# EDGAR Filing Document

**Accession Number:** 0001841675
**File Stem:** 0001104659-25-122223
**Filing Date:** 2025-12
**Character Count:** 279037
**Document Hash:** 1836683282d12f079be73940c807d7ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-122223.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001104659-25-122223

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20251218

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Argo Blockchain Plc
- **CENTRAL INDEX KEY:** 0001841675
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40816
- **FILM NUMBER:** 251581210

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** EASTCASTLE HOUSE
- **STREET 2:** 27/28 EASTCASTLE STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** W1W 8DH
- **BUSINESS PHONE:** 44 20 788 400 3403

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** EASTCASTLE HOUSE
- **STREET 2:** 27/28 EASTCASTLE STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** W1W 8DH

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of December, 2025**

**Commission File Number: 001-40816**

**Argo Blockchain plc**

**(Translation of registrant's name into English)**

**Eastcastle House**

**27/28 Eastcastle Street**

**London W1W 8DH**

**England**

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ◻

**INFORMATION CONTAINED IN THIS FORM 6-K REPORT** 

**Closing of Transactions Contemplated by Restructuring Plan**

On December 11, 2025, a Restructuring Plan under Part 26A of the Companies Act 2006 (the "<u>Restructuring Plan</u>") with respect to Argo Blockchain plc (the "<u>Company</u>") became effective after being sanctioned by the High Court of Justice, Business and Property Courts of England and Wales. On December 15, 2025, the Restructuring Plan was implemented (the "<u>Implementation Date</u>") and the transactions contemplated by the Restructuring Plan, described below, were consummated (the "<u>Restructuring</u>").

**Growler Transactions** 

As a result of the Restructuring, among other things, the Company issued 25,250,464,800 ordinary shares, nominal value £0.001 per share (the "<u>Ordinary Shares</u>") to JPMorgan Chase Bank, N.A., as depositary (the "<u>Depositary</u>"), against which the Depositary issued 11,690,030 restricted American Depositary Shares ("<u>ADSs</u>"), represented by American Depositary Receipts ("<u>ADRs</u>"), to Growler Mining, LLC n/k/a Growler Mining Tuscaloosa, LLC ("<u>Growler</u>") in exchange for Growler's contributions under the Restructuring Plan, which included (i) the release of all claims under the secured loan facility in the amount of $7.7 million previously provided by Growler to the Company, (ii) pursuant to the Exchange Agreement (as defined below), the transfer of certain cryptocurrency mining and other assets valued in the amount of $23.8 million to the Company via the transfer of Growler's wholly owned subsidiary holding such assets, and (iii) pursuant to the Subscription Letter (as defined below), a cash contribution to the Company in the amount of $3.5 million to support the Company's post-implementation operations. The restricted ADSs, represented by restricted ADRs, are subject to transfer limitations under U.S. securities laws and the terms of that certain Restricted Issuance Agreement, dated December 15, 2025, by and between the Company and the Depositary.

In connection with the Restructuring Plan, (i) the Ordinary Shares were delisted from the London Stock Exchange and are quoted on a matched bargain share dealing facility with JP Jenkins for a period of six months, and (ii) Ralfe Hickman, Growler's director nominee, was elected to the Company's board of directors. Following the Implementation Date, Growler beneficially owns approximately 87.5% of the Company's outstanding Ordinary Shares through an aggregate of 11,690,030 restricted ADSs, represented by restricted ADRs. The individual issuances that compose this aggregate issuance are further detailed below.

***Release of Claims under Secured Loan Facility***

 ****

In connection with the implementation of the Restructuring Plan, on December 12, 2025, Growler released all claims under the secured loan facility in the amount of $7.7 million previously provided by Growler to the Company under the Restructuring Plan, and in exchange the Company issued 5,555,102,256 Ordinary Shares to the Depositary in favor of Growler against which the Depositary issued 2,571,807 restricted ADSs, represented by restricted ADRs, to Growler.

***Exchange Agreement***

 ****

In connection with the implementation of the Restructuring Plan, on December 12, 2025, the Company entered into an Exchange Agreement (the "<u>Exchange Agreement</u>") with Growler and its wholly owned subsidiary, Growler USCo, Inc. ("<u>USCo</u>"), which holds certain cryptocurrency mining and other assets valued at $23.8 million. Pursuant to the Exchange Agreement, Growler agreed to transfer all issued and outstanding shares of common stock of USCo to the Company, resulting in USCo becoming a wholly owned subsidiary of the Company. In exchange, the Company issued 17,170,316,064 Ordinary Shares to the Depositary in favor of Growler against which the Depositary issued 7,949,220 restricted ADSs, represented by restricted ADRs, to Growler.

***Subscription Agreement***

In connection with the implementation of the Restructuring Plan, on December 12, 2025, the Company entered into a Subscription Letter (the "<u>Subscription Letter</u>") with Growler. Pursuant to the Subscription Letter, Growler paid a subscription price of $3.5 million to the Company in exchange for its issuance of 2,525,046,480 Ordinary Shares to the Depositary in favor of Growler, against which the Depositary issued 1,169,003 restricted ADSs, represented by restricted ADRs, to Growler.

**Noteholder Exchange**

As a result of the Restructuring, the Company issued 2,885,766,520 Ordinary Shares to the Depositary, against which the Depositary issued 1,335,980 ADSs, represented by ADRs, for allocation among the Company's noteholders (the "<u>Noteholders</u>") upon the redemption and mandatory exchange of the Company's 8.75% senior notes due 2026 (the "<u>Notes</u>"). The ADSs, represented by ADRs, are subject to the terms of that certain Amended and Restated Deposit Agreement, dated December 12, 2025, by and between the Company and the Depositary (the "<u>Deposit Agreement</u>").

Following the Implementation Date, the Noteholders own approximately 10% of the Company's outstanding Ordinary Shares through ADSs, represented by ADRs. In connection with the Restructuring Plan, the Notes will be delisted from the Nasdaq Stock Market LLC.

**Stockholders' Equity** 

As of the date hereof, and after giving effect to the Restructuring, the Company's stockholders' equity is substantially above $10 million.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [10.1](tm2533776d1_ex10-1.htm) | [Exchange Agreement, dated as of December 12, 2025, by and between the Company, Growler, and USCo.](tm2533776d1_ex10-1.htm) |
| [10.2](tm2533776d1_ex10-2.htm) | [Subscription Letter, dated as of December 12, 2025, by and between the Company and Growler.](tm2533776d1_ex10-2.htm) |
| [10.3](tm2533776d1_ex10-3.htm) | [Deposit Agreement, dated as of December 12, 2025, by and between the Company, the Depositary and the other parties thereto.](tm2533776d1_ex10-3.htm) |
| [99.1](tm2533776d1_ex99-1.htm) | [Restructuring Plan, effective as of December 11, 2025, by and between the Company, Growler, the Noteholders, and the Shareholders (as defined therein) (attached as a Schedule to the Order of the High Court of Justice, Business and Property Courts of England & Wales, Insolvency and Companies List (Ch D), before the Honourable Mr. Justice Hildyard on 8 and 10 December, in the Matter of Argo Blockchain plc and in the Matter of the Companies Act 2006).](tm2533776d1_ex99-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **ARGO BLOCKCHAIN PLC** | **ARGO BLOCKCHAIN PLC** |
| Date: December 18, 2025 |  |  |
|  | By: | */s/ Justin Nolan* |
|  | Name: | Justin Nolan |
|  | Title: | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**EXCHANGE AGREEMENT**

This Exchange Agreement (this "**Agreement**"), dated as of December 12, 2025, is by and among Argo Blockchain PLC, a public limited company incorporated in England and Wales ("**Argo**"), Growler Mining Tuscaloosa, LLC, an Alabama limited liability company ("**Growler**"), and Growler USCo, Inc., a Delaware corporation ("**USCo**" and together with Argo and Growler, the "**Parties**"). Capitalized terms herein not otherwise defined have the meanings ascribed to them in the Restructuring Plan (as defined below).

<u>RECITALS</u>

**WHEREAS**, pursuant to that certain Restructuring Plan under Part 26A of the UK Companies Act 2006 between Argo, Growler and the other Plan Participants (as defined therein), which was sanctioned by the High Court of Justice of England and Wales (the "**Court Approval**") on December 11, 2025 (the "**Restructuring Plan**"), the Parties agreed that, in exchange for the release and discharge of Argo's obligations owing to Growler arising from the Growler Facility, the payment of the Growler Exit Capital, and the transfer of the Growler Mining Assets, Argo shall issue an aggregate 25,250,464,800 fully paid and nonassessable ordinary shares of Argo ("**Argo Ordinary Shares**") in favor of Growler (or its designated nominee or custodian) and shall cause such Argo Ordinary Shares to be delivered to the Depositary for the purpose of facilitating the issuance of American Depositary Shares ("**ADSs**") representing Argo Ordinary Shares (the "**Exchange**"), which is intended to result in Growler beneficially owning approximately 87.5% of the equity in Argo;

**WHEREAS**, pursuant to the transfer of Growler Mining Assets as part of the Exchange, the Parties wish to enter into a transaction whereby Argo will issue that number of fully paid and nonassessable Argo Ordinary Shares as set forth herein in favor of Growler in exchange for Growler's transfer to Argo of all issued and outstanding shares of common stock of USCo, par value $0.0001 per share (the "**USCo Common Shares**" and such exchange, the "**Share Exchange**"); and

**WHEREAS**, with respect to Argo's issuance in favor of Growler of Argo Ordinary Shares pursuant to the Exchange, the Parties intend to rely on the exemption from registration under Section 3(a)(10) of the Securities Act, or alternatively, in the case of the Share Exchange or the Argo Ordinary Shares issued in exchange for the Growler Exit Capital, another available exemption from registration under the Securities Act.

**NOW, THEREFORE**, in consideration of the foregoing and the mutual covenants and agreements contained herein, the Parties, intending to be legally bound, hereby agree as follows:

1. THE SHARE EXCHANGE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 On the terms and subject to the conditions set forth in this Agreement, the consummation of the Share Exchange will take place remotely on the date hereof (the "**Closing**"). At the Closing, Growler shall transfer all 100 issued and outstanding USCo Common Shares to Argo, free and clear of any lien or encumbrance, such that USCo will become a direct wholly owned subsidiary of Argo, and in exchange, Argo shall issue an aggregate 17,170,316,064 fully paid and nonassessable Argo Ordinary Shares, free and clear of any lien or encumbrance, in favor of Growler (or its designated nominee or custodian) and shall cause such Argo Ordinary Shares to be delivered to the Depositary for the purpose of facilitating the issuance of ADSs representing Argo Ordinary Shares.

2. REPRESENTATIONS AND WARRANTIES OF GROWLER AND USCO

Each of Growler and USCo hereby represents and warrants to Argo, solely to matters regarding each respective entity, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 ***<u>Due Organization, Good Standing and Corporate Power</u>***. USCo is a corporation duly organized, validly existing and, where applicable, in good standing under the Laws of the jurisdiction of its incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 ***<u>Authorization of Agreement</u>***. The execution, delivery and performance of this Agreement by each of Growler and USCo have been duly authorized and approved by the board of directors of Growler and USCo, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 ***<u>Capital Structure</u>***. The authorized capital stock of USCo consists of 100 USCo Common Shares, all of which were issued and outstanding as of the date hereof and all of which are held by Growler. All issued and outstanding USCo Common Shares have been duly authorized and validly issued and are fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 ***<u>Property</u>***. <u>Exhibit A</u> attached hereto contains a true and complete list of all material assets owned by USCo as of the date hereof. Except for any liabilities arising under that certain Ground Lease Agreement, dated December 12, 2025, by and between Cock, Lock, Stock and Barrel, LLC and USCo, USCo does not have any material liabilities as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 ***<u>No Other Representations or Warranties</u>***. Except for the representations and warranties of Growler and USCo expressly set forth in this Agreement, neither Growler, USCo nor any other Person makes any other express or implied representation or warranty on behalf of Growler or USCo with respect to Growler, USCo or the Share Exchange.

3. REPRESENTATIONS AND WARRANTIES OF ARGO

Argo hereby represents and warrants to each of Growler and USCo that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 ***<u>Due Organization, Good Standing and Corporate Power</u>***. Argo is a public limited company duly organized, validly existing and, where applicable, in good standing under the Laws of the jurisdiction of its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 ***<u>Authorization of Agreement</u>***. The execution, delivery and performance of this Agreement by Argo have been duly authorized and approved by its board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 ***<u>Capital Structure; Valid Issuance</u>***. Pursuant to the written resolutions of the Board dated December 11, 2025, the directors of Argo resolved pursuant to the articles of association of Argo that 25,250,464,800 Argo Ordinary Shares be allotted and issued to the Depositary, against which the Depositary will issue restricted ADRs evidencing ADSs to Growler pursuant to the Restricted Issuance Agreement, in consideration of Growler's contributions as set out in the Restructuring Plan. All issued and outstanding Argo Ordinary Shares have been duly authorized and validly issued and are fully paid and nonassessable. The Argo Ordinary Shares to be issued pursuant to this Agreement to Growler have been duly authorized, and when issued, will be validly issued, fully paid and nonassessable and not subject to preemptive rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 ***<u>No Other Representations or Warranties</u>***. Except for the representations and warranties of Argo expressly set forth in this Agreement, none of Argo or any other Person makes any other express or implied representation or warranty on behalf of Argo with respect to Argo or the Share Exchange.

4. COVENANTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 ***<u>Section 3(a)(10) Exemption</u>***. The Parties intend that, and will cooperate to the extent required so that, the issuance of the Argo Ordinary Shares in connection with the Exchange will be exempt from registration under the Securities Act by reason of Section 3(a)(10) thereof in reliance on the Court Approval, or alternatively, in the case of the Share Exchange or the Argo Ordinary Shares issued in exchange for the Growler Exit Capital, another available exemption from registration under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 ***<u>Tax Matters</u>***. Subject to the terms and conditions hereof, each of the Parties shall use reasonable commercial efforts to promptly take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Law to comply with all applicable tax requirements arising from the Exchange, including taking such actions as may be required to ensure that the classification and treatment of Argo for U.S. federal income tax purposes is determined in accordance with Section 7874 of the Internal Revenue Code and other applicable Law.

5. TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 This Agreement may be terminated at any time by mutual written consent of the Parties.

6. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 ***<u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>***. The validity, interpretation and enforcement of this Agreement will be governed by the Laws of England and Wales, without regard to the conflict of law principles thereof that would result in the application of the Laws of another jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 ***<u>Notices</u>***. All notices, requests, consents, approvals, waivers, and other communications under this Agreement shall be in writing and shall be deemed duly given: (a) if delivered personally, upon delivery; (b) if sent by email, when transmitted; (c) if sent by a nationally recognized overnight courier, one Business Day after being sent; (d) if sent by registered or certified mail (return receipt requested), five Business Days after being mailed. All such communications shall be sent to the addresses or email addresses set forth below (or to such other address or email address as may be designated by a Party by written notice to the other Parties in accordance with this clause).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to Argo:

ARGO BLOCKCHAIN PLC<br> Eastcastle House<br> 27-28 Eastcastle Street<br> London, United Kingdom, W1W8DH<br> Attn: Justin Nolan, Director

with required copies to (which will not constitute notice):

Lowenstein Sandler LLP<br> 1251 Avenue of the Americas<br> New York, New York 10020<br> Attn: James O'Grady

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to Growler:

GROWLER MINING TUSCALOOSA, LLC<br> 1301 Industrial Park Drive<br> Tuscaloosa, Alabama 35401<br> Attn: Luther S. Pate, IV and Linda Peacock

with required copies to (which will not constitute notice):

Greenberg Traurig, LLP<br> 1840 Century Park East, Suite 1900<br> Los Angeles, California 90067<br> Attn: Barbara A. Jones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 ***<u>Amendments and Waivers</u>***. This Agreement may be amended and any provision of this Agreement may be waived, provided that any such amendment or waiver will be binding upon a Party only if such amendment or waiver is set forth in a writing executed by such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 ***<u>No Third-Party Beneficiaries</u>***. This Agreement is solely for the benefit of the Parties and does not confer on third parties any remedy, claim, reimbursement, claim of action or other right in addition to those existing without reference to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 ***<u>Assignability</u>***. No Party may assign its rights or delegate its duties under this Agreement without the prior written consent of the other Parties. Except as provided in the preceding sentence, any attempted assignment or delegation will be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 ***<u>Severability</u>***. The Parties agree that (a) the provisions of this Agreement will be severable in the event that for any reason whatsoever any of the provisions hereof are invalid, void or otherwise unenforceable, (b) any such invalid, void or otherwise unenforceable provisions will be replaced by other provisions which are as similar as possible in terms to such invalid, void or otherwise unenforceable provisions but are valid and enforceable, and (c) the remaining provisions will remain valid and enforceable to the fullest extent permitted by applicable Law.

7. DEFINITIONS

For purposes of this Agreement, the following terms, when utilized in a capitalized form, will have the following meanings:

"**Business Day**" means any day that is not a Friday, Saturday, Sunday or other day that is a statutory holiday under the federal Laws of the United States.

"**Code**" means the Internal Revenue Code of 1986 (or any successor statute), as amended from time to time, and the Treasury Regulations promulgated thereunder.

"**Governmental Authority**" means any federal, state, local, foreign or international court, government, department, commission, board, bureau, agency, official or other regulatory, administrative or governmental authority or self-regulatory organization.

"**IRS**" means the Internal Revenue Service.

"**Law**" means any statute, law, ordinance, regulation (including, where applicable, stock exchange rules), rule, code or other requirement of, or Order issued by, a Governmental Authority.

"**Order**" means any orders, judgments, injunctions, awards, decrees, writs or other legally enforceable requirement handed down, adopted or imposed by, including any consent decree, settlement agreement or similar written agreement with, any Governmental Authority.

"**Person**" means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or a Governmental Authority.

"**Securities Act**" means the U.S. Securities Act of 1933, as amended.

"**Tax**" or "**Taxes**" means (a) all forms of taxation, whenever created or imposed, and whether of the United States, Israel or elsewhere, and whether imposed by a federal, state, municipal, governmental, territorial, local, foreign or other body, and without limiting the generality of the foregoing, shall include net income, gross income, gross receipts, sales, use, value added, ad valorem, transfer, recording, franchise, profits, license, lease, service, service use, payroll, wage, withholding, employment, unemployment insurance, workers compensation, social security, excise, severance, stamp, business license, escheat, business organization, occupation, premium, property, environmental, windfall profits, customs, duties, alternative minimum, estimated or other taxes, fees, premiums, assessments or charges of any kind whatever assessed, collected, imposed or administered by any Tax Authority, together with any related interest and any penalties, additions to such tax or additional amounts imposed with respect thereto by such Tax Authority, (b) any Liability for the payment of any amounts of the type described in clause (a) of this sentence as a result of being a member of an affiliated, consolidated, combined, unitary or aggregate group for any taxable period, and (c) any Liability for the payment of any amounts of the type described in clause (a) or (b) of this sentence as a result of being a transferee of or successor to any Person or as a result of any express or implied obligation to indemnify any other Person.

"**Tax Authority**" means the IRS, the ITA or any Governmental Authority responsible for the assessment, collection, imposition or administration of any Taxes.

"**Treasury Regulations**" means the regulations promulgated under the Code by the U.S. Department of the Treasury.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed as of the day and year first above written.

---

| | |
|:---|:---|
| **GROWLER USCO, INC.** | **GROWLER USCO, INC.** |
| By: | /s/ Luther S. Pate, IV |
| Name: | Luther S. Pate, IV |
| Title: | President |
| **ARGO BLOCKCHAIN PLC** | **ARGO BLOCKCHAIN PLC** |
| By: | /s/ Justin Nolan |
| Name: | Justin Nolan |
| Title: | Director |
| **GROWLER MINING TUSCALOOSA, LLC** | **GROWLER MINING TUSCALOOSA, LLC** |
| By: | /s/ Luther S. Pate, IV |
| Name: | Luther S. Pate, IV |
| Title: | Manager |

---

[Signature Page to Exchange Agreement]

**EXHIBIT A<br> ASSET LIST**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset** | &nbsp;&nbsp;**Quantity** | &nbsp;&nbsp;**Address** |
| &nbsp;&nbsp;Whatsminer M60S 184.4TH Avg | &nbsp;&nbsp;2202 | &nbsp;&nbsp;1351 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Whatsminer M60S+ 200.6TH Avg | &nbsp;&nbsp;48 | &nbsp;&nbsp;1351 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Digital Shovel M300 Minipods | &nbsp;&nbsp;25 | &nbsp;&nbsp;1351 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;PTI 2500 KVA Transformer | &nbsp;&nbsp;2 | &nbsp;&nbsp;1351 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;D Volt Co 3250 KVA Transformer | &nbsp;&nbsp;1 | &nbsp;&nbsp;1351 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Excell Power LV Switch, 4000 Amp | &nbsp;&nbsp;2 | &nbsp;&nbsp;1351 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Real Time Load Metering Equipment | &nbsp;&nbsp;1 | &nbsp;&nbsp;1351 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Networking, Switches/Cabling | &nbsp;&nbsp;1 | &nbsp;&nbsp;1351 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Power Cords | &nbsp;&nbsp;2250 | &nbsp;&nbsp;1351 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Bitmain Antminer S19K Pro 115TH | &nbsp;&nbsp;1470 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Bitmain Antminer S19 Pro 110TH | &nbsp;&nbsp;505 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;BITRAM 40' Bit Crib | &nbsp;&nbsp;2 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;BITRAM 20' Bit Crib | &nbsp;&nbsp;2 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;BITRAM 53' Bit Crib | &nbsp;&nbsp;2 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Siemens 2500 KVA Transformer | &nbsp;&nbsp;3 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Siemens 15KV Load Switch | &nbsp;&nbsp;2 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Square D 600A Disconnects | &nbsp;&nbsp;12 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Real Time Load Metering Equipment | &nbsp;&nbsp;1 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Networking, Switches/Cabling | &nbsp;&nbsp;1 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;PTI Transformer 2500 KVA | &nbsp;&nbsp;26 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Excell Power LV Switch, 4000A | &nbsp;&nbsp;26 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Excell Power LV Switch - Double | &nbsp;&nbsp;4 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;BITRAM 53' Bit Crib | &nbsp;&nbsp;5 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Digital Shovel M300 Minipods | &nbsp;&nbsp;24 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Contract for Electric Service, dated as of January 13, 2023, by and between Alabama Power Company and Growler Mining Tuscaloosa, LLC | &nbsp;&nbsp;1 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Attachment A – Rate Rider EDI Incentive Agreement, dated as of January 13, 2023, by and between Alabama Power Company and Growler Mining Tuscaloosa, LLC | &nbsp;&nbsp;1 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Amendment No. 1 to the Contract for Electric Service, dated as of March 27, 2023, by and between Alabama Power Company and Growler Mining Tuscaloosa, LLC | &nbsp;&nbsp;1 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Contract for Electric Service, dated as of February 19, 2025, by and between Alabama Power Company and 1351 Manufacturing, LLC | &nbsp;&nbsp;1 | &nbsp;&nbsp;1351 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Attachment A – Rate Rider EDI Incentive Agreement, dated as of July 23, 2025, by and between Alabama Power Company and 1351 Manufacturing, LLC | &nbsp;&nbsp;1 | &nbsp;&nbsp;1301 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Services Agreement, dated January 8, 2025, by and between 1351 Manufacturing, LLC and Uniti Fiber LLC, with Service Order dated January 8, 2025 pursuant thereto (as assigned to Growler pursuant to that certain Assignment of Contract, dated as of November 26, 2025, by and between 1351 Manufacturing, LLC and Growler) | &nbsp;&nbsp;1 | &nbsp;&nbsp;1351 Industrial Park Dr. Tuscaloosa, AL 35401 |
| &nbsp;&nbsp;Comcast Business Service Order Agreement, dated March 5, 2025, between 1351 Manufacturing, LLC and Comcast Cable Communications Management, LLC (as assigned to Growler pursuant to that certain Assignment of Contract, dated as of November 26, 2025, by and between 1351 Manufacturing, LLC and Growler) | &nbsp;&nbsp;1 | &nbsp;&nbsp;1351 Industrial Park Dr. Tuscaloosa, AL 35401 |

---

Exhibit A-1

## Exhibit 10.2

**Exhibit 10.2**

---

| | |
|:---|:---|
| From: | **Growler Mining Tuscaloosa, LLC** |

---

1301 Industrial Park Drive,<br> Tuscaloosa,<br> AL 35401, USA

(the "**Subscriber**")

---

| | |
|:---|:---|
| To: | **Argo Blockchain PLC**<br> Eastcastle House,<br> 27-28 Eastcastle Street,<br> London,<br> United Kingdom, W1W 8DH<br> (the "**Company**") |

---

Attention: The Directors

December 12, 2025

Dear Directors,

**Subscription for shares in the Company**

In this letter:

"**Depositary**" means JP Morgan Chase Bank NA;<br> "**Restricted ADSs"** means restricted American Depositary Shares

The Subscriber hereby agrees to subscribe for and the Company agrees to allot and issue to the Depositary (which will be in exchange for the issuance by the Depositary of the Restricted ADSs in respect thereof to the Subscriber) 2,525,046,480 ordinary shares of £0.001 each in the capital of the Company (the "**Subscription Shares**") for an aggregate subscription price of US$3,500,000, being US$0.00139 per Subscription Share (the "**Subscription Price**").

