# EDGAR Filing Document

**Accession Number:** 0002006447
**File Stem:** 0001140361-25-045980
**Filing Date:** 2025-12
**Character Count:** 111489
**Document Hash:** c35139490547fd014ce419d83b599a92
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-045980.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001140361-25-045980

**CONFORMED SUBMISSION TYPE**: F-6

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20251218

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 3i GROUP PLC
- **CENTRAL INDEX KEY:** 0001078716
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** F-6
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292230
- **FILM NUMBER:** 251582209

**BUSINESS ADDRESS:**
- **STREET 1:** 91 WATERLOO ROAD
- **STREET 2:** LONDON
- **CITY:** ENGLAND SEI8XP
- **STATE:** X0
- **ZIP:** 00000
- **BUSINESS PHONE:** 01799283131

**MAIL ADDRESS:**
- **STREET 1:** 91 WATERLOO ROAD
- **STREET 2:** LONDON
- **CITY:** ENGLAND SEI8XP
- **STATE:** X0
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 31 GROUP PLC
- **DATE OF NAME CHANGE:** 19990208
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Digital Securities Depositary Corporation, Inc.
- **CENTRAL INDEX KEY:** 0002006447

**ORGANIZATION NAME:**
- **EIN:** 871086970
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-6

**BUSINESS ADDRESS:**
- **STREET 1:** 1209 ORANGE STREET
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 917-892-1059

**MAIL ADDRESS:**
- **STREET 1:** 1885 HYLAN BLVD
- **STREET 2:** #1185
- **CITY:** STATEN ISLAND
- **STATE:** NY
- **ZIP:** 10305

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As filed with the Securities and Exchange Commission on December 16, 2025

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM F-6

REGISTRATION STATEMENT

under

THE SECURITIES ACT OF 1933

For Depositary Shares

Name of the Company

3i Group plc

N/A

(Translation of issuer's name into English)

United Kingdom

(Jurisdiction of incorporation or organization of issuer)

## Digital Securities Depository Corporation, Inc.

(Exact name of depositary as specified in its charter)

The Malin

32 Mercer Street, 3rd Floor

New York, New York 10013

917-892-1059

(Address, including zip code, and telephone number, including area code, of depositary's principal executive offices)

Compliance Oversight and Governance Provided By

Rialto Markets LLC

256 Patrick Mill Circle

Ponte Verda Beach, FL 32082 USA

(917) 575-2601

(Address, including zip code, and telephone number, including area code, of agent for service)

Copies to:

John A. Coleman, Jr.

John A. Coleman, Jr., Esq., P.C.

488 Madison Avenue, Suite 2001, New York, New York 10022

It is proposed that this filing become effective under Rule 466

(check appropriate box)

☐ immediately upon filing

☐ on (Date) at (Time).

If a separate statement has been filed to register the deposited shares, check the following box. ☐

CALCULATION OF REGISTRATION FEE

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| | | | | |
|:---|:---|:---|:---|:---|
| Title of each class<br> of Securities to be registered | Amount to be<br> registered | Proposed<br> maximum aggregate<br> price per unit (1) | Proposed<br> maximum aggregate<br> offering price (2) | Amount of registration fee<br>|
| American Depositary Shares (<u>ADS(s)</u>), each ADS representing the right to receive one ordinary share of 3i Group plc (the "<u>Company</u>") | **10,000,000** American Depositary Shares | **$0.05** | **$500000** | **$76.55**<br>|

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(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each unit represents one American Depositary Share.

(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated solely for the purpose of calculating the registration fee. Pursuant to Rule 457(k), such estimate is computed on the basis of the maximum aggregate fees or charges to be imposed in connection with the issuance of such Receipts evidencing American Depositary Shares.

The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the United States Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

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PART I

INFORMATION REQUIRED IN PROSPECTUS

The prospectus consists of the proposed Form of American Depositary Receipt and Statement of Terms and Conditions filed as Exhibit 1 to this Registration Statement, which is incorporated herein by reference.

Item -1. Description of Securities to be Registered

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| | | |
|:---|:---|:---|
|  | Item Number and Caption | Location in Form of<br> Receipt Filed<br> Herewith as<br> Prospectus |
| 1. | Name and address of the depositary | Introductory Article |
| 2. | Title of American Depositary Shares and identity of deposited securities | Face of Receipt, top center |
|  | Terms of Deposit |  |
|  | (i) The amount of deposited securities represented by each American Depositary Share | Face of Receipt, upper right corner |
|  | (ii) The procedure for voting, if any, the deposited securities | Articles number 8 and 12 |
|  | (iii) The collection and distribution of dividends | Articles number 9 and 13 |
|  | (iv) The transmission of notices, reports and proxy soliciting material | Article number 8 |
|  | (v) The sale or exercise of rights&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Articles number 4 and 9 |
|  | (vi) The deposit or sale of securities resulting from dividends, splits, or plans of reorganization&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Articles number 9 and 11 |
|  | (vii) Amendment, extension, or termination of the deposit agreement | Article number 13 and 17 |
|  | (viii) Rights of holders of American Depositary Shares to inspect the transfer books of the depositary and the list of holders of American Depositary Shares | Article number 3 |
|  | (ix) Restrictions upon the right to deposit or withdraw the underlying securities | Articles number 2, 3, 4, 6, 11, 12 and 14 |
|  | (x) Limitation upon the liability of the depositary | Articles number 5, 8, 9, 12, 13 and 18 |

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Item - 2. Available Information

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| | |
|:---|:---|
| Statement that as of the date of the establishment of the program for issuance of American Depositary Shares by the Depositary, based on the reasonably good faith belief of the Depositary, after limited investigation, the Registrant represents that, as of the date hereof, the foreign issuer publishes information in English required to maintain the exemption from registration under Rule 12g3-2(b) under the Securities Exchange Act of 1934, as amended or on its Internet Web site (with the location of such Internet Web site) or through an electronic information delivery system generally available in its primary trading market | Article number 8 |

---

Part II- Information Not Required in Prospectus.

Item – 3. Exhibits

a. Form of American Depositary Receipt and Statement of Terms and Conditions, constituting the Prospectus filed a part of this Registration Statement, which contains the form of agreement relating to the American Depositary Shares registered
 hereunder. – Filed herewith as Exhibit a.

b. Membership Agreement between Rialto Markets LLC and the Digital Securities Depositary Corporation – Filed herewith as Exhibit b.

c. Rialto Markets LLC FINRA Membership Agreement - filed herewith as Exhibit c.

d. Opinion of John A. Coleman, Jr., Esq., P.C., counsel for the Depositary, as to the legality of the securities to be registered. – Filed herewith as Exhibit d.

e. Certification under Rule 466. — Not applicable.

f. Every material contract relating to the deposited securities between the Depositary and the issuer of the deposited securities in effect at any time within the last three years. — Not applicable.

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Item – 4. Undertakings

(a) The Depositary hereby undertakes to make available at the principal office of the Depositary in the United States, for inspection by holders of the American Depositary Shares, any reports and communications received from the issuer of the
 deposited securities which are both (1) received by the Depositary as the holder of the deposited securities, and (2) made generally available to the holders of the underlying securities by the issuer.

(b) If the amounts of fees charged are not disclosed in the prospectus, the Depositary undertakes to prepare a separate document stating the amount of any fee charged and describing the service for which it is charged and to deliver promptly a
 copy of such fee schedule without charge to anyone upon request. The Depositary undertakes to notify each registered holder of American Depositary Shares thirty days before any change in the fee schedule.

SIGNATURES

By: Digital Securities Depositary Corporation

As Depositary

By: /s/ Alistair Jones

Name: Alistair Jones

Title: CEO

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INDEX TO EXHIBITS

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| | |
|:---|:---|
| Exhibit<br> Number | Exhibit |
| [a.](ef20061355_ex99-a.htm) | Form of American Depositary Receipt and Statement of Terms and Conditions, which contains the form of deposit agreement relating to the American Depositary Shares registered hereunder. |
| [b.](ef20061355_ex99-b.htm) | Membership Agreement between Rialto Markets LLC and the Digital Securities Depositary Corporation – Filed herewith as Exhibit b. |
| [c.](ef20061355_ex99-c.htm) | Rialto Markets LLC FINRA Membership Agreement - filed herewith as Exhibit c. |
| [d.](ef20061355_ex99-d.htm) | Opinion of John A. Coleman, Jr., Esq., P.C., counsel for the Depositary, as to the legality of the securities to be registered. – Filed herewith as Exhibit d. |

---

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## Ex-99.A

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**Exhibit a**<br>

#### AMERICAN DEPOSITARY SHARES
(One (1) American Depositary Share represents

One (1) Share)

#### DIGITAL SECURITIES DEPOSITORY CORPORATION

#### FORM OF AMERICAN DEPOSITARY RECEIPT

#### AND

#### STATEMENT OF TERMS AND CONDITIONS
WITH RESPECT TO

AMERICAN DEPOSITARY SHARES

REPRESENTING

#### COMMON STOCK OF
3i GROUP plc **(THE "COMPANY")**

(INCORPORATED UNDER THE LAWS OF THE UNITED KINGDOM)

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The **Depositary** (as defined below), hereby certifies that___________________, is the Owner of _______________________ American Depositary Shares (as defined below), subject to the Terms and Conditions set forth below. The Depositary conducts its ADR operations using systems and procedures provided by Digital Securities Depositary Corporation, Inc. (DSDC). DSDC is a Delaware corporation registered as a transfer agent with the United States Securities and Exchange Commission, and Rialto Markets LLC, an SEC-registered and FINRA member broker-dealer, provides compliance oversight and governance as its Compliance Servicer. DSDC provides a full suite of ADR services through its members, all of whom are appropriately regulated for the services they request or provide.

