties, this Agreement may be executed by electronic PDF or facsimile and in
counterparts, each of which will be deemed to be an original, and both of which taken together, will constitute one agreement binding on both parties.

**EXECUTED** as a sealed instrument as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
|  **IPSEN PHARMA SAS** | **IPSEN PHARMA SAS** | **ALBIREO PHARMA, INC.** | **ALBIREO PHARMA, INC.** |
|  Signature: | /s/ Jean-Patrick Hennebelle | Signature: | /s/ Constantine Chinoporos |
|  Print Name: | Jean-Patrick Hennebelle | Print Name: | Constantine Chinoporos |
|  Title: | Vice President Late Stage Partnering | Title: | Chief Business Officer |

---

## Ex-99.(D)(3)

**Exhibit (d)(3)** 

CONTINGENT VALUE RIGHTS AGREEMENT

By and between

IPSEN BIOPHARMACEUTICALS, INC.,

IPSEN PHARMA SAS

and

[●]

as Rights Agent

Dated as of [●], 2023

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE I DEFINITIONS | ARTICLE I DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.2 | Additional Definitions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.3 | Other Definitional Provisions | 5 |
|  ARTICLE II CONTINGENT VALUE RIGHTS | ARTICLE II CONTINGENT VALUE RIGHTS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1 | CVRs | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.2 | Nontransferable | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.3 | No Certificate; Registration; Registration of Transfer; Change of Address | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.4 | Payment Procedures | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.5 | No Voting, Dividends or Interest; No Equity or Ownership Interest in Parent | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.6 | Enforcement of Rights of Holders | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.7 | Ability to Abandon CVR | 9 |
|  ARTICLE III THE RIGHTS AGENT | ARTICLE III THE RIGHTS AGENT | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1 | Certain Duties and Responsibilities | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2 | Certain Rights of the Rights Agent | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3 | Resignation and Removal; Appointment of Successor | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4 | Acceptance of Appointment by Successor | 12 |
|  ARTICLE IV COVENANTS | ARTICLE IV COVENANTS | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1 | List of Holders | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2 | Payment of Milestone Payment | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3 | Assignment Transactions; Change in Control | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.4 | Books and Records | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.5 | Commercially Reasonable Efforts | 13 |
|  ARTICLE V AMENDMENTS | ARTICLE V AMENDMENTS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1 | Amendments without Consent of Holders | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2 | Amendments with Consent of Holders | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3 | Execution of Amendments | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.4 | Effect of Amendments | 15 |

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i

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| | | |
|:---|:---|:---|
|  ARTICLE VI MISCELLANEOUS AND GENERAL | ARTICLE VI MISCELLANEOUS AND GENERAL | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1 | Termination | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2 | Notices to the Rights Agent and Parent | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3 | Notice to Holders | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4 | Governing Law; Jurisdiction; Specific Performance; WAIVER OF JURY TRIAL | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.5 | Other Remedies | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.6 | Entire Agreement; Counterparts | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.7 | Severability | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.8 | Assignment | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.9 | Benefits of Agreement | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.10 | Legal Holidays | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.11 | Interpretation; Construction | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.12 | Guarantee | 20 |

---

ii

------

**CONTINGENT VALUE RIGHTS AGREEMENT** 

CONTINGENT VALUE RIGHTS AGREEMENT, dated as of [●], 2023 (this "**<u>Agreement</u>**"), by and between Ipsen Biopharmaceuticals, Inc., a Delaware corporation ("**<u>Parent</u>**"), and, solely for purposes of Section 6.2, Section 6.3, Section 6.4 and Section 6.12, Ipsen Pharma SAS, a French *société par actions simplifiée* ("**<u>Guarantor</u>**"), and [●], a [●] [●], as the Rights Agent (the "**<u>Rights Agent</u>**"), in favor of each person who from time to time holds one or more contingent value rights to receive the Milestone Payment (as defined below) upon the satisfaction of the Milestone (as defined below) during the Milestone Period (as defined below) (each such contingent value right, a "**<u>CVR</u>**"), subject to the terms and conditions set forth herein.

RECITALS

WHEREAS, this Agreement is entered into pursuant to the Agreement and Plan of Merger, dated January 8, 2023 (the "**<u>Merger Agreement</u>**"), by and among Albireo Pharma, Inc., a Delaware corporation (the "**<u>Company</u>**"), Parent, Anemone Acquisition Corp., a Delaware corporation wholly owned by Parent ("**<u>Merger Sub</u>**"), and Guarantor, pursuant to which (i) Merger Sub has made a tender offer (the "**<u>Offer</u>**") to acquire all of the outstanding shares of common stock, par value $0.01 per share (such shares, collectively, the "**<u>Shares</u>**") and (ii) following the acceptance for payment of the Shares pursuant to the Offer, Merger Sub will merge with and into the Company (the "**<u>Merger</u>**"), with the Company continuing as the surviving corporation in the merger and as a wholly owned Subsidiary of Parent (the "**<u>Surviving Corporation</u>**"), on the terms and subject to the conditions set forth therein;

WHEREAS, pursuant to the terms of the Merger Agreement, as a result of the consummation of the Offer or the Merger, as the case may be, the holders of Shares, holders of Company Restricted Stock Units, certain holders of Company Options and holders of Company Warrants will become entitled to receive the Milestone Payment contingent upon achievement of the Milestone during the Milestone Period, subject to the terms and conditions of this Agreement; and

WHEREAS, pursuant to this Agreement, the potential amount payable per CVR is $10.00 in cash, without interest (the "**<u>Milestone Payment</u>**").

NOW, THEREFORE, in consideration of the foregoing and the consummation of the transactions referred to above, Parent and the Rights Agent agree, for the equal and proportionate benefit of all Holders (as hereinafter defined), as follows:

**ARTICLE I** 

**<u>DEFINITIONS</u>**

Section 1.1 <u>Definitions</u>. Capitalized terms used in this Agreement and not otherwise defined shall have the meanings assigned to them in the Merger Agreement. For purposes of this Agreement, the following terms shall have the following meanings:

"**<u>Acting Holders</u>**" means, at the time of determination, Holders of at least thirty percent (30%) of the outstanding CVRs as set forth in the CVR Register.

------

"**<u>Assignment Transaction</u>**" means any transaction (including a sale of assets, spin-off, split-off or licensing transaction), other than a Change in Control, pursuant to which rights in and to the Product are sold, licensed, assigned or transferred to or acquired by any Person other than by Guarantor or any of Guarantor's Subsidiaries or controlled Affiliates. For purposes of clarification, an "Assignment Transaction" shall not apply to sales of the Product made by Guarantor or its Subsidiaries or controlled Affiliates or ordinary course licensing arrangements between Guarantor and its Subsidiaries or controlled Affiliates, on the one hand, and third party licensees, distributors and contract manufacturers on the other hand, entered into in the ordinary course of business for purposes of developing, manufacturing, distributing or selling the Product.

"**<u>BOLD Study</u>**" means A Double-Blind, Randomized, Placebo-Controlled Study to Evaluate the Efficacy and Safety of Odevixibat (A4250) in Children With Biliary Atresia Who Have Undergone a Kasai Hepatoportoenterostomy (NCT04336722, Study A4250-011 (BOLD)) and its open label extension study, An Open-label Extension Study to Evaluate Long-term Efficacy and Safety of Odevixibat in Children With Biliary Atresia (NCT05426733, Study A4250-016 (BOLD-EXT)) (as may be amended).