The Subscriber agrees to subscribe for the Subscription Shares and the Company agrees to allot and issue the Subscription Shares to the Depositary fully paid up and shall procure that the Company's register of members is updated.

The payment of the Subscription Price by the Subscriber has or will be paid to the Company on or around the date of this letter or as otherwise agreed or directed by the Company.

The Subscriber acknowledges that the Subscription Shares are being offered and sold in a private placement exempt from registration under the U.S. Securities Act of 1933, as amended, and applicable securities laws. No public offering or solicitation has been made. The Subscriber represents that it is a sophisticated investor capable of evaluating the merits and risks of the investment and has conducted its own due diligence. The Subscriber understands that the securities are subject to restrictions on transfer and resale and may not be transferred except in compliance with applicable laws. The Company is relying on the Subscriber's representations to establish the availability of an exemption from registration.

This letter may be executed in any number of counterparts each of which when executed by one or more of the parties shall constitute an original but all of which shall constitute one and the same instrument. This letter and all non-contractual obligations in connection with it shall be governed by and construed in accordance with the laws of England and Wales and the parties submit for all purposes in connection with this letter to the exclusive jurisdiction of the courts of England and Wales.

This letter has been entered into on the date stated at the beginning of this letter.

Yours faithfully,

---

| | |
|:---|:---|
| **SIGNED** by Luther S. Pate, IV, duly authorised for and on behalf of **GROWLER MINING TUSCALOOSA, LLC**) |  |
| **SIGNED** by Luther S. Pate, IV, duly authorised for and on behalf of **GROWLER MINING TUSCALOOSA, LLC**) |  |
| **SIGNED** by Luther S. Pate, IV, duly authorised for and on behalf of **GROWLER MINING TUSCALOOSA, LLC**) | /s/ Luther S. Pate, IV |

---

Acknowledged, accepted and agreed:

---

| | |
|:---|:---|
| **SIGNED** by Justin Nolan, duly authorised for and on behalf of **ARGO BLOCKCHAIN PLC**) |  |
| **SIGNED** by Justin Nolan, duly authorised for and on behalf of **ARGO BLOCKCHAIN PLC**) |  |
| **SIGNED** by Justin Nolan, duly authorised for and on behalf of **ARGO BLOCKCHAIN PLC**) | /s/ Justin Nolan |

---

## Exhibit 10.3

**Exhibit 10.3**

**Execution Version**

![](tm2533776d1_ex-4img01.jpg)

![](tm2533776d1_ex-4img02.jpg)

![](tm2533776d1_ex-4img02.jpg)

**TABLE OF CONTENTS**

Page

---

| | | |
|:---|:---|:---|
| PARTIES | PARTIES | 1 |
| RECITALS | RECITALS | 1 |
| Section 1. | Certain Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADR Register | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADRs; Direct Registration ADRs | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial Owner | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deliver, execute, issue et al. | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery Order | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposited Securities | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct Registration System | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holder | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Removal Notice Date | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resignation Notice Date | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Act of 1933 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Exchange Act of 1934 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination Date | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Office | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdrawal Order | 3 |
| Section 2. | Form of ADRs | 4 |
| Section 3. | Deposit of Shares | 4 |
| Section 4. | Issue of ADRs | 6 |
| Section 5. | Distributions on Deposited Securities | 6 |
| Section 6. | Withdrawal, Delivery and Transfer of Deposited Securities | 7 |
| Section 7. | Substitution of ADRs | 7 |
| Section 8. | Cancellation and Destruction of ADRs | 8 |
| Section 9. | The Custodian | 8 |
| Section 10. | Lists of Holders | 8 |
| Section 11. | Depositary's Agents | 8 |
| Section 12. | Resignation and Removal of the Depositary; Appointment of Successor Depositary | 9 |
| Section 13. | Compliance with Securities Exchange Act of 1934 Reporting and Other Requirements; Reports | 10 |
| Section 14. | Additional Shares | 11 |
| Section 15. | Indemnification | 11 |
| Section 16. | Notices | 13 |
| Section 17. | Counterparts | 14 |
| Section 18. | No Third-Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding Effect | 14 |
| Section 19. | Severability | 14 |
| Section 20. | Governing Law; Consent to Jurisdiction | 14 |
| Section 21. | Agent for Service | 16 |
| Section 22. | Waiver of Immunities | 17 |
| Section 23. | Waiver of Jury Trial | 17 |
| Section 24. | Amendment and Restatement of Prior Deposit Agreement | 17 |
| **TESTIMONIUM** | **TESTIMONIUM** | 18 |
| **SIGNATURES** | **SIGNATURES** | 18 |

---

-i-

![](tm2533776d1_ex-4img02.jpg)

**EXHIBIT A**

Page

---

| | | |
|:---|:---|:---|
| **FORM OF FACE OF ADR** | **FORM OF FACE OF ADR** | A-1 |
| Introductory Paragraph | Introductory Paragraph | A-1 |
| (1) | Issuance of ADSs | A-2 |
| (2) | Withdrawal of Deposited Securities | A-3 |
| (3) | Transfers, Split-Ups and Combinations of ADRs | A-4 |
| (4) | Certain Limitations to Registration, Transfer etc. | A-5 |
| (5) | Liability of Holder or Beneficial Owner for Taxes, Duties and Other Charges | A-5 |
| (6) | Disclosure of Interests | A-7 |
| (7) | Charges of Depositary | A-8 |
| (8) | Available Information | A-1 |
| (9) | Execution | A-12 |
| Signature of Depositary | Signature of Depositary | A-12 |
| Address of Depositary's Office | Address of Depositary's Office | A-12 |
| **FORM OF REVERSE OF ADR** | **FORM OF REVERSE OF ADR** | A-13 |
| (10) | Distributions on Deposited Securities; Sales | A-13 |
| (11) | Record Dates | A-16 |
| (12) | Voting of Deposited Securities | A-16 |
| (13) | Changes Affecting Deposited Securities | A-18 |
| (14) | Exoneration | A-18 |
| (15) | Resignation and Removal of Depositary; the Custodian | A-22 |
| (16) | Amendment | A-23 |
| (17) | Termination | A-24 |
| (18) | Appointment; Acknowledgements and Agreements | A-28 |
| (19) | Waiver | A-28 |
| (20) | Jurisdiction | A-29 |
| (21) | Elective Distributions in Cash or Shares | A-29 |

---

-ii-

![](tm2533776d1_ex-4img02.jpg)

AMENDED AND RESTATED DEPOSIT AGREEMENT, dated as of December 12, 2025 (the "**Deposit Agreement**"), among ARGO BLOCKCHAIN PLC, a public limited company incorporated under the laws of England and Wales, and its successors (the "**Company**"), JPMORGAN CHASE BANK, N.A., a national banking association organized under the laws of the United States of America, as depositary hereunder (in such capacity, the "**Depositary**"), and all Holders (as defined below) and Beneficial Owners (as defined below) from time to time of American depositary receipts issued hereunder evidencing American depositary shares ("**ADSs**") representing deposited Shares (as defined below). The Company hereby appoints the Depositary as depositary for the Deposited Securities (as defined below) and hereby authorizes and directs the Depositary to act in accordance with the terms set forth in this Deposit Agreement. All capitalized terms used herein have the meanings ascribed to them in Section 1 or elsewhere in this Deposit Agreement.

WHEREAS, the Company and the Depositary entered into a Deposit Agreement, dated as of September 22, 2021 (the "**Prior Deposit Agreement**"), for the purposes set forth therein, for the creation of American depositary shares representing the Shares so deposited and for the execution and delivery of American depositary receipts ("**Prior Receipts**") evidencing the American depositary shares; and

WHEREAS, pursuant to the terms of the Prior Deposit Agreement, the Company and the Depositary wish to amend and restate the Prior Deposit Agreement and the Prior Receipts.

NOW THEREFORE, in consideration of the premises, subject to Section 24 hereof, the parties hereto hereby amend and restate the Prior Deposit Agreement and the Prior Receipts in their entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Certain Definitions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**ADR Register**" is defined in paragraph (3) of the form of ADR (*Transfers, Split-Ups and Combinations of ADRs*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**ADRs**" mean the American Depositary Receipts executed and delivered hereunder. ADRs may be either in physical certificated form or Direct Registration ADRs (as hereinafter defined). ADRs in physical certificated form, and the terms and conditions governing the Direct Registration ADRs, shall be substantially in the form of Exhibit A annexed hereto (the "**form of ADR**"). The term "**Direct Registration ADR**" means an ADR, the ownership of which is recorded on the Direct Registration System. References to "ADRs" shall include certificated ADRs and Direct Registration ADRs, unless the context otherwise requires. The form of ADR is hereby incorporated herein and made a part hereof; the provisions of the form of ADR shall be binding upon the parties hereto.

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to paragraph (13) of the form of ADR (*Changes Affecting Deposited Securities*), each "**ADS**" evidenced by an ADR represents the right to receive, and to exercise the beneficial ownership interests in, the number of Shares specified in the form of ADR attached hereto as Exhibit A (as may be amended from time to time) that are on deposit with the Depositary and/or the Custodian and a pro rata share in any other Deposited Securities, subject, in each case, to the terms of this Deposit Agreement and the ADSs. The ADS(s)-to-Share(s) ratio is subject to amendment as provided in the form of ADR (which may give rise to fees contemplated in paragraph (7) thereof (*Charges of Depositary*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Beneficial Owner**" means as to any ADS, any person or entity having a beneficial ownership interest in such ADS. A Beneficial Owner need not be the Holder of the ADR evidencing such ADS. If a Beneficial Owner of ADSs is not a Holder, it must rely on the Holder of the ADR(s) evidencing such ADSs in order to assert any rights or receive any benefits under this Deposit Agreement. The arrangements between a Beneficial Owner of ADSs and the Holder of the corresponding ADRs may affect the Beneficial Owner's ability to exercise any rights it may have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Commission**" means the United States Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Custodian**" means the agent or agents of the Depositary (singly or collectively, as the context requires) and any additional or substitute Custodian appointed pursuant to Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The terms "**deliver**," "**execute**," "**issue**," "**register**," "**surrender**," "**transfer**" or "**cancel**," when used with respect to (i) Shares shall refer, where the context requires, to an entry or entries or an electronic transfer or transfers in an account or accounts maintained by institutions authorized under applicable law to effect transfers of securities (which may include CREST) and not to the physical transfer of certificates representing the Shares and (ii) Direct Registration ADRs, shall refer to an entry or entries or an electronic transfer or transfers in the Direct Registration System, and, when used with respect to ADRs in physical certificated form, shall refer to the physical delivery, execution, issuance, registration, surrender, transfer or cancellation of certificates representing the ADRs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Delivery Order**" is defined in Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Deposited Securities**" as of any time means all Shares at such time deposited under this Deposit Agreement and any and all other Shares, securities, property and cash at such time held by the Depositary or the Custodian in respect or in lieu of such deposited Shares and other Shares, securities, property and cash. Deposited Securities are not intended to, and shall not, constitute proprietary assets of the Depositary, the Custodian or their nominees. Beneficial ownership in Deposited Securities is intended to be, and shall at all times during the term of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs representing such Deposited Securities.

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Direct Registration System**" means the system for the uncertificated registration of ownership of securities established by The Depository Trust Company ("**DTC**") and utilized by the Depositary pursuant to which the Depositary may record the ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced by periodic statements issued by the Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile Modification System maintained by DTC, which provides for automated transfer of ownership between DTC and the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Holder**" means the person or persons in whose name an ADR is registered on the ADR Register. For all purposes under the Deposit Agreement and the ADRs, a Holder shall be deemed to have all requisite authority to act on behalf of any and all Beneficial Owners of the ADSs evidenced by the ADR(s) registered in such Holder's name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Removal Notice Date**" means the earliest date on which the Company provides notice of removal to the Depositary pursuant to Section 12(b) of this Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Resignation Notice Date**" means the date on which the Depositary provides notice of its resignation to the Company pursuant to Section 12(a) of this Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Securities Act of 1933**" means the United States Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Securities Exchange Act of 1934**" means the United States Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Shares**" mean the ordinary shares of the Company, and shall include the rights to receive Shares specified in paragraph (1) of the form of ADR (*Issuance of ADSs*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Termination Date**" means the date this Deposit Agreement is terminated in accordance with paragraph (17) of the form of ADR (*Termination*), which, for the avoidance of doubt, shall be either (i) the date fixed for termination in a notice of termination as contemplated therein or (ii) a date determined by the Depositary in the case of a termination not requiring prior notice of termination as contemplated in subparagraph (a)(iii) therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Transfer Office**" is defined in paragraph (3) of the form of ADR (*Transfers, Split-Ups and Combinations of ADRs*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Withdrawal Order**" is defined in Section 6.

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Form of ADRs**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Direct Registration ADRs*. Notwithstanding anything in this Deposit Agreement or in the form of ADR to the contrary, ADSs shall be evidenced by Direct Registration ADRs, unless certificated ADRs are specifically requested by the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Certificated ADRs*. ADRs in certificated form shall be printed or otherwise reproduced at the discretion of the Depositary in accordance with its customary practices in its American depositary receipt business, or at the request of the Company typewritten and photocopied on plain or safety paper, and shall be substantially in the form set forth in the form of ADR, with such changes as may be required by the Depositary or the Company to comply with their obligations hereunder, any applicable law, regulation or usage or to indicate any special limitations or restrictions to which any particular ADRs are subject. ADRs may be issued in denominations of any number of ADSs. ADRs in certificated form shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. ADRs in certificated form bearing the manual or facsimile signature of anyone who was at the time of execution a duly authorized officer of the Depositary shall bind the Depositary, notwithstanding that such officer has ceased to hold such office prior to the delivery of such ADRs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Binding Effect.* Holders of ADRs, and the Beneficial Owners of the ADSs evidenced by such ADRs, shall each be bound by the terms and conditions of this Deposit Agreement and of the form of ADR, regardless of whether such ADRs are Direct Registration ADRs or certificated ADRs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Deposit of Shares**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Requirements.* In connection with the deposit of Shares hereunder, the Depositary or the Custodian may require the following in a form satisfactory to it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a written order ("**Delivery Order**") directing the Depositary to issue to, or upon the written order of, the person or persons designated in such order a Direct Registration ADR or ADRs evidencing the number of ADSs representing such deposited Shares;

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) proper endorsements or duly executed instruments of transfer in respect of such deposited Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) instruments assigning to the Depositary, the Custodian or a nominee of either any distribution on or in respect of such deposited Shares or indemnity therefor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) proxies entitling the Custodian to vote such deposited Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Registration of Deposited Securities.* As soon as practicable after the Custodian receives Deposited Securities pursuant to any such deposit or pursuant to paragraph (10) (*Distributions on Deposited Securities*) or (13) (*Changes Affecting Deposited Securities*) of the form of ADR, the Custodian shall present such Deposited Securities for registration of transfer into the name of the Depositary, the Custodian or a nominee of either, in each case for the benefit of Holders, to the extent such registration is practicable, at the cost and expense of the person making such deposit (or for whose benefit such deposit is made) and shall obtain evidence satisfactory to it of such registration. Deposited Securities shall be held by the Custodian for the account and to the order of the Depositary for the benefit of Holders of ADRs (to the extent not prohibited by law) at such place or places and in such manner as the Depositary shall determine. Notwithstanding anything else contained herein, in the form of ADR and/or in any outstanding ADSs, the Depositary, the Custodian and their respective nominees are intended to be, and shall at all times during the term of this Deposit Agreement be, the record holder(s) only of the Deposited Securities represented by the ADSs for the benefit of the Holders. The Depositary, on its own behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial ownership interest in the Deposited Securities held on behalf of the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delivery of Deposited Securities.* Deposited Securities may be delivered by the Custodian to any person only under the circumstances expressly contemplated in this Deposit Agreement. To the extent that the provisions of or governing the Shares make delivery of certificates therefor impracticable, Shares may be deposited hereunder by such delivery thereof as the Depositary or the Custodian may reasonably accept, including, without limitation, by causing them to be credited to an account maintained by the Custodian for such purpose with the Company or an accredited intermediary, such as a bank, acting as a registrar for the Shares, together with delivery of the documents, payments and Delivery Order referred to herein to the Custodian or the Depositary.

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Issue of ADRs**. At the request, risk and expense of the person depositing Shares or rights to receive Shares, the Depositary may accept such Shares and/or deposits for forwarding to the Custodian and may deliver ADRs at a place other than its office. After any such deposit of Shares, the Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery Order by letter, first class airmail postage prepaid, or by SWIFT, facsimile transmission or any other method of communication as may be agreed by the Custodian and the Depositary. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person named in such notice, an ADR or ADRs registered as requested and evidencing the aggregate ADSs to which such person is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Distributions on Deposited Securities**. To the extent that the Depositary determines in its discretion that any distribution pursuant to paragraph (10) of the form of ADR (*Distributions on Deposited Securities*) would not be permissible by applicable law, rule or regulation, or is not otherwise practicable with respect to any or all Holders, the Depositary may (after consultation with the Company, if practicable, in the case where the Depositary believes such distribution is not practicable with respect to all Holders) make such distribution as it so deems practicable, including the distribution of some or all of any Cash (as defined in paragraph (10) of the form of ADR), foreign currency, securities or other property (or appropriate documents evidencing the right to receive some or all of any such Cash, foreign currency, securities or other property) and/or the Depositary may retain and hold some or all of such Cash, foreign currency, securities or other property as Deposited Securities with respect to the applicable Holders' ADRs (without liability for interest thereon or the investment thereof).

To the extent the Depositary determines in its discretion that it would not be permitted by applicable law, rule or regulation, or it would not otherwise be practicable, to convert foreign currency into U.S. dollars and/or distribute U.S. dollars to some or all of the Holders entitled thereto, the Depositary may in its discretion distribute some or all of the foreign currency received by the Depositary as it deems permissible and practicable to, or retain and hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Holders entitled to receive the same.

To the extent the Depositary retains and holds any Cash, foreign currency, securities or other property as permitted under this Section 5 or paragraph (10) (*Distributions on Deposited Securities*) of the form of ADR, any and all fees, charges and expenses related to, or arising from, the holding thereof (including, but not limited to those provided in paragraph (7) of the form of ADR (*Charges of Depositary*)) shall be paid from such Cash, foreign currency, securities or other property, or the net proceeds from the sale thereof, thereby reducing the amount so held hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Withdrawal, Delivery and Transfer of Deposited Securities.** In connection with any surrender of ADRs for withdrawal of the Deposited Securities represented by the ADSs evidenced thereby, in addition to the requirements of paragraph (7) of the Form of ADR, the Depositary may require proper endorsement in blank of any certificated ADRs evidencing such ADSs and/or duly executed instruments of transfer of such ADSs in blank, together with the Holder's written order directing the Depositary to cause the Deposited Securities represented by such ADSs to be withdrawn and delivered to, or upon the written order of, any person designated in such order (a "**Withdrawal Order**").

At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited Securities (including any certificates therefor) at a place other than its office. Directions from the Depositary to the Custodian to deliver Deposited Securities shall be given by letter, first class airmail postage prepaid, or by SWIFT, facsimile transmission or any other method of communication as may be agreed by the Custodian and the Depositary. Delivery of Deposited Securities may be made by the delivery of certificates (which, if required by law shall be properly endorsed or accompanied by properly executed instruments of transfer or, if such certificates may be registered, registered in the name of such Holder or as ordered by such Holder in any Withdrawal Order) or by such other means as the Depositary may deem practicable, including, without limitation, by transfer of record ownership thereof to an account designated in the Withdrawal Order maintained either by the Company or an accredited intermediary, such as a bank, acting as a registrar for the Deposited Securities.

The Company agrees to cooperate with the Depositary and to take all actions, and to instruct and cause any registrar and/or transfer agent of the Deposited Securities to take all such actions, as may be requested by the Depositary, or are otherwise necessary or required, to effectuate the withdrawal, delivery and/or transfer of the Deposited Securities. The obligations of the Company set forth in this Section 6 shall survive the termination of Deposit Agreement until all ADSs issued by the Depositary have been cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Substitution of ADRs**. The Depositary shall execute and deliver a new Direct Registration ADR in exchange and substitution for any mutilated certificated ADR upon cancellation thereof or in lieu of and in substitution for such destroyed, lost or stolen certificated ADR, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser, upon the Holder thereof filing with the Depositary a request for such execution and delivery and a sufficient indemnity bond and satisfying any other reasonable requirements imposed by the Depositary.