1. AMERICAN DEPOSITARY SHARES; AMERICAN DEPOSITARY RECEIPTS.

(a) "**American Depositary Shares**" are securities issued under these Terms and Conditions (these "**Terms and Conditions**") that consist of rights with respect to shares of the class identified above ("**Shares**") or evidence of rights to receive Shares, that have been deposited with the Depositary's custodian (the "**Custodian**") and duly recorded on the register operated by its appropriately regulated members on behalf of the Depositary. Each American Depositary Share represents the amount of Shares specified above, <u>except</u> as provided in Article 9 in the case of a distribution of Shares or Article 11 in the case of a change in the Deposited Securities (as defined below). American Depositary Shares may be certificated securities evidenced by American Depositary Receipts ("**Receipts**") or uncertificated securities. These Terms and Conditions constitute part of each Receipt and, except for those provisions that refer specifically to Receipts, all the provisions of these Terms and Conditions shall apply to both certificated and uncertificated American Depositary Shares.

(b) The term "**deliver**", or its noun form, when used with respect to Shares or other Deposited Securities, shall mean (i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of those securities designated by the person entitled to that delivery. The term "**deliver**", or its noun form, when used with respect to American Depositary Shares, shall mean (i) registration of those American Depositary Shares in the name of The Depository Trust Company ("**DTC**") or another securities depository, or its nominee, and book-entry transfer of those American Depositary Shares to an account at DTC or another securities depository designated by the person entitled to that delivery. The term "**Deposited Securities**" shall mean the Shares deposited under these Terms and Conditions (including such evidence of the right to receive the same), and any and all other securities, cash, and other property held by the Custodian in place thereof or in addition thereto as provided herein. The term "**Holder**" shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary Shares, whether for its own account or for the account of another entity, but that is not the Owner of that Receipt or those American Depositary Shares. The term "**Owner**" shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary from time to time. The term "**surrender**", when used with respect to American Depositary Shares, shall mean one or more transactions reducing the holdings of American Depositary Shares in the account of any owner.(c) These Terms and Conditions constitute a continuing agreement between the Depositary and all Owners and Holders from time to time and shall govern the rights and duties of the Owners and Holders and the Depositary with respect to the American Depositary Shares and the Deposited Securities. By accepting or holding American Depositary Shares, each Owner and Holder consents and agrees to these Terms and Conditions. The issuer of the American Depositary Shares is deemed to be the legal entity resulting from the agreement provided for by these Terms and Conditions.

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2. SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF DEPOSITED SECURITIES.

Upon surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities, and subject to these Terms and Conditions, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount of Deposited Securities at the time represented by those American Depositary Shares, <u>but not</u> any money or other property as to which a record date for distribution to Owners has passed (since money or other property of that kind will be delivered or paid on the scheduled payment date to the Owner as of that record date), and <u>except that</u> the Depositary shall not be required to accept surrender of American Depositary Shares for the purpose of withdrawal to the extent it would require delivery of a fraction of a Deposited Security. Following the receipt of a proper instruction and surrender of American Depositary Shares under this Article, the Depositary, under the supervision and oversight of the Compliance Servicer, shall arrange for delivery of the Deposited Securities pursuant to that instruction.

3. TRANSFER OF AMERICAN DEPOSITARY SHARES; LIMITATIONS ON ISSUANCE, TRANSFER, AND SURRENDER.

(a) So long as any American Depositary Shares are outstanding, the Depositary and its appropriately regulated service providers will maintain a register for the registration of American Depositary Shares and transfers of American Depositary Shares, and where the Owners may, during regular business hours, inspect the register of Owners.

(b) The Depositary, subject to these Terms and Conditions, shall register a transfer of American Depositary Shares on its transfer books upon receipt from the Owner of a proper instruction, and duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall deliver the transferred American Depositary Shares to or upon the order of the person entitled thereto.

(c) The Depositary, subject to these Terms and Conditions, shall, upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of that Receipt or those Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered.

(d) As conditions precedent to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of the Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and of any applicable fees as provided in these Terms and Conditions, (ii) production of proof satisfactory to it as to the identity and genuineness of any signature and (iii) compliance with any regulations the Depositary may establish consistent with the provisions of these Terms and Conditions. The delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of these Terms and Conditions, or for any other reason.

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4. PROOF OF CITIZENSHIP OR RESIDENCE; DISCLOSURE OF BENEFICIAL OWNERSHIP; OWNERSHIP LIMITATIONS.

(a) The Depositary may require any Owner or Holder, or any person presenting securities for deposit against the issuance of American Depositary Shares, from time to time, to provide such proof of citizenship or residence and to furnish such other information, by affidavit or otherwise, and to execute such certificates and other instruments as the Depositary may deem necessary or proper, and the Depositary may withhold the issuance or registration of transfer of any American Depositary Shares or payment of any dividends or delivery of any other property to any Owner, Holder or other person, as the case may be, that does not provide those proofs, certificates or other instruments.

(b) Each Owner and Holder agrees to comply with any applicable law or regulation or provision of the articles of association or similar document of the issuer of Deposited Securities with respect to disclosure of or limitation on beneficial ownership of Deposited Securities as if American Depositary Shares were the Deposited Securities they represent, whether or not the Depositary has notified Owners of any requirement of that kind.

(c) Each Owner and Holder is obligated without recourse to a notice by the Depositary requiring information about interests in American Depositary Shares, including the identity of persons interested in the shares in question, and to confirm that fact or (as the case may be) to state whether or not it is the case. The notice may require the person to whom it is addressed to give particulars of his own present or past interest in the company's shares (held by him at any time during the period of the prior twelve months). The information required by the notice must be given within such reasonable time as may be specified in the notice.

(d) Each Owner and Holder agrees to provide all information known to it in response to a request made pursuant to this Article. Each Holder consents to the disclosure by the Depositary and by the Owner or other Holder through which it directly or indirectly holds American Depositary Shares of all information responsive to a request made pursuant to this Article relating to that Holder that is known to that Owner or other Holder.

5. TRANSFERABILITY; RECORD-OWNERSHIP.

It is a condition of the American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting or holding the same, consents and agrees, that American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be transferable as uncertificated registered securities under the laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in these Terms and Conditions and for all other purposes, and the Depositary shall have no obligation and shall not be subject to any liability with respect to American Depositary Shares to any person other than the Owner.

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6. TAX LIABILITY.

If any tax or other governmental charge shall become payable with respect to or in connection with any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Article 11 applies, that tax or other governmental charge shall be payable by the Owner to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that payment is made, and may withhold any dividends or other distributions or the proceeds thereof, or the Depositary may authorize under the supervision and oversight of the Compliance Servicer a sale of for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply those dividends or other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale of that kind, the Owner shall remain liable for any deficiency. The Depositary shall authorize, under the supervision and oversight of the Compliance Servicer, a distribution of any net proceeds of a sale made under this Article that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Article 9. If the number of Shares represented by each American Depositary Share decreases as a result of a sale of Deposited Securities under this Article, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may under the supervision and oversight of the Compliance Servicer sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them. Each Owner and Holder agrees to indemnify the Depositary, the Custodian, and their respective directors, employees, agents, and affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it.

● 7. REPRESENTATIONS AND WARRANTIES.

Every person presenting Shares for deposit shall be deemed thereby to represent and warrant that those Shares and each certificate, if any, for them are validly issued, fully paid and non-assessable, that those Shares were not issued in violation of any preemptive or similar rights of the holders of any securities of the Company and that the person making such deposit is duly authorized to do so. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. "**Restricted Securities**" shall mean Shares that (i) are "restricted securities," as defined in Rule 144 under the Securities Act of 1933, as amended (the "**Securities Act of 1933**"), except for Shares that could be resold in reliance on Rule 144 without any conditions, (ii) are beneficially owned by an officer, director (or person performing similar functions) or other affiliate of the Company, (iii) were acquired by the depositor from the Company or an affiliate of the Company outside the United States less than 40 days before the date of deposit, (iv) otherwise would require registration under the Securities Act of 1933 in connection with the public offer and sale thereof in the United States or (v) are subject to other restrictions on sale or deposit under the laws of the United Kingdom, a shareholder agreement or the articles of association or similar document of the Company. Those representations and warranties shall survive the deposit of Shares and the delivery of American Depositary Shares.

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8. AVAILABLE INFORMATION; REPORTS OF ISSUER OF DEPOSITED SECURITIES; VOTING RIGHTS.