"**<u>Business Day</u>**" means a day except a Saturday, a Sunday or any other day on which commercial banks in the City of New York are authorized or required by Legal Requirements to be closed.

"**<u>Change in Control</u>**" means (a) a merger or consolidation in which Parent is a constituent party and is not the surviving entity, or (b) any merger or consolidation in which Parent is a constituent party and is the surviving entity but in which the stockholders of Parent immediately prior to such transaction own less than fifty percent (50%) of the voting power of Parent immediately after such merger or consolidation.

"**<u>Commercially Reasonable Efforts</u>**" means, with respect to the Product, those commercially reasonable efforts that are at least commensurate with the level of efforts that a pharmaceutical company of comparable size and resources as those of Parent and its Affiliates would devote to the development and seeking of regulatory approval for a pharmaceutical product having similar market potential as the Product at a similar stage of its development or product life, taking into account its safety, tolerability and efficacy, its proprietary position and profitability (including pricing and reimbursement status, but excluding the obligation to pay the Milestone Amounts under this Agreement), projected costs to develop such product, the competitiveness of alternative third party products, the patent and other proprietary position, including regulatory exclusivities, of such product, and the regulatory environment and other relevant technical, commercial, legal, scientific and/or medical factors.

"**<u>Company Equity Award</u>**" means a Company Option or a Company Restricted Stock Unit granted prior to the Cutoff Date.

"**<u>Company Warrant Holder</u>**" means a Holder of a CVR granted with respect to a Company Warrant.

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"**<u>Equity Award Holder</u>**" means a Holder of a CVR granted with respect to a Company Equity Award.

"**<u>Family Member</u>**" means, with respect to any individual, (a) any Related Person of such individual or (b) any trust, limited partnership, limited liability company or other Entity, the sole owners or beneficiaries of which are such individual and/or one or more of such individual's Related Persons (in the case of a trust, the trustee or trustees of which exclusively are such individual and/or one or more Related Persons of such individual).

"**<u>Full Regulatory Approval</u>**" means the final approval by the FDA of the new drug application or supplemental new drug application filed with the FDA pursuant to 21 U.S.C § 355(b) that is necessary for the commercial marketing and sale of the Product in the United States of America for the Indication, regardless of any obligation to conduct any post-marketing study.

"**<u>Holder</u>**" means a Person in whose name a CVR is registered in the CVR Register at the applicable time.

"**<u>Indication</u>**" means the treatment of biliary atresia in patients, regardless of any (i) limitations on patient population, (ii) contraindications or limitations on use or (iii) conditions, restrictions or commitments placed upon the Full Regulatory Approval.

"**<u>Majority Holders</u>**" means, at the time of determination, Holders of at least a majority of the outstanding CVRs as set forth in the CVR Register.

"**<u>Milestone</u>**" means receipt from the FDA by Parent or its Affiliates (including the Surviving Corporation) of Full Regulatory Approval, for which approval the FDA did not require any studies or clinical trials in addition to the BOLD Study.

"**<u>Milestone Payment Amount</u>**" means, for a given Holder, with respect to the achievement of the Milestone, a one-time payment equal to the product of (a) the Milestone Payment (reduced, with respect to Holders of CVRs received in respect of Company Options pursuant to Section 2.9(a)(ii) of the Merger Agreement, by the amount by which the exercise price of such Company Option exceeds the Closing Amount) and (b) the number of CVRs held by such Holder as reflected on the CVR Register as of the close of business on the date of the Milestone Achievement Notice; provided, that, with respect to Holders of CVRs received in respect of Company Options pursuant to Section 2.9(a)(ii) of the Merger Agreement, the Milestone Payment Amount for such Holders will be reduced by an amount equal to the (a) aggregate exercise price across all such Company Options immediately prior to the Effective Time less (b) the product of (x) the Closing Amount and (y) the number of CVRs held by such Holder as reflected on the CVR Register as of the close of business on the date of the Milestone Achievement Notice.

"**<u>Milestone Payment Date</u>**" means the date that is selected by Parent not more than ten (10) Business Days following the end of the quarter in which the Milestone Payment Amounts can be determined following the occurrence of the Milestone.

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"**<u>Milestone Period</u>**" means the period commencing as of the Effective Time and ending on December 31, 2027.

"**<u>Officer's Certificate</u>**" means a certificate signed by the chief executive officer, chief financial officer, an executive vice president, in each case of Parent, in his or her capacity as such an officer, and delivered to the Rights Agent or any other person authorized to act on behalf of Parent.

"**<u>Opinion of Counsel</u>**" means a written opinion of counsel, who may be counsel for Parent or its Subsidiaries.

"**<u>Party</u>**" shall mean the Rights Agent and Parent.

"**<u>Permitted Transfer</u>**" means a transfer of a CVR (a) upon death of a Holder by will or intestacy; (b) by instrument to an *inter vivos* or testamentary trust in which the CVRs are to be passed to beneficiaries upon the death of the trustee, (c) pursuant to a court order; (d) by operation of law (including by consolidation or merger) or without consideration in connection with the dissolution, liquidation or termination of any corporation, limited liability company, partnership or other entity; (e) in the case of CVRs payable to a nominee, from a nominee to a beneficial owner (and, if applicable, through an intermediary) or from such nominee to another nominee for the same beneficial owner, in each case to the extent allowable by The Depository Trust Company; or (f) as permitted by Section 2.7.

"**<u>Product</u>**" means odevixibat, also known as A4250 and marketed under the brand name Bylvay.

"**<u>Related Person</u>**" means, with respect to any individual, any of such individual's parents, spouse, siblings, children and grandchildren.

"**<u>Rights Agent</u>**" means the Rights Agent named in the first paragraph of this Agreement, until a successor Rights Agent becomes such pursuant to the applicable provisions of this Agreement, and thereafter "Rights Agent" shall mean such successor Rights Agent.

Section 1.2 <u>Additional Definitions</u>. For purposes of this Agreement, each of the following terms shall have the meaning specified in the Section set forth opposite to such term:

---

| | |
|:---|:---|
|  **<u>Term</u>** | **<u>Section</u>** |
| Assignment Transaction Acquiror | 4.3(a) |
| Agreement | Preamble |
| Assignee | 6.8 |
| Capitalization Schedule | 2.3(b) |
| Chosen Courts | 6.4(b) |
| Company | Recitals |
| CVR | Preamble |
| CVR Register | 2.3(b) |
| Guarantor | Preamble |
| Merger | Recitals |

---

------

---

| | |
|:---|:---|
|  **<u>Term</u>** | **<u>Section</u>** |
|  Merger Agreement | Recitals |
|  Merger Sub | Recitals |
|  Milestone Achievement Notice | 2.4(a) |
|  Milestone Payment | Recitals |
|  Offer | Recitals |
|  Parent | Preamble |
|  Rights Agent | Preamble |
|  Shares | Recitals |
|  Surviving Corporation | Recitals |

---

Section 1.3 <u>Other Definitional Provisions</u>. Unless the context expressly otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the words "hereof," "hereto," "herein," and "hereunder," and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the terms defined in the singular have a comparable meaning when used in the plural, and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms "Dollars" and "$" mean United States Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) references herein to a specific Article, Section, or Annex shall refer, respectively, to Articles and Sections of, and Annexes to, this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) wherever the word "include," "includes," or "including" is used in this Agreement, it shall be deemed to be followed by the words "without limitation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the term "or" will not be deemed to be exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references herein to any gender include the other gender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any Legal Requirement defined or referred to herein will refer to such Legal Requirement as amended and the rules and regulations promulgated thereunder.