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Cancellation and Destruction of ADRs.** All ADRs surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy ADRs in certificated form so cancelled in accordance with its customary practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **The Custodian**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Rights of the Depositary*. Any Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible solely to it. The Depositary reserves the right to add, replace or remove a Custodian. The Depositary will give prompt notice of any such action, which will be advance notice if practicable. The Depositary may discharge any Custodian at any time upon notice to the Custodian being discharged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Rights of the Custodian.* Any Custodian may resign from its duties hereunder in the manner permitted by any custodial agreement then in effect between the Depositary and the Custodian. Any Custodian ceasing to act hereunder as Custodian shall deliver, upon the instruction of the Depositary, all Deposited Securities held by it to a Custodian continuing to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained in this Deposit Agreement (including the ADRs) and, subject to the further limitations set forth in paragraph (14) of the form of ADR (*Exoneration*), the Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian having (i) committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Lists of Holders**. The Company shall have the right to inspect transfer records of the Depositary and its agents and the ADR Register, take copies thereof and require the Depositary and its agents to supply copies of such portions of such records as the Company may request. The Depositary or its agents shall furnish to the Company promptly upon the written request of the Company, a list of the names, addresses and holdings of ADSs by all Holders as of a date within seven (7) days of the Depositary's receipt of such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Depositary's Agents**. The Depositary may perform its obligations under this Deposit Agreement through any agent appointed by it, provided that the Depositary shall notify the Company of such appointment and shall remain responsible for the performance of such obligations as if no agent were appointed, subject to paragraph (14) of the form of ADR (*Exoneration*).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Resignation and Removal of the Depositary; Appointment of Successor Depositary**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Resignation of the Depositary*. The Depositary may at any time resign as Depositary by providing written notice of its election to do so delivered to the Company. Subject to subparagraph (c) below, the Depositary's resignation shall take effect upon the Company's appointment of a successor depositary and such successor depositary's acceptance of its appointment as provided in Section 12(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Removal of the Depositary*. The Depositary may at any time be removed by the Company by providing no less than sixty (60) days' prior written notice of such removal to the Depositary. Subject to subparagraph (c) below, such removal shall take effect on the later of (i) the sixtieth (60th) day after the Removal Notice Date and (ii) the Company's appointment of a successor depositary and such successor depositary's acceptance of its appointment as provided in Section 12(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If either the Depositary provides notice of its resignation (pursuant to Section 12(a)) or the Company provides notice of the Depositary's removal (pursuant to Section 12(b)), and a successor depositary is not appointed by the sixtieth (60th) day after the Resignation Notice Date or the Removal Notice Date, respectively, the Depositary may terminate this Deposit Agreement and the ADRs in the manner set out in paragraph (17) of the form of ADR (*Termination*) and the provisions of said paragraph (17) shall thereafter govern the Depositary's obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Appointment of Successor Depositary*. If the Depositary provides notice of its resignation pursuant to Section 12(a) above or the Company provides notice of the Depositary's removal pursuant to Section 12(b) above, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, only upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than its rights to indemnification and fees owing, each of which shall survive any such removal and/or resignation), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADRs. Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any bank or trust company into or with which the Depositary may be merged or consolidated, or to which the Depositary shall transfer substantially all its American depositary receipt business, shall be the successor of the Depositary without the execution or filing of any document or any further act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Compliance with Securities Exchange Act of 1934 Reporting and Other Requirements; Reports.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Securities Exchange Act of 1934.*

The Company represents and warrants continuously that (i) the statements in paragraph (8) of the form of ADR (*Available Information*) attached hereto as Exhibit A or, if applicable, most recently filed with the Commission are true and correct and (ii) it is in compliance with the registration, reporting and other requirements of the Securities Exchange Act of 1934. These representations and warranties of the Company shall survive the date of the Deposit Agreement.

The Company hereby covenants and agrees to publish and file all reports, and to take all other actions, necessary and/or required to remain in compliance with the requirements of the Securities Exchange Act of 1934, as and when required. The Company agrees to notify the Depositary promptly in the event of any change in the truth or accuracy of, or noncompliance with, any of the representations, warranties, covenants and agreements contained in this Section 13(a) and paragraph (8) of the form of ADR (*Available Information*).

The Company acknowledges and agrees that the Depositary (i) is relying, and may so rely, solely on the Company's representations, warranties, covenants and agreements in this Section 13(a) and paragraph (8) of the form of ADR (*Available Information*), (ii) does not assume any duty or responsibility to determine if the Company is in compliance with the registration, reporting and other requirements of the Securities Exchange Act of 1934, and (iii) may, and is expressly authorized by the Company to, represent, warrant and certify that, based on such representations, warranties, covenants and agreements of the Company, the Company is in compliance with the registration, reporting and other requirements of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Reports*. On or before the first date on which the Company makes any communication available to holders of Deposited Securities or any securities regulatory authority or stock exchange, by publication or otherwise, the Company shall transmit to the Depositary a copy thereof in English or with an English translation or summary. The Company has delivered to the Depositary, the Custodian and any Transfer Office, a copy of all provisions of or governing the Shares and any other Deposited Securities issued by the Company or any affiliate of the Company and, promptly upon any change thereto, the Company shall deliver to the Depositary, the Custodian and any Transfer Office, a copy (in English or with an English translation) of such provisions as so changed. The Depositary and its agents may rely upon the Company's delivery of all such communications, information and provisions for all purposes of this Deposit Agreement and the Depositary shall have no liability for the accuracy or completeness of any thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Additional Shares**. The Company agrees with the Depositary that neither the Company nor any company controlling, controlled by or under common control with the Company shall (a) issue (i) additional Shares, (ii) rights to subscribe for Shares, (iii) securities convertible into or exchangeable for Shares or (iv) rights to subscribe for any such securities or (b) deposit any Shares under this Deposit Agreement, except, in each case, under circumstances complying in all respects with the Securities Act of 1933. At the reasonable request of the Depositary where it deems necessary, the Company will furnish the Depositary with legal opinions, in forms and from counsels reasonably acceptable to the Depositary, dealing with such issues requested by the Depositary. The Depositary will not knowingly accept for deposit hereunder any Shares required to be registered under the Securities Act of 1933 unless a registration statement is in effect and will use reasonable efforts to comply with written instructions of the Company not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company's compliance with the securities laws, rules and regulations of the United States, including, but not limited to, the Securities Act of 1933 and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification by the Company*. The Company shall indemnify, defend and save harmless each of the Depositary, the Custodian and their respective directors, officers, employees, agents and affiliates against any loss, liability or expense (including reasonable fees and expenses of counsel) that may arise out of acts performed or omitted, in connection with the provisions of this Deposit Agreement and of the ADRs, as the same may be amended, modified or supplemented from time to time in accordance herewith (i) by either the Depositary or a Custodian or their respective directors, officers, employees, agents and affiliates, except for any liability or expense directly arising out of the negligence or willful misconduct of the Depositary or its directors, officers or affiliates acting in their capacities as such hereunder, or (ii) by the Company or any of its directors, officers, employees, agents and affiliates, including, without limitation, if any of the representations and warranties of the Company contained in Section 13 hereof and/or paragraph 8 of the Form of ADR *(Available Information)* were or are incorrect in any respect and/or if the Company violates or breaches any of its covenants or agreements contained therein with respect to the Securities Exchange Act of 1934 or otherwise.

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The indemnities set forth in the preceding paragraph shall also apply to any liability or expense that may arise out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), preliminary prospectus (or preliminary placement memorandum) or other document or report relating to, or arising from the offer, issuance, withdrawal, sale, resale or transfer of ADSs or the deposit, withdrawal, offer, sale, resale or transfer of Shares or any other report filed or furnished by the Company with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnification by the Depositary.* Subject to the limitations provided for in Section 9 above and Section 15(c) below, the Depositary shall indemnify, defend and save harmless the Company against any direct loss, liability or expense (including reasonable fees and expenses of counsel) incurred by the Company in respect of this Deposit Agreement to the extent such loss, liability or expense is due to the negligence or willful misconduct of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Special or Consequential Damages and Lost Profits*. Notwithstanding any other provision of this Deposit Agreement or the ADRs to the contrary, neither the Depositary nor any of its agents shall be liable for any indirect, special, punitive or consequential damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity (including, without limitation, Holders and Beneficial Owners of ADRs and ADSs), whether or not foreseeable and regardless of the type of action in which such a claim may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Notification*. Any person seeking indemnification hereunder (an "**indemnified person**") shall notify the person from whom it is seeking indemnification (the "**indemnifying person**") of the commencement of any indemnifiable action or claim as promptly as reasonably practical after such indemnified person becomes aware of such commencement (provided that the failure to make such notification shall not affect such indemnified person's rights to indemnification under this Section 15 except and only to the limited extent the indemnifying person is materially prejudiced by such failure through the forfeiture of substantive rights or defenses as a result of such failure; and provided, further, that the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have to an indemnified party otherwise than under this Section 15). No indemnifying person shall be liable for any settlement of any proceeding effected without its written consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with such indemnifying person's written consent or if there is a final and non-appealable judgment by a court of competent jurisdiction in any such proceeding, the indemnifying person agrees to indemnify and hold harmless each indemnified person from and against any and all losses, claims, damages, liabilities and reasonable legal and other out-of-pocket expenses by reason of such settlement or judgment. No indemnifying person shall, without the prior written consent of any indemnified person, effect any settlement of any pending or threatened proceedings in respect of which indemnity could have been sought hereunder by such indemnified person unless such settlement (i) includes an unconditional release of such indemnified person in form and substance reasonably satisfactory to such indemnified person from all liability or claims that are the subject matter of such proceedings and (ii) does not include any statement as to or any admission of fault, culpability, wrong doing or a failure to act by or on behalf of any indemnified person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Survival.* The obligations set forth in this Section 15 shall survive the termination of this Deposit Agreement and the succession or substitution of any indemnified person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Notices**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Notice to Holders*. Notice to any Holder shall be deemed given when first mailed, first class postage prepaid, to the address of such Holder on the ADR Register or received by such Holder. Failure to notify a Holder or any defect in the notification to a Holder shall not affect the sufficiency of notification to other Holders or to the Beneficial Owners of the ADSs evidenced by the ADRs held by such other Holders. The Depositary's only notification obligations under this Deposit Agreement and the ADRs shall be to Holders. Notice to a Holder shall be deemed, for all purposes of this Deposit Agreement and the ADRs, to constitute notice to any and all Beneficial Owners of the ADSs evidenced by such Holder's ADRs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Notice to the Depositary or the Company*. Notice to the Depositary or the Company shall be deemed given when first received by it at the address or by electronic transmission to the e-mail address set forth in (i) or (ii), respectively, or at such other address or email address provided by the Depositary or the Company to the other, respectively, in the same manner as notices are required to be provided in this Section 16:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) JPMorgan Chase Bank, N.A.

270 Park Avenue, Floor 8

New York, New York 10017

Attention: Depositary Receipts Group

E-mail Address: <u>DR_Global_CSM@jpmorgan.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Argo Blockchain Plc

Eastcastle House

27/28 Eastcastle Street

London, England W1W 8DH

Attention: Scott Beech

E-mail Address: scott@argoblockchain.com

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Delivery of a notice by means of electronic messaging shall be deemed to be effective at the time of the initiation of the transmission by the sender (as shown on the sender's records) to the email address set forth above, notwithstanding that the intended recipient retrieves the message at a later date, fails to retrieve such message, or fails to receive such notice on account of its failure to maintain the designated e-mail address, its failure to designate a substitute e-mail address or for any other reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Counterparts.** This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute one instrument. Delivery of an executed signature page of this Deposit Agreement by facsimile or other electronic transmission (including ".pdf", ".tif" or similar format) shall be effective as delivery of a manually executed counterpart hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **No Third-Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding Effect**. This Deposit Agreement is for the exclusive benefit of the Company, the Depositary and the Holders and their respective successors hereunder, and, except to the extent specifically set forth in Section 15 of this Deposit Agreement, shall not give any legal or equitable right, remedy or claim whatsoever to any other person. The Holders and Beneficial Owners from time to time shall be parties to this Deposit Agreement and shall be bound by all of the provisions hereof. A Beneficial Owner shall only be able to exercise any right or receive any benefit hereunder solely through the Holder of the ADR(s) evidencing the ADSs owned by such Beneficial Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Severability**. If any provision contained in this Deposit Agreement or in the ADRs is, or becomes, invalid, illegal or unenforceable in any respect, the remaining provisions contained herein and therein shall in no way be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Governing Law; Consent to Jurisdiction**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Governing Law.* The Deposit Agreement, the ADSs and the ADRs shall be governed by and construed in accordance with the laws of the State of New York without giving effect to the application of the conflict of law principles thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Claims between the Company and the Depositary.* The Company irrevocably agrees that any legal suit, action or proceeding against or involving the Company brought by the Depositary arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, may be instituted in any state or federal court in New York, New York, and irrevocably waives any objection that it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company also irrevocably agrees that any legal suit, action or proceeding against or involving the Depositary brought by the Company, arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, may be instituted only in a state or federal court in New York, New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Claims involving Holders and Beneficial Owners.* By holding or owning an ADR or ADS or an interest therein, Holders and Beneficial Owners each irrevocably agree that any legal suit, action or proceeding against or involving Holders or Beneficial Owners brought by the Company or the Depositary, arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, may be instituted in a state or federal court in New York, New York, and by holding or owning an ADR or ADS or an interest therein each irrevocably waives any objection that it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding.

By holding or owning an ADR or ADS or an interest therein, Holders and Beneficial Owners each also irrevocably agree that any legal suit, action or proceeding against or involving the Depositary and/or the Company brought by Holders or Beneficial Owners, arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, including, without limitation, claims under the Securities Act of 1933, may be instituted only in the United States District Court for the Southern District of New York (or in the state courts of New York County in New York if either (i) the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular dispute or (ii) the designation of the United States District Court for the Southern District of New York as the exclusive forum for any particular dispute is, or becomes, invalid, illegal or unenforceable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing or anything in this Deposit Agreement to the contrary, any suit, action or proceeding against the Company based on this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, may be instituted by the Depositary in any competent court in England and Wales, the United States and/or any other court of competent jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Agent for Service.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Appointment*. The Company has appointed Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711, as its authorized agent (the "**Authorized Agent**") upon which process may be served in any such suit, action or proceeding arising out of or based on this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby which may be instituted in any state or federal court in New York, New York by the Depositary or any Holder, and waives any other requirements of or objections to personal jurisdiction with respect thereto. Subject to the Company's rights to replace the Authorized Agent with another entity in the manner required were the Authorized Agent to have resigned, such appointment shall be irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Agent for Service of Process*. The Company represents and warrants that the Authorized Agent has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Authorized Agent (whether or not the appointment of such Authorized Agent shall for any reason prove to be ineffective or such Authorized Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 16(b) hereof. The Company agrees that the failure of the Authorized Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment or award rendered in any suit, action or proceeding based thereon. If, for any reason, the Authorized Agent named above or its successor shall no longer serve as agent of the Company to receive service of process, summons, notices, papers and documents in New York, the Company shall promptly appoint a successor that is a legal entity with offices in New York, New York, so as to serve and will promptly advise the Depositary thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Waiver of Personal Service of Process*. In the event the Company fails to continue such designation and appointment in full force and effect, the Company hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed.

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Waiver of Immunities.** To the extent that the Company or any of its properties, assets or revenues may have or may hereafter be entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding from the giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or other matters under or arising out of or in connection with the Shares or Deposited Securities, the ADSs, the ADRs or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **Waiver of Jury Trial**. EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF, BASED ON OR RELATING IN ANY WAY TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY), INCLUDING, WITHOUT LIMITATION, ANY SUIT, ACTION, CLAIM OR PROCEEDING UNDER THE UNITED STATES FEDERAL SECURITIES LAWS. No provision of this Deposit Agreement or any ADR is intended to constitute a waiver or limitation of any rights that a Holder or any Beneficial Owner may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. **Amendment and Restatement of Prior Deposit Agreement**. The Deposit Agreement amends and restates the Prior Deposit Agreement in its entirety to consist exclusively of the Deposit Agreement, and each Prior Receipt is hereby deemed amended and restated to substantially conform to the form of ADR set forth in Exhibit A annexed hereto, except that, to the extent any portion of such amendment and restatement imposes or increases any fees or charges different from those set forth herein (other than charges in connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or otherwise materially prejudices any substantial existing right of Holders of Prior Receipts or Beneficial Owners of ADSs evidenced by such Prior Receipts, such portion shall not become effective as to such Holders or Beneficial Owners with respect to such Prior Receipt until thirty (30) days after such Holders shall have received notice thereof, such notice to be conclusively deemed given upon the mailing to such Holders of notice of such amendment and restatement which notice contains a provision whereby such Holders can receive a copy of the form of ADR.

[ *Signature page follows* ]

![](tm2533776d1_ex-4img02.jpg)

IN WITNESS WHEREOF, ARGO BLOCKCHAIN PLC and JPMORGAN CHASE BANK, N.A. have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof, or upon acquisition of any beneficial interest therein.

---

| | | |
|:---|:---|:---|
| **ARGO BLOCKCHAIN PLC** | **ARGO BLOCKCHAIN PLC** | **ARGO BLOCKCHAIN PLC** |
| By: | /s/ Justin Nolan | /s/ Justin Nolan |
|  | Name: | Justin Nolan |
|  | Title: | Chief Executive Officer |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | /s/ Timothy E. Green | /s/ Timothy E. Green |
|  | Name: | Timothy E. Green |
|  | Title: | Vice President |

---

*[Signature Page to Deposit Agreement]*

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EXHIBIT A

ANNEXED TO AND INCORPORATED IN

<u>DEPOSIT AGREEMENT</u>

[FORM OF FACE OF ADR]

---

| | |
|:---|:---|
| _____ | No. of ADSs: |
| Number |  |
|  | Each ADS represents |
|  | Two Thousand One |
|  | Hundred Sixty (2160) |
|  | Shares |
|  | CUSIP: |

---

AMERICAN DEPOSITARY RECEIPT

evidencing

AMERICAN DEPOSITARY SHARES

representing

ORDINARY SHARES

of

ARGO BLOCKCHAIN PLC

(Incorporated under the laws of England and Wales)

JPMORGAN CHASE BANK, N.A., a national banking association organized under the laws of the United States of America, as depositary hereunder (in such capacity, the "**Depositary**"), hereby certifies that __________________________is the registered owner (a "**Holder**") of _______________American depositary shares ("**ADSs**"), each (subject to paragraph (13) (*Changes Affecting Deposited Securities*)) representing two thousand one hundred sixty (2,160) ordinary shares (including the rights to receive Shares described in paragraph (1) (*Issuance of ADSs*), "**Shares**" and, together with any other securities, cash or property from time to time held by the Depositary in respect or in lieu of deposited Shares, the "**Deposited Securities**"), of ARGO BLOCKCHAIN PLC, a public limited company incorporated under the laws of England and Wales (the "**Company**"), deposited under the Amended and Restated Deposit Agreement, dated as of December 12, 2025 (as amended from time to time, the "**Deposit Agreement**"), among the Company, the Depositary and all Holders and Beneficial Owners from time to time of American Depositary Receipts issued thereunder ("**ADRs**"), each of whom by accepting an ADR becomes a party thereto. The Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to the application of the conflict of law principles thereof. All capitalized terms used herein, and not defined herein, shall have the meanings ascribed to such terms in the Deposit Agreement.

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Issuance of ADSs**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Issuance*. This ADR is one of the ADRs issued under the Deposit Agreement. Subject to the other provisions hereof, the Depositary may so issue ADRs for delivery at the Transfer Office only against deposit of: (i) Shares in a form satisfactory to the Custodian; or (ii) rights to receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording Share ownership or transactions. At the request, risk and expense of the person depositing Shares or rights to receive Shares, the Depositary may accept such Shares and/or deposits for forwarding to the Custodian and may deliver ADRs at a place other than its office. Shares or evidence of rights to receive Shares may be deposited through (x) electronic transfer of such Shares to the account maintained by the Custodian for such purpose at CREST, (y) evidence satisfactory to the Custodian of irrevocable instructions to cause such Shares to be transferred to such account or (z) delivery of the certificates representing such Shares. If use of the CREST book-entry system in connection with the Shares is discontinued at any time for any reason, the Company shall make other book-entry arrangements (if any) that it determines, after consultation with the Depositary, are reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Lending*. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Representations and Warranties of Depositors*. Every person depositing Shares under the Deposit Agreement represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Shares and the certificates therefor are duly authorized, validly
 issued and outstanding, fully paid, nonassessable and legally obtained by such person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all pre-emptive and comparable rights, if any, with respect to such
 Shares have been validly waived or exercised,

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the person making such deposit is duly authorized so to do,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Shares presented for deposit are free and clear of any lien, encumbrance,
 security interest, charge, mortgage or adverse claim and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such Shares (A) are not "restricted securities" as such term
 is defined in Rule 144 under the Securities Act of 1933 ()"**Restricted Securities** ")
 unless at the time of deposit the requirements of paragraphs (c), (e), (f) and (h) of Rule
 144 shall not apply and such Shares may be freely transferred and may otherwise be offered
 and sold freely in the United States or (B) have been registered under the Securities Act
 of 1933. To the extent the person depositing Shares is an "affiliate" of the Company
 as such term is defined in Rule 144, the person also represents and warrants that upon the
 sale of the ADSs, all of the provisions of Rule 144 that enable the Shares to be freely sold
 (in the form of ADSs) will be fully complied with and, as a result thereof, all of the ADSs
 issued in respect of such Shares will not be on the sale thereof, Restricted Securities.

Such representations and warranties shall survive the deposit and withdrawal of Shares and the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. If any of the representations or warranties are incorrect in any way, the Company and the Depositary may, at the cost of the breaching Holder (including, without limitation, any Holder acting on behalf of a third party) and/or Beneficial Owner, take any and all actions necessary to correct the consequences of such misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Depositary may refuse to accept for such deposit any Shares identified by the Company in order to facilitate compliance with the requirements of the securities laws, rules and regulations of the United States, including, without limitation, the Securities Act of 1933 and the rules and regulations made thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Withdrawal of Deposited Securities**. Subject to paragraphs (4) (*Certain Limitations to Registration, Transfer etc.*), (5) (*Liability of Holder or Beneficial Owner for Taxes, Duties and Other Charges*) and (7) (*Charges of Depositary*) and to the provisions of or governing the Deposited Securities (including, without limitation, the Company's governing documents and all applicable laws, rules and regulations), upon surrender of (a) a certificated ADR in a form satisfactory to the Depositary at the Transfer Office or (b) proper instructions and documentation in the case of a Direct Registration ADR, the Holder hereof is entitled to delivery at the Custodian's office (or from the Custodian to the extent dematerialized) of the Deposited Securities at the time represented by the ADSs evidenced by this ADR. At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited Securities (including any certificates therefor) at such other place as may have been requested by the Holder. Notwithstanding any other provision of the Deposit Agreement or this ADR, the withdrawal of Deposited Securities may be restricted only for the reasons set forth in General Instruction I.A.(1) of Form F-6 (as such instructions may be amended from time to time) under the Securities Act of 1933.