(a) Based on the reasonable good faith belief of the Depositary (after exercising reasonable due diligence), it was determined, at the time of the filing of the applicable registration statement for the ADSs, that the Company published in English the information contemplated in Rule 12g3-2(b) under the United States Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), on its internet website or through an electronic information delivery system generally available to the public in the Company's primary trading market. The Internet website address where that information was published is **https://www.3i.com/**. The information so published by the Company cannot be retrieved from the Commission's internet website, and cannot be inspected or copied at the public reference facilities maintained by the Commission. The Depositary does not assume any duty to determine if the Company is complying with the requirements of Rule 12g3-2(b) under the Exchange Act or to take any action if the Company is not complying with those requirements.

(b) The Depositary shall have no obligation to give notice to Owners or Holders of any meeting of holders of Deposited Securities or of any report of or communication from the issuer of any Deposited Securities, or of any other matter concerning the affairs of that issuer. The Depositary undertakes to make available by electronic means for inspection by Owners any reports and communication received from an issuer of Deposited Securities that are both (i) received by the Depositary as the holder of the Deposited Securities and (ii) made generally available to the holders of the Deposited Securities by that issuer. Those reports and communications will be available only in the language in which they were received by the Depositary from the issuer of the Deposited Securities, except to the extent, if any, that the Depositary in its sole discretion elects to (i) translate into English any of those reports or communications that were not in English when received by the Depositary and (ii) make those translations, if any, available by electronic means for inspection by Owners.

(c) The Depositary may, but assumes no obligation to, solicit instructions from Owners or Holders as to the exercise of any voting rights with respect to the Deposited Securities. Upon the request of the Owner or properly entitled Holder of American Depositary Shares and payment to the Depositary of the Depositary's fees and any expense involved, the Depositary will, in its sole discretion, but assumes no obligation to, endeavor to exercise any voting rights with respect to the amount of the Deposited Securities represented by those American Depositary Shares in accordance with that request. The Depositary shall not exercise voting rights with respect to Deposited Securities except in accordance with the request of an Owner or properly entitled Holder.

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9. DISTRIBUTIONS; PAYMENT CURRENCY AND CONVERSION OF CURRENCY.

(a) The Depositary under the supervision and oversight of the Compliance Servicer (a)shall distribute or otherwise make available to the Owners, at the times and in a manner that it determines, any distributions of cash, shares or other securities or property (other than rights to subscribe for securities) that it receives in respect of Deposited Securities and (b) may (but is not obligated to) exercise on behalf of Owners or distribute to Owners, at the times and in a manner that it determines, any rights to subscribe for securities received in respect of Deposited Securities, in each case after deduction, or upon payment of the fees and expenses of the Depositary as provided in Article 14 and any applicable taxes. <u>However</u>, the Depositary shall not be obligated to distribute or make available any securities unless it has received satisfactory assurances, which may be an opinion of United States counsel, that the distribution is registered under, or is exempt from or not subject to the registration requirements of, the Securities Act of 1933 or any other applicable law, or if the Depositary otherwise determines that making that distribution would not be practicable. If the Depositary is not obligated, under the preceding sentence, to distribute or make available a distribution, the Depositary under the supervision and oversight of the Compliance Servicer may sell the Shares, other securities or rights to subscribe for securities that it received, and the Depositary under the supervision and oversight of the Compliance Servicer shall distribute the net proceeds of a sale of that kind to the Owners entitled to them, after deduction or upon payment of the fees and expenses of the Depositary as provided in Article 14 and any applicable taxes. In lieu of distributing fractional American Depositary Shares for distributed Shares or other fractional securities, the Depositary, under the supervision and oversight of the Compliance Servicer, may sell the aggregate of those fractions and distribute the net proceeds to the Owners entitled to them. In the case of rights to subscribe for securities, the Depositary may, in its discretion, seek instructions from Owners as to the disposition to be made of those rights. If the Depositary does not exercise, distribute, or sell rights, the Depositary shall allow those rights to lapse. Sales of Shares, other securities, rights, or other property by the Depositary under the supervision and oversight of the Compliance Servicer shall be made at the times and in a manner that the Depositary determines. The Depositary will not pay any Owner a fraction of one cent but will round each Owner's entitlement to the nearest whole cent.

(b) The Depositary, under the supervision and oversight of the Compliance Servicer, shall convert or cause to be converted, by sale or in any other manner it determines, foreign currency available for distribution to Owners into U.S. dollars. <u>However</u>, if the Depositary determines that in its judgment that foreign currency is not convertible in its entirety or with respect to the Owners of certain American Depositary Shares on a reasonable basis into U.S. dollars available to it in the City of New York, or if any required approval or license of any government or agency for such conversion is denied or is not obtainable within a reasonable period, the Depositary, under the supervision and oversight of the Compliance Servicer may in its discretion make the conversion and distribution in U.S. dollars to the extent possible to the Owners entitled thereto at the times that it determines and shall with respect to any such currency not converted or convertible either (i) distribute that foreign currency to the Owners entitled to it or (ii) hold that currency for the accounts of those Owners, uninvested and without liability for interest thereon. The Depositary makes no representation that the exchange rate used or obtained in any currency conversion under these Terms and Conditions will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to Owners, subject to the Depositary's obligations under Article 12. The methodology used to determine exchange rates used in currency conversions is available upon request.

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10. RECORD DATES ESTABLISHED BY DEPOSITARY.

Whenever a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to subscribe for securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners) or the Depositary receives notice that a distribution or issuance of that kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Depositary will solicit voting instructions from Owners, or whenever the Depositary will assess a fee or charge against the Owners, or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient, the Depositary shall fix a record date, (a) for the determination of the Owners (i) who shall be entitled to receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting, (iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares.

11. TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES.

(a) The Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer, or similar offer made to holders of Deposited Securities <u>except</u> when instructed to do so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.

(b) If the Depositary receives a written or electronic notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash in a transaction that is mandatory and binding on the Depositary, as a holder of those Deposited Securities (a "**Redemption**"),under the supervision and oversight of the Compliance Servicer , shall (i) if required, surrender Deposited Securities that have been redeemed to the issuer or its agent on the redemption date, (ii) the Depositary send a notice to Owners (A) notifying them of that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary under the supervision and oversight of the Compliance Servicer, upon that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Article 2 or 13 and (iii) the Depositary, under the supervision and oversight of the Compliance Servicer, shall distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Article 1 (and, for the avoidance of doubt, Owners shall not be entitled to receive that money or other property under Article 9). If the Redemption affects less than all the Deposited Securities, the Depositary shall call for the surrender of a corresponding portion of the outstanding American Depositary Shares, and only those American Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among the Owners pro rata to their respective holdings of American Depositary Shares immediately prior to the Redemption, <u>except that</u> the allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner.

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(c) If the Depositary is notified of, or there occurs any change in nominal value or any subdivision, combination or any other reclassification of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a holder of the Deposited Securities and as a result securities or other property have been or will be delivered in exchange, conversion, replacement or in lieu of, Deposited Securities (a "**Replacement**"), then (i) the Depositary, under the supervision and oversight of the Compliance Servicer, shall if required, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under these Terms and Conditions, the new securities or other property delivered to it in that Replacement. <u>However</u>, if, in the opinion of the Depositary it is not lawful or not practical to hold those new Deposited Securities under the Deposit Agreement because those new Deposited Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, the Depositary, the supervision and oversight of the Compliance Servicer, may elect to sell those new Deposited Securities, at public or private sale, at such places and on such terms as it deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above.

(d) In the case of a Replacement where the new Deposited Securities will continue to be held under these Terms and Conditions, the Depositary may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and the Depositary, under the supervision and oversight of the Compliance Servicer, may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

(e) If there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled, or the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners.

12. LIABILITY OF DEPOSITARY.

Neither the Depositary, nor any of its directors, employees, members, agents or affiliates shall incur any liability to any Owner or Holder:

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(i) if by reason of (A) any provision of any present or future law or regulation or other act of the government of the United States, any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) any provision, present or future, of the articles of association or similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether natural or caused by a person or persons, that is beyond the ability of the Depositary to prevent or counteract by reasonable care or effort (including, but not limited to, earthquakes, floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes or criminal acts; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites; or other failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary , directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of these Terms and Conditions or the Deposited Securities, it is provided shall be done or performed;

(ii) for any exercise of, or failure to exercise, any discretion provided for in these Terms and Conditions (including any determination by the Depositary to take, or not take, any action that these Terms and Conditions provide the Depositary may take);

(iii) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to holders of Deposited Securities but is not, under the terms of these Terms and Conditions, made available to Owners or Holders; or

(iv) for any special, consequential, or punitive damages for any breach of the terms of these Terms and Conditions.

Where, by the terms of a distribution or offering to which Article 9 applies, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution or offering on behalf of the Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse.