**ARTICLE II** 

**<u>CONTINGENT VALUE RIGHTS</u>**

Section 2.1 <u>CVRs</u>. Notwithstanding anything to the contrary, this Agreement shall only become effective as of, and contingent upon, the Closing and shall be void *ab initio* and of no effect upon the valid termination of the Merger Agreement. The initial Holders shall be the (i) holders of Shares tendered in the Offer and accepted for payment pursuant to Section 1.1(f) of the Merger Agreement, (ii) holders of Shares converted into the right to receive the Merger Consideration pursuant to Article II of the Merger Agreement, (iii) Equity Award Holders whose Company Equity Awards are converted into the right to receive the Merger Consideration pursuant to Article II of the Merger Agreement and (iv) holders of Company Warrants whose Company Warrants are converted into the right to receive the Merger Consideration pursuant to Article II of the Merger Agreement.

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Section 2.2 <u>Nontransferable</u>. The CVRs may not be sold, assigned, transferred, pledged, encumbered or in any other manner transferred or disposed of, in whole or in part, other than through a Permitted Transfer. Any attempted sale, assignment, transfer, pledge, encumbrance or disposition of the CVRs, in whole or in part, that is not a Permitted Transfer, will be null and void *ab initio* and of no effect.

Section 2.3 <u>No Certificate; Registration; Registration of Transfer; Change of Address</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The CVRs shall not be evidenced by a certificate or other instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Rights Agent shall keep a register (the "**<u>CVR Register</u>**") for the purpose of (i) identifying the Holders of the CVRs and (ii) registering CVRs and Permitted Transfers thereof. The CVRs shall initially, in the case of the holders of Shares immediately prior to the Effective Time, other than the Excluded Shares, be registered in the names and addresses of the respective holders as set forth in the form Parent furnishes or causes to be furnished to the Rights Agent pursuant to Section 4.1, and in a denomination equal to the number of Shares converted into the right to receive the Merger Consideration. The CVR Register will initially show one position for Cede & Co. representing all of the Shares held by DTC on behalf of the street holders of the Shares that were tendered by such holders in the Offer and accepted for payment pursuant to Section 1.1(f) of the Merger Agreement or held by such holders as of immediately prior to the Effective Time. In the case of an Equity Award Holder or Company Warrant Holder, the CVRs held by such Equity Award Holder or Company Warrant Holder, as applicable, shall initially be registered in the name and address of such Equity Award Holder or Company Warrant Holder, as applicable, and in a denomination equal to the number of Shares subject to the Company Equity Awards or Company Warrants, as applicable, held by such Equity Award Holder or Company Warrant Holder immediately prior to the Effective Time, as set forth in a schedule delivered by the Company to Parent (the "**<u>Capitalization Schedule</u>**"). The Rights Agent hereby acknowledges the restrictions on transfer contained in Section 2.2 and agrees not to register a transfer which does not comply with Section 2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the restrictions on transferability set forth in Section 2.2, every request made to transfer a CVR must be in writing and accompanied by a written instrument of transfer and other requested documentation in form reasonably satisfactory to the Rights Agent pursuant to its customary policies and guidelines, duly executed by the Holder thereof, the Holder's attorney duly authorized in writing, the Holder's personal representative or the Holder's survivor, and setting forth in reasonable detail the circumstances relating to the transfer. Upon receipt of such written notice, the Rights Agent shall, subject to its reasonable determination that the transfer instrument is in proper form and the transfer otherwise complies with the other terms and conditions of this Agreement (including the provisions of Section 2.2), register the transfer of such CVR in the CVR Register. Any transfer of CVRs will be without charge (other than the cost of any Tax) to the applicable Holder. The Rights Agent shall have no duty or obligation to take any action under any section of this Agreement that requires the payment by a Holder of a CVR of applicable Taxes or charges unless and until the Rights Agent is satisfied that all such Taxes or charges have been paid. All duly transferred CVRs registered in the CVR Register

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shall be the valid obligations of Parent and shall entitle the transferee to the same benefits and rights under this Agreement as those held immediately prior to the transfer by the transferor. No transfer of a CVR shall be valid until registered in the CVR Register in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Holder may make a written request to the Rights Agent to change such Holder's address of record in the CVR Register. The written request must be duly executed by the Holder. Upon receipt of such written notice, the Rights Agent shall promptly record the change of address in the CVR Register.

Section 2.4 <u>Payment Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Milestone occurs at any time prior to the expiration of the Milestone Period, then, on or prior to the Milestone Payment Date, Parent will deliver or cause to be delivered to the Rights Agent (i) a written notice (the "**<u>Milestone Achievement</u> <u>Notice</u>**") certifying the date of the satisfaction of the Milestone and that each Holder is entitled to receive the Milestone Payment Amount applicable to such Holder, (ii) any letter of instruction reasonably required by the Rights Agent and (iii) cash, by wire transfer of immediately available funds to an account designated by the Rights Agent, equal to the aggregate Milestone Payment Amounts due to all Holders pursuant to Section 4.2 other than Equity Award Holders (with respect to which any such amounts payable to Equity Award Holders shall be retained by Parent for payment pursuant to Section 2.4(b) and in accordance with Section 2.9(c) of the Merger Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Rights Agent will promptly, and in any event within five (5) Business Days of receipt of the Milestone Achievement Notice and any letter of instruction reasonably required by the Rights Agent, send each Holder at its registered address a copy of the Milestone Achievement Notice and, other than with respect to Equity Award Holders, pay the applicable Milestone Payment Amount to each Holder by check mailed to the address of such Holder (other than Equity Award Holders) as reflected in the CVR Register as of the close of business on the date of the Milestone Achievement Notice. With respect to the Milestone Payment Amount that is payable to an Equity Award Holder, Parent shall, or shall cause the Surviving Corporation or an Affiliate thereof to, pay, as soon as reasonably practicable following the Milestone Payment Date (but in any event no later than the second regular payroll date following the Milestone Payment Date, and in all events no later than the date that is 90 days following the date on which the Milestone is achieved), through Parent's, the Surviving Corporation's or such Affiliate's payroll system or by the Paying Agent, the Milestone Payment Amount applicable to such Equity Award Holder. If any such payment in accordance with this Section 2.4(b) cannot be made through the applicable payroll system or payroll provider or by the Paying Agent, then the Surviving Corporation will issue a check for such payment to such Equity Award Holder (less applicable withholding Taxes, if any), which check will be sent by overnight courier to the most recent address on the Surviving Corporation's personnel records for such Equity Award Holder as soon as reasonably practicable following the Milestone Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Rights Agent, Parent, the Surviving Corporation and each of their respective Affiliates shall be entitled to deduct and withhold from the amounts otherwise payable pursuant to this Agreement such amounts as it is required to deduct or withhold