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Transfers, Split-Ups and Combinations of ADRs**. The Depositary or its agent will keep, at a designated transfer office (the "**Transfer Office**"), (a) a register (the "**ADR Register**") for the registration, registration of transfer, combination and split-up of ADRs, and, in the case of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times will be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business of the Company or a matter relating to the Deposit Agreement and (b) facilities for the delivery and receipt of ADRs. The term ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities represented by the ADSs evidenced hereby), when properly endorsed (in the case of ADRs in certificated form) and/or upon delivery to the Depositary of proper instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under the laws of the State of New York; <u>provided</u> that the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement or any ADR to any Beneficial Owner, unless such Beneficial Owner is the Holder hereof. Subject to paragraphs (4) (*Certain Limitations to Registration, Transfer, etc.*) and (5) (*Liability of Holder or Beneficial Owner for Taxes, Duties and Other Charges*), this ADR is transferable on the ADR Register and may be split into other ADRs or combined with other ADRs into one ADR, evidencing the aggregate number of ADSs surrendered for split-up or combination, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer and duly stamped as may be required by applicable law; <u>provided</u> that the Depositary may close the ADR Register (and/or any portion thereof) at any time or from time to time when deemed expedient by it. Additionally, at the reasonable request of the Company, the Depositary may close the issuance book portion of the ADR Register solely in order to enable the Company to comply with applicable law; <u>provided</u> that the Depositary shall have no liability and shall be indemnified by the Company in such event. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated ADR with a Direct Registration ADR, or vice versa, execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the certificated ADR or Direct Registration ADR, as the case may be, substituted.

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Certain Limitations to Registration, Transfer, etc**. Prior to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery of any distribution in respect thereof, or, subject to the last sentence of paragraph (2) (*Withdrawal of Deposited Securities*), the withdrawal of any Deposited Securities, and from time to time in the case of clause (b)(ii) of this paragraph (4), the Company, the Depositary or the Custodian may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration of transfers of Shares or other Deposited Securities upon any applicable register and (iii) any applicable charges as provided in paragraph (7) (*Charges of Depositary*) of this ADR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the production of proof satisfactory to it of (i) the identity of any signatory and genuineness of any signature and (ii) such other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial or other ownership of, or interest in, any securities, compliance with applicable law, regulations, provisions of or governing Deposited Securities and terms of the Deposit Agreement and this ADR, as it may deem necessary or proper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) compliance with such regulations as the Depositary may establish consistent with the Deposit Agreement or as the Depositary believes are required, necessary or advisable in order to comply with applicable laws, rules and regulations.

The issuance of ADRs, the acceptance of deposits of Shares, the registration, registration of transfer, split-up or combination of ADRs or, subject to the last sentence of paragraph (2) (*Withdrawal of Deposited Securities*), the withdrawal and delivery of Deposited Securities may be suspended, generally or in particular instances, when the ADR Register or any register for Deposited Securities is closed or when any such action is deemed required, necessary or advisable by the Depositary for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) **Liability of Holder or Beneficial Owner for Taxes, Duties and Other Charges**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Liability for Taxes*. If any tax or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby or any distribution thereon, such tax or other governmental charge shall be paid by the Holder hereof to the Depositary and by holding or owning, or having held or owned, this ADR or any ADSs evidenced hereby, the Holder and all Beneficial Owners hereof and thereof, and all prior Holders and Beneficial Owners hereof and thereof, jointly and severally, agree to indemnify, defend and save harmless each of the Depositary and its agents in respect of such tax or other governmental charge.

![](tm2533776d1_ex-4img02.jpg)

 

Neither the Depositary, nor any of its agents, shall be liable to Holders or Beneficial Owners of the ADSs and ADRs for failure of any of them to comply with applicable tax laws, rules and/or regulations.

Notwithstanding the Depositary's right to seek payment from current and former Holders and Beneficial Owners, the Holder(s) and Beneficial Owner(s) hereof (and all prior Holder(s) and Beneficial Owner(s) hereof) acknowledge and agree that the Depositary has no obligation to seek payment of amounts owing under this paragraph (5) from any current or former Beneficial Owner.

The Depositary may refuse to effect any registration, registration of transfer, split-up or combination hereof or, subject to the last sentence of paragraph (2) (*Withdrawal of Deposited Securities*), any withdrawal of such Deposited Securities until such payment is made.

The Depositary may also deduct from any distributions on or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder hereof any part or all of such Deposited Securities, and may apply such deduction or the proceeds of any such sale in payment of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency, and shall reduce the number of ADSs evidenced hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by the Company; and the Depositary and the Custodian will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by the Depositary or the Custodian.

To the extent not prohibited by law, rule, regulation, fiduciary duty, contractual or confidential obligation or otherwise, the Depositary will forward to the Company such information actually in the Depositary's possession from the transfer records maintained by the Depositary in accordance with the Depositary's policies and procedures as the Company may reasonably request in writing to enable the Company to file any reports required to be filed by the Company with governmental authorities or agencies to comply with applicable law; <u>provided</u>, <u>however</u>, for the avoidance of doubt, the Depositary shall have no liability for the accuracy of any such information and shall not be required to incur or become subject to any risk, liability, cost or expense and shall be indemnified by the Company in connection with the foregoing

![](tm2533776d1_ex-4img02.jpg)

If the Depositary determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is obligated to withhold, the Depositary may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the Holders entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnification Related to Taxes*. Each Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian and any of their respective officers, directors, employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained which obligations shall survive any transfer or surrender of ADSs or the termination of the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) **Disclosure of Interests**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. To the extent that the provisions of or governing any Deposited Securities may require disclosure of or impose limits on beneficial or other ownership of, or interest in, Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure or limits, Holders and Beneficial Owners agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable Company instructions in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Jurisdiction Specific*. Any summary of the laws, rules and regulations of England and Wales and of the terms of the Company's constituent documents has been provided by the Company solely for the convenience of Holders, Beneficial Owners and the Depositary. While such summaries are believed by the Company to be accurate as of the date of the Deposit Agreement, they are (i) summaries and as such may not include all aspects of the materials summarized as applicable to a Holder or Beneficial Owner, and (ii) provided by the Company as of the date of the Deposit Agreement. The Holder or Beneficial Owner acknowledges that these laws and regulations and the Company's constituent documents may change after the date of the Deposit Agreement. Neither the Depositary nor the Company has any obligation to update any such summaries.

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) **Charges of Depositary**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Rights of the Depositary*. The Depositary may charge, and collect from, (i) each person to whom ADSs are issued, including, without limitation, issuances against deposits of Shares, issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined in paragraph (10) (*Distributions on Deposited Securities*)), issuances pursuant to a stock dividend or stock split declared by the Company, or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or the Deposited Securities, and (ii) each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason, a fee of up to U.S.$5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled or surrendered, or upon which a Share Distribution or elective distribution is made or offered (as the case may be). The Depositary may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions, Rights and Other Distributions prior to such deposit to pay such charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Additional Fees, Charges and Expenses by the Depositary*. The following additional fees, charges and expenses shall also be incurred by the Holders, the Beneficial Owners, by any party depositing or withdrawing Shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuances pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the ADSs or the Deposited Securities or a distribution of ADSs pursuant to paragraph (10) (*Distributions on Deposited Securities*)), whichever is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a fee of up to U.S.$0.05 per ADS held for any Cash distribution made,
 or for any elective cash/stock dividend offered, pursuant to the Deposit Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a fee of up to U.S.$0.05 per ADS held for the direct or indirect distribution
 of securities (other than ADSs or rights to purchase additional ADSs pursuant to paragraph
 (10) hereof) or the net cash proceeds from the public or private sale of any such securities,
 regardless of whether any such distribution and/or sale is made by, for, or received from,
 or (in each case) on behalf of, the Depositary, the Company and/or any third party (which
 fee may be assessed against Holders as of a record date set by the Depositary),

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an aggregate fee of up to U.S.$0.05 per ADS per calendar year (or
 portion thereof) for services performed by the Depositary in administering the ADRs (which
 fee may be charged on a periodic basis during each calendar year and shall be assessed against
 Holders as of the record date or record dates set by the Depositary during each calendar
 year and shall be payable at the sole discretion of the Depositary by billing such Holders
 or by deducting such charge from one or more cash dividends or other cash distributions),
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount for the reimbursement of such charges and expenses as are
 incurred by the Depositary and/or any of its agents (including, without limitation, the Custodian,
 as well as charges and expenses incurred on behalf of Holders in connection with compliance
 with foreign exchange control regulations or any law or regulation relating to foreign investment)
 in connection with the servicing of the Shares or other Deposited Securities, the sale of
 securities (including, without limitation, Deposited Securities), the delivery of Deposited
 Securities or otherwise in connection with the Depositary's or its Custodian's compliance
 with applicable law, rule or regulation (which charges and expenses may be assessed on a
 proportionate basis against Holders as of the record date or dates set by the Depositary
 and shall be payable at the sole discretion of the Depositary by billing such Holders or
 by deducting such charge or expense from one or more cash dividends or other cash distributions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Obligations, Fees, Charges and Expenses*. The Company will pay all other fees, charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant to agreements from time to time between the Company and the Depositary, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) stock transfer or other taxes and other governmental charges (which
 are payable by Holders or persons depositing Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a transaction fee per cancellation request (including any cancellation
 request made through SWIFT, facsimile transmission or any other method of communication)
 as disclosed on the "Disclosures" page (or successor page) of <u>www.adr.com</u> (as updated by the Depositary from time to time, "**ADR.com**") and any applicable
 delivery expenses (which are payable by such persons or Holders); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) transfer or registration expenses for the registration or transfer
 of Deposited Securities on any applicable register in connection with the deposit or withdrawal
 of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing
 Deposited Securities).

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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;(d) *Foreign Exchange Related Matters*. To facilitate the administration of various depositary receipt transactions, including disbursement of dividends or other cash distributions and other corporate actions, the Depositary may engage the foreign exchange desk within JPMorgan Chase Bank, N.A. (the "**Bank**") and/or its affiliates in order to enter into spot foreign exchange transactions to convert foreign currency into U.S. dollars ("**FX Transactions**"). For certain currencies, FX Transactions are entered into with the Bank or an affiliate, as the case may be, acting in a principal capacity. For other currencies, FX Transactions are routed directly to and managed by an unaffiliated local custodian (or other third-party local liquidity provider), and neither the Bank nor any of its affiliates is a party to such FX Transactions.

The foreign exchange rate applied to an FX Transaction will be either (i) a published benchmark rate, or (ii) a rate determined by a third-party local liquidity provider, in each case plus or minus a spread, as applicable. The Depositary will disclose which foreign exchange rate and spread, if any, apply to such currency on the "Disclosures" page (or successor page) of ADR.com. Such applicable foreign exchange rate and spread may (and neither the Depositary, the Bank nor any of their affiliates is under any obligation to ensure that such rate does not) differ from rates and spreads at which comparable transactions are entered into with other customers or the range of foreign exchange rates and spreads at which the Bank or any of its affiliates enters into foreign exchange transactions in the relevant currency pair on the date of the FX Transaction. Additionally, the timing of execution of an FX Transaction varies according to local market dynamics, which may include regulatory requirements, market hours and liquidity in the foreign exchange market or other factors. Furthermore, the Bank and its affiliates may manage the associated risks of their position in the market in a manner they deem appropriate without regard to the impact of such activities on the Company, the Depositary, Holders or Beneficial Owners. The spread applied does not reflect any gains or losses that may be earned or incurred by the Bank and its affiliates as a result of risk management or other hedging related activity.

Notwithstanding the foregoing, to the extent the Company provides U.S. dollars to the Depositary, neither the Bank nor any of its affiliates will execute an FX Transaction as set forth herein. In such case, the Depositary will distribute the U.S. dollars received from the Company.

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Further details relating to the applicable foreign exchange rate, the applicable spread and the execution of FX Transactions will be provided by the Depositary on ADR.com. The Company, Holders and Beneficial Owners each acknowledge and agree that the terms applicable to FX Transactions disclosed from time to time on ADR.com will apply to any FX Transaction executed pursuant to the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The right of the Depositary to charge and receive payment of fees, charges and expenses as provided above shall survive the termination of the Deposit Agreement. Upon the resignation or removal of the Depositary, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Disclosure of Potential Depositary Payments*. The Depositary anticipates reimbursing the Company for certain expenses incurred by the Company that are related to the establishment and maintenance of the ADR program upon such terms and conditions as the Company and the Depositary may agree from time to time. The Depositary may make available to the Company a set amount or a portion of the Depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as the Company and the Depositary may agree from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Under certain limited circumstances, the Depositary may reduce or waive certain fees, charges and expenses provided herein and in the Deposit Agreement, including, without limitation, those described in this paragraph (7) that would normally be charged on ADSs issued to or at the direction of, or otherwise held by, the Company and/ or certain Holders and Beneficial Owners and holders and beneficial owners of Shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) **Available Information**. The Deposit Agreement, the provisions of or governing Deposited Securities and any written communications from the Company, which are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders of Deposited Securities, are available for inspection by Holders at the offices of the Depositary in the United States, on the Commission's Internet Website or upon request to the Depositary (which request may be refused by the Depositary at its discretion). The Depositary will distribute copies of such communications (or English translations or summaries thereof) to Holders when furnished by the Company.

![](tm2533776d1_ex-4img02.jpg)

The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files certain reports with the Commission. These reports can be inspected and retrieved by Holders and Beneficial Owners through the EDGAR system on the Commission's Internet Website located as of the date of the Deposit Agreement at www.sec.gov and can be inspected and copied at the public reference facilities maintained by the Commission, located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington, D.C. 20549. Each Holder and Beneficial Owner of an ADR and/or interest therein by so holding or owning an ADR and/or an interest therein, acknowledges and agrees that the Depositary (i) is relying, and may so rely, solely on the Company's representations, warranties, covenants and agreements in Section 13(a) of the Deposit Agreement and this paragraph (8) of the form of ADR (*Available Information*), (ii) does not assume any duty or responsibility to determine if the Company is in compliance with the registration, reporting and other requirements of the Securities Exchange Act of 1934, and (iii) may, and is expressly authorized by each Holder and Beneficial Owner of an ADR and/or an interest therein to, represent, warrant and certify that, based on such representations, warranties, covenants and agreements of the Company, the Company is in compliance with the registration, reporting and other requirements of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) **Execution**. This ADR shall not be valid for any purpose unless executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary.

Dated:

---

| |
|:---|
| JPMORGAN CHASE BANK, N.A., as Depositary |
| By |
| Authorized Officer |

---

The Depositary's office is located at 270 Park Avenue, Floor 8, New York, New York 10017.

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[FORM OF REVERSE OF ADR]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) **Distributions on Deposited Securities; Sales**. Subject to paragraphs (4) (*Certain Limitations to Registration, Transfer etc.*) and (5) (*Liability of Holder or Beneficial Owner for Taxes, Duties and other Charges*), to the extent practicable, the Depositary will distribute to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder's address shown on the ADR Register, in proportion to the number of Deposited Securities (on which the following distributions on Deposited Securities are received by the Custodian) represented by ADSs evidenced by such Holder's ADRs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Cash*. Any U.S. dollars available to the Depositary resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof authorized in this paragraph (10) ("**Cash**"), on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution being permissible or practicable with respect to certain Holders, and (iii) deduction of the Depositary's and/or its agents' fees and expenses in (1) converting any foreign currency to U.S. dollars by sale or in such other manner as the Depositary may determine to the extent that it determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner.

To the extent that any of the Deposited Securities are not or shall not be entitled, by reason of the applicable date of issuance, or otherwise, to receive the full amount of such cash dividend, distribution, or net proceeds of sales, the Depositary shall make appropriate adjustments in the amounts distributed to the Holders issued in respect of such Deposited Securities. To the extent the Company or the Depositary shall be required to withhold and does withhold from any cash dividend, distribution or net proceeds from sales in respect of any Deposited Securities an amount on account of taxes, the amount distributed on the ADSs issued in respect of such Deposited Securities shall be reduced accordingly.

To the extent the Depositary determines in its discretion that it would not be permitted by applicable law, rule or regulation, or it would not otherwise be practicable, to convert foreign currency into U.S. dollars and/or distribute such U.S. dollars to any or all of the Holders entitled thereto, the Depositary may in its discretion distribute some or all of the foreign currency received by the Depositary as it deems permissible and practicable to, or retain and hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Holders entitled to receive the same.

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Shares*. (i) Additional ADRs evidencing whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on Deposited Securities consisting of Shares (a "**Share Distribution**") and (ii) U.S. dollars available to it resulting from the net proceeds of public or private sales of Shares received in a Share Distribution, which Shares would give rise to fractional ADSs if additional ADRs were issued therefor, as in the case of Cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Rights*. (i) Warrants or other instruments in the discretion of the Depositary representing rights to acquire additional ADRs in respect of any rights to subscribe for additional Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities ("**Rights**"), to the extent that the Company timely furnishes to the Depositary evidence satisfactory to the Depositary that the Depositary may lawfully distribute the same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does not so furnish such evidence and sales of Rights are practicable, any U.S. dollars available to the Depositary from the net proceeds of the public or private sales of Rights as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and/or such sales cannot practicably be accomplished by reason of the non-transferability of the Rights, limited markets therefor, their short duration or otherwise, nothing (and any Rights may lapse).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Other Distributions*. (i) Securities or property available to the Depositary resulting from any distribution on Deposited Securities other than Cash, Share Distributions and Rights ("**Other Distributions**"), by any means that the Depositary may deem equitable and practicable, or (ii) to the extent the Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S. dollars available to the Depositary from the net proceeds of public or private sales of Other Distributions as in the case of Cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that the Depositary determines in its discretion that any distribution pursuant to this paragraph (10) (*Distributions on Deposited Securities*) would not be permissible by applicable law, rule or regulation, or is not otherwise practicable with respect to any or all Holders, the Depositary may (after consultation with the Company, if practicable, in the case where the Depositary believes such distribution is not practicable with respect to all Holders) make such distribution as it so deems permissible and practicable, including the distribution of some or all of any Cash, foreign currency, securities or other property (or appropriate documents evidencing the right to receive some or all of any such Cash, foreign currency, securities or other property), and/or the Depositary may retain and hold some or all of such Cash, foreign currency, securities or other property as Deposited Securities with respect to the applicable Holders' ADRs (without liability for interest thereon or the investment thereof).

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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;(f) To the extent the Depositary retains and holds any Cash, foreign currency, securities or other property as permitted under this paragraph (10) (*Distributions on Deposited Securities*), any and all fees, charges and expenses related to, or arising from, the holding thereof (including, but not limited to those provided in paragraph (7) of this form of ADR (*Charges of Depositary*)) shall be paid from such Cash, foreign currency, securities or other property, or the net proceeds from the sale thereof, thereby reducing the amount so held hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Sales*. In all instances where the Deposit Agreement or the form of ADR refers to a "sale" (or words of similar import) of securities or property, the Depositary may, but shall not be obligated, to effect any such sale unless the securities to be sold are listed and publicly traded on a securities exchange or there is a public market for the property to be sold. To the extent the securities are not so listed and publicly traded or there is no public market for the property so distributed by the Company:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Depositary shall, in the event the Deposit Agreement is terminated and the Depositary holds Deposited Securities that are not listed and publicly traded or property for which there is no public market after the Termination Date, act in accordance with paragraph (17)(b) of the form of ADR in respect of such securities and property; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event the Depositary or its Custodian receives (A) an Other Distribution under paragraph (10) consisting of securities or property that are not distributed by the Depositary pursuant to this paragraph (10) or (B) a distribution of Rights that falls under subparagraph (10)(c)(iii) above, the Depositary will not terminate the Deposit Agreement under paragraph (17)(a)(ii)(D) of the form of ADR but, in lieu of termination, the Depositary will, in the case of an Other Distribution, be deemed to have sold the aggregate number of securities and/or property so received for nominal value and shall have no obligation to distribute such securities or any proceeds from the deemed sale thereof to the Holders and, in the case of Rights that fall under subparagraph (10)(c)(iii) above, allow such Rights to lapse.

Furthermore, in the event the Depositary endeavors to make a sale of Shares, other securities or property, such securities and/or property may be sold in a block sale or single lot transaction.

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The Depositary reserves the right to utilize a division, branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or private sale of securities and/or property hereunder. Such division, branch and/or affiliate may charge the Depositary a fee in connection with such sales, which fee is considered an expense of the Depositary contemplated above and/or under paragraph (7) (*Charges of Depositary*). All purchases and sales of securities will be handled by the Depositary in accordance with its then current policies, which are currently set forth on the "Disclosures" page (or successor page) of ADR.com, the location and contents of which the Depositary shall be solely responsible for.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any U.S. dollars available will be paid via wire transfer and/or distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the Depositary in accordance with its then current practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) **Record Dates**. The Depositary may, after consultation with the Company if practicable, fix a record date (which, to the extent applicable, shall be as near as practicable to any corresponding record date set by the Company) for the determination of the Holders who shall be responsible for the fee assessed by the Depositary for administration of the ADR program and for any expenses provided for in paragraph (7) hereof as well as for the determination of the Holders who shall be entitled to receive any distribution on or in respect of Deposited Securities, to give instructions for the exercise of any voting rights, to receive any notice or to act in respect of other matters and only such Holders shall be so entitled or obligated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) **Voting of Deposited Securities**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Notice of Any Meeting or Solicitation*. As soon as practicable after receipt of notice of any meeting at which the holders of Shares are entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall fix the ADS record date in accordance with paragraph (11) above provided that if the Depositary receives a written request from the Company in a timely manner and at least thirty (30) days prior to the date of such vote or meeting, the Depositary shall, at the Company's expense, distribute to Holders a notice (the "**Voting Notice**") stating (i) final information particular to such vote and meeting and any solicitation materials, (ii) that each Holder on the record date set by the Depositary will, subject to any applicable provisions of the laws of England and Wales, be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by the ADSs evidenced by such Holder's ADRs and (iii) the manner in which such instructions may be given, including instructions to give a discretionary proxy to a person designated by the Company. Each Holder shall be solely responsible for the forwarding of Voting Notices to the Beneficial Owners of ADSs registered in such Holder's name. There is no guarantee that Holders and Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient time to enable such Holder or Beneficial Owner to return any voting instructions to the Depositary in a timely manner.