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Neither the Depositary nor any of its directors, employees, agents, or affiliates assumes any obligation or shall be subject to any liability under these Terms and Conditions to Owners or Holders, <u>except that</u> the Depositary agrees to perform its obligations specifically set forth in these Terms and Conditions without negligence or bad faith, and the Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. The Depositary shall have no obligation to appear in, prosecute or defend any action, suit, or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares, on behalf of any Owner or Holder or other person. The Depositary and the Depositary's agent may rely, and shall be protected in relying upon, any written or electronic notice, request, direction, or other document believed by them to be genuine and to have been signed or presented by the proper party or parties. The Depositary shall not be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in good faith to be competent to give such advice or information. 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 a matter arising wholly after the date of that succession, provided that in connection with the issue out of which such potential liability arises, the Depositary performed its obligations without negligence or bad faith while they acted as the Depositary. The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise. In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities or for the manner in which any such vote is cast or the effect of any such vote. The Depositary may rely, and shall be protected in acting upon, any written or electronic notice, request, direction, or other document believed by them to be genuine and to have been signed or presented by the proper party or parties. The Depositary shall not have any duty to make any determination or provide any information as to the tax status of any issuer of Deposited Securities or any liability for any tax consequences that may be incurred by Owners or Holders as a result of owning or holding American Depositary Shares. The Depositary shall not be liable for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit. No disclaimer of liability under the Securities Act of 1933 is intended by any provision of these Terms and Conditions.

13. TERMINATION OF AGREEMENT; SUCCESSION OF OR DELEGATION BY DEPOSITARY.

(b) At any time after the Termination Date, the Depositary, under the supervision and oversight of the Compliance Servicer, may sell the Deposited Securities then held and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it, unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those Owners will become general creditors of the Depositary with respect to those net proceeds. After the Depositary makes that sale under the supervision and oversight of the Compliance Servicer, the Depositary shall be discharged from all obligations under these Terms and Conditions, except (i) to account for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American Depositary Shares in accordance with these Terms and Conditions and any applicable taxes or governmental charges) and (ii) for its obligations under paragraph (c) below.

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(c) After the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities (that have not been sold), may sell rights and other property as provided in these Terms and Conditions under the supervision and oversight of the Compliance Servicer and shall deliver Deposited Securities (or sale proceeds) upon surrender of American Depositary Shares after payment or upon deduction, in each case, of any expenses for the account of the Owner of those American Depositary Shares in accordance with these Terms and Conditions and any applicable taxes or governmental charges. After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares. After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have not settled if in its judgment the requested withdrawal would interfere with the Depositary's efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares, and the Depositary may suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices or perform any further acts under these Terms and Conditions except as provided in this Article.

(d) Any corporation or other entity into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. In addition, the Depositary may delegate its duties under the agreement under these Terms and Conditions to a person that shall become the successor Depositary. If the Depositary delegates its duties, the Depositary, shall deliver all the Deposited Securities and the register of Owners to the successor Depositary and thereafter (i) the successor depositary shall be the Depositary and shall have all the rights and shall assume all the duties of the Depositary under these Terms and Conditions and (ii) the predecessor depositary shall cease to be the Depositary and shall be discharged and released from all obligations under these Terms and Conditions. A successor Depositary shall notify the Owners that it has become the successor Depositary and has assumed all the duties of the Depositary under these Terms and Conditions.

14. CERTAIN FEES AND CHARGES OF THE DEPOSITARY.

The Depositary may charge any party to whom American Depositary Shares are issued (including issuance pursuant to a stock dividend or stock split, rights offering or other distribution or a Replacement of Deposited Securities pursuant to Article 9 or 11) or Owners, as applicable, (i) fees for distributing cash, securities or other property received in respect of Deposited Securities, (ii) taxes and other governmental charges, (iii) registration or custodial fees or charges relating to the Shares, (iv) cable (including SWIFT) and facsimile transmission expenses, (v) foreign currency conversion expenses, (vi) depositary services fees and (vii) any other fees or charges incurred by the Depositary or its agents in connection with servicing the deposited securities. The Depositary reserves the right to modify, reduce or increase its fees upon thirty (30) days' notice to the Owners. The Depositary will provide, without charge, a copy of its latest schedule of fees and charges to any party requesting it. The Depositary may collect any of its fees by deduction from any cash distribution payable, or by , selling a portion of any securities to be distributed, to Owners that are obligated to pay those fees under the supervision and oversight of the Compliance Servicer.

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15. COMPLIANCE WITH U.S. SECURITIES LAWS.

Notwithstanding anything to the contrary in these Terms and Conditions, the Depositary will not exercise any rights it has under these Terms and Conditions to prevent the withdrawal or delivery of Deposited Securities in a manner which would violate the United States securities laws including, but not limited to, Section 1A(1) of the General Instructions to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act of 1933.

16. GOVERNING LAW; VENUE OF ACTIONS; JURY TRIAL WAIVER.

(a) These Terms and Conditions, the American Depositary Shares and the Receipts shall be interpreted in accordance with and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by the laws of the State of New York.

(b) All actions and proceedings brought by any Owner or Holder against the Depositary arising out of or relating to the Deposited Securities, the American Depositary Shares or these Terms and Conditions, or any transaction contemplated herein, shall be litigated only in courts located within the State of New York.

(c) EACH OWNER AND HOLDER 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 DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THESE TERMS AND CONDITIONS, OR ANY TRANSACTION CONTEMPLATED HEREIN, OR THE BREACH HEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

17. AMENDMENT OF THESE TERMS AND CONDITIONS AND THE RECEIPTS*.*

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## Ex-99.B

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**Exhibit b**<br>

#### MEMBERSHIP FORM
This Membership Form has been created for the purpose of signing up to the DSDC Network.

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| | |
|:---|:---|
| **Member Organisation (the 'Member')** | **Member Organisation (the 'Member')** |
| Company Name  | Rialto Markets LLC |
| Registration Number | CRD# 283477 |
| Registered Address | 42 Broadway Suite 12-129, New York, NY 10004, USA |

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| | |
|:---|:---|
|  **Member Roles** | **Applicable Services** |
|  &nbsp;&nbsp;&nbsp;&nbsp;![](image00004.jpg)Network Governance | ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controlling the strategy of the DSDC network |
|  &nbsp;&nbsp;&nbsp;&nbsp;![](image00002.jpg)Market Maker (MM) | ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Program Establishment Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Unit Issuance Service <br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Unit Cancellation Service |
|  &nbsp;&nbsp;&nbsp;&nbsp;![](image00002.jpg)**Filing Servicer (FS)** | ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Program Establishment Service <br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Program Administration Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Program Termination Service |
|  &nbsp;&nbsp;&nbsp;&nbsp;![](image00002.jpg)**Register Servicer (RS)** | ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Program Establishment Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Program Administration Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Program Termination Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Unit Issuance Service (Headroom)<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Position Update Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Notification Service |
|  &nbsp;&nbsp;&nbsp;&nbsp;![](image00002.jpg)**Account Servicer (AS)** | ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Program Establishment Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Program Termination Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Unit Issuance Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Unit Cancellation Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Position Update Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Cash Payment Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Notification Service |
|  &nbsp;&nbsp;&nbsp;&nbsp;![](image00002.jpg)**Notification Servicer (NS)** | ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Notification Service |
|  &nbsp;&nbsp;&nbsp;&nbsp;![](image00002.jpg)**Payment Servicer (PS)** | ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Cash Payment Service |
|  &nbsp;&nbsp;&nbsp;&nbsp;![](image00002.jpg)**Depository Servicer (DS)** | ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Unit Issuance Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Unit Cancellation Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Notification Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Position Update Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Cash Payment Service |
|  &nbsp;&nbsp;&nbsp;&nbsp;![](image00004.jpg)**Compliance Servicer (CS)** | ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Program Establishment Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Program Administration Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Program Termination Service<br>■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Unit Issuance Service (incl. Headroom)<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DDR Unit Cancellation Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Position Update Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Cash Payment Service<br> ■&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Notification Service |

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![](image00003.jpg)

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| | |
|:---|:---|
| **Membership Fees** based on the indicated Role | **Membership Fees** based on the indicated Role |
| Access (per annum) | Access Base Modules |
| Access (per annum) | Oversight  |
| **Shared** (semi-annually) | Program Costs |
| **Shared** (semi-annually) | Governance Costs |
| **Shared** (semi-annually) | Operating Costs |

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Additional Membership Fees apply per the relevant Service Level Addendums per Role and the DSDC Rate Card respectively upon the Member having formally adopted the latest version of the relevant Service Level Addendums in writing per the process outlined in the Agreement hereunder.

This Membership Form is made pursuant to the agreement (the 'Agreement') between the Member and the Digital Securities Depositary Corporation ('DSDC') on the Signature Date and shall have effect immediately.

Terms defined in the Agreement and the Documents shall have the same meanings in this Membership Form unless otherwise stated. The Member has indicated its acceptance of this Agreement, executing it below.

By signing the below, each Party agrees that it has read, understood, and agreed to be bound by the terms and conditions of this Agreement.

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| | |
|:---|:---|
| Signed by Alistair Jones, CEO | By: /s/ Alistair Jones (Signature) |
| On behalf of DSDC | 2/12/2024 (Signature Date) |
| Signed by Shari Noonan, CEO | By:/s/ Shari Noonan (Signature) |
| On behalf of Member | 2/12/2024 (Signature Date) |

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Confidential \| Digital Securities Depositary Corporation, Inc© 2023 \| Page 2/14<br>

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![](image00003.jpg)

T**his Agreement** is dated on the date as stated on the Membership Form and shall become effective as of the date when the below parties (individually the 'Party' and jointly the 'Parties') have signed this document (the 'Effective Date').