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therefrom under applicable Legal Requirements. Prior to making any such tax withholdings or causing any such tax withholdings to be made with respect to any Holder (other than an Equity Award Holder, in its capacity as such), the Rights Agent shall, to the extent practicable, provide notice to the Holder of such potential withholding and, if applicable, a reasonable opportunity for the Holder to provide any necessary tax forms (including an IRS Form W-9 or an applicable IRS Form W-8) in order to avoid or reduce such withholding amounts; <u>provided</u>, that the time period for payment of a Milestone Payment by the Rights Agent set forth in Section 2.4 shall be extended by a period equal to any delay caused by the Holder providing such forms. Any such amounts deducted or withheld and remitted to the appropriate Governmental Body in accordance with applicable Legal Requirements shall be treated for all purposes under this Agreement and the Merger Agreement as having been paid to the Person to whom such amounts would otherwise have been paid. Parent shall deliver (or shall cause the Rights Agent, the Surviving Corporation or its applicable Affiliate to deliver) to the Person with respect to whom such withholding is made an IRS Form 1099 or other reasonably acceptable evidence of such deduction or withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any portion of the aggregate Milestone Payment Amounts that remain undistributed to the Holders 12 months after the date of the Milestone Achievement Notice shall be delivered by the Rights Agent to Parent, upon demand, and any Holder shall thereafter look only to Parent for payment of such Holder's Milestone Payment Amount, without interest, but such Holder shall have no greater rights against Parent than those accorded to general unsecured creditors of Parent under applicable Legal Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither Parent nor the Rights Agent shall be liable to any person in respect of the Milestone Payment Amounts delivered to a public official in compliance with any applicable state, federal or other abandoned property, escheat or similar Legal Requirement. If, despite Parent's and/or the Rights Agent's reasonable best efforts to deliver a Milestone Payment Amount to the applicable Holder, such Milestone Payment Amount has not been paid prior to the date on which such Milestone Payment Amount would otherwise escheat to or become the property of any Governmental Body, any such Milestone Payment Amount shall, to the extent permitted by applicable Legal Requirements, immediately prior to such time become the property of Parent, free and clear of all claims or interest of any person previously entitled thereto. In addition to and not in limitation of any other indemnity obligation herein, Parent agrees to indemnify and hold harmless the Rights Agent with respect to any liability, penalty, cost or expense the Rights Agent may incur or be subject to in connection with transferring such property to Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except to the extent any portion of a Milestone Payment Amount is required to be treated as imputed interest pursuant to applicable Legal Requirements, the Parties hereto intend to treat Milestone Payment Amounts made with respect to CVRs issued in exchange for Shares pursuant to the Merger Agreement for U.S. federal and applicable state and local income Tax purposes as additional consideration. Parent and the Surviving Corporation shall report imputed interest on the CVRs as required by applicable Legal Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Parties intend, to the extent consistent with applicable Legal Requirements, to treat the payments from the CVRs received with respect to the Company Options and Company Restricted Stock Units for all U.S. federal and applicable state and local income Tax purposes as compensation payments (and not to treat the issuance of the CVR to Equity Award Holders as a payment itself).

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Section 2.5 <u>No Voting, Dividends or Interest; No Equity or Ownership Interest in Parent</u>. Nothing contained in this Agreement shall be construed as conferring upon any Holder, by virtue of being a Holder of a CVR, the right to receive dividends or the right to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of Parent or any constituent company to the Merger or any of their respective Subsidiaries or Affiliates or any other matter, or any other rights of any kind or nature whatsoever as a stockholder of Parent or in any constituent company to the Merger or any of their respective Subsidiaries or Affiliates, either at law or in equity. The CVRs shall not represent any equity or ownership interest in Parent or in any constituent company to the Merger or any of their respective Affiliates. The rights of a Holder in respect of the CVRs are limited to those specifically expressed in this Agreement.

Section 2.6 <u>Enforcement of Rights of Holders</u>. Any actions seeking the enforcement of the rights of Holders hereunder may be brought either by the Rights Agent or the Acting Holders.

Section 2.7 <u>Ability to Abandon CVR</u>. A Holder may, at any time and at such Holder's option, abandon all of such Holder's remaining rights in a CVR to Parent without consideration therefor, which a Holder may effect by delivery of a written notice of such abandonment to Parent. Nothing in this Agreement shall prohibit Parent or any of its Affiliates from offering to acquire or acquiring any CVRs for consideration from the Holders, in private transactions or otherwise, in its sole discretion. Any CVRs acquired by Parent or any of its Affiliates shall be automatically deemed extinguished and no longer outstanding for purposes of the definition of "Acting Holders", the definition of "Majority Holders", Article V and Section 6.3.

**ARTICLE III** 

**<u>THE RIGHTS AGENT</u>**

Section 3.1 <u>Certain Duties and Responsibilities</u>. The Rights Agent shall not have any liability for any actions taken, suffered or omitted to be taken in connection with this Agreement, except to the extent of its gross negligence, bad faith, willful or intentional misconduct or willful breach by the Rights Agent of this Agreement.

Section 3.2 <u>Certain Rights of the Rights Agent</u>. The Rights Agent undertakes to perform such duties and only such duties as are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Rights Agent. In addition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Rights Agent may rely and shall be protected and held harmless by Parent in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper Party or Parties;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whenever the Rights Agent shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Rights Agent may rely upon an Officer's Certificate, which certificate shall be full authorization and protection to the Rights Agent, and the Rights Agent shall, in the absence of bad faith on its part, incur no liability and be held harmless by Parent for or in respect of any action taken, suffered or omitted to be taken by it under the provisions of this Agreement in good faith reliance upon such certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Rights Agent may engage and consult with counsel of its selection and the written advice of such counsel or any opinion of counsel shall be full and complete authorization and protection, and shall be held harmless by Parent in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the permissive rights of the Rights Agent to do things enumerated in this Agreement shall not be construed as a duty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Rights Agent shall not be required to give any note or surety in respect of the execution of such powers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Rights Agent shall not be liable for or by reason of, and shall be held harmless by Parent with respect to any of the statements of fact or recitals contained in this Agreement or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by Parent only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Rights Agent shall have no liability and shall be held harmless by Parent in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution and delivery hereof by the Rights Agent and the enforceability of this Agreement against the Rights Agent assuming the due execution and delivery hereof by Parent), nor shall it be responsible for any breach by Parent of any covenant or condition contained in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Parent agrees to indemnify the Rights Agent for, and hold the Rights Agent harmless against, any loss, liability, claim, demand, suit or expense arising out of or in connection with the Rights Agent's duties under this Agreement, including the reasonable and documented out-of-pocket costs and expenses of defending the Rights Agent against any claim, charge, demand, suit or loss incurred without gross negligence, bad faith, willful or intentional misconduct or willful breach by the Rights Agent of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Rights Agent shall not be liable for consequential losses or damages under any provision of this Agreement or for any consequential damages arising out of any act or failure to act hereunder in the absence of gross negligence, bad faith or willful or intentional misconduct on its part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Parent agrees (i) to pay the fees and expenses of the Rights Agent in connection with this Agreement as agreed upon in writing by the Rights Agent and Parent on or prior to the Effective Time, and (ii) to reimburse the Rights Agent for (x) all Taxes other than (A) withholding Taxes owed by Holders and (B) Taxes imposed on or measured by the Rights Agent's net income and franchise or similar Taxes imposed on it (in lieu of net income Taxes)