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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;(b) *Voting of Deposited Securities*. Following actual receipt by the ADR department responsible for proxies and voting of Holders' instructions (including, without limitation, instructions of any entity or entities acting on behalf of the nominee for DTC), the Depositary shall, in the manner and on or before the time established by the Depositary for such purpose, endeavor to vote or cause to be voted the Deposited Securities represented by the ADSs evidenced by such Holders' ADRs in accordance with such instructions insofar as practicable and permitted under the provisions of or governing Deposited Securities. The Depositary will not itself exercise any voting discretion in respect of any Deposited Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Alternative Methods of Distributing Materials.* Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by any law, rule or regulation or by the rules, regulations or requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of or solicitation of consents or proxies from holders of Deposited Securities, distribute to the Holders a notice that provides Holders with or otherwise publicizes to Holders instructions on how to retrieve such materials or receive such materials upon request (*i.e.*, by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). Holders are strongly encouraged to forward their voting instructions as soon as possible. Voting instructions will not be deemed received until such time as the ADR department responsible for proxies and voting has received such instructions, notwithstanding that such instructions may have been physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Manner of Voting*. The Depositary has been advised by the Company that under the laws of England and Wales and the Memorandum and Articles of Association of the Company, each as in effect as of the date of the Deposit Agreement, voting at any meeting of shareholders of the Company is by poll voting whereby the votes on a resolution are calculated by reference to the number of shares held by members present at the meeting in person, by proxy or corporate representative and members casting votes in advance, rather than by reference to the number of physical attendees at the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) **Changes Affecting Deposited Securities**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraphs (4) (*Certain Limitations to Registration, Transfer etc.*) and (5) (*Liability of Holder or Beneficial Owner for Taxes, Duties and Other Charges*), the Depositary may, in its discretion, and shall if reasonably requested by the Company, amend this ADR or distribute additional or amended ADRs (with or without calling this ADR for exchange) or cash, securities or property on the record date set by the Depositary therefor to reflect any change in par value, split-up, consolidation, cancellation or other reclassification of Deposited Securities, any Share Distribution or Other Distribution not distributed to Holders or any cash, securities or property available to the Depositary in respect of Deposited Securities from (and the Depositary is hereby authorized to surrender any Deposited Securities to any person and, irrespective of whether such Deposited Securities are surrendered or otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public or private sale any property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent the Depositary does not so amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or property results from any of the foregoing shall constitute Deposited Securities and each ADS evidenced by this ADR shall automatically represent its pro rata interest in the Deposited Securities as then constituted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly upon the occurrence of any of the aforementioned changes affecting Deposited Securities, the Company shall notify the Depositary in writing of such occurrence and as soon as practicable after receipt of such notice from the Company, may instruct the Depositary to give notice thereof, at the Company's expense, to Holders in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall give notice to the Holders in accordance with the terms thereof, as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) **Exoneration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Force Majeure, Limitations on Liability and Obligations*. The Depositary, the Company, and each of their respective directors, officers, employees, agents and affiliates and each of them shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) incur or assume no liability (including, without limitation, to Holders
 or Beneficial Owners) (A) if any present or future law, rule, regulation, fiat, order or
 decree of England and Wales, the United States or any other country or jurisdiction, or of
 any governmental or regulatory authority or any securities exchange or market or automated
 quotation system, the provisions of or governing any Deposited Securities, any present or
 future provision of the Company's charter, any act of God, war, terrorism, epidemic, pandemic,
 nationalization, expropriation, currency restrictions, extraordinary market conditions, work
 stoppage, strike, civil unrest, revolutions, rebellions, explosions, cyber, ransomware or
 malware attack, computer failure or circumstance beyond its direct and immediate control
 shall prevent or delay, or shall cause any of them to be subject to any civil or criminal
 penalty in connection with, any act which the Deposit Agreement or this ADR provides shall
 be done or performed by it or them (including, without limitation, voting pursuant to paragraph
 (12) hereof), or (B) by reason of any non-performance or delay, caused as aforesaid, in the
 performance of any act or things which by the terms of the Deposit Agreement it is provided
 shall or may be done or performed or any exercise or failure to exercise any discretion given
 it in the Deposit Agreement or this ADR (including, without limitation, any failure to determine
 that any distribution or action may be lawful or reasonably practicable);

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) incur or assume no liability (including, without limitation, to Holders
 or Beneficial Owners) except to perform its obligations to the extent they are specifically
 set forth in this ADR and the Deposit Agreement without gross negligence or willful misconduct
 and the Depositary shall not be a fiduciary or have any fiduciary duty to Holders or Beneficial
 Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of the Depositary and its agents, be under no obligation
 to appear in, prosecute or defend any action, suit or other proceeding in respect of any
 Deposited Securities, the ADSs or this ADR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of the Company and its agents hereunder be under no obligation
 to appear in, prosecute or defend any action, suit or other proceeding in respect of any
 Deposited Securities, the ADSs or this ADR, which in its opinion may involve it in expense
 or liability, unless indemnity satisfactory to it against all expense (including fees and
 disbursements of counsel) and liability be furnished as often as may be required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not be liable (including, without limitation, to Holders or Beneficial
 Owners) for any action or inaction by it in reliance upon the advice of or information from
 any legal counsel, any accountant, any person presenting Shares for deposit, any Holder,
 or any other person believed by it to be competent to give such advice or information and/or,
 in the case of the Depositary, the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Insolvency, Liability, etc., of Custodian, Securities Depository, Clearing Agency or Settlement System*. The Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. Notwithstanding anything to the contrary contained in the Deposit Agreement (including the ADRs) and, subject to the further limitations set forth in clause (o) of this paragraph (14), the Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian having (i) committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian is located.

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The Depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Depositary, its agents and the Company may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by them to be genuine and to have been signed, presented or given by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Depositary shall be under no obligation to inform Holders or Beneficial Owners about the requirements of the laws, rules or regulations or any changes therein or thereto of England and Wales, the United States or any other country or jurisdiction or of any governmental or regulatory authority or any securities exchange or market or automated quotation system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which any voting instructions are given, including instructions to give a discretionary proxy to a person designated by the Company, for the manner in which any vote is cast, including, without limitation, any vote cast by a person to whom the Depositary is instructed to grant a discretionary proxy pursuant to paragraph (12) hereof, or for the effect of any such vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Depositary shall endeavor to effect any sale of securities or other property and any conversion of currency, securities or other property, in each case as is referred to or contemplated in the Deposit Agreement or the form of ADR, in accordance with the Depositary's normal practices and procedures under the circumstances applicable to such sale or conversion, but shall have no liability (in the absence of its own willful default or gross negligence or that of its agents, officers, directors or employees) with respect to the terms of any such sale or conversion, including the price at which such sale or conversion is effected, or if such sale or conversion shall not be practicable, or shall not be believed, deemed or determined to be practicable by the Depositary. Specifically, the Depositary shall not have any liability for the price received in connection with any public or private sale of securities (including, without limitation, for any sale made at a nominal price), the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed sale.

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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;(g) The Depositary shall not incur any liability in connection with or arising from any failure, inability or refusal by the Company or any other party, including any share registrar, transfer agent or other agent appointed by the Company, the Depositary or any other party, to process any transfer, delivery or distribution of cash, Shares, other securities or other property, including without limitation upon the termination of the Deposit Agreement, or otherwise to comply with any provisions of the Deposit Agreement that are applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Depositary may rely upon instructions from the Company or its counsel in respect of any approval or license required for any currency conversion, transfer or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Depositary and its agents may own and deal in any class of securities of the Company and its affiliates and in ADRs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary set forth in the Deposit Agreement or an ADR, the Depositary and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR or ADRs or otherwise related hereto or thereto to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) None of the Depositary, the Custodian or the Company, or any of their respective directors, officers, employees, agents or affiliates shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits or refunds of non-U.S. tax paid against such Holder's or Beneficial Owner's income tax liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Depositary is under no obligation to provide the Holders and Beneficial Owners, or any of them, with any information about the tax status of the Company. None of the Depositary, the Custodian or the Company, or any of their respective directors, officers, employees, agents and affiliates, shall incur any liability for any tax or tax consequences that may be incurred by Holders or Beneficial Owners on account of their ownership or disposition of the ADRs or ADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Depositary shall not incur any liability for the content of any information submitted to it by or on behalf of the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company.

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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;(n) Notwithstanding anything herein or in the Deposit Agreement to the contrary, the Depositary and the Custodian(s) may use third-party delivery services and providers of information regarding matters such as, but not limited to, pricing, proxy voting, corporate actions, class action litigation and other services in connection herewith and the Deposit Agreement, and use local agents to provide services such as, but not limited to, attendance at any meetings of security holders of issuers. Although the Depositary and the Custodian will use reasonable care (and cause their agents to use reasonable care) in the selection and retention of such third-party providers and local agents, they will not be responsible for any errors or omissions made by them in providing the relevant information or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company has agreed to indemnify the Depositary and its agents under certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Notwithstanding any other provision of the Deposit Agreement or this ADR to the contrary, neither the Depositary nor any of its agents shall be liable for any indirect, special, punitive or consequential damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity (including, without limitation, Holders and Beneficial Owners of ADRs and ADSs), whether or not foreseeable and regardless of the type of action in which such a claim may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) No provision of the Deposit Agreement or this ADR is intended to constitute a waiver or limitation of any rights which Holders or Beneficial Owners may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) **Resignation and Removal of Depositary; the Custodian**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Resignation*. The Depositary may at any time resign as Depositary by providing written notice of its election to do so delivered to the Company. Subject to subparagraph (c) below, the Depositary's resignation shall take effect upon the Company's appointment of a successor depositary and such successor depositary's acceptance of its appointment as provided in the Deposit Agreement.

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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;(b) *Removal*. The Depositary may at any time be removed by the Company by providing no less than sixty (60) days' prior written notice of such removal to the Depositary. Subject to subparagraph (c) below, such removal shall take effect on the later of (i) the sixtieth (60th) day after the Removal Notice Date and (ii) the Company's appointment of a successor depositary and such successor depositary's acceptance of its appointment as provided in the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If either the Depositary provides notice of its resignation (pursuant to subparagraph (a) above) or the Company provides notice of the Depositary's removal (pursuant to subparagraph (b) above), and a successor depositary is not appointed by the sixtieth (60th) day after the Resignation Notice Date or the Removal Notice Date, respectively, the Depositary may terminate the Deposit Agreement and the ADR in the manner set out in paragraph (17) (*Termination*) of this ADR and the provisions of said paragraph (17) shall thereafter govern the Depositary's obligations under the Deposit Agreement and the form of ADR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *The Custodian*. The Depositary may appoint substitute or additional Custodians and the term "**Custodian**" refers to each Custodian or all Custodians as the context requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) **Amendment**. Subject to the last sentence of paragraph (2) (*Withdrawal of Deposited Securities*), the ADRs and the Deposit Agreement may be amended by the Company and the Depositary, <u>provided</u> that any amendment that imposes or increases any fees on a per ADS basis, charges or expenses (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, the transaction fee per cancellation request (including any cancellation request made through SWIFT, facsimile transmission or any other method of communication) described in paragraph (7)(c)(ii) (*Charges of Depositary*) of the form of ADR, applicable delivery expenses or other such fees, charges or expenses), or that shall otherwise prejudice any substantial existing right of Holders or Beneficial Owners, shall become effective thirty (30) days after notice of such amendment shall have been given to the Holders. Every Holder and Beneficial Owner at the time any amendment to the Deposit Agreement so becomes effective shall be deemed, by continuing to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.

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Any amendments or supplements that (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act of 1933 or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders or Beneficial Owners.

Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance.

Notice of any amendment to the Deposit Agreement or the form of ADRs shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (*i.e.*, upon retrieval from the Commission's, the Depositary's or the Company's website or upon request from the Depositary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) **Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Termination by the Depositary and the Company*.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by mailing notice of such termination to the Holders at least thirty (30) days prior to the Termination Date.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Depositary may also terminate the Deposit Agreement by mailing notice of such termination to the Holders at least thirty (30) days prior to the Termination Date <u>if</u> (A) sixty (60) days shall have expired after the Resignation Notice Date and a successor Depositary shall not be operating under the Deposit Agreement, (B) sixty (60) days shall have expired after the Removal Notice Date and a successor Depositary shall not be operating under the Deposit Agreement, (C) the Company is bankrupt, in liquidation proceedings or insolvent, (D) the ADRs are delisted from a "national securities exchange" (that has registered with the Commission under Section 6 of the Securities Exchange Act of 1934), (E) the Company effects (or will effect) a redemption of all or substantially all of the Deposited Securities, or a cash or share distribution representing a return of all or substantially all of the value of the Deposited Securities, (F) there are no Deposited Securities with respect to ADSs remaining, including if the Deposited Securities are cancelled, or the Deposited Securities have been deemed to have no value, or (G) there occurs a merger, consolidation, sale of assets or other transaction as a result of which securities or other property are delivered in exchange for or in lieu of Deposited Securities.

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Additionally, the Depositary may immediately terminate the Deposit Agreement, without prior notice to the Company, any Holder or Beneficial Owner or any other person if (A) required by any law, rule or regulation relating to sanctions by any governmental authority or body, (B) the Depositary would be subject to liability under or pursuant to any law, rule or regulation, or (C) required by any governmental authority or body, in each case as determined by the Depositary in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Depositary's Obligations*.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) After the Termination Date, the Depositary and its agents will perform no further acts under the Deposit Agreement and this ADR, except to receive and hold (or sell) distributions on Deposited Securities, deliver Deposited Securities being withdrawn and to take such actions as provided in the next two paragraphs, in each case subject to payment to the Depositary of the applicable fees and expenses provided in paragraph (7) of this Form of ADR (*Charges of Depositary*).

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) After the Termination Date, if the Deposited Securities are listed and publicly traded on a securities exchange and the Depositary believes that it is able, permissible and practicable to sell the Deposited Securities without undue effort, then, the Depositary may endeavor to publicly or privately sell (as long as it may lawfully do so) the Deposited Securities, which sale may be effected in a block sale/single lot transaction and, after the settlement of such sale(s), to the extent legally permissible and practicable, distribute or hold in an account (which may be a segregated or unsegregated account) the net proceeds of such sale(s), less any amounts owing to the Depositary (including, without limitation, cancellation fees), together with any other cash then held by it under the Deposit Agreement, in trust, without liability for interest, for the <u>pro rata</u> benefit of the Holders entitled thereto. If the Depositary sells the Deposited Securities, the Depositary shall be discharged from all, and cease to have any, obligations under the Deposit Agreement and the ADRs after making such sale, except to account for such net proceeds and other cash.

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) However, if the Deposited Securities are not listed and publicly traded on a securities exchange after the Termination Date, or if, for any reason, the Depositary does not sell the Deposited Securities, the Depositary shall use its reasonable efforts to ensure that the ADSs cease to be DTC eligible and that neither DTC nor any of its nominees shall thereafter be a Holder. At such time as the ADSs cease to be DTC eligible and/or neither DTC nor any of its nominees is a Holder, to the extent the Company is not, to the Depositary's knowledge, insolvent or in bankruptcy or liquidation, the Depositary shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cancel this ADR and all other outstanding ADRs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) request DTC to provide the Depositary with information on those
holding ADSs through DTC and, upon receipt thereof, revise the ADR Register to reflect the information provided by DTC,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) instruct its Custodian to deliver all Deposited Securities to
the Company, a subsidiary or affiliate or registered office provider of the Company (the subsidiary or affiliate or registered office
provider being the "**Company Representative**") <u>or</u> an independent trust company engaged by the Company (the "**Trustee** ")
to hold those Deposited Securities in trust for the beneficial owners of the ADRs <u>if</u> the Company is not permitted to hold any
of the Deposited Securities under applicable law and/or the Company has directed the Depositary to deliver such Deposited Securities
to a Company Representative or Trustee along with a stock transfer form and/or such other instruments of transfer covering such Deposited
Securities as are needed under applicable law, in either case referring to the names set forth on the ADR Register, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) provide the Company with a copy of the ADR Register (which copy may
 be sent by email or by any means permitted under the notice provisions of the Deposit Agreement).

Upon receipt of any instrument of transfer covering such Deposited Securities and the ADR Register, the Company shall deliver to each person reflected on such ADR Register appropriate documentation to effect the transfer to such persons of the Deposited Securities previously represented by the ADSs evidenced by their ADRs.

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To the extent the Depositary reasonably believes that the Company is insolvent, or if the Company is in receivership, has filed for bankruptcy and/or is otherwise in restructuring, administration or liquidation, and in any such case the Deposited Securities are not listed and publicly traded on a securities exchange after the Termination Date, or if, for any reason, the Depositary believes it is not able to or cannot practicably sell the Deposited Securities promptly and without undue effort, the Deposited Securities shall be deemed to have no value (and such Holders shall be deemed to have instructed the Depositary that the Deposited Securities have no value). The Depositary may, but shall not be obligated to, and the Holders irrevocably consent and agree that the Depositary may, instruct its Custodian to deliver all Deposited Securities to the Company (acting, as applicable by its administrator, receiver, administrative receiver, liquidator, provisional liquidator, restructuring officer, interim restructuring officer, trustee, controller or other entity overseeing the bankruptcy, insolvency, administration, restructuring or liquidation process) and notify the Company that the Deposited Securities are surrendered for no consideration. The Company shall, subject to applicable law, promptly accept the surrender of the Deposited Securities for no consideration and deliver to the Depositary a written notice confirming (A) the acceptance of the surrender of the Deposited Securities for no consideration and (B) the cancellation of such Deposited Securities. Promptly after notifying the Company that the Deposited Securities are surrendered for no consideration and irrespective of whether the Company has complied with the immediately preceding sentence, the Depositary shall notify Holders that their ADSs have been cancelled with no consideration being payable to Holders.

Upon the Depositary's compliance with the provisions of this subparagraph (17)(b)(iii), the Depositary and its agents shall be discharged from all, and cease to have any, obligations under the Deposit Agreement and the ADRs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Company's Obligations*. After the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations under this paragraph (17) and its obligations to the Depositary and its agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Establishment of Unsponsored ADR Program*. Notwithstanding anything to the contrary, in connection with any termination pursuant to this paragraph (17), the Depositary may, in its sole discretion and without notice to the Company, establish an unsponsored American depositary share program (on such terms as the Depositary may determine) for the Shares and make available to Holders a means to withdraw the Shares represented by the ADSs issued under the Deposit Agreement and to direct the deposit of such Shares into such unsponsored American depositary share program, subject, in each case, to receipt by the Depositary, at its discretion, of the fees, charges and expenses provided for in paragraph (7) hereof and the fees, charges and expenses applicable to the unsponsored American depositary share program; <u>provided</u>, <u>however</u>, that the Company shall not be required to pay the Depositary any fees, charges or expenses for the establishment of an unsponsored American depositary share program by the Depositary pursuant to this paragraph.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) **Appointment; Acknowledgements and Agreements**. Each Holder and each Beneficial Owner, upon acceptance of any ADSs or ADRs (or any interest in any of them) issued in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof, and (c) acknowledge and agree that (i) nothing in the Deposit Agreement or any ADR shall give rise to a partnership or joint venture among the parties thereto, nor establish a fiduciary or similar relationship among such parties, (ii) the Depositary, its divisions, branches and affiliates, and their respective agents, may from time to time be in the possession of non-public information about the Company, Holders, Beneficial Owners and/or their respective affiliates, (iii) the Depositary and its divisions, branches and affiliates may at any time have multiple banking relationships with the Company, Holders, Beneficial Owners and/or the affiliates of any of them, (iv) the Depositary and its divisions, branches and affiliates may, from time to time, be engaged in transactions in which parties adverse to the Company or the Holders or Beneficial Owners and/or their respective affiliates may have interests, (v) nothing contained in the Deposit Agreement or any ADR(s) shall (A) preclude the Depositary or any of its divisions, branches or affiliates from engaging in any such transactions or establishing or maintaining any such relationships, or (B) obligate the Depositary or any of its divisions, branches or affiliates to disclose any such transactions or relationships or to account for any profit made or payment received in any such transactions or relationships, (vi) the Depositary shall not be deemed to have knowledge of any information held by any branch, division or affiliate of the Depositary and (vii) notice to a Holder shall be deemed, for all purposes of the Deposit Agreement and this ADR, to constitute notice to any and all Beneficial Owners of the ADSs evidenced by such Holder's ADRs. For all purposes under the Deposit Agreement and this ADR, the Holder hereof shall be deemed to have all requisite authority to act on behalf of any and all Beneficial Owners of the ADSs evidenced by this ADR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) **Waiver**. EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF, BASED ON OR RELATING IN ANY WAY TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY), INCLUDING, WITHOUT LIMITATION, ANY SUIT, ACTION, CLAIM OR PROCEEDING UNDER THE UNITED STATES FEDERAL SECURITIES LAWS. No provision of the Deposit Agreement or this ADR is intended to constitute a waiver or limitation of any rights that a Holder or any Beneficial Owner may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.

![](tm2533776d1_ex-4img02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) **Jurisdiction.** By holding or owning an ADR or ADS or an interest therein, Holders and Beneficial Owners each irrevocably agree that any legal suit, action or proceeding against or involving Holders or Beneficial Owners brought by the Company or the Depositary, arising out of or based upon the Deposit Agreement, the ADSs, the ADRs or the transactions contemplated therein, herein, thereby or hereby, may be instituted in a state or federal court in New York, New York, and by holding or owning an ADR or ADS or an interest therein each irrevocably waives any objection that it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding.

By holding or owning an ADR or ADS or an interest therein, Holders and Beneficial Owners each also irrevocably agree that any legal suit, action or proceeding against or involving the Depositary and/or the Company brought by Holders or Beneficial Owners, arising out of or based upon the Deposit Agreement, the ADSs, the ADRs or the transactions contemplated therein, herein, thereby or hereby, including, without limitation, claims under the Securities Act of 1933, may be instituted only in the United States District Court for the Southern District of New York (or in the state courts of New York County in New York if either (i) the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular dispute or (ii) the designation of the United States District Court for the Southern District of New York as the exclusive forum for any particular dispute is, or becomes, invalid, illegal or unenforceable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) **Elective Distributions in Cash or Shares**. Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least thirty (30) days prior to the proposed distribution stating whether or not it wishes such elective distribution to be made available to Holders. Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iii) the Depositary shall have received satisfactory documentation within the terms of Section 14 of the Deposit Agreement including, without limitation, any legal opinions of counsel in any applicable jurisdiction that the Depositary in its reasonable discretion may request, at the expense of the Company. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made in the local market in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional Shares. If the above conditions are satisfied, the Depositary shall establish a record date and establish procedures to enable Holders to elect the receipt of the proposed dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective dividend in Shares (rather than ADSs). There can be no assurance that Holders or Beneficial Owners generally, or any Holder and/or Beneficial Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.