#### THE PARTIES ARE:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Member**, as specified at the top of the Membership Form above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Digital Securities Depositary Corporation, Inc.** (' **DSDC'**), incorporated and registered in Delaware at 1209 Orange Street,
 Wilmington, Delaware in the County of New Castle, 19801, United States.

**BACKGROUND** 

(a) DSDC is set up to be a not-for-profit, Member-operated, -governed, and -owned organisation that provides financial market infrastructure. It facilitates the provision of securities services, a securities
 register, and related reference data that are required across the securities lifecycle.

(b) DSDC operates for the benefit of all Members collectively and with the objective to (i) maximise systemic resilience and investor protection, (ii) maximise the unbundling of securities services to encourage
 fair competition, (iii) maximise the efficient collaboration among Members, and (iv) minimise infrastructure cost for Members.

(c) Membership is open to all financial services institutions that are in accordance with this Agreement. Active Members shall be offered the capacity to act as stockholders and to appoint the Board in
 accordance with the Bylaws attached as Appendix A.

(d) Members individually agree to provide Roles as selected in the Membership Form and related Services to other Members, and/or consume certain Services from other Members. Participation in any Service is in
 accordance with this Agreement, corresponding SLAs, and the Documents.

(e) Members attest they are authorized to perform designated Roles, that they possess the appropriate resources and knowledge to perform the designated Roles, and that they accept sole responsibility to decline
 any Service opportunities for which they are not authorized or otherwise not capable of servicing or lawfully able to provide. Full warranties and representations are outlined in clause 9.

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| | |
|:---|:---|
|  1 | **DEFINITIONS** |

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In this Agreement, except to the extent expressly provided otherwise, the following definitions and those incrementally set out as part of the Documents apply. Whenever appropriate in this Agreement, terms in the singular form shall include the plural (and vice versa) and any gender form shall include all others.

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| | |
|:---|:---|
| **Appendices** | The appendices attached or referenced in this Agreement, which may change from time to time in accordance with clause 20. |
| **Business Year** | The fiscal year of DSDC as defined in its Bylaws.  |
| **Board** | The DSDC's board of directors, holding oversight responsibilities and decision powers, appointed by stockholders under the Bylaws of DSDC. |

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![](image00003.jpg)

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| | |
|:---|:---|
| **Bylaws** | Bylaws of DSDC,which DSDC can make available upon request. |
| **Data** | The records maintained and instructions sent by Members for the purposes of the Services via the DMI. |
| **DDR** | Digital Depositary Receipt; a SEC registered unsponsored American depositary receipt in digital format. |
| **DMI** | The Distributed Market Infrastructure, which is the technology and systems provided by DSDC, operated, and governed by Members, for the provisioning Services. |
| **Documents** | All documents referenced in this Agreement, including those listed in the Appendices. |
| Rate Card | DSDC's standard rate card, available upon request and subject to annual review and updates which will be communicated to all Members. |
| **Effective Date** | The date the Agreement comes into force, which shall be the date of signing the Membership Form. |
| **Governance Body** | The Board, its Committees (in case established), and the Member Group together. |
| **Governance Framework** | The processes, people, and procedures by which DSDC is governed, which DSDC can make available upon request. |
| **Intellectual Property** | See clause 12.1 |
| **Member** | A firm having signed the Membership Agreement and admitted to the Network in accordance with the Governance Body's qualification criteria. |
| **Member Group** | A group of Representatives established by the Board with a specific purpose, assessing respective Change Requests and developing recommendations for the Board's decision. |
| **Network** | The group of all Members that are connecting via DSDC and its DMI for processing of securities. |
| (Member) Representative | A authorized individual from a Member that acts as a delegate in order to represent the Member's interest and participate in one or multiple Member Groups. |
| **Role** | The roles identified and/or selected on the Membership Form, define the tasks and responsibilities of the Member while performing a Service. |
| **Service** | The workflow and securities services required across the full lifecycle of securities (i.e. DDRs) including but not limited to the compliant registration, issuance, shared recordkeeping, and servicing of financial assets in fully digital format. |
| **Service Level Addendum (SLA)** | The specific terms and conditions of a particular Service provided as part of the DMI and defined in the Appendix. Notwithstanding the Agreement's Effective Date, SLAs applicable to the Member become effective only once the Member formally adopts the latest version in writing per the process outlined in clause 3.2. |

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![](image00003.jpg)

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| | |
|:---|:---|
|  2 | **SCOPE OF AGREEMENT** |

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<br> The Member agrees to be bound by the terms and conditions of this Agreement and hereby adopts the Documents.

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| | |
|:---|:---|
|  3 | **NETWORK SERVICES** |

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3.1 Prior to commencing Services, an executed SLA will be required for each Service the Member wishes to provide. Services applicable to the Member's Role are indicated on the Membership Form in this document.
 The Services' terms and conditions can be found in the respective SLAs.

3.2 Each SLA shall be executed by both Parties' authorized representatives electronically signing the SLA Acceptance Letter ('Letter'; see Appendix A). Any Letter shall be considered an integral part of this
 Agreement and shall be subject to the same terms and conditions, except as explicitly outlined in the Letter. The effective date of any Letter shall be mutually agreed upon and specified within the Letter itself. The Letter shall remain
 in effect for the duration specified therein, or until further mutually agreed upon modifications by way of adopting a subsequent Service Version of the SLA.

3.3 The Member agrees that pursuant to this Agreement and unless otherwise defined in the SLAs, it must provide consent prior to being able to process a specifically requested Service, for which the Member
 holds a subscription, and this consent is digitally provided via and recorded in the DMI. In case a Member does not provide consent when it is required, the Member acknowledges that the Service may be allocated to another Member with a
 subscription to the same Service and Role.

3.4 The Member acknowledges that DSDC via the DMI, or through other agreed means, will share instructions and relevant records with other Members as is necessary to effect the Services in accordance with the
 SLAs.

3.5 The Member acknowledges that, when they process a Service, their interactions with the DMI are immutably logged as part of an audit trail. Details of a particular Service are kept private to all necessary
 Members who provided consent to be involved in the Service. However, the Member's general participation (i.e. through its reference) in a requested Service can technically be observed by all Members on the DMI.

3.6 The Member agrees that, pursuant to this Agreement, it and not its affiliates, delegates or agents will act as the Member and that, should it delegate any of its responsibilities or activities under this
 Agreement to any of its affiliates, delegates or agents, it shall retain sole responsibility to DSDC under this Agreement for those matters so delegated.

3.7 The Member agrees to conduct business in strict legal compliance and with the highest ethical standards. The Member acknowledges that there are specific legal and ethical requirements for doing business
 with financial services sector entities and the Member is solely responsible for its compliance with these requirements.

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| | |
|:---|:---|
|  4 | **NETWORK TECHNOLOGY** |

---

4.1 DSDC provides the technology for the DMI and supports the Network in accordance with and not limited to the SLAs. Subject to this Agreement, DSDC grants the Member a non-exclusive license to use the DMI.

4.2 The Member must not attempt to copy, modify, duplicate, create derivative works from, reverse compile, disassemble, reverse engineer, frame, mirror, republish, download, display, transmit, or distribute
 all or any portion of the DMI and the Documents (as applicable) in any form or media or by any other means.

4.3 The Member must not attempt to use all or any part of the Services or the DMI and the Documents in order to build a product or service which competes with the DMI and the DSDC.

4.4 The Member must not attempt to sub-license, sell, rent, lease, transfer, assign, distribute, display, disclose, or otherwise make the Services or the DMI available to any unauthorised third party.

4.5 The Member must use all reasonable endeavours to prevent any unauthorised access to or use of, the Services or the DMI and, in the event of any such unauthorised access or use, promptly notify DSDC.

4.6 The Member must not use any software, programs, routines, applications, or technologies that will or may have a material negative effect on the performance of DMI or introduce material security risks to
 DMI.

4.7 The Member confirms to be capable of integrating the DMI and thereby is able to fulfil all obligations related to Services the Member has subscribed to as part of the Membership Form.

4.8 The Member acknowledges that the DMI represents complex software and that prior to any new release it is sufficient that the software shall pass automated tests conducted by the software vendor. To a
 reasonable extent, the Member shall have the right, via the DSDC, to validate the sufficiency of the test cases, to contribute cases to the automated test regime, and to inspect automated test results.

4.9 DSDC does not warrant or represent that the Services and DMI will be fully free of defects, fully secure, or compatible with any software or system which has not been specified in the Documents.

---

| | |
|:---|:---|
| 5 | **NETWORK GOVERNANCE** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 DSDC operates for the benefit of all Members and it is governed through the Bylaws and the Governance Framework. The Bylaws generally govern stockholder and Board matters of the DSDC. The Governance
 Framework generally defines how all Members are involved in governance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The Member acknowledges the Bylaws and may be offered the capacity to act as stockholder of DSDC, subject to the Board's discretion, active usage of the DMI, and payment of fees as laid out in Clause 7.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The Member acknowledges the Governance Framework and thereby can nominate, subject also to this Agreement and payment of fees as laid out in Clause 7, one Representative to participate in DSDC's governance
 via Member Groups.