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and (y) governmental charges, reasonable out-of-pocket expenses and other charges of any kind and nature incurred by the Rights Agent in the execution of this Agreement (other than Taxes). The Rights Agent shall also be entitled to reimbursement from Parent for all reasonable and documented out-of-pocket expenses paid or incurred by it in connection with the administration by the Rights Agent of its duties hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) no provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) no Holder shall be obligated to indemnify the Rights Agent for, or hold the Rights Agent harmless against, any loss, liability, claim, demand, suit or expense arising out of or in connection with the Rights Agent's duties under this Agreement or to pay or reimburse the Rights Agent for any fees, costs or expenses incurred by the Rights Agent in connection with this Agreement or the administration of its duties hereunder, and the Rights Agent shall not be entitled to deduct any amount from the Milestone Payment Amount in any circumstance except as provided in Section 2.4(c).

Section 3.3 <u>Resignation and Removal; Appointment of Successor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Rights Agent may resign at any time by giving written notice thereof to Parent specifying a date when such resignation shall take effect, which notice shall be sent at least sixty (60) days prior to the date so specified, but in no event shall such resignation become effective until a successor Rights Agent has been appointed. Parent has the right to remove the Rights Agent at any time by specifying a date when such removal shall take effect, but no such removal shall become effective until a successor Rights Agent has been appointed. Notice of such removal shall be given by Parent to the Rights Agent, which notice shall be sent at least sixty (60) days prior to the date so specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Rights Agent provides notice of its intent to resign, is removed or becomes incapable of acting, Parent shall, as soon as is reasonably possible, appoint a qualified successor Rights Agent who shall be a stock transfer agent of national reputation or the corporate trust department of a commercial bank. The successor Rights Agent so appointed shall, forthwith upon its acceptance of such appointment in accordance with Section 3.4, become the successor Rights Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Parent shall give notice of each resignation and each removal of a Rights Agent and each appointment of a successor Rights Agent by mailing written notice of such event by first-class mail to the Holders as their names and addresses appear in the CVR Register. Each notice shall include the name and address of the successor Rights Agent. If Parent fails to send such notice within ten (10) Business Days after acceptance of appointment by a successor Rights Agent, the successor Rights Agent shall cause the notice to be mailed at the expense of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Rights Agent will cooperate with Parent and any successor Rights Agent in connection with the transition of the duties and responsibilities of the Rights Agent to the successor Rights Agent, including transferring the CVR Register to the successor Rights Agent.

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Section 3.4 <u>Acceptance of Appointment by Successor</u>. Every successor Rights Agent appointed hereunder shall execute, acknowledge and deliver to Parent and to the retiring Rights Agent an instrument accepting such appointment and a counterpart of this Agreement, and thereupon such successor Rights Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Rights Agent. On request of Parent or the successor Rights Agent, the retiring Rights Agent shall execute and deliver an instrument transferring to the successor Rights Agent all the rights, powers and trusts of the retiring Rights Agent.

**ARTICLE IV** 

**<u>COVENANTS</u>**

Section 4.1 <u>List of Holders</u>. Parent shall furnish or cause to be furnished to the Rights Agent, promptly after the Effective Time and in no event later than ten (10) Business Days following the Effective Time, in such form as Parent receives from the Surviving Corporation's transfer agent (or other agent performing similar services for the Surviving Corporation), the names and addresses of the Holders (other than Equity Award Holders and Company Warrant Holders) and, with respect to Equity Award Holders and Company Warrant Holders, in such form as set forth in the Capitalization Schedule.

Section 4.2 <u>Payment of Milestone Payment</u>. Parent will duly deposit or cause to be deposited with the Rights Agent, for payment to the Holders, when payable in accordance with the terms of this Agreement, the Milestone Payment Amount to be made to each Holder in accordance with Section 2.4(a) hereof (other than Equity Award Holders, in respect of which the Milestone Payment Amount shall be paid in accordance with Section 2.4(b) hereof and Section 2.9(c) of the Merger Agreement). Such amounts shall be considered paid on the Milestone Payment Date if on such date the Rights Agent has received in accordance with this Agreement money sufficient to pay all such amounts then due.

Section 4.3 <u>Assignment Transactions</u><u>; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Parent shall not, and shall cause its Affiliates, including the Surviving Corporation, not to, consummate any Assignment Transaction in which material commercialization rights to the Product in the U.S. or the obligations set forth in Section 4.4 of this Agreement are transferred other than to an Affiliate of Parent, unless (i) the acquiring Person (each such Person, an "**<u>Assignment Transaction</u> <u>Acquiror</u>**") is either (x) one of the top thirty (30) pharmaceutical companies, as determined based on worldwide annual revenue, or (y) a pharmaceutical or biotechnology company with a regulatory and scientific infrastructure comparable to that used by Parent to pursue the Milestone for the Product at such time and (ii) Parent has delivered to the Rights Agent an Officer's Certificate stating that such condition precedent has been complied with. In the event of the consummation of an Assignment Transaction permitted by this Section 4.3(a) in which the Assignee assumes all of Parent's obligations hereunder, Parent may elect to be released from any and all obligations hereunder

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only if the Assignment Transaction Acquiror in connection with such an Assignment Transaction expressly assumes, by an assumption agreement, executed and delivered to the Rights Agent, in form attached as Annex A, the due and punctual payment of the Milestone Payment and the performance or observance of every covenant of this Agreement not yet performed or observed on the part of Parent to be performed or observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 4.3(a), Parent may, in its sole discretion and without the consent of any other party, consummate any Change in Control; <u>provided</u>, that Parent will cause the Person acquiring Parent to expressly assume in writing Parent's obligations, duties and covenants under this Agreement to the extent not effected by operation of law. No later than five (5) Business Days following the consummation of any Change in Control, Parent will deliver to the Rights Agent an Officer's Certificate, stating that such Change in Control complies with this Section 4.3(b) and that all conditions precedent herein relating to such transaction have been satisfied.

Section 4.4 <u>Books and Records</u>. Parent shall, and shall cause its Subsidiaries to, keep records in sufficient detail to determine compliance with the terms of this Agreement.

Section 4.5 <u>Commercially Reasonable Efforts</u>. During the Milestone Period, Parent shall, and shall cause its Subsidiaries to, use Commercially Reasonable Efforts to achieve the Milestone prior to the end of the Milestone Period. In furtherance of the foregoing, unless required or requested by the FDA, Parent shall not, and shall cause its Subsidiaries not to, voluntarily propose to the FDA that Parent or any Subsidiary conduct additional studies or clinical trials as a requirement for Full Regulatory Approval (excluding, for the avoidance of doubt, the BOLD Study). It is understood that the number of subjects in the BOLD Study will be increased and such increase, and any actions and changes reasonably required in connection with such increase, shall not be deemed to be a violation of this Section 4.5.