## Exhibit 99.1

**Exhibit 99.1**

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|  | ![](tm2533776d1_ex-1img01.jpg) |
|  | ![](tm2533776d1_ex-1img01.jpg) |
|  | ![](tm2533776d1_ex-1img01.jpg) |
|  | ![](tm2533776d1_ex-1img01.jpg) |
|  | ![](tm2533776d1_ex-1img01.jpg) |
|  | ![](tm2533776d1_ex-1img01.jpg) |
|  | ![](tm2533776d1_ex-1img01.jpg) |
|  | ![](tm2533776d1_ex-1img01.jpg) |
|  | ![](tm2533776d1_ex-1img01.jpg) |
|  | ![](tm2533776d1_ex-1img01.jpg) |
|  | ![](tm2533776d1_ex-1img01.jpg) |
|  | ![](tm2533776d1_ex-1img01.jpg) |
| **IN THE HIGH COURT OF JUSTICE** | ![](tm2533776d1_ex-1img01.jpg) |
| **BUSINESS AND PROPERTY COURTS OF ENGLAND & WALES** | ![](tm2533776d1_ex-1img01.jpg) |
| **INSOLVENCY AND COMPANIES LIST (CH D)** | ![](tm2533776d1_ex-1img01.jpg) |

---

**Before the Honourable Mr Justice Hildyard**

**On 8 and 10 December 2025**

**IN THE MATTER OF ARGO BLOCKCHAIN PLC**

**AND IN THE MATTER OF THE COMPANIES ACT 2006**

**ARGO BLOCKCHAIN PLC**

**<u>Claimant</u>**

------

**ORDER**

------

**UPON THE CLAIM** by Part 8 Claim Form dated 30 October 2025 ("**Claim Form**") by Argo Blockchain plc, a company incorporated in England & Wales with registered number 11097258 whose registered office is at Eastcastle House, 27-28 Eastcastle Street, London W1W 8DH ("**Plan Company**")

**AND UPON** the Plan Company proposing a restructuring plan pursuant to Part 26A of the Companies Act 2006 (the "**Restructuring Plan**" or "**Plan**") between the Plan Company and the Plan Participants (as defined in the Restructuring Plan), being certain creditors and registered members of the Plan Company

**AND UPON** the Order of Hildyard J dated 6 November 2025 permitting the Plan Company to convene three meetings to consider and vote on the Plan, one of Growler Mining Tuscaloosa, LLC, a supporting creditor ("**Growler**"), one of the Noteholders, and one of the Shareholders

**AND UPON READING** the Claim Form, the Restructuring Plan and the witness statements of **(i)** Justin Nolan of the Plan Company dated 28 November 2025 and 3 December 2025 **(ii)** David Robinson of Fladgate LLP, solicitors to the Plan Company dated 27 November 2025 and 3 December 2025 **(iii)** Sunjeeve Patel of Kroll Issuer Services Ltd dated 27 November 2025 and 3 December 2025 **(iv)** Luther S. Pate IV of Growler dated 28 November 2025 **(v)** James O'Grady of Lowenstein Sandler LLP, US attorneys to the Plan Company dated 27 November 2025 **(vi)** Sally Tolfree of Computershare Investor Services plc, the registrars of the Plan Company dated 28 November 2025 **(vii)** Paul Searle of Michael Searle & Son Ltd the security printer engaged by the Plan Company dated 27 November 2025 **(viii)** Betty Pang of Computershare Investor Services plc, the registrars of the Plan Company dated 3 December 2025 (**ix**) Jeremy Whiteson of Fladgate LLP, solicitors to the Plan Company dated 5 December 2025 **(x)** the Expert Report of James M. Peck dated 28 October 2025 **(xi)** the Expert Report of Bonnie J Roe of Cohen & Gresser LLP dated 2 December 2025 **(xii)** the Expert Report of Geoff Bouchier dated 30 October 2025 on the Relevant Alternative **(xiii)** the Expert Report of Michael Weaver dated 30 October 2025, being the Plan Benefits Report and **(xiv)** the Supplementary Expert Report of Michael Weaver dated 26 November 2025 (together with their respective exhibits)

**AND UPON READING** the Fourth Witness Statement and the Second Report of Jonathan Yorke, dated 1 December 2025, the Fifth Witness Statement of Jonathan Yorke dated 5 December 2025 and his Supplemental Report and the letter from Mr Yorke to the Court dated 7 December 2025

**AND UPON READING** the Chairperson's Report of Voting at the Plan Meetings dated 3 December 2025

**AND UPON HEARING (i)** Matthew Abraham and Rabin Kok, counsel for the Plan Company, **(ii)** Joseph Curl, K.C., counsel for Growler **(iii)** William Day, counsel for the Retail Advocate (on 8 December 2025), and **(iv)** Mr Jonathan Yorke (the Retail Advocate) in person and with the permission of the Court (on 10 December 2025) and **(v)** upon no other Plan Participants appearing but the Court noting and taking into account the email communications from Plan Participants put before the Court by counsel

**AND UPON** the Court determining that in this Order, save where terms are otherwise expressly defined, the definitions, abbreviations, words and phrases in it shall have the meanings ascribed to them in the Plan or, where not defined in that document, in the Explanatory Statement

**AND UPON** the Court **(i)** noting that the Plan Company intends to rely on the exemption in s.3(a)(10) of the United States Securities Act 1933 and **(ii)** noting that the Plan Company intends to rely on the Court's sanction of the Plan as an approval of the Plan and the transactions contemplated by it, including the issue of securities to Growler and to the Noteholders, following a hearing on the fairness of the terms of the Plan at which hearing all Plan Participants are entitled to attend in person or through counsel to support or oppose the sanctioning of the Plan and **(iii)** confirming that the Court was notified of the matters in this Recital

**<u>IT IS ORDERED THAT:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Court hereby sanctions the Restructuring
 Plan in the form set out in the Schedule hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Plan Company or its
 solicitors shall, as soon as reasonably practicable, deliver an office copy of this Order
 to the Registrar of Companies for England and Wales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There shall be no order as to costs.

**SERVICE OF THIS ORDER:**

The Court has provided a sealed copy of this order to the serving party: Fladgate LLP, 16 Great Queen St London WC2B 5DG and by email to <u>Argo@fladgate.com</u>

**Schedule**

**The Restructuring Plan**

**CLAIM NO. CR-2025-007624**

**IN THE HIGH COURT OF JUSTICE**

**BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES**

**INSOLVENCY AND COMPANIES COURT (ChD)**

**IN THE MATTER OF**

**ARGO BLOCKCHAIN PLC**

**and**

**IN THE MATTER OF THE COMPANIES ACT 2006**

**RESTRUCTURING PLAN**

**(under Part 26A of the Companies Act 2006)**

**Between**

**ARGO BLOCKCHAIN PLC**

**and**

**THE PLAN PARTICIPANTS**

**(as defined herein)**

**TABLE OF CONTENTS**

1. DEFINITIONS
 AND INTERPRETATION 3

2. EFFECTIVENESS
 OF THIS RESTRUCTURING PLAN 12

3. EFFECTIVE
 TIME 12

4. PLAN
 STEPS 12

5. COMPROMISE
 AND ARRANGEMENTS WITH PLAN PARTICIPANTS 13

6. FRACTIONAL
 ENTITLEMENTS 14

7. EXECUTION
 OF RESTRUCTURING DOCUMENTS, IMPLEMENTING THE PLAN STEPS AND POWER OF ATTORNEY 15

8. WAIVER
 AND MORATORIUM AND COVENANT NOT TO SUE 16

9. RELEASES
 IN CONNECTION WITH THE RESTRUCTURING PLAN 18

10. THIRD
 PARTIES 19

11. FULL
 AND FINAL SETTLEMENT 19

12. NO
 WARRANTIES OR REPRESENTATION 19

13. MODIFICATION
 OF THIS RESTRUCTURING PLAN 19

14. SET-OFF 20

15. RECORD
 TIME 20

16. ASSIGNMENTS 20

17. COMPLETION
 OF THIS RESTRUCTURING PLAN 21

18. NOTICE 21

19. ISSUANCE
 OF NEW ORDINARY SHARES 22

20. COSTS 22

21. LONGSTOP
 DATE 22

22. SEVERABILITY 22

23. DISCRETION 22

24. GOVERNING
 LAW AND JURISDICTION 22

**RECITALS**

**The Plan Company**

(A) Argo Blockchain PLC is a public limited company
 incorporated in England and Wales with company number 11097258.

(B) The Plan Company was originally incorporated
 as GoSun Blockchain Limited on 5 December 2017 as a private limited company incorporated
 in England and Wales. On 21 December 2017, GoSun Blockchain Limited changed its name to Argo
 Blockchain Limited and re-registered as a public limited company, becoming Argo Blockchain
 PLC. The Plan Company's registered office is Eastcastle House, 27-28 Eastcastle Street,
 London, United Kingdom, W1W 8DH.

**Secured Lender**

(C) The Secured Lender is a creditor of the Plan
 Company pursuant to the Growler Facility. The Plan Company is the borrower under the Growler
 Facility. A condition of the Growler Facility was the obligation for the Plan Company and
 the Group to grant the Growler Security to the Secured Lender.

**Noteholders**

(D) The Plan Company is the issuer of the Senior
 Unsecured Notes. The Noteholders are creditors in respect of the Senior Unsecured Notes issued
 by the Plan Company, including the Note Trustee and including those persons being the ultimate
 beneficial owners of the Senior Unsecured Notes and who are contingent creditors in respect
 of those Senior Unsecured Notes.

**Shareholders**

(E) The Shareholders comprise registered shareholders,
 who hold Existing Ordinary Shares including those traded on the London Stock Exchange, and
 the shares held by the Depositary, which holds as depositary of the Existing Ordinary Shares
 deposited with it on behalf of the ADR Holders.

**Purpose of this Restructuring Plan**

(F) The purpose of this Restructuring Plan is
 to effect a compromise and/or arrangement between the Plan Company and each of its Plan Participants.

**1.** **DEFINITIONS AND INTERPRETATION** 

1.1 In
 this Restructuring Plan, unless inconsistent with the subject or context, the following expressions
 shall have the following meanings:

"**ADR"** means an American Depositary Receipt issued by the Depositary.

"**ADR Holder**" means the means the holder of an ADR (or a person beneficially entitled to an ADR) issued in respect of an ADS evidencing an Existing Ordinary Share.

"**ADS**" means an American Depositary Share, each of which represents ten Ordinary Shares in the Plan Company and is evidenced by an ADR.

"**ADS Ratio**" means 10 Ordinary Shares to 1 ADR.

"**Adviser**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Plan Company's
 Solicitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Matthew Abraham of South Square, 3-4
 South Square, Gray's Inn, London, WC1R 5HP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Rabin Kok of South Square, 3-4 South
 Square, Gray's Inn, London, WC1R 5HP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Kroll Advisory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) the Information Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Miller Buckfire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Stifel, Nicolaus & Co., Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Stifel Financial Corp., which uses the
 trade name "Miller Buckfire" for its restructuring-focused investment banking
 practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Lowenstein Sandler LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) Fasken Martineau DuMoulin LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) HaysMac LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) Porter Hedges LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) Troutman Pepper Locke LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) Greenberg Traurig, LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) Compass Point Research & Trading
 LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p) Keefe Bruyette & Woods, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q) Goodmans LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r) Nassiry Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s) Joseph Curl KC of South Square, 3-4 South
 Square, Gray's Inn, London, WC1R 5HP.

**"Application Letter**" means the letter to be sent by Growler to the Plan Company under which Growler applies for New Ordinary Shares to be issued to the Depositary in exchange for the issuance by the Depositary of the Restricted ADSs in respect thereof to Growler in exchange for the Growler Exit Capital, substantially in the form set out in Appendix 18 to the Explanatory Statement.

**"Argo Holdings"** means Argo Holdings US Inc., a Delaware corporation incorporated on 22 November 2022.

**"Argo Innovation"** means Argo Innovation Labs Inc., a British Columbia, Canada corporation.

**"Argo Operating US"** means Argo Operating US LLC, a Delaware company incorporated on 22 November 2022.

**"Argo Quebec"** means 9377-2556 Quebec Inc., being a company incorporated and registered in Quebec, Canada on 20 April 2018.

"**Assignment and Assumption Agreement**" means the assignment and assumption agreement to be entered into between Growler and Growler USCo in relation to the transfer of the Growler Mining Assets, substantially in the form set out in Appendix 14 to the Explanatory Statement.

**"Board"** means the board of directors of the Plan Company.

**"BMO"** means the Bank of Montreal.

"**Business Day**" means any day other than Saturday, Sunday or an English public or bank holiday.

"**Canadian Movable Hypothec**" means the Canadian Deed of Movable Hypothec dated 25 August 2025 among the Secured Lender, Argo Quebec, and Argo Innovation, under which Argo Quebec and Argo Innovation hypothecated all of their present and future movable property.

"**Canadian Security Agreement**" means the Canadian general security agreement dated 9 September 2025 between Argo Innovation and Argo Quebec in favour of the Secured Lender, under which Argo Innovation and Argo Quebec granted a security interest in their assets to the Secured Lender.

"**Claim**" means any and all actions, Proceedings, claims, damages, counterclaims, complaints, liabilities, liens, rights, demands and set-offs, whether present or future, prospective or contingent, whether in this jurisdiction or any other or under any law, of whatsoever nature and howsoever arising, whether in law or in equity, in contract, statute or in tort or any other manner whatsoever, breaches of statutory duty, for contribution, or for interest and/or costs and/or disbursements, whether or not for a fixed or unliquidated amount, whether filed or unfiled, whether asserted or unasserted, whether or not presently known to the parties or to the law, in each case that it ever had, may have or hereafter can, shall or may have.

**"Companies Act"** means the Companies Act 2006 of the United Kingdom (as amended from time to time).

**"Compromised Noteholder Equity"** means the amount of New Ordinary Shares to be issued to the Depositary (and held by the Depositary in respect of ADS represented by ADRs, to be issued to the Noteholders) as consideration for a compromise of their claims under the Senior Unsecured Notes and Note Indenture.

"**Contribution and Exchange Agreement**" means the agreement to be entered into between Growler and Growler USCo in relation to the transfer of the Growler Mining Assets, substantially in the form set out in Appendix 16 to the Explanatory Statement.

"**Convening Hearing**" means the hearing of the Part 26A application before the Court to consider whether to convene meetings of Plan Participants to vote on the Restructuring Plan, currently listed for hearing on 5 November 2025 at the Companies Court, Royal Courts of Justice, 7 Rolls Building, Fetter Lane, London EC4A 1NL.

"**Court**" means the High Court of Justice of England and Wales.

"**CUSIP**" means the nine-character Committee on Uniform Security Identification Procedures numeric or alphanumeric code that uniquely identifies stocks and bonds in the United States and Canada.

**"Deeds of Security Release"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the
 English law governed security release in respect of the English Debenture substantially in
 form set out in Part 1 – Appendix 13 (*Deeds of Security Release*) of the Explanatory
 Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the New York law governed security release
 in respect of the US Loan and Security Agreement, Canadian Security Agreement and the Canadian
 Movable Hypothec and the Share Pledge substantially in form set out in Part 2 – Appendix
 13 (*Deeds of Security Release*) of the Explanatory Statement.

"**Deposit Agreement**" means the deposit agreement dated as of 22 September 2021 among the Company, the Depositary, as depositary**,** and all holders and beneficial owners from time to time of ADRs evidencing ADSs issued thereunder (as amended from time to time).

"**Depositary**" means JP Morgan Chase Bank NA.

"**Director**" means any person who is, or has been at any time, a director, manager, general partner, officer (or equivalent) of the Plan Company.

"**DTC**" means the Depositary Trust Corporation or any successor thereof.

"**English Debenture**" means the English law debenture dated 9 September 2025 between the Plan Company (as chargor) and the Secured Lender (as lender), under which the Plan Company granted fixed and floating security over its assets in favour of the Secured Lender.

"**Estimated Outcome Statement**" means the estimated outcome statement prepared by Kroll Advisory for the purposes of Estimated Returns as set out in the Relevant Alternative Report.

"**Estimated Return**" means the estimate of the amount that the Estimated Outcome Statement illustrates the relevant Plan Participant would receive in the Relevant Alternative.

**"Exchange Agreement"** means the agreement to be entered into between Growler, Growler USCo and the Plan Company in relation to the transfer of the shares in Growler USCo to the Plan Company, substantially in the form set out in Appendix 15 to the Explanatory Statement

**"Existing Ordinary Shares"** means the 721,441,880 issued and outstanding Ordinary Shares.

"**Explanatory Statement**" means the explanatory statement of the Plan Company pursuant to section 901D of the Companies Act 2006 in relation to this Restructuring Plan, dated on or around 5 November 2025.

"**First Supplemental Indenture**" means the first supplemental indenture dated 17 November 2021 which supplements the Note Indenture.

"**Global Deed of Release**" means the global deed of release substantially in the form set out in Appendix 12 to the Explanatory Statement.

"**Group**" means the Plan Company, Argo Holdings, Argo Innovation, Argo Quebec and Argo Operating US

"**Group Company**" means any company that is a member of the Group.

**"Growler"** means the Secured Lender.

**"Growler Equity"** means 28,857,675,200 New Ordinary Shares to be issued to the Depositary in exchange for the issuance by the Depositary of the Restricted ADSs in respect thereof, to Growler.

**"Growler Exit Capital"** means the sum of up to US$3,500,000 of new money to be provided to the Group by the Secured Lender (and potentially other third-party investors to be identified by the Secured Lender) as equity that is conditional upon the terms of the Restructuring Plan being implemented prior to the Longstop Date and in accordance with the Plan Steps.

**"Growler Facility"** means multi-draw term loan in the aggregate maximum amount of US$7,500,000 between the Secured Lender, the Plan Company and the Guarantor Subsidiaries, secured by the Growler Security.

**"Growler Mining Assets"** means the 4,225 miners, ancillary electrical equipment (including transformers, switches and cabling) located at Growler's Alabama facility and a number of power contracts and hosting agreements which are essential to the operation of its facilities.

"**Growler Security"** means the English Debenture, the US Loan and Security Agreement, the Share Pledge, the Canadian Security Agreement and the Canadian Movable Hypothec.

**"Growler USCo"** means Growler USCo, Inc., a company to be incorporated as a wholly owned subsidiary of Growler that, following implementation of Plan Step 4, will own the legal and beneficial right, title and interest in the Growler Mining Assets.

**"Guarantor Subsidiaries"** means each of Argo Innovation, Argo Quebec, Argo Holdings and Argo Operating US in their capacity as guarantors of the Growler Facility.

**"Independent Valuer"** means HaysMac LLP.

**"Information Agent"** means Kroll Issuer Services Limited.

"**Insolvency Act**" means the Insolvency Act 1986 (as amended from time to time).

"**Insolvency Rules**" means the Insolvency Rules 2016 (as amended from time to time).

**"Kroll Advisory"** means Kroll Advisory Limited.

"**Legal Process**" means any procedural action, statutory action or self-remedy action (whether by way of demand, legal proceeding, alternative determination process (including an expert determination process), the levying of distress, execution of judgement, any petition for the winding-up or liquidation of the Plan Company or otherwise).

"**Liability**" means any debt, action, obligation, claim, penalty, or any other liability whatsoever (being a liability to pay refund or otherwise discharge in money or money's worth) and whether it is present or future, certain or contingent, whether known or unknown, whether its amount is fixed or liquidated or is capable of being ascertained by fixed rules or as a matter of opinion, including any liability under any enactment (in England and Wales or in any other jurisdiction) and any liability in contract, tort or bailment or arising out of an obligation to make restitution or in any other manner. For the avoidance of doubt, where any contract is void or, being voidable, has been duly avoided, no obligation or liability shall arise in respect of such contract and to the extent that it does, it shall constitute a Liability for the purposes of this definition.

**"Longstop Date**" means 7 (seven) calendar days from the Plan Effective Date.

"**London Stock Exchange"** means London Stock Exchange PLC.

"**New ADS**" means an American Depositary Share, to be issued following the Ratio Change, each of which represents two thousand, one hundred and sixty Ordinary Shares in the Plan Company and is evidenced by an ADR.

**"New Ordinary Shares"** means the new Ordinary Shares to be allotted and issued shortly after the Sanction Hearing.

"**Note Indenture"** means the New York governed indenture dated 17 November 2021 in respect of the Senior Unsecured Notes and the First Supplemental Indenture executed in connection therewith.

"**Note Trustee**" means Wilmington Savings Fund Society, FSB of WSFS Bank Center, 500 Delaware Avenue, 11th Floor, Wilmington, Delaware 19801, in its capacity as trustee under the Note Indenture.

"**Noteholder**" means the creditors in respect of the Senior Unsecured Notes issued by the Plan Company, including the Note Trustee and including those persons being the ultimate beneficial owners of the Senior Unsecured Notes and who are contingent creditors in respect of those Senior Unsecured Notes.

"**Notice of Claim**" means, with respect to a Plan Claim, the notice of claim substantially in the form set out in the Explanatory Statement.

"**Ordinary Share"** means an ordinary share of £0.001 each in the Plan Company.

"**Plan Claim**" means the Claims owed to the Plan Participants arising in respect of or in connection with the Senior Unsecured Notes, the Growler Facility and/or the Ordinary Shares.

"**Plan Company**" means Argo Blockchain PLC, a public limited company incorporated in England and Wales with company number 11097258.

"**Plan Company's Solicitors**" means Fladgate LLP with company number OC334334 whose registered office is at 16 Great Queen Street, London, WC2B 5DG (Reference: JPW/33166.0027).

**"Plan Conditions"** means each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Plan Effective Date has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) each Restructuring Document has been
 executed by the parties to it and it has been delivered to the Plan Company to be held in
 escrow by the Plan Company (or its legal advisers on its behalf) until the Plan Implementation
 Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) each of the Plan Steps 1 to 6 have been
 completed.

"**Plan Effective Date**" means the date on which a copy of the Sanction Order is delivered to the Registrar of Companies.

"**Plan Effective Date Notice**" means the notice informing the Plan Participants that the Plan Effective Date has occurred.

**"Plan Implementation Date"** means the date on which all Plan Conditions have been satisfied.

**"Plan Implementation Date Notice"** means the notice informing Plan Participants that the Plan Implementation Date has occurred.

"**Plan Meetings**" means the meetings of Plan Participants to be convened on or around 2 December 2025 as ordered at the Convening Hearing.

"**Plan Participants**" means the Secured Lender, the Noteholders and the Shareholders, and "**Plan Participant**" shall mean any one of them.

"**Plan Related Event**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the announcement, issue or making, sanction
 or coming into effect of this Restructuring Plan and/or any other actions or steps taken
 in relation to it, including steps or actions taken by any Plan Participant in accordance
 with their rights under this Restructuring Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the application for the Convening Hearing
 or the Sanction Hearing for this Restructuring Plan and any orders made by the Court at either
 of those hearings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) any Group Company: (i) being, or being
 deemed to be, insolvent or unable to pay its debts as they fall due by virtue of this Restructuring
 Plan, or (ii) having proposed, or being deemed to have proposed, or made an arrangement or
 compromise with its creditors by virtue of this Restructuring Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) any cross-default provision triggered
 as a result of any of the matters referred to in paragraphs (a) to (c) (inclusive) above.

**"Plan Steps"** means each of the steps set out in Schedule 1 to this Restructuring Plan.

**"Plan Steps Completion Time"** means the time at which the Plan Steps 1 to 6 have been completed and Plan Participants are informed of the Plan Implementation Date having occurred.

"**Plan Website**" means <u>https://deals.is.kroll.com/argo</u>.

"**Practice Statement**" means the Practice Statement (Companies: Schemes of Arrangement under Part 26 and Part 26A of the Companies Act 2006) dated 26 June 2020.

"**Proceedings**" means any form of proceedings in any jurisdiction or forum including, without limitation, any legal proceedings, demand, arbitration, alternative dispute resolution, procedure, judicial review, adjudication, mediation, execution, seizure, distraint, forfeiture, re-entry, enforcement of judgment or award or enforcement of any security or any steps taken for the purpose of creating or enforcing a lien.

"**Ratio Change**" means a change in the ratio of the ADSs to the Ordinary Shares from the current 1:10 ratio to 1:2160 (as set out in the Plan Steps).

**"Record Time"** means 5.00 p.m. New York (ET) / 9:00 p.m. London (GMT) time on 12 November 2025, being the date by which the Plan Participants' entitlements to vote in the Restructuring Plan shall be assessed.

**"Registrar of Companies**" means the Registrar of Companies in England and Wales.

"**Released Person**" means: (a) the Plan Company; (b) the Guarantor Subsidiaries; (c) each Adviser; (d) Growler and its affiliates (including without limitation Growler Lending, LLC), subsidiaries and each of their respective attorneys and advisers, successors and assigns; (e) Luther S. Pate, IV; (f) Compass Point Research & Trading LLC and its executives, officers and current employees; (g) the Note Trustee; and (h) each director, current manager and current employees of the Note Trustee.