---

| | |
|:---|:---|
|  6 | **PAYABLE FEES** |

---

6.1 All applicable Services Fees the Member will charge to DSDC and to other Members are defined in the SLAs and become due only upon adoption of the respective SLAs.

6.2 All applicable Membership Fees DSDC will charge to the Member are defined in the Membership Form and are subject to the standard DSDC Rate Card.

6.3 The Access component of the Membership Fee is reflective of role-based service packages as outlined in the Rate Card and as required for subscription to Services; in case a service package is utilized for
 multiple types of Services, the related fees are only charged once per invoicing cycle.

6.4 The Shared component of the Membership Fee is based on costs expected for the next invoicing period and for items as laid out on the Rate Card, shall be reviewed by the Governance Body on a semi-annual
 basis, and might be adjusted relative to the actual costs incurred by the DSDC. Shared fees are shared among all Members.

6.5 For the purposes of this clause 7 and related clauses, 'Tax' means any compulsory duty, levy, impost, fee, withholding or other charge, however described, imposed by and enforceable under law by any
 governmental, fiscal, or other authority (or delegate thereof) now or hereafter.

6.6 All considerations and monies due under this Agreement are stated exclusive of Tax. If Tax is properly chargeable on all or any part of the Services supplied under this Agreement, the receiving Party shall
 be responsible to pay such amount of Tax to the counterparty.

---

| | |
|:---|:---|
|  7 | **PAYMENT TERMS** |

---

7.1 DSDC invoices the Member with Membership Fees in accordance with the Rate Card and DSDC's Business Year. In case the Member joins DSDC during DSDC's Business Year, Membership Fees will be invoiced at that
 point on a prorated basis.

7.2 The Member invoices DSDC with Service Fees for the Services provided and based on Data managed in the DMI at the end of each Business Year year quarter for the activities within such Business Year quarter,
 unless otherwise defined in the SLA of a respective Service.

7.3 All invoices received by DSDC from its Members as well as all invoices received by Members from DSDC are payable without deductions no later than thirty (30) calendar days after receipt of the invoice. In
 the event that payments are not made in full within thirty (30) days from the receipt of the invoice, late payment fees as set out in the Rate Card shall apply to any outstanding amounts.

7.4 Any charges payable under this Agreement are exclusive of any applicable Tax, tariff surcharges or other like amounts assessed by any governmental entity arising as a result of the provision of the Services
 to the Member under this Agreement and such shall be payable by the Member to DSDC in addition to all other charges payable hereunder.

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| | |
|:---|:---|
| 8 | **TERM AND TERMINATION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 The term of this Agreement commences on the Effective Date and is three (3) years. At the end of the Term, this Agreement automatically shall renew for successive three (3) years terms, unless either Party delivers to the other
 Party a notice in writing specifying the date of termination, subject to the terms and conditions of this Agreement, which shall not be less than six (6) months after the date of giving such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Should DSDC and the Member be unable to agree on any SLA applicable to the Member, either Party may terminate the Agreement by giving notice of

<br> • one (1) month in the context of reviewing the relevant SLAs in the first instance; and

<br> • three (3) months in the context of any subsequent SLA update applicable to the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 If any of the following events shall occur, DSDC may effect such termination upon notice effective immediately:

<br> • The occurrence or threatened occurrence of an insolvency event affecting the Member or its assets;

<br> • Application by the Member for composition with its creditors, whether in or out of court or for deferment of its debts;

<br> • Other situations of concursus affecting the Member or its assets;

<br> • The Member becomes unable to pay its Membership Fees as defined in clause 7.2;

<br> • In the reasonable opinion, any of the Member's representations and warranties are false;

<br> • The Member (or its appointed agent(s)) is in material breach of any obligation incumbent upon it under this Agreement; and

<br> • Circumstances arise which DSDC reasonably believes would materially affect the Member's ability to fulfil the obligations incumbent upon it under this Agreement;

<br> • The Member acts or fails to act, in such a way as to bring DSDC or Members into disrepute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The following clauses shall survive the expiry or termination of this Agreement and shall remain in full force and effect after such date: (6) Payable Fees, (7) Payment Terms, (12) Intellectual Property, (13) Indemnification &
 Liabilities, and (14) Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 In the event of a Member either being unable to fulfil its obligations under this Agreement or upon notice of its termination, the Member shall commit to work collaboratively with the DSDC and Members to conclude or transfer its
 activities under its Role to one or several other Members at the discretion of the Board in an orderly, timely, and professional manner.

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|:---|:---|
| 9 | **GENERAL WARRANTIES AND REPRESENTATIONS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Member warrants that it is a corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 The Member warrants that it has the power and authority and legal right to enter into this Agreement and to perform the obligations hereunder and that it has taken all necessary corporate action to authorize the execution of this
 Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 The Member warrants that the execution and delivery of this Agreement will not conflict with or violate any requirement of any applicable laws or regulations, and do not conflict with or constitute a default under any contractual
 obligation enforceable against it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 The Member warrants that all necessary consents, approvals, authorizations and licenses of governmental authorities, regulatory agencies and other persons required to be obtained related to the performance of this Agreement and
 subscribed Services have been obtained or will be obtained prior to the adoption of an SLA, including but not limited to the qualification criteria by type of Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 The Member warrants it adequately meets all relevant regulatory capital requirements necessary to enter into contractual relationships with DSDC given the nature of Services offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 The Member warrants that it has valid and sufficient insurance or adequate capital reserves to cover for operational losses for the liabilities associated with its participation in the Network, including up to the period it ceases
 to be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 The Member warrants that it has proper supervision of its compliance and risk management functions, including AML and KYC procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 The Member acknowledges that it is subject to additional warranties defined per Service and as laid out in the respective SLAs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 The Member acknowledges and agrees that nothing in this Agreement shall create or suggest an agency arrangement between the Parties, or between the Members. Where relevant, and for the purposes
 of delivering the Services, DSDC has the authority to appoint or instruct regulated and reputable third parties for the provision of certain activities and only as laid out in the SLAs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 The Member acknowledges and agrees that nothing in this Agreement will suggest or hold DSDC as having or requiring any regulatory authorization in any jurisdiction. All regulatory authorizations will be provided by the Members for
 the selected Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 The Member agrees without limitation: (1) not to seek or accept any compensation in connection with the Membership Agreement which may violate any applicable laws, regulations, contracts, or conflict of interest policies; (2) not
 to use bribes, kickbacks, illegal gratuities, or other corrupt practices in connection with the Membership Agreement; and (3) not to provide DSDC with or inject into the DMI any proprietary, source selection sensitive, or other
 information that is restricted from disclosure by a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 The Member and the DSDC shall not victimise, harass or discriminate against any applicant or individual of either Party due to their gender, race, disability, age, religious belief, sexual orientation or part-time status. This
 representation applies, but is not limited to employment, upgrading, work environment, demotion, transfer, recruitment, recruitment advertising, termination of employment, rates of pay or other forms of compensation and selection for
 training.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 Should the Member breach any warranties and representations under this Agreement, DSDC may exclude the Member from accessing the DMI and reserves the right to further actions as deemed appropriate by the Board.

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| | |
|:---|:---|
| 10 | **AUDIT REPRESENTATIONS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 DSDC reserves the right, in its sole discretion, to request a Member to demonstrate that its business and capabilities permit it to enter into and perform its obligations under this Agreement without undue risk to other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Members shall have the right to audit, at their own cost and expense (by itself or through appointed auditors or legal counsel), the books, documents, computer records and files of DSDC relating to the business conducted under this
 Agreement upon reasonable prior written notice during the normal business hours of DSDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Further, the Member and/or any auditor or legal counsel conducting any such audit shall comply with DSDC's security and other applicable policies in connection with all such audits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Should DSDC or its independent auditors become aware of any material deficiency with respect to DSDC or the DMI and this would likely affect the Member, DSDC shall promptly notify the Member.

---

| | |
|:---|:---|
| 11 | **SECURITY**REPRESENTATIONS |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The Member warrants that it has appropriate security, systems, procedures and policies to protect the information, data, records and documents relevant to this Agreement against any unauthorised access, use, alteration, destruction
 or dissemination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 The Member acknowledges that the DMI represents complex software, which may be subject to security vulnerabilities and attacks. The Member agrees to comply with the information technology security policy of any relevant hosting
 provider of the Member's nodes and to exclusively connect to the respective provider only via a secure connection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 The Member warrants that it has backup procedures to ensure the integrity and recoverability of its records and disaster recovery hardware and related facilities that are located off-site, which will also comply with applicable
 security and disaster recovery procedures required by its regulator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 The Parties warrant to have commercially reasonable security measures to safeguard the personal information of the Parties' clients, customers, employees, directors and/or officers that DSDC and the Member receives, stores,
 maintains, processes or otherwise accesses in connection with the provision of Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 For these purposes, 'personal information' shall mean an individual's name (first name and last name), email, telephone number and similar but it shall not include information that is lawfully obtained under this Agreement or from
 publicly available information.