**ARTICLE V** 

**<u>AMENDMENTS</u>**

Section 5.1 <u>Amendments without Consent of Holders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without the consent of any Holders or the Rights Agent, Parent, at any time and from time to time, may enter into one or more amendments hereto, for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to evidence the succession of another Person as a successor Rights Agent and the assumption by any such successor of the covenants and obligations of the Rights Agent herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to add to the covenants of Parent such further covenants, restrictions, conditions or provisions as Parent shall consider to be for the protection of the Holders; <u>provided</u>, that, in each case, such provisions do not adversely affect the interests of the Holders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to cure any ambiguity, to correct or supplement any provision herein that may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Agreement, <u>provided</u> that, in each case, such provisions do not materially adversely affect the interests of the Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) as may be necessary or appropriate to ensure that the CVRs are not subject to registration under the Securities Act, the Exchange Act or any applicable state securities or "blue sky" laws; <u>provided</u>, that, such amendments do not adversely affect the interests of the Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to reduce the number of CVRs, in the event any Holder agrees to renounce such Holder's rights under this Agreement in accordance with Section 6.10;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) subject to Section 4.3, to evidence the succession of another Person to Parent and the assumption by any such successor of the covenants of Parent contained herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to evidence the assignment of this Agreement by Parent as provided in Section 4.3; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) any other amendment to this Agreement that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal rights under this Agreement of any such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly after the execution and delivery by Parent and the Rights Agent of any amendment pursuant to the provisions of this Section 5.1, Parent shall mail (or cause the Rights Agent to mail) a notice thereof by first class mail to the Holders at their addresses as they appear on the CVR Register, setting forth such amendment.

Section 5.2 <u>Amendments with Consent of Holders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 5.1 (which amendments pursuant to Section 5.1 may be made without the consent of the Holders or the Rights Agent), with the prior consent of the Majority Holders, whether evidenced in writing or taken at a meeting of the Holders, Parent, and the Rights Agent may enter into one or more amendments hereto for the purpose of adding, eliminating or changing any provisions of this Agreement, even if such addition, elimination or change is materially adverse to the interest of the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly after the execution and delivery by Parent and the Rights Agent of any amendment pursuant to the provisions of this Section 5.2, Parent shall mail (or cause the Rights Agent to mail) a notice thereof by first class mail to the Holders at their addresses as they appear on the CVR Register, setting forth such amendment.

Section 5.3 <u>Execution of Amendments</u>. In executing any amendment permitted by this Article V, the Rights Agent shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Rights Agent may, but is not obligated to, enter into any such amendment that affects the Rights Agent's own rights, privileges, covenants or duties under this Agreement or otherwise.

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Section 5.4 <u>Effect of Amendments</u>. Upon the execution of any amendment under this Article V, this Agreement shall be modified in accordance therewith, such amendment shall form a part of this Agreement for all purposes and every Holder shall be bound thereby.

**ARTICLE VI** 

**<u>MISCELLANEOUS AND GENERAL</u>**

Section 6.1 <u>Termination</u>. This Agreement will be terminated and of no force or effect, the Parties will have no liability hereunder (other than with respect to monies due and owing by Parent to the Rights Agent) and no payments will be required to be made, upon the earlier to occur of (a) the payment by the Rights Agent to each Holder of the Milestone Payment Amount required to be paid under the terms of this Agreement in accordance with Section 2.4(a), and (b) the expiration of the Milestone Period. For the avoidance of doubt, the termination of this Agreement will not affect or limit the right to receive the Milestone Payments under Section 2.4 to the extent earned prior to termination of this Agreement and the provisions applicable thereto will survive the expiration or termination of this Agreement.

Section 6.2 <u>Notices to the Rights Agent and Parent</u>. All notices, requests, instructions, demands, waivers and other communications or documents required or permitted to be given under this Agreement by either Party to the other shall be in writing and delivered personally or sent by registered or certified mail, postage prepaid, by electronic mail or overnight courier to such Party, in the case of mail or overnight courier, with a copy sent via electronic mail, at the following addresses:

<u>If to Parent</u>:

Ipsen Biopharmaceuticals, Inc.

One Main Street, 02412 Cambridge MA

Attn: Stewart Campbell, EVP and President North America

E-mail: stewart.campbell@ipsen.com

<u>If to Guarantor</u>:

Ipsen Pharma SAS

65 Quai Georges Gorse

92100 Boulogne-Billancourt, France

Attn: Francois Garnier, EVP General Counsel and Chief Business Ethics Officer

E-mail: francois.garnier@ipsen.com

In each case, with a copy to (which shall not constitute notice):

Orrick, Herrington & Sutcliffe LLP

1152 15th Street NW

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Washington, DC 20005

Attention: Tony Chan

E-mail: tychan@orrick.com

<u>If to Rights Agent</u>:

[●]

[*Address*]

Attention: [●]

Email: [●]

With a copy to (which shall not constitute notice):

[●]

[*Address*]

Attention: [●]

Email: [●]

or to such other persons or addresses as may be designated in writing by the Party to receive such notice as provided above. All such notices, requests, instructions, demands, waivers and other communications or documents give as provided above shall be deemed given to the receiving Party upon actual receipt, if delivered personally; three (3) Business Days after deposit in the mail, if sent by registered or certified mail; upon transmission, if sent by email transmission prior to 6:00 p.m. recipient's local time; the Business Day following the date of transmission, if sent by email transmission after 6:00 p.m. recipient's local time and no "bounce back" or similar message of non-delivery is received with respect thereto; or on the next Business Day after deposit with an overnight courier, if sent by an overnight courier.

Section 6.3 <u>Notice to Holders</u>. Where this Agreement provides for notice to Holders, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at the Holder's address as it appears in the CVR Register, not later than the latest date, and not earlier than the earliest date, if any, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders.

Section 6.4 <u>Governing Law; Jurisdiction; Specific Performance; WAIVER OF JURY TRIAL</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any laws, rules or provisions that would cause the application of the laws of any jurisdiction other than the State of Delaware. The Parties expressly acknowledge and agree that (i) the requirements of 6 Del. C § 2708 are satisfied by the provisions of this Agreement and that such statute mandates the application of Delaware law to this Agreement, the relationship of the Parties and the interpretation and enforcement of the rights and duties of the Parties hereunder, (ii) the Parties have a reasonable basis for the application of Delaware law to this Agreement, the relationship of the Parties and