"**Relevant Alternative**" has the meaning given to that term in the Explanatory Statement.

"**Relevant Alternative Report**" means the report prepared by Kroll Advisory estimating the financial return to the Plan Participants in the Relevant Alternative as set out in the Explanatory Statement.

"**Restricted ADS**" means New ADSs to be issued pursuant to the Restricted Issuance Agreement.

"**Restricted Issuance Agreement**" means the restricted issuance agreement to be entered into among the Plan Company, the Depositary (as depositary) and all holders of and beneficial owners from time to time of restricted ADRs evidencing restricted New ADSs issued thereunder.

"**Restructuring**" means the wider restructuring of the Group which is proposed pursuant to this Restructuring Plan and the Restructuring Documents.

"**Restructuring Documents**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) this Restructuring Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the Global Deed of Release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the Deeds of Security Release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) any document identified as required in
 the Plan Steps or such additional documents that may be required to give effect to the Plan
 Steps including the Contribution and Exchange Agreement, the Assignment and Assumption Agreement
 and the Exchange Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) any other document, agreement or instrument
 necessary or desirable to implement this Restructuring Plan, and any transactions contemplated
 thereby (including, for the avoidance of doubt, satisfaction of any conditions precedent
 and conditions subsequent in connection therewith),

provided that, subject to Clause 13.3 *(Restrictions on amendments)*, the relevant forms may be amended by the Plan Company's Solicitors to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) complete
 any blanks (including, without limitation, any dates, times, notice provisions or legal entity
 names), lists of parties and/or signature blocks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make any other minor mechanical or technical
 amendments which would not have an adverse effect on the interests of the Plan Company or
 the Plan Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ensure that they are legal, valid,
 binding and enforceable upon the parties to them in accordance with this Restructuring Plan;
 and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) take into account any modification of,
 or addition to, this Restructuring Plan or the Restructuring Documents approved or imposed
 by the Court.

"**Restructuring Plan**" means this restructuring plan proposed by the Plan Company under Part 26A of the Companies Act in its present form or with or subject to any modifications, additions or conditions approved or imposed by the Court or approved in accordance with the terms of this Restructuring Plan.

**"Rule 9 Circular"** means the circular to Shareholders in connection with the Rule 9 Waiver to be sent to Shareholders shortly after the Convening Hearing.

**"Rule 9 Obligation"** means the Secured Lender's obligation under Rule 9 of the Takeover Code to make a mandatory offer to all holders of Ordinary Shares which would otherwise arise as a result of the issue of interests in New Ordinary Shares to Growler pursuant to this Restructuring Plan.

**"Rule 9 Waiver"** means a waiver of the Rule 9 obligations.

"**Sanction Hearing**" means the hearing of the Court to consider the sanctioning of the Restructuring Plan under section 901F of the Companies Act.

"**Sanction Order**" means the order of the Court following the Sanction Hearing sanctioning the Restructuring Plan.

"**Secured Lender**" means Growler Mining Tuscaloosa, LLC, an Alabama limited liability company.

"**Securities Act**" means the U.S. Securities Act of 1933.

**"Senior Unsecured Notes"** means the loan notes with international security identification number (ISIN) US0401262037 (CUSIP: 040126203) being the USD 40,000,000 8.75% senior notes due on 30 November 2026.

"**Share Pledge"** means the pledge agreement dated 9 September 2025 between the Plan Company (as borrower), Argo Holdings, Argo Operating US and Argo Innovation (as pledgors) and Growler (as lender).

"**Shareholders**" means the registered holders of Existing Ordinary Shares as at the Record Time.

**"Takeover Code"** means the UK City Code on Takeovers and Mergers published by the Takeover Panel (as amended from time to time).

**"Takeover Panel"** means the UK Panel on Takeover and Mergers.

**"US Loan and Security Agreement"** means the New York law governed loan and security agreement dated 9 September 2025 between the Plan Company (as borrower), the Guarantor Subsidiaries and Growler (as lender).

1.2 In this Restructuring Plan, unless the context
 otherwise requires or otherwise expressly provides:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 this **Restructuring Plan** shall
 include the Schedules to this Restructuring Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 any "**person**" shall
 be construed so as to include its successors in title, permitted assigns and permitted transferees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 any "**agreement** "
 or "**instrument**" is a reference to that agreement or instrument as amended,
 supplemented, novated or restated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4 "**guarantee**" shall
 include any guarantee, letter of creditor, bond, indemnity or similar assurance against loss,
 or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness
 or obligation or any person or to make an investment in or loan to any person or to purchase
 assets of any person where, in each case, such obligation is assumed in order to maintain
 or assist the ability of such person to meet its indebtedness or maintain its solvency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5 any "**person**" shall
 be construed so as to include its successors in title, permitted assignees and permitted
 transferees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6 a "**person**" includes
 any person, firm, company, corporation, government, state or agency of a state or any joint
 venture, association, trust or partnership (whether or not having separate legal personality)
 of two or more of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.7 a provision of law is a reference to
 that provision as amended or re-enacted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.8 a time of day is a reference to London
 time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.9 any gender includes a reference to
 the other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.10 "**includes** ", "**included** "
 and "**including**" shall be construed without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.11 words importing the singular shall
 include the plural equivalent and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.12 references to US$ denote the lawful
 currency of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.13 references to £ and sterling
 denote the lawful currency of the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.14 a clause, a subclause, paragraph or
 a schedule is a reference to a clause or subclause of, or a schedule to, this Restructuring
 Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.15 section, clause and schedule headings
 are for ease of reference only.

**2.** **EFFECTIVENESS OF THIS RESTRUCTURING PLAN** 

2.1 The compromises, arrangements and/or releases
 effected by this Restructuring Plan shall apply to all Plan Claims as set out below and bind
 all Plan Participants with effect from the Plan Implementation Date. Accordingly, the compromises,
 arrangements and releases made pursuant to this Restructuring Plan with, by or to any Plan
 Participant as from the Plan Implementation Date shall be in full and final settlement of
 any Plan Claims of a Plan Participant.

2.2 Any reference to a discharge, release, and/or
 compromise of a Plan Participant's Liability or Claim under this Restructuring Plan
 shall be deemed to apply equally to any such Liability or Claim as it relates to the Plan
 Company and each of the Guarantor Subsidiaries. Each such Liability or Claim shall be discharged,
 released, and/or compromised with effect from the Plan Implementation Date. Accordingly,
 all Claims and Liabilities of the Plan Participant against the Plan Company and any member
 of the Guarantor Subsidiaries shall be compromised pursuant to the terms of this Restructuring
 Plan.

2.3 With effect from the Plan Implementation
 Date all of the rights, title and interests of Plan Participants with respect to all Plan
 Claims shall be subject to the compromises and arrangements set out in this Restructuring
 Plan.

2.4 The compromises and arrangements effected
 by this Restructuring Plan and the relevant Restructuring Documents shall be binding on each
 Plan Participant and its successors, permitted transferees and permitted assignees.

**3.** **EFFECTIVE TIME** 

3.1 Clauses 1, 2, 5 and 8 of this Restructuring
 Plan shall become effective on the Plan Effective Date. All other Clauses of this Restructuring
 Plan shall be effective on and from the Plan Implementation Date.

3.2 Upon the occurrence of the Plan Effective
 Date, the Plan Company (through the Information Agent) shall distribute the Plan Effective
 Date Notice in accordance with Clause 18.3 (*Notices by the Information Agent or the Plan Company*) and shall publish the Plan Effective Date Notice on the Plan Website.

3.3 Upon the occurrence of the Plan Steps Completion
 Time, the Plan Company (through the Information Agent) shall distribute the Plan Implementation
 Date Notice in accordance with Clause 18.3 (*Notices by the Information Agent or the Plan Company*) and shall publish the Plan Implementation Date Notice on the Plan Website.

**4.** **PLAN STEPS** 

4.1 With effect from the Plan Effective Date
 and before the expiry of the Longstop Date, the Plan Steps shall be completed and shall become
 effective in order to effect the Plan Implementation Date and implement the terms of this
 Restructuring Plan.

4.2 If the Plan Steps have not been completed
 by the expiry of the Longstop Date, then none of the Plan Steps shall occur and any actions
 set out in Clauses 5.1 and 6 shall, to the extent legally possible, be of no effect, and
 the execution, delivery or release of any deed, document or agreement in accordance with
 or pursuant to the Restructuring Plan shall (insofar as legally possible) be rescinded and
 shall be deemed never to have become effective and each Plan Participant and the Plan Company
 shall execute such documents and perform such acts and things as may be required in order
 to undo that which has been done.

**5.** **COMPROMISE AND ARRANGEMENTS WITH PLAN PARTICIPANTS** 

*<u>Growler in its own capacity and as Secured Lender</u>*

5.1 In return for the compromises and arrangements
 set out in Clause 6.2 below, the Growler Facility shall be equitised in its entirety under
 this Restructuring Plan and, by the Plan Implementation Date, the Secured Lender shall provide
 the Growler Exit Capital and contribute the shares in Growler USCo as more fully particularised
 and detailed in the Plan Steps.

5.2 On the Plan Implementation Date, subject
 to the terms of this Restructuring Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 all rights, title and interests of
 the Secured Lender under or in relation to the Growler Facility (including any guarantees
 or security granted by the Plan Company or the Guarantor Subsidiaries in respect thereof)
 and in relation to any Claims or Liabilities which arise in connection with the Growler Facility
 shall be fully and absolutely, irrevocably and unconditionally released and discharged and
 shall be treated as so released and discharged by operation of this Restructuring Plan and
 without any action on the part of the Secured Lender, in each case so as to bind the Secured
 Lender, and any person who has or has ever acquired any interest in or arising out of a Plan
 Claim or Liability arising in connection with the Growler Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 in return for the compromise set out
 at Clause 5.2.1 above, and the arrangement outlined at Clause 5.1, Growler shall be entitled
 to receive interests in New Ordinary Shares in the Plan Company equating to an 87.5% interest
 in the entire issued share capital of the Plan Company as at the Plan Implementation Date
 which will be held by way of ADRs representing Restricted ADSs issued by the Depositary.

*<u>Noteholders</u>*

5.3 On the Plan Implementation Date, subject
 to the terms of this Restructuring Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 all rights, title and interests of
 the Noteholders arising under the Senior Unsecured Notes, the Note Indenture or to any Claims
 or Liabilities as arise in connection with the Noteholders' claims under the Senior
 Unsecured Notes (including any beneficial interest in the Senior Unsecured Notes and any
 right to accrued interest (whether capitalised or not) as well as principal in the Senior
 Unsecured Notes) or the Note Indenture shall be fully and absolutely, irrevocably and unconditionally
 released and discharged and shall be treated as so released and discharged by operation of
 this Restructuring Plan and without any action on the part of the Noteholders or the Note
 Trustee, in each case so as to bind the Note Trustee, the Noteholders, and any person who
 has or has ever acquired any interest in or arising out of a Plan Claim or Liability arising
 in connection with the Senior Unsecured Notes or the Note Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 the Note Trustee shall be authorised
 and permitted to take all actions required to reflect and release and discharge of the aforesaid
 Claims and Liabilities on the books and records of the Note Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 in return for the compromise set out
 at Clause 5.3.1 above, the Noteholders shall be entitled to receive interests in New Ordinary
 Shares in the Plan Company equating to a 10% interest of the entire issued share capital
 in the Plan Company as at the Plan Implementation Date which will be held by way of ADRs
 representing New ADSs issued by the Depositary.

*<u>Shareholders</u>*

5.4 The Shareholders comprise the registered
 holders of Existing Ordinary Shares.

5.5 Shareholders are a Plan Participant by virtue
 of Section 901C(3) of the Companies Act and are included as a Plan Participant as their Existing
 Ordinary Shares are being diluted as a result of the compromises and arrangements outlined
 at Clauses 5.2 and 5.3 above.

5.6 Any statutory or other rights of pre-emption
 held by the Shareholders in relation to the issue of New Ordinary Shares under this Restructuring
 Plan (to the extent such rights of pre-emption are applicable or not exempt), or other Claims
 by the Shareholders or Liabilities of the Company to the Shareholders arising in connection
 with or under the compromises, releases, issuances of New Ordinary Shares or other provisions
 of this Restructuring Plan, shall be fully and absolutely, irrevocably and unconditionally
 released and discharged and shall be treated as so released and discharged by operation of
 this Restructuring Plan and without any action on the part of the Shareholders, in each case
 so as to bind the Shareholders and any person who acquired any interest in or arising out
 of a Plan Claim or Liability arising in connection with the Existing Ordinary Shares after
 the Record Time.

5.7 In return for the dilution of their rights
 in connection with or under the Existing Ordinary Shares pursuant to Clause 5.6 and their
 rights being affected by virtue of the compromises set out at Clauses 5.2 and 5.3 above,
 the Shareholders shall retain and be entitled to retain 2.5% of the entire issued share capital
 of the Plan Company as at the Plan Implementation Date.

**6.** **FRACTIONAL ENTITLEMENTS** 

6.1 To the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 any ADR Holder is, as a result of the
 change to the ADS to the Ordinary Shares ratio from the current 1:10 ratio to an anticipated
 1:2160 (as set out in the Plan Steps), left with a fractional interest entitlement to a New
 ADS; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 any Noteholder is entitled to a fractional
 interest in a New ADS pursuant to Clause 5.3.3,

DTC shall liquidate the aggregate of all fractional interests to News ADSs and distribute the sale proceeds of such liquidation on a pro rata basis to the applicable beneficiary of the fractional New ADS, subject to deduction of Depositary transaction fees.

6.2 In the event that the Ratio Change described
 in Clause 6.1 above results in the relevant Plan Participant or ADR Holder not receiving
 a distribution of sale proceeds referred to in Clause 6.1, then Growler will make available
 the sum of US$1 to that relevant Plan Participant or ADR Holder for all such interests in
 New ADSs.

6.3 Growler shall, on the Plan Implementation
 Date, make available to the Plan Company a fund for the benefit of the Plan Participants
 and ADR Holders that have received or may receive no distribution as a result of any liquidation
 arising under Clause 6.1 above. All monies paid by Growler to the Plan Company shall be held
 by the Plan Company on trust for the relevant Plan Participants or ADR Holders for a period
 of 12 months from and including the Plan Implementation Date.

6.4 In order for an affected Plan Participant
 or ADR Holder to receive a payment arising under Clause 6.2 above, the relevant Plan Participant
 or ADR Holder must notify the Plan Company within 12 months of the Plan Implementation Date,
 providing such information as the Plan Company may reasonably require to verify that the
 relevant Plan Participant or ADR Holder received no benefit from the liquidation of any fractional
 entitlement as set out in Clause 6.1 above.

6.5 The Plan Company shall determine, in its
 sole discretion, whether or not any sums have been paid to the relevant Plan Participant
 or ADR Holder following a liquidation of any fractional entitlement under Clause 6.1 above.
 In the event of no payment being received by the Plan Participant or ADR Holder under Clause
 6.1 then the relevant Plan Participant or ADR Holder shall be entitled to claim from the
 monies made available by Growler and held by the Plan Company which are held on trust with
 the parties agreeing, acting reasonably, the method of transfer of the US$1.

6.6 The Plan Company will make payment to the
 relevant Plan Participants or ADR Holders who received no benefit from the liquidation of
 any fractional entitlement as set out in Clause 6.1 where the Plan Company determines that
 such Plan Participant or ADR Holder has a valid claim, as soon as reasonably practicable
 on a rolling basis prior to the expiry of a 13-month period beginning on the Plan Implementation
 Date. Any funds remaining following such period shall be unconditionally and irrevocably
 released to the Plan Company.

**7.** **EXECUTION OF RESTRUCTURING DOCUMENTS, IMPLEMENTING THE PLAN STEPS AND POWER OF ATTORNEY** 

7.1 Subject to Clause 7.2 and 7.6, on and from
 the Plan Effective Date, in consideration for the rights provided to the Plan Participants
 under this Restructuring Plan and notwithstanding any term of any relevant document, each
 Plan Participant hereby appoints, and shall for all purposes be treated as having appointed,
 the Plan Company as its attorney and agent and irrevocably authorises, directs, instructs
 and empowers the Plan Company (represented by any duly authorised representative) to enter
 into, execute and deliver (whether as a deed or otherwise) with effect from the Plan Effective
 Date, for and on behalf of such Plan Participant, the Restructuring Documents to which the
 Plan Participants, or any of them, are named as a party under the terms of the Restructuring
 Plan and, if applicable, complete, date and release such Restructuring Documents, and any
 other document referred to, contemplated by or ancillary to any of the foregoing.

7.2 Any document signed or executed by the Plan
 Company, or action taken on behalf of that Plan Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 will not become effective prior to
 the Plan Implementation Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 will become effective in accordance
 with its terms and this Restructuring Plan whereupon it shall become irrevocably and unconditionally
 binding on all Plan Participants.

7.3 Each Plan Participant hereby acknowledges
 and agrees that any action taken by the Plan Company in accordance with this Restructuring
 Plan will not constitute a breach of any agreement or document governing the terms of any
 Plan Claim.

7.4 The authority and power granted and conferred
 on the Plan Company under Clause 7.1 shall be treated, for all purposes whatsoever and without
 limitation, as having been granted and conferred by deed and the Plan Company shall be entitled
 to delegate authority granted and conferred by Clause 7.1 to any duly authorised officer
 or agent of the Plan Company as necessary.

7.5 Notwithstanding any other provision of this
 Restructuring Plan, each Plan Participant agrees to and shall be bound by and shall comply
 with, and shall for all purposes be treated as having agreed to and to having been bound
 by, this Restructuring Plan and each applicable Restructuring Document after it has been
 executed by the Plan Company on its behalf in accordance with this Clause 7.5.

7.6 With
 effect on and from the Plan Effective Date up to the earlier of either the Plan Implementation
 Date or the Longstop Date, each Plan Participant irrevocably authorises, directs, instructs
 and empowers the Plan Company in respect of any Restructuring Document or as reasonably required
 to implement the Plan Steps or the terms of this Restructuring Plan to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.1 agree on its behalf any amendments
 or additional documents which the Plan Company may deem necessary or desirable in order to
 correct any manifest error or otherwise is required to give effect to the Restructuring Documents,
 the terms of the Restructuring Plan or the Plan Steps;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.2 complete any blanks and make any other
 minor or technical amendments that would not have an adverse effect on the interests of the
 Plan Company or the Plan Participants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.3 make or agree amendments to take into
 account any modification of, or addition to, this Restructuring Plan or the Restructuring
 Documents approved or imposed by the Court,

provided at all times that none of the above steps or amendments impose on a Plan Participant an obligation or compromise not contained in or contemplated by the Restructuring Plan.

7.7 Once a Restructuring Document or any document
 required to give effect to the Plan Steps has been fully executed, dated and released (and,
 if applicable, delivered) with effect from the Plan Implementation Date, the authority granted
 by each Plan Participant to the Plan Company under this Clause 7.7 shall expire automatically
 in respect of that Restructuring Document at that time and, thereafter, that Restructuring
 Document may be amended only in accordance with its terms. Any remaining authorities granted
 by the Plan Participants to the Plan Company under this Clause 7.7 shall terminate upon the
 occurrence of the Plan Implementation Date.

**8.** **WAIVER AND MORATORIUM AND COVENANT NOT TO SUE** 

8.1 *<u>Waiver and covenant not to sue</u>* 

With effect from the Plan Implementation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 Each Plan Participant ratifies and
 confirms everything which the Plan Company may do or cause to be done in accordance with
 any authority conferred by this Restructuring Plan and ratifies any actions which the Plan
 Company takes to give effect to the Restructuring Plan and Plan Steps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 Each Plan Participant irrevocably and
 unconditionally waives and releases the Plan Company, any member of the Group, and/or the
 Note Trustee from any breaches or defaults of any terms of the Senior Unsecured Notes, the
 Note Indenture or the Growler Facility (or any other document governing the terms of the
 Senior Unsecured Notes, the Growler Facility) that may have arisen and are continuing as
 at the Plan Implementation Date or that may arise thereafter in either case as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Plan Company and/or any member of
 the Group, and/or the Note Trustee not complying with any obligation arising under the Senior
 Unsecured Notes, the Note Indenture, the Growler Facility or the Existing Ordinary Shares;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Plan Related Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 Each Plan Participant waives, releases
 and discharges each and every Claim that any Plan Participant (and any of their affiliates,
 related funds or any of their respective officers, directors, employees, agents, advisers
 or Representatives) may have against any Released Person in each case in relation to, or
 in connection with, or by reason of, or resulting directly or indirectly from that Released
 Person's participation in any steps and/or actions taken or omissions occurring in
 connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the preparation, discussions (including
 participation in any discussions and negotiations with stakeholders of the Group in any capacity),
 negotiation, sanction, execution, implementation, recognition, performance or defence in
 connection with the Restructuring Plan, an enforcement of the Growler Facility, the Senior
 Unsecured Notes, the Note Indenture or the Existing Ordinary Shares, the Plan Claims, the
 Restructuring Documents, or any other consideration or entitlements provided under the Restructuring
 Plan and any contingent and unliquidated breach of contract and/or tort claims which are
 or may become the subject of Proceedings before any court of competent jurisdiction in any
 jurisdiction in relation thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any aspect of the dealings or relationships
 between or among the Plan Company, a Plan Participant, on the one hand, and any Released
 Person, on the other hand, relating to any or all of the matters, documents, transactions,
 actions or omissions referenced in this Clause 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.4 No relevant Plan Participant may, or
 shall be entitled as a result of any of the events referred to in Clause 8.1.1, 8.1.2 or
 8.1.3 above, to (whether by way of Legal Process or otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) impose more onerous terms or conditions
 (including, but not limited to, higher interest payments, charges and/or changes to payment
 terms);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enforce any other contractual or other
 right that they may have in their capacity as Plan Participants in respect of the Senior
 Unsecured Notes, the Note Indenture, the Growler Facility or the Existing Ordinary Shares
 (as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) place the Plan Company and/or any member
 of the Group into liquidation, administration or any analogous proceedings in any jurisdiction;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enforce any terms of the Senior Unsecured
 Notes, the Note Indenture, the Growler Facility or the Existing Ordinary Shares (as the case
 may be) that may have existed immediately prior to any variation or modification thereof
 as a result of this Restructuring Plan,

and any Plan Participant that has commenced or completed any Legal Process or other action which falls within Clauses 8.1.4(a) to (d) above shall immediately discontinue, and agrees and acknowledges that it will immediately discontinue, such Legal Process or other action, and (if applicable) consent to any application by the Plan Company and/or any member of the Group for relief against any such process or action; and

8.2 *<u>Enforcement of unmodified rights</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 Save as provided in Clause 8.1 (*Waiver and covenant not to sue*) above, nothing in this Clause 8 (*Waiver and Moratorium and covenant not to sue*) shall prejudice the rights enjoyed by the Existing Ordinary Shares
 to the extent not modified by this Restructuring Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 For the avoidance of doubt, and without
 limitation, the rights of any Plan Participant against third parties are fully reserved and
 unaffected by this Restructuring Plan, except so far as necessary for the purposes of releasing
 the Plan Company and the Group from any Liability pursuant to the terms of this Restructuring
 Plan.