---

| | |
|:---|:---|
| 12 | **INTELLECTUAL PROPERTY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The Member acknowledges and agrees that DSDC uses pre-existing proprietary software, methodology, techniques, software libraries, tools, algorithms, materials, products, ideas, skills, designs, know-how or other intellectual
 property either owned by DSDC, licensed from affiliates or from public domain or its licensors. DSDC may also create additional intellectual property via the performance of its responsibilities and duties under this Agreement (all of
 the foregoing, the 'Intellectual Property').

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The Member agrees that any and all proprietary rights to the Intellectual Property, as it existed as of the date hereof and as it may be modified or created during the term of this Agreement, including patent, copyright, trademark,
 and trade secret rights, to the extent they are available, are the sole and exclusive property of DSDC (or its affiliates or licensors as applicable), free from any claim or retention of rights thereto on the part of the Member.

---

| | |
|:---|:---|
| 13 | **INDEMNIFICATION & LIABILITIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 To the fullest extent permitted by applicable law, the Member shall indemnify and hold harmless DSDC from and against any costs, damages, expenses (including reasonable attorneys' fees and costs, irrespective of whether or not
 incurred in connection with the defence of any actual or threatened action, proceeding, or claim), penalty, fines, forfeitures, injuries, liabilities or losses ('Losses') suffered or sustained in any way by the Member, caused directly
 or indirectly by (i) governmental, court, exchange, regulatory or self-regulatory organization restrictions, regulations, rules, decisions or orders, (ii) suspension or termination of trading, (iii) war, epidemics or civil or labor
 disturbance, (iv) delay or inaccuracy in the transmission or reporting of orders due to a breakdown or failure of computer services, transmission or communication facilities, (v) the failure or delay by any exchange to enforce its
 rules, (vi) the failure or delay by any bank, trust company, clearing organization or other person (including Losses incurred or sustained in connection with any judgment, award, or settlement), in connection with or relating to a
 breach by the Member of any of its covenants and other obligations contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Neither Party (or their affiliates, and their respective officers, directors, agents, contractors, and employees) shall be liable for any punitive, exemplary, incidental, indirect, special, or consequential damages arising out of
 any cause whatsoever (whether such cause be based in contract, negligence, strict liability, other tort or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 Except for claims arising out of gross negligence, in no event will the total collective liability of either Party (or their affiliates, and their respective officers, directors, agents, contractors, and employees) under this
 Agreement exceed the aggregate fees paid or owed under this Agreement during the six (6) month period preceding the date on which the claim arose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 The Member shall immediately (i) notify DSDC if a claim is made by a third party with respect to this Agreement, (ii) assume the defence of any such claim and pay all expenses in connection therewith, including attorneys' fees, and
 (iii) promptly pay, discharge and satisfy any judgment, award, or decree that may be entered against it or DSDC in respect of such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 Nothing contained herein shall prohibit the DSDC, at its expense, from retaining its own counsel to assist in any such proceedings or to observe such proceedings. All amounts required to be paid or reimbursed by the Member
 hereunder shall be paid or reimbursed as and when incurred by DSDC upon demand thereof by DSDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 For the avoidance of doubt, nothing in this Agreement shall remove either Party's duty of care, as established by law or implied terms of standard of care, owed to the other.

---

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|:---|:---|
| 14 | **CONFIDENTIAL INFORMATION** |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Except as contemplated by the terms of this Agreement or as required by applicable law, the Parties agree on behalf of themselves and their directors, officers, and employees to treat confidentially and as proprietary information
 of each Party all records, other information relative to such Party, including the Documents, and not to use such records and information for any purpose other than the performance of their responsibilities and duties under this
 Agreement, except after prior notification to and approval in writing by the Party, which approval shall not be unreasonably withheld when requested to divulge such information by duly constituted authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Both Parties acknowledge that it may come into possession of material non-public information with respect to Parties to this Agreement and confirm that it has in place effective procedures to prevent the use of such information in
 violation of applicable laws.

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|:---|:---|
| 15 | **PUBLIC RELATIONS** |

---

Notwithstanding any provisions in this Agreement, the Parties agree that during the term of this Agreement, each Party may publicly refer to and identify the other Party, orally and in writing, as a Member of the DSDC in promotional materials and communications, including, but not limited to, press releases, brochures, reports, letters and electronic media such as e-mail or webpages.

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| | |
|:---|:---|
| 16 | **FORCE MAJEURE** |

---

Notwithstanding any other provision in this Agreement, no default, delay or failure to perform on the part of either Party shall be considered a breach of this Agreement if such default, delay or failure to perform is shown to be due entirely to causes beyond the reasonable control (and not caused either parties fault or negligence) of the Party charged with such default, including acts of God, acts of civil or military authority, acts of the public enemy, war, accidents, fires, explosions, earthquakes, floods, unusually severe weather, or epidemics and pandemics ('Force Majeure Event'). In the case of a Force Majeure Event, the time for performance required by either Party under this Agreement shall be extended for any period during which the performance is prevented by the Force Majeure Event.

---

| | |
|:---|:---|
| 17 | **NOTIFICATIONS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 A Party may send, supply or give any document, information or notice to the other Party by hard copy, electronic form (including by electronic mail to any email address supplied upfront to each other) or by making that document or
 information available via the DMI, on a website or other similar mechanism and giving notice of the availability of that document or information to the relevant Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 The Parties may assume that any contact details (including personal information) supplied to each other are up to date and current and it is the sole responsibility of each Party to update the other Party of any changes to its
 contact details. By means of providing the contact details, the Party consents to its use for the receipt of notices or communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 Proof of Delivery can be provided via:

<br> • Mail: Proof that an envelope containing a document, notice or information was properly addressed, prepaid and posted shall be conclusive evidence that the document, notice or information was sent, supplied or given by post.

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<br> • Email: A copy of a successful delivery report in relation to each recipient to whom an e-mail message was sent shall be conclusive evidence that the document, notice or information was sent, supplied or given by e-mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 Neither Party shall be responsible or liable for any failure in transmission beyond its reasonable control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 The Parties are free to notify each other of any changes to the address details at any time, at minimum five (5) business days prior to such change taking effect.

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| | |
|:---|:---|
| 18 | **NO ASSIGNMENT** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 Neither Party may assign or transfer (whether by operation of law or otherwise) this Agreement (or any rights or obligations hereunder) to a third person without the prior written consent of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 Any attempted assignment or transfer that is not permitted is void ab initio. Without limiting the generality of the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the Parties' respective
 successors and assigns and the assigning Party will remain liable for the performance of any assignee.

---

| | |
|:---|:---|
| 19 | **ENTIRE AGREEMENT** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 This Agreement and corresponding Documents constitute the entire agreement between the Parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between
 them, whether written or oral, relating to its subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 Each Party acknowledges that in entering into this Agreement it does not rely on, and shall have no remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not
 set out in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 Each Party agrees that it shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this Agreement.

---

| | |
|:---|:---|
| 20 | **AMENDMENT** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 Subject to clause 19.1, any amendment of the terms and conditions of this Agreement may only be made, and be effective, through written agreement between the Parties. However, each Party shall give due consideration to any
 proposals for amendment made by the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 Appendices shall be made available at all times to Members. Subject to clause 20.3, Appendices may be changed or expanded from time to time in accordance with the provisions set out in each document, or as determined by the
 Governance Body, providing reasonable notice to Members of any material amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 The Governance Body may release new versions of SLAs from time to time; any new version only applies to the Member once the Member formally adopts this version in writing as described in clause 3.2. The Governance Body reserves the
 right to decide that a certain SLAs or specific version is no longer supported.

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| | |
|:---|:---|
| 21 | **SEVERABILITY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set
 forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the
 same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms,
 provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

---

| | |
|:---|:---|
| 22 | **APPLICABLE LAW AND WAIVERS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Massachusetts without regard to the choice of law principles thereof. Each of the parties hereto irrevocably submits to the
 exclusive jurisdiction of the courts of the State of Massachusetts for the purpose of any suit, action, proceeding or judgement relating to or arising out of this Agreement. Service of process in connection with any such suit, action
 or proceeding may be served on each Party anywhere in the world by the same methods as are specified for the giving of notices under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 Each of the Parties waives any right to request a trial by jury in any litigation with respect to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 The Member hereby irrevocably waives, to the fullest extent permitted by law, any immunity to jurisdiction to which it may otherwise be entitled (including, without limitation, immunity to pre-judgment attachment, post-judgment
 attachment and execution) in any legal suit, action or proceeding against it arising out of or based on this Agreement.

#### LIST OF APPENDICES

#### <br>
Appendix A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acceptance Letter (Additional/Adjusted SLAs)

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## Ex-99.C

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#### Exhibit c<br>

#### <br>
![](image00001.jpg)

#### RIALTO MARKETS LLC

#### MEMBERSHIP AGREEMENT

#### CRD No. 283477
FINRA grants the application of **RIALTO MARKETS LLC** (the "Firm") to expand its business, contingent upon the execution of this Membership Agreement ("Agreement") and its submission to the FINRA Membership Application Program Group, via FINRA Gateway, by no later than **August 9, 2025**.