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the interpretation and enforcement of the rights and duties of the Parties hereunder, (iii) no other jurisdiction has a materially greater interest in the foregoing and (iv) the application of Delaware law would not be contrary to the fundamental policy of any other jurisdiction that, absent the Parties' choice of Delaware law hereunder, would have an interest in the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 6.4(d), in any action or proceeding arising out of or relating to this Agreement, each of the Parties (i) irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the Chancery Court of the State of Delaware and any state appellate court therefrom or, if such court lacks subject matter jurisdiction, the United States District Court sitting in New Castle County in the State of Delaware (the "**<u>Chosen Courts</u>**") (*it being agreed* that the consents to jurisdiction and venue set forth in this Section 6.4(b) shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the Parties hereto), (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such Chosen Court, (iii) agrees that any Legal Proceeding arising in connection with or relating to this Agreement shall be brought, tried and determined only in the Chosen Courts, (iv) waives any claim of improper venue or any claim that the Chosen Courts are an inconvenient forum and (v) agrees that it will not bring any Legal Proceeding relating to this Agreement in any court other than the Chosen Courts. Each of the Parties irrevocably consents to service of process by first class certified mail, return receipt requested, postage prepaid, to the address at which such Party is to receive notice in accordance with Section 6.2; <u>provided</u>, <u>however</u>, that the foregoing shall not limit the right of a Party to effect service of process on the other Party by any other legally available method. The Parties hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Legal Requirements; <u>provided</u>, that nothing in the foregoing shall restrict either Party's rights to seek any post-judgment relief regarding, or any appeal from, such final trial court judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that the Parties hereto do not perform their obligations under the provisions of this Agreement in accordance with its specified terms or otherwise breach such provisions. Subject to the following sentence, the Parties acknowledge and agree that (i) the Parties shall be entitled to an injunction or injunctions, specific performance, or other non-monetary equitable relief, to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the courts described in Section 6.4(a) without proof of damages or otherwise, this being in addition to any other remedy to which they are entitled under this Agreement, and (ii) the right of specific performance is an integral part of this Agreement and without that right, neither the Company nor Parent would have entered into this Agreement. Each of the Parties hereto agrees that it shall not oppose the granting of an injunction, specific performance and other equitable relief on the basis that the other Parties hereto have an adequate remedy at law or an award of specific performance is not an appropriate remedy for any reason at law or equity. The Parties hereto acknowledge and agree that any Party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this Section 6.4(c) shall not be required to provide any bond or other security in connection with any such order or injunction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING BETWEEN THE PARTIES HERETO ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 6.5 <u>Other Remedies</u>. Except as otherwise provided herein, any and all remedies herein expressly conferred upon a Party will be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity upon such Party, and the exercise by a Party of any one remedy will not preclude the exercise of any other remedy.

Section 6.6 <u>Entire Agreement; Counterparts</u>. This Agreement, the Merger Agreement and the other agreements, exhibits, annexes and schedules referred to herein constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, between the Parties, with respect to the subject matter hereof and thereof. This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall constitute one and the same instrument. The exchange of a fully executed Agreement (in counterparts or otherwise) by PDF shall be sufficient to bind the Parties to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Third-Party Beneficiaries; Action by Acting Holders</u>. Parent and the Rights Agent hereby agree that the respective covenants and agreements set forth herein are intended to be for the benefit of, and shall be enforceable by, the Acting Holders, who (along with all other Holders) are intended third-party beneficiaries hereof. Parent and the Rights Agent further agree that this Agreement and their respective covenants and agreements set forth herein are solely for the benefit of Parent, the Rights Agent, the Holders and their permitted successors and assigns hereunder in accordance with and subject to the terms of this Agreement, and nothing in this Agreement, express or implied, will confer upon any Person other than Parent, the Rights Agent, the Holders and their permitted successors and assigns hereunder any benefit or any legal or equitable right, remedy or claim hereunder. Except for the right of the Rights Agent set forth herein, the Acting Holders will have the sole right, on behalf of all Holders, by virtue of or under any provision of this Agreement, to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to this Agreement, and no individual Holder or other group of Holders will be entitled to exercise such rights. The Parties hereto hereby agree that irreparable damage may occur in the event that any provision of this Agreement were not performed in accordance with its specific terms or were otherwise breached, and that money damages or other legal remedies may not be an adequate remedy for any such damages. Accordingly, the Parties hereto acknowledge and hereby agree that in the event of any breach or threatened breach by Parent or Assignee (as such term is defined below), on the one hand, or the Rights Agent or the Acting Holders, on the other hand, of any of their respective covenants or obligations set forth in this Agreement, Parent or Assignee, on the one hand, and the Rights Agent or the Acting Holders, on the other hand, shall be entitled to seek an injunction or injunctions to prevent or restrain breaches or threatened breaches of this Agreement, by the other(s) (as applicable), and to seek specific enforcement of the terms and provisions of this Agreement.

Section 6.7 <u>Severability</u>. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of

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the remaining terms and provisions of this Agreement or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. If a final judgment of a court of competent jurisdiction declares that any term or provision of this Agreement is invalid or unenforceable, the Parties hereto agree that the court making such determination shall have the power to limit such term or provision, to delete specific words or phrases or to replace such term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be valid and enforceable as so modified. In the event such court does not exercise the power granted to it in the prior sentence, the Parties hereto agree to replace such invalid or unenforceable term or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the economic, business and other purposes of such invalid or unenforceable term or provision.

Section 6.8 <u>Assignment</u>. This Agreement shall not be assignable; <u>provided</u>, <u>however</u>, that (a) Parent may assign this agreement to a Person (each such Person, an "**<u>Assignee</u>**") (i) which is a direct or indirect wholly-owned subsidiary of Parent (<u>provided</u>, that Parent remains jointly and severally liable), (ii) with the prior consent of the Acting Holders, whether evidenced in writing or taken at a meeting of the Holders, or (iii) in connection with a transaction involving an Assignment Transaction conducted in compliance with Section 4.3 and (b) the Rights Agent may assign this Agreement to a successor Rights Agent appointed in accordance with Section 3.3.

Section 6.9 <u>Benefits of Agreement</u>. Notwithstanding anything to the contrary contained herein, any Holder may at any time agree to renounce, in whole or in part, whether or not for consideration, such Holder's rights under this Agreement by written notice to the Rights Agent and Parent, which notice, if given, shall be irrevocable. Parent may, in its sole discretion, at any time, offer consideration to Holders in exchange for their agreement to irrevocably renounce their rights hereunder.

Section 6.10 <u>Legal Holidays</u>. In the event that the Milestone Payment Date shall not be a Business Day, then (notwithstanding any provision of this Agreement to the contrary) payment need not be made on such date, but may be made, without the accrual of any additional interest thereon on account of such Milestone Payment Date not being a Business Day, on the next succeeding Business Day with the same force and effect as if made on such Milestone Payment Date.

Section 6.11 <u>Interpretation; Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The table of contents and headings herein are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring either Party by virtue of the authorship of any provision of this Agreement.

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Section 6.12 <u>Guarantee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As a material inducement to the Rights Agent entering into this Agreement and consummating the transactions contemplated hereby, Guarantor hereby irrevocably and unconditionally guarantees to the Rights Agent the full and timely performance and satisfaction of Parent's obligations as set forth in this Agreement, in each case as and when due. If, for any reason whatsoever, Parent shall fail or be unable to make full and timely payment as set forth in this Agreement or perform any of its obligations under this Agreement, such payment or obligations shall be due and payable for the purposes hereof and Guarantor will forthwith pay and cause to be paid in lawful currency of the United States, or perform or cause to be performed, Parent's obligations hereunder. The foregoing obligation of Guarantor constitutes a continuing guarantee of payment and performance (and not merely of collection), and is and shall be absolute and unconditional under any and all circumstances, including circumstances which might otherwise constitute a legal or equitable discharge of a guarantor and including any amendment, extension, modification or waiver of any of Parent's payment or other obligations hereunder, or any insolvency, bankruptcy, liquidation or dissolution of Parent or any assignment thereby. Without limiting the generality of the foregoing, Guarantor agrees that its obligations under this Section 6.12 are independent from those of Parent and its liability shall extend to all liabilities and obligations that constitute part of Parent's payment and other obligations hereunder, irrespective of whether any action is brought against Parent or whether Parent is joined in any such action or actions. To the fullest extent permitted by applicable Legal Requirements, Guarantor hereby expressly and irrevocably waives any and all rights and defenses arising by reason of any Legal Requirement that would otherwise require any election of remedies by the Rights Agent in connection with Guarantor's guarantee hereunder (provided, that nothing set forth in this Agreement shall constitute a waiver of any rights or defenses of Parent or Guarantor under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of Guarantor's obligations hereunder shall be assigned by Guarantor in whole or in part without the prior consent of the Majority Holders, whether evidenced in writing or taken at a meeting of the Holders, and any such assignment without such consent shall be null and void.