8.3 *<u>Enforcement of modified rights</u>* 

Nothing in this Clause 8 (*Waiver and Moratorium*) shall prejudice the enforcement of: (a) any rights or remedies enjoyed by a Plan Participant in relation to any terms of the Senior Unsecured Notes, the Note Indenture, the Growler Facility or the Existing Ordinary Shares as modified or varied by this Restructuring Plan, (b) any such rights or remedies under the terms of the Senior Unsecured Notes, the Note Indenture, the Growler Facility or the Existing Ordinary Shares which has reverted to its normal terms in place immediately prior to the effectiveness of this Restructuring Plan, in accordance with this Restructuring Plan (including, for the avoidance of doubt, terms or covenants, assignments or guarantees as against third parties), and (c) any rights under this Restructuring Plan, and for these purposes, nothing shall prevent any action being taken as a consequence of non-payment of any amount when due under this Restructuring Plan.

8.4 *<u>Discontinuation of Legal Process</u>* 

If a Plan Participant has commenced or completed any Legal Process in relation to a matter which falls under Clause 8.1 (*Waiver and covenant not to sue*), such Plan Participant agrees and acknowledges that it will discontinue such Legal Process and (if applicable) consent to any application by the Plan Company and/or any member of the Group for relief from such process or action or any analogous process to a Legal Process in any jurisdiction.

8.5 *<u>Injunctive relief and damages an inadequate remedy</u>* 

Each Plan Participant agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.1 damages for breach of this Clause 8
 would be an inadequate remedy and consents to the Plan Company seeking specific performance
 and/or injunctive relief to restrain any such breach; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.2 waives any requirement for the Plan
 Company to provide a cross-undertaking for damages in respect of any injunctive relief which
 the Plan Company seeks to restrain a breach of this Clause 8.

**9.** **RELEASES IN CONNECTION WITH THE RESTRUCTURING PLAN** 

9.1 With effect on and from the Plan Implementation
 Date: (a) the Global Deed of Release shall be dated and become effective; and (b) to the
 extent not already done so pursuant to and subject to the terms of the Global Deed of Release,
 each Plan Participant (in its capacity as such) irrevocably and unconditionally, fully and
 finally, waives and releases and forever discharges any and all actions proceedings, Claims,
 damages, counterclaims, complaints, liabilities, liens, rights, demands and set-offs, whether
 present or future, prospective or contingent, whether in this jurisdiction or any other or
 under any law, of whatsoever nature and howsoever arising, whether in law or in equity, in
 contract (including but not limited to breaches or non-performances of contract), statute
 or in tort (including but not limited to negligence and misrepresentation) or any other manner
 whatsoever, breaches of statutory duty, for contribution, or for interest and/or costs and/or
 disbursements, whether or not for a fixed or unliquidated amount, whether filed or unfiled,
 whether asserted or un-asserted, whether or not presently known to the parties or to the
 law, in each case that it ever had, may have or hereafter can, shall or may have arising
 out of actions, omissions or circumstances on or prior to the Plan Implementation Date against
 each Released Person, in relation to or arising out of or in connection with a Released Person's
 participation, acts or omissions in the preparation, negotiation, sanction, execution or
 implementation of the Restructuring Plan, the Restructuring Documents and/or the Restructuring.

9.2 Clause 9.1 shall not: (a) impair, prejudice
 or waive any rights of any Plan Participant arising under or in connection with this Restructuring
 Plan or any Restructuring Document or any finance document arising under the Growler Facility
 (as modified by the Restructuring Plan or the Restructuring); (b) apply to any Claim or Liability
 in respect of fraud, gross negligence or wilful misconduct by any Released Person; or (c)
 impair, prejudice or waive any rights of any Plan Participant against any Adviser arising
 under, or relating to, a duty of care owed to such Adviser's client or arising under
 a duty of care to another person which has been specifically and expressly accepted or acknowledged
 in writing by that Adviser.

**10.** **THIRD PARTIES** 

10.1 Nothing in this Restructuring Plan shall,
 except so far as is expressly contemplated pursuant to the terms of this Restructuring Plan
 (including, for the avoidance of doubt Clause 6 (*Fractional Entitlements*) and steps
 taken in the Plan Steps that may impact an ADR Holder), affect, and is not otherwise intended
 to affect, the Liabilities of any person other than the Plan Company, each Released Person
 and/or the Group and the rights of any person other than the Plan Company and the Group save
 for their rights against the Plan Company and the Group.

**11.** **FULL AND FINAL SETTLEMENT** 

11.1 Upon the Plan Implementation Date, the provisions
 of this Restructuring Plan shall constitute a compromise of all Plan Participants'
 Claims and any corresponding Liabilities which have been modified under the terms of this
 Restructuring Plan. Accordingly, the compromises and arrangements made pursuant to this Restructuring
 Plan, to any Plan Participant, shall be in full and final settlement of any such Claims and
 Liabilities.

11.2 For the avoidance of doubt, Clause 8 (*Waiver and Moratorium*) provides that Plan Participants may enforce their rights under this Restructuring
 Plan, including under the Senior Unsecured Notes, the Note Indenture, the Growler Facility
 or the Existing Ordinary Shares as modified and varied by this Restructuring Plan and/or
 for any non-payment of any amount when due under this Restructuring Plan.

**12.** **NO WARRANTIES OR REPRESENTATION** 

Neither the Directors nor the Plan Company give any warranties and they make no representations in relation to the information contained in this Restructuring Plan and its schedules.

**13.** **MODIFICATION OF THIS RESTRUCTURING PLAN** 

13.1 *Modifications pre-sanction* 

The Plan Participants hereby agree that the Plan Company may, at any Court hearing to sanction this Restructuring Plan, consent on behalf of itself and all of its Plan Participants and anyone else concerned to any modification of, or addition to, this Restructuring Plan or any terms or conditions which, in each case, the Court may think fit to approve or impose which is necessary for the implementation of the Restructuring, provided that such modification, addition, term or condition does not have a material adverse effect on the rights of the Plan Participants, or any of them, under this Restructuring Plan.

13.2 *Non-material variations* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.1 Subject to Clause 13.3 (*Restrictions on amendments*) below, the Plan Company will have the power at any time after the Plan
 Effective Date, if it considers it expedient to do so, to vary the provisions of this Restructuring
 Plan, provided such variations do not materially alter the effect or economic substance of
 this Restructuring Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.2 The Plan Company shall inform the
 Plan Participants of any such variations and such variations shall be binding on the Plan
 Participants and this Restructuring Plan shall be modified accordingly.

13.3 *Restrictions on amendments* 

Subject to Clause 7, no amendment or variation to this Restructuring Plan or the form of a Restructuring Document as appended to or made available in connection with the Explanatory Statement shall be made or consented to by the Plan Company pursuant to this Clause 13 (*Modification of this Restructuring Plan*) or the definition of "Restructuring Document" in Clause 1.1 if it could be reasonably be expected, directly or indirectly to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.1 have a materially adverse effect on
 the rights or interests of a Plan Participant (taking into account for this purpose only
 its rights and interests as a Plan Participant) or Note Trustee unless such Plan Participant's
 or Note Trustee's consent is obtained, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.2 impose any additional or new obligation
 on any Plan Participant or Note Trustee unless such Plan Participant's or Note Trustee's
 consent is obtained, as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.3 be inconsistent in any material respect
 with the restructuring described in and contemplated by the Explanatory Statement (unless
 such amendment or variation does not have a materially adverse effect on the rights or interests
 of any Plan Participant or, if such amendment or variation does materially adversely affect
 a Plan Participant, each such Plan Participant has consented to such amendment or variation).
 For the avoidance of doubt, on and from the date on which a Restructuring Document is effective
 in accordance with its terms, amendments and variations to that Restructuring Document shall
 be made in accordance with the terms of that Restructuring Document.

**14.** **SET-OFF** 

The equivalent rules of set-off as they would be applied in a liquidation of the Plan Company shall apply in respect of any payments made in accordance with the terms of this Restructuring Plan.

**15.** **RECORD TIME** 

All Plan Claims shall be determined by the Information Agent, on behalf of the Plan Company, as at the Record Time.

**16.** **ASSIGNMENTS** 

Without prejudice to Clause 14 *(Set-Off),* the Plan Company shall not be under any obligation to recognise any assignment or transfer of Plan Claims that occurs in the period after the Record Time up to the Plan Implementation Date, provided that, where the Plan Company has received from the relevant parties written notice of such assignment or transfer, the Plan Company may in its absolute discretion and subject to such evidence as it may reasonably require, agree to recognise such assignment or transfer, subject to the assignee or transferee agreeing to be bound by the terms of this Restructuring Plan and to be treated as a Plan Participant for the purposes of this Restructuring Plan (and references to Plan Participants in this Restructuring Plan shall accordingly include any person to whom a Plan Participant has transferred its rights in respect of its Plan Claim after the Record Time where such transfer is recognised by the Plan Company in accordance with this Clause 16).

**17.** **COMPLETION OF THIS RESTRUCTURING PLAN** 

The implementation and operation of this Restructuring Plan shall be deemed to be completed at the Plan Implementation Date.

**18.** **NOTICE** 

18.1 *Notices to the Plan Company* 

A notice to be given to the Plan Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.1 must be given in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.2 may be sent by post or by email and
 may be delivered as aforesaid but shall only be deemed delivered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of post, upon actual receipt,
 provided that if such receipt occurs on a day that is not a Business Day, or after 5:30 p.m.
 (London time) on any Business Day, such notice shall be deemed to have been received at 9:30
 a.m. (London time) on the next Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of email, upon being sent;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.3 must be addressed to the Plan Company
 at:

Address: Eastcastle House, 27-28 Eastcastle Street, London W1W 8DH, England

Email: <u>ir@argoblockchain.com</u>

18.2 *Language* 

A notice shall be expressed in the English Language.

18.3 *Notices by the Information Agent or the Plan Company* 

Any notice given under this Restructuring Plan by the Information Agent or Plan Company to any person shall be sufficiently delivered by posting the same by first class or airmail post or leaving the same at the address of such person last known to the Plan Company, or if an electronic address is provided in a Notice of Claim (or otherwise), by e-mail. If such notice is posted, it shall be deemed to have been received by the addressee 48 hours after the same shall have been posted. If such notice is sent by e-mail, it shall be deemed to have been delivered to the recipient no later than 9:00 a.m. (London time) on the next Business Day after it was sent.

18.4 *Power of attorney, authority* 

A notice which is signed by a person authorised by an individual Plan Participant on his or her behalf may be rejected by the Information Agent or Plan Company if it is not accompanied by a power of attorney duly executed by the Plan Participant in favour of such person whereby such person is authorised to execute the notice concerned, or by a copy of such power of attorney certified as a true copy thereof by a solicitor or notary or a person authorised to administer oaths in any relevant jurisdiction, together with a statutory declaration made by the donee of the power stating that such power had not been revoked prior to his signature of such notice. In the case of a notice which is signed on behalf of a Plan Participant which is a corporation or other legally constituted person or a partnership, the Information Agent or Plan Company shall not be required to make enquiry as to the authority of the signatory to sign such notice on behalf of such Plan Participant.

**19.** **ISSUANCE OF NEW ORDINARY SHARES** 

The issuance of New Ordinary Shares by the Plan Company in accordance with paragraphs 5.2 and 5.3 will be made in reliance upon the exemption from registration under the Securities Act provided by Section 3(a)(10) thereof; however certain of the New Ordinary Shares issued to the Secured Lender will be issued in reliance upon other available exemptions under the Securities Act and applicable United States state securities laws. The Plan Company has been advised that the sanction of the Restructuring Plan by the Court, following notice to affected stakeholders and an opportunity to be heard, will satisfy the fairness hearing requirements of Section 3(a)(10). Accordingly, no registration of such securities under the Securities Act will be required.

**20.** **COSTS** 

20.1 Save in relation to the costs associated
 with any fractional entitlements under Clause 6 (*Fractional Entitlements*), the Plan
 Company shall pay, or procure the payment of, all costs, charges, expenses and disbursements
 incurred by it in connection with the negotiation, preparation and implementation of this
 Restructuring Plan as and when they arise, including, but not limited to the costs of holding
 the Plan Meetings, the costs of obtaining the sanction of the Court and the costs of placing
 the notices (if any) required by this Restructuring Plan.

20.2 To avoid doubt, this Clause 20 does not
 affect such rights as the Plan Company has at law to seek an indemnity, award of costs or
 other payment in respect of costs from the Court against a Plan Participant or other party
 who opposes the Restructuring Plan or opposes the making of a convening or sanctioning order
 in respect of the Restructuring Plan.

**21.** **LONGSTOP DATE** 

If the Plan Steps Completion Time has not occurred by the Longstop Date, the terms of, and the obligations on the parties under, this Restructuring Plan shall lapse, provided that the Plan Company may, at its discretion, extend the Longstop Date to such later date as both (i) the Plan Company and (ii) the Secured Lender may agree in writing.

**22.** **SEVERABILITY** 

If any provision of this Restructuring Plan is or becomes invalid, illegal and/or unenforceable, then this shall not affect the validity, legality and enforceability of the other terms of this Restructuring Plan. The invalid, illegal and/or unenforceable provision or provisions shall be severed from the remainder of this Restructuring Plan, and, to the extent necessary, the remaining provisions of this Restructuring Plan shall be modified to reflect the severance, and the remainder of this Restructuring Plan shall continue in full force and effect.

**23.** **DISCRETION** 

Where under or pursuant to any provision of this Restructuring Plan or any Restructuring Plan document a matter is to be determined by the Plan Company, it shall be determined by the Board in its discretion in such manner as it considers fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.** **GOVERNING LAW AND JURISDICTION** 

24.1 The operative terms of this Restructuring
 Plan and any non-contractual obligations arising out of or in connection with this Restructuring
 Plan shall be governed by and construed in accordance with the laws of England and Wales.
 The Plan Participants and the Plan Company hereby agree that the Court shall have exclusive
 jurisdiction to hear and determine any suit, action or Proceedings and to settle any dispute
 which arises out of or in connection with the terms of this Restructuring Plan or its implementation
 or out of any action taken or omitted to be taken under this Restructuring Plan or in connection
 with the administration of this Restructuring Plan, and for such purposes, the Plan Participants
 and the Plan Company irrevocably submit to the jurisdiction of the Court.

24.2 Nothing in this Clause 24 prevents the Plan
 Company from instituting court proceedings in the courts of England & Wales or in any
 other court of competent jurisdiction to seek injunctive, interlocutory or declaratory relief
 to enforce the terms of this Restructuring Plan.

**DATED**

**SCHEDULE 1**

**PLAN STEPS**

Each of the Plan Steps shall be taken on the date, at the time and in the order set out in this Schedule 1. Unless indicated otherwise in this Schedule 1, the items listed in relation to a particular Plan Step shall occur sequentially in the order in which such items are stated to occur within that Plan Step. The Plan Company and each of the Plan Participants acknowledges and agrees that all of the Plan Steps which are to take place after the Plan Effective Date are inter-conditional and no such Plan Step shall take place unless the prior Plan Step (if any) has been completed in full and all transactions contemplated within that Plan Step and each other Plan Steps remain capable of being completed in full.

**1.** **PLAN STEP 1 – ESTABLISHMENT OF GROWLER USCO** 

1.1 Prior
 to the Plan Effective Date, Growler will incorporate Growler USCo.

**2.** **PLAN STEP 2 – RULE 9 WAIVER** 

2.1 After the Convening Hearing, the Plan Company
 shall circulate to its Shareholders the Rule 9 Circular in substantially the form set out
 in Appendix 11 to the Explanatory Statement as may be amended to take into account comments
 from the Takeover Panel, in order to convene a meeting of Shareholders to consider, and if
 thought fit approve, the Rule 9 Waiver.

2.2 Prior to the Plan Implementation Date, the
 Takeover Panel shall have provided a waiver of the Rule 9 Obligation and either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 the Shareholders have given their approval,
 on a poll, to waive the Rule 9 Obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 the Takeover Panel has confirmed that
 it will permit a dispensation under section 2(c) of the Introduction of the Takeover Code
 from the Rule 9 Obligation in order to facilitate the Restructuring Plan.

**3.** **PLAN STEP 3 – ADJUSTMENT TO ADS RATIO** 

Prior to the Plan Implementation Date, the following shall have taken place:

3.1 the Plan Company shall have submitted on
 the NASDAQ online interface:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 a Company Event Notification form with
 respect to the Restructuring Plan, the adjustment to conversion ratio and the reduction of
 ADSs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 a Listing of Additional Shares form
 with respect to the Restructuring Plan and issuance of additional New ADSs.

3.2 the Plan Company shall have announced the
 ADR Ratio Change.

3.3 Following the announcement referred to in
 Plan Step 3.2, the Plan Company and the Depositary shall have filed an amendment to the existing
 Form F-6 (to amend and restate Deposit Agreement) or, to the extent additional ADRs need
 to be registered, filed a new Form F-6 (to both amend and restate the Deposit Agreement and
 register additional ADRs for the ADR program).

3.4 the Depositary shall have delivered an announcement
 notifying registered holders pursuant to Section 16 of the Deposit Agreement regarding the
 reduction of ADSs and adjustment to conversion ratio to ADR holders.

3.5 the Depositary shall have applied for a
 new CUSIP.

3.6 at least five business days after the announcement
 referred to in Plan Step 3.2, DTC shall have ensured that the new post ratio change/reverse
 split CUSIP is DTC-eligible.

3.7 After the SEC declares the amendment to
 the Form F-6 or the new Form F-6 effective, and shortly prior to the effectiveness of the
 ADR Ratio Change, the Plan Company and the Depositary shall amend and restate the Deposit
 Agreement (for unrestricted ADRs).

3.8 On the Plan Effective Date and after amendment
 and restatement of the Deposit Agreement, the ADR Ratio Change shall become effective, at
 which point DTC will mandatorily draw down its position and registered ADR holders will exchange
 their ADRs with the Depositary, resulting in the reduction of ADRs.

3.9 In lieu of fractional New ADSs, ADR Holders
 will have the right to receive a pro rata portion of the proceeds of DTC's sale of
 the aggregate of all New ADSs to which ADR Holders have a fractional entitlement. In the
 event an ADR Holder receives no ADRs and less than $0.01 in sale proceeds in lieu of a fractional
 New ADS, such holder will be entitled to receive US$1.00 from the Plan Company upon written
 request.

**4.** **PLAN STEP 4 – CONTRIBUTION OF GROWLER MINING ASSETS** 

4.1 Following the Plan Effective Date, and without
 the need for any further consent, action, or step to be taken by the Plan Company or any
 Plan Participant, Growler and Growler USCo will execute:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 the Contribution and Exchange Agreement
 pursuant to which the Growler Mining Assets will be transferred by Growler to Growler USCo,
 in exchange for the issuance to Growler of all of the issued and outstanding shares of capital
 stock in Growler USCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 the Assignment and Assumption Agreement
 pursuant to which the Growler Mining Assets will be conveyed to Growler USCo,

and the Contribution and Exchange Agreement and Assignment and Assumption Agreement will each become effective.

**5.** **PLAN STEP 5 – GROWLER EQUITY AND COMPROMISED NOTEHOLDER EQUITY IS ISSUED** 

5.1 Prior to the Plan Implementation Date, the
 Independent Valuer shall have provided its independent valuation of the shares in Growler
 USCo to the Plan Company and Growler, as required by, and prepared in accordance with, Chapter
 6 of Part 17 of the Companies Act.

5.2 Following the Plan Effective Date, a meeting
 of the Board shall be held to approve (conditional on, in each case the waivers and releases
 set out in the Restructuring Plan becoming effective, the payment of the Growler Exit Capital
 as contemplated in Plan Step 5.2.2, and the transfer of shares in Growler USCo pursuant to
 the Exchange Agreement, as set out in Plan Step 5.2.3):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the allotment and issue of the Growler
 Equity and the Compromised Noteholder Equity, as contemplated in 5.2.5 and 5.2.6 below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the appointment of the Growler nominee
 to the Board, with effect from the Plan Implementation Date;

and without the need for any further consent, action, or step to be taken by the Plan Company or any Plan Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 Growler shall execute and deliver the
 Application Letter and pay the Growler Exit Capital to the Plan Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 Growler and the Plan Company shall
 enter into the Exchange Agreement, and the Exchange Agreement shall become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4 After the Ratio Change becomes effective,
 and immediately prior to the issuance of the Restricted ADSs, the Plan Company and the Depositary
 shall enter into a Restricted Issuance Agreement (for Restricted ADSs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.5 the Plan Company shall issue the Growler
 Equity to the Depositary, which will be in exchange for the issuance by the Depositary of
 the Restricted ADSs in respect thereof to Growler, pursuant to the Restricted Issuance Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.6 the Plan Company shall issue the Compromised
 Noteholder Equity to the Depositary, which will be in exchange for the issuance by the Depositary
 of the New ADSs in respect thereof to the Noteholders pursuant to the Deposit Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.7 the Plan Company's registrars,
 Computershare Investor Services PLC, shall update the Plan Company's register of members
 and other statutory registers to reflect the issuance of New Ordinary Shares to the Depositary
 in respect of both the Restricted ADSs and the unrestricted New ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.8 Following completion of Plan Steps
 5.2.6 and 5.2.7, the Depositary shall issue restricted ADRs, evidencing Restricted ADSs,
 to Growler pursuant to the Restricted Issuance Agreement and unrestricted ADRs, evidencing
 unrestricted New ADSs, to the Noteholders pursuant to the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.9 Noteholders will not be entitled to
 fractional New ADSs. In lieu of fractional New ADSs, ADR Holders will have the right to receive
 a pro rata portion of the proceeds of DTC's sale of the aggregate of all New ADSs to
 which Noteholders have a fractional entitlement. In the event a Noteholder receives no ADRs
 and less than $0.01 in sale proceeds in lieu of a fractional New ADS, such Noteholder will
 be entitled to receive US$1.00 from the Plan Company upon written request.

**6.** **PLAN STEP 6 – CANCELLATION OF LONDON LISTING** 

6.1 Prior to the Plan Implementation Date, the
 Plan Company shall have given notice to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 the Financial Conduct Authority (in
 its capacity as UK listing authority) that it will cancel its listing on the Official List
 and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 London Stock Exchange that it will
 cancel its shares from trading on the main market of the London Stock Exchange,

in each case with effect from the Plan Implementation Date.

**7.** **PLAN STEP 7 – POST-PLAN IMPLEMENTATION DATE FILINGS** 

7.1 Following the Plan Implementation Date,
 the Plan Company shall make all required filings at the Registrar of Companies, including,
 but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Form SH01 together with valuation report
 referred to in Plan Step 5.1 in relation to the issuance of new Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Form AP01 in relation to the appointment
 of the Growler nominee as a director of the Plan Company

7.2 Following the Plan Implementation Date,
 and in any event within five Business Days of that date, the Plan Company shall pay in full
 all unpaid and accrued fees, costs and expenses of the Advisers incurred up to and including
 the Plan Implementation Date (including the costs of preparing, seeking sanction of and implementing
 the Restructuring Plan and these Plan Steps).