This Agreement shall remain in effect and bind the Firm and all of its successors to ownership or control unless this Agreement is changed, removed, or modified pursuant to applicable FINRA Rules.

&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Undertakings* 

In connection with the granting of its application for continuance in membership, the Firm undertakes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) abide by any restriction specified in Section C below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) obtain the prior written approval of FINRA pursuant to FINRA Rule 1017 before removing or modifying any restrictions imposed or before effecting a material change in business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) file a written notice and application with FINRA at least 30 days prior to effecting a change in ownership or control pursuant to Rule 1017.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In connection with CMA No. 202440818413, abide by the representations made in the application that Rialto Markets' role will be limited to providing compliance oversight and governance of the American Depositary Receipts (ADRs)
 processing workflow, including reviewing network participants, monitoring process steps, enforcing regulatory limits, and reviewing market integrity reports, with no expansion of or change to the firm's customer-facing activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) In connection with CMA No. 202440818413, abide by the representations made in the application that Rialto Markets will not (i) issue or hold the underlying foreign shares for American Depositary Receipts (ADRs), (ii) facilitate
 dividend payments or handle corporate actions related to the ADRs and (iii) directly perform the core depositary functions outlined in SEC Form F-6, which will be handled by other regulated entities (custodians and transfer agents, as
 applicable) in the transaction flow.

&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Business Activities* 

The activities in which the Firm may engage are based on its business plan, any additional information provided during or subsequent to the membership application process and such other activities as may be permissible pursuant to the FINRA Membership Rules. The Firm represents that it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Maintain a minimum net capital requirement of $5,000 pursuant to SEA Rule 15c3- 1(a)(2)(vi).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Operate pursuant to SEA Rule 15c3-3(k)(2)(ii) (the Customer Protection Rule), clearing all transactions on a fully-disclosed basis through its clearing firm. The Firm will not hold customer funds or safekeep customer securities.

Investor protection. Market integrity Matter No. *<u>20240818413</u>* One World Financial Center 200 Liberty Street New York, NY 10281 t 212 858-4000 f 212-858-4189 <u>www.finra.org</u> <br>1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Engage in the following types of business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Broker selling corporate debt securities;

<br> B. U.S. government securities broker;

<br> C. Municipal securities broker;

<br> D. Private placements of securities;

<br> E. Operate an alternative trading system;

<br> F. Operation of alternative trading system for transactions equity and fixed income securities issued in digital form; and

<br> G. Provision of monitoring, compliance oversight and governance services in connection with American Depository Receipt (ADR) transactions processed within the Digital Securities Depository Corporation (DSDC) platform. In such capacity, Rialto shall be 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;i. Review and approval/rejection of prospective regulated institutions seeking to join the DSDC network.

<br> ii. Monitoring completion of required ADR transaction workflow processes on the DSDC platform -- which digitizes and records the inter-firm workflows on a blockchain -- providing escalation and oversight to ensure compliance and addressing identified discrepancies.

<br> iii. Collecting issuance fees charged by the DSDC platform (which compensates Rialto for its oversight and supervision of the ADR programs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Employ ten (10) Associated Persons (registered and unregistered) who have direct contact with customers in the conduct of the Firm's securities sales, trading and investment banking activities, including the immediate supervisors of
 such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Operate one (1) office, which is the main office.

&nbsp;&nbsp;&nbsp;&nbsp;*C.* *Restrictions* 

None

&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Waiver/Exemption* 

None

&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Notifications* 

The Firm will promptly notify FINRA if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Firm changes its: (a) clearing entity, service bureau, or method of clearance; and/or (b) method of bookkeeping or recordkeeping (*e.g*., computer to manual, or utilizing an outside computer
 service); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Firm has effected any significant change in its key personnel, including but not limited to, change or loss of the General Securities Principal, Chief Compliance Officer,

Investor protection. Market integrity Matter No. *<u>20240818413</u>* One World Financial Center 200 Liberty Street New York, NY 10281 t 212 858-4000 f 212-858-4189 <u>www.finra.org</u> <br>2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) and/or Financial and Operations Principal.

&nbsp;&nbsp;&nbsp;&nbsp;*F.* *Certification* 

Pursuant to Article IV, Section 1, of FINRA By-Laws, the Firm agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to comply with the federal securities laws, the rules and regulations thereunder, the rules of the Municipal Securities Rulemaking Board and the Treasury Department, the By- Laws of FINRA and all rulings, orders, directions, and
 decisions issued and sanctions imposed under FINRA Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to pay such dues, assessments, and other charges in the manner and amount as from time to time shall be fixed pursuant to FINRA By-Laws, Schedules to FINRA By-Laws, and FINRA Rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) that this Agreement has been executed on behalf of, and with the authority of the Firm. The undersigned and the Firm represent that the information and statements contained within the application and other information filed are
 current, true, and complete. The undersigned and the Firm further represent that, to the extent any information previously submitted is not amended, such information is currently accurate and complete and agree that the information
 contained in Form BD will be kept current and accurate by properly amending Form BD as changes occur.

Any activity that does not conform to the provisions set forth in this Agreement may form the basis for disciplinary action by FINRA against the Firm, its owners, or Associated Persons.

*Signature:*

** 

<br> ---

| |
|:---|
| by/s/Shari Noonan |
| Shari Noonan CEO |
| 7/18/2025 |
| Date |

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Investor protection. Market integrity Matter No. *<u>20240818413</u>* One World Financial Center 200 Liberty Street New York, NY 10281 t 212 858-4000 f 212-858-4189 <u>www.finra.org</u> <br>3

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## Ex-99.D

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#### Exhibit d

John A. Coleman, Jr., Esq.

A Professional Corporation

488 Madison Avenue

Suite 2001

New York, New York 10022

tel. (212) 575-2079

John A. Coleman, Jr.

jac@jacnylaw.com

December 12, 2025

Digital Securities Depositary Corporation, Inc., as Depositary

The Malin

32 Mercer Street, 3rd Floor

New York, New York 10013

American Depositary Shares

evidenced by American Depositary Receipts

for deposited ordinary shares of

<u>3i Group plc</u>

Dear Sirs:

Referring to the Registration Statement on Form F-6 (the "Registration Statement") relating to the above-entitled American Depositary Shares ("ADSs") evidenced by American Depositary Receipts ("ADRs") each ADS representing one ordinary share of 3i Group plc (the "Shares"). The ADR(s) issued by the Depositary to evidence the ADSs issued pursuant to the Registration Statement will constitute the agreement between the Depositary and the Holder(s) and Beneficial Owner(s) (each as defined in the form of ADR attached as Exhibit (a) to the Registration Statement) of the ADR(s) evidencing such ADSs.

In rendering the opinions set forth herein, we have assumed (i) that at the time any ADSs are issued, (a) the Registration Statement will have been declared effective by the United States Securities and Exchange Commission and remain effective, and (b) the relevant Shares will have been duly authorized, legally and validly issued, will be fully paid and non-assessable, will have been duly deposited with the Custodian (as defined in the form of ADR) under and in accordance with all applicable laws and regulations, and will constitute "Shares" within the meaning of such term under the terms and conditions governing the ADSs; and (ii) that the rights and remedies set forth in the terms and conditions governing the ADSs will be exercised reasonably and in good faith.

Based upon and subject to the foregoing, we are of the opinion that the ADSs covered by the Registration Statement, when evidenced by ADRs that are duly executed and delivered by the Depositary and issued in accordance with the terms of the ADRs and the Registration Statement, will be validly issued and will entitle the registered holders of the ADSs to the rights specified in the form of ADR.

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<br> December __, 2025 <br>Page2

The foregoing opinion is limited to the laws of the State of New York and the Federal laws of the United States, and we are expressing no opinion as to the laws of any other jurisdiction or the effect of any such laws on the foregoing opinion.

This opinion letter deals only with the specified legal issues expressly addressed herein, and you should not infer any opinion that is not explicitly addressed herein from any matter stated in this letter.

Nothing contained herein or in any document referred to herein is intended by this firm to be used, and the addressee hereof cannot use anything contained herein or in any document referred to herein, as "tax advice" (within the meaning given to such term by the U.S. Internal Revenue Service ("IRS") in IRS Circular 230 and any related interpretative advice issued by the IRS in respect of IRS Circular 230 prior to the date hereof, and hereinafter used within such meaning and interpretative advice). Without admitting that anything contained herein or in any document referred to herein constitutes "tax advice" for any purpose, notice is hereby given that, to the extent anything contained herein or in any document referred to herein constitutes, or is or may be interpreted by any court, by the IRS or by any other administrative body to constitute, "tax advice," such "tax advice" is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the U.S. Internal Revenue Code, or (ii) promoting, marketing or recommending to any party any transaction or matter addressed herein.

We hereby consent to the use of this opinion as Exhibit d of the above-mentioned Registration Statement. In giving such consent, we do not admit thereby that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended.

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| |
|:---|
| &nbsp;&nbsp;&nbsp; Very truly yours, |
| */s/ John A. Coleman, Jr., Esq., P.C.* |

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