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IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized officers of the Parties hereto as of the date first written above.

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| | |
|:---|:---|
| IPSEN BIOPHARMACEUTICALS, INC. | IPSEN BIOPHARMACEUTICALS, INC. |
| By: |  |
|  | Name: |
|  | Title: |
| IPSEN PHARMA SAS | IPSEN PHARMA SAS |
| By: |  |
|  | Name: |
|  | Title: |
| [Rights Agent] | [Rights Agent] |
| By: |  |
|  | Name: |
|  | Title: |

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[*Signature Page to Contingent Value Rights Agreement*]

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**Annex A** 

**Form of Assignment and Assumption Agreement** 

ASSIGNMENT AND ASSUMPTION AGREEMENT, made as of [●] (this "**<u>Agreement</u>**"), between Ipsen Biopharmaceuticals, Inc., a Delaware corporation ("**<u>Assignor</u>**") and [●], a [●] [●] ("**<u>Assignee</u>**"). Unless otherwise defined herein, capitalized terms used in this Agreement shall have the meanings given to them in the CVR Agreement referred to below.

<u>W I T N E S S E T H</u>:

WHEREAS, Assignor and [●], as Rights Agent (the "**<u>Rights Agent</u>**"), are parties to a Contingent Value Rights Agreement dated as of [●], 2023 (the "**<u>CVR Agreement</u>**"); and

WHEREAS, Assignor and Assignee desire to execute and deliver this Agreement evidencing the transfer to Assignee the due and punctual payment of the Milestone Payment and the performance or observance of every covenant of the CVR Agreement not yet performed or observed on the part of Assignor to be performed and observed and the assumption thereof of Assignee.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Assignor and Assignee hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Assignment</u>. Effective as of [●] (the "**<u>Assignment Date</u>**"), Assignor hereby assigns to Assignee, and Assignee hereby accepts the assignment of, the due and punctual payment of the Milestone Payment and the performance or observance of every covenant of the CVR Agreement not yet performed or observed on the part of Assignor to be performed and observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Assumption</u>. Effective as of the Assignment Date, Assignee hereby assumes the due and punctual payment of the Milestone Payment and the performance or observance of every covenant of the CVR Agreement not yet performed or observed on the part of Assignor to be performed and observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Successors and Assigns</u>. This Agreement shall be binding upon and shall inure to the benefit of the respective parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any laws, rules or provisions that would cause the application of the laws of any jurisdiction other than the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.

------

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto as of the date first written above.

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| | |
|:---|:---|
| IPSEN BIOPHARMACEUTICALS, INC. | IPSEN BIOPHARMACEUTICALS, INC. |
| By: |  |
|  | Name: |
|  | Title: |
| [ASSIGNEE] | [ASSIGNEE] |
| By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to Assignment and Assumption Agreement*]

## Ex-Filing

**Exhibit 107** 

**Calculation of Filing Fee Tables** 

**Schedule TO-T** 

**(Rule 14d-100)** 

**ALBIREO PHARMA, INC.** 

**(Name of Subject Company (Issuer))** 

**ANEMONE ACQUISITION CORP.** 

**(Offeror)** 

a wholly owned subsidiary of

**ISPEN BIOPHARMACEUTICALS, INC.** 

**(Offeror)** 

A wholly owned subsidiary of

**IPSEN PHARMA SAS** 

**(Offeror)** 

a wholly owned subsidiary of

**IPSEN S.A.** 

**(Offeror)** 

**(Names of Filing Persons (identifying status as offeror, issuer or other person))** 

**Table 1-Transaction Valuation** 

---

| | | | |
|:---|:---|:---|:---|
|  | Transaction<br>Valuation\* | Fee rate | Amount of<br>Filing Fee\*\* |
| &nbsp;&nbsp;&nbsp; Fees to Be Paid | $1040353242.85 | 0.00011020 | $114646.93 |
| &nbsp;&nbsp;&nbsp; Fees Previously Paid | $0 |  | $0 |
| &nbsp;&nbsp;&nbsp; **Total Transaction Valuation** | $1040353242.85 |  |  |
| &nbsp;&nbsp;&nbsp; **Total Fees Due for Filing** |  |  | $114646.93 |
| &nbsp;&nbsp;&nbsp; **Total Fees Previously Paid** |  |  | $0 |
| &nbsp;&nbsp;&nbsp; **Total Fee Offsets** |  |  | $0 |
| &nbsp;&nbsp;&nbsp; **Net Fee Due** |  |  | $114646.93 |

---

**\*** Estimated solely for purposes of calculating the amount of the filing fee only. The transaction valuation was calculated as the sum of (i) 20,755,929 shares of common stock, par value $0.01 per share (the "**Shares**"), issued and outstanding of Albireo Pharma, Inc. a Delaware corporation ("**Albireo**"), multiplied by $44.13, the average of the high and low sales prices per Share on January 13, 2023, as reported by the Nasdaq Capital Market (which, for the purposes of calculating the filing fee only, shall be deemed to be the Reference Price), (ii) 22,483 Shares subject to purchase rights under Albireo's 2018 Employee Stock Purchase Plan, multiplied by $44.13, (iii) 2,753,753 Shares issuable pursuant to outstanding stock options granted prior to January 8, 2023 (the "**Cutoff Date**") with an exercise price less than $42.00, multiplied by $15.37, which is $42.00 minus the weighted average exercise price for such stock options of $26.63 per Share, (iv) 11,000 Shares issuable pursuant to outstanding stock options granted prior to the Cutoff Date with an exercise price that is equal to or more than the $42.00 and less than $52.00, multiplied by $8.35, which is $52.00 minus the weighted average exercise price for such stock options of $43.65 per Share, (v) 908,721 Shares issuable upon settlement of outstanding restricted stock units granted prior to the Cutoff Date, multiplied by $44.13, (vi) 926,250 Shares issuable upon settlement of outstanding restricted stock units granted on or following the Cutoff Date to certain management personnel, multiplied by $44.13 and (vii) 5,311 Shares underlying outstanding warrants, multiplied by $23.17, which is $42.00 minus the weighted average exercise price for such warrants of $18.83 per Share. The foregoing share figures have been provided by Albireo and are as of January 13, 2023, the most recent practicable date. 

\*\* The amount of the filing fee was calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory #1 for fiscal year 2023 beginning on October 1, 2022, issued August 26, 2022, by multiplying the transaction value by 0.00011020.