Document:

Wells Fargo & Company 8-K

 

Exhibit 4.1

 

[Face
of Note]

 

Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede
& Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

	CUSIP
NO. 95001B7F5 
	FACE AMOUNT: $_________

REGISTERED
NO. _______

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the S&P 500® Index

 

WELLS
FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Cash Settlement Amount
(as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts, on the Stated Maturity Date. The “Stated Maturity Date” shall be October 27, 2020.
If the Determination Date (as defined below) is postponed, the Stated Maturity Date will be postponed to the second Business Day
(as defined below) after the Determination Date as postponed. This Security shall not bear any interest.

Any
payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company
for such purpose.

“Face
Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its
“Face Amount.”

    	 	 	 

    	 

    

Determination
of Cash Settlement Amount and Certain Definitions

The
“Cash Settlement Amount” of this Security will equal:

 

●

if the
Final Underlier Level is greater than or equal to the Cap Level, the Maximum Settlement Amount;

 

●

if the
Final Underlier Level is greater than the Initial Underlier Level but less than the Cap Level, the sum of (i) the Face Amount
plus (ii) the product of (a) the Face Amount times (b) the Upside Participation Rate times (c) the Underlier
Return;

 

●

if the Final
Underlier Level is equal to or less than the Initial Underlier Level but greater than or equal to the Buffer Level, the Face Amount;
or

 

●

if the Final
Underlier Level is less than the Buffer Level, the sum of (i) the Face Amount plus (ii) the product of (a) the
Buffer Rate times (b) the sum of the Underlier Return plus the Buffer Amount times (c) the Face Amount.

 

All
calculations with respect to the Cash Settlement Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths
rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Cash Settlement Amount will be rounded to the nearest
cent, with one-half cent rounded upward.

 

The
“Underlier” shall mean the S&P 500® Index.

 

The
“Trade Date” shall mean September 18, 2018.

 

The
“Initial Underlier Level” is 2,904.31, the Closing Level of the Underlier on the Trade Date.

 

The
“Closing Level” of the Underlier on any Trading Day means the official closing level of the Underlier reported
by the Underlier Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party
market data vendor contracted by the Calculation Agent at such time; in particular, taking into account the decimal precision
and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set
forth below under “Adjustments to the Underlier,” “Discontinuance of the Underlier” and “Market
Disruption Events.”

 

The
“Final Underlier Level” will be the Closing Level of the Underlier on the Determination Date.

 

The
“Underlier Return” will be the quotient of (i) the Final Underlier Level minus the Initial Underlier Level
divided by (ii) the Initial Underlier Level, expressed as a percentage.

 

The
“Cap Level” is 3,374.80822, which is 116.20% of the Initial Underlier Level.

 

The
“Buffer Level” is 2,468.6635, which is equal to 85% of the Initial Underlier Level.

 

    	 	2	 

     

    

 

The
“Maximum Settlement Amount” is 124.30% of the Face Amount of this Security.

 

The
“Buffer Amount” is 15%.

 

The
“Buffer Rate” is equal to the Initial Underlier Level divided by the Buffer Level.

 

The
“Upside Participation Rate” is 1.5.

 

“Underlier
Sponsor” shall mean S&P Dow Jones Indices LLC.

 

“Business
Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in New York, New York.

 

A
“Trading Day” means a day, as determined by the Calculation Agent, on which (i) the Relevant Stock Exchanges
with respect to each security underlying the Underlier are scheduled to be open for trading for their respective regular trading
sessions and (ii) each Related Futures or Options Exchange is scheduled to be open for trading for its regular trading session.

 

The
“Related Futures or Options Exchange” for the Underlier means an exchange or quotation system where trading
has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating
to the Underlier.

 

The
“Relevant Stock Exchange” for any security underlying the Underlier means the primary exchange or quotation
system on which such security is traded, as determined by the Calculation Agent.

 

The
“Determination Date” shall be October 23, 2020. If the originally scheduled Determination Date is not a Trading
Day, the Determination Date will be postponed to the next succeeding Trading Day. The Determination Date is also subject to postponement
due to the occurrence of a Market Disruption Event (as defined below). See “–Market Disruption Events.”

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of January 24, 2018 between the Company and
the Calculation Agent, as amended from time to time.

 

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of the Final Underlier Level and the Cash Settlement Amount, which term shall, unless the context
otherwise requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells
Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from
time to time after the initial issuance of this Security without the consent of the Holder of this Security and without notifying
the Holder of this Security.

 

    	 	3	 

     

    

Adjustments
to the Underlier

If
at any time the method of calculating the Underlier or a Successor Underlier, or the closing level thereof, is changed in a material
respect, or if the Underlier or a Successor Underlier is in any other way modified so that such underlier does not, in the opinion
of the Calculation Agent, fairly represent the level of such underlier had those changes or modifications not been made, then
the Calculation Agent will, at the close of business in New York, New York, on each date that the closing level of such underlier
is to be calculated, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary
in order to arrive at a level of an underlier comparable to the Underlier or Successor Underlier as if those changes or modifications
had not been made, and the Calculation Agent will calculate the closing level of the Underlier or Successor Underlier with reference
to such underlier, as so adjusted. Accordingly, if the method of calculating the Underlier or Successor Underlier is modified
so that the level of such underlier is a fraction or a multiple of what it would have been if it had not been modified (e.g.,
due to a split or reverse split in such equity underlier), then the Calculation Agent will adjust the Underlier or Successor Underlier
in order to arrive at a level of such underlier as if it had not been modified (e.g., as if the split or reverse split had not
occurred).

Discontinuance
Of The Underlier

If
the Underlier Sponsor discontinues publication of the Underlier, and the Underlier Sponsor or another entity publishes a successor
or substitute equity index that the Calculation Agent determines, in its sole discretion, to be comparable to the Underlier (a
“Successor Underlier”), then, upon the Calculation Agent’s notification of that determination to the
Trustee and the Company, the Calculation Agent will substitute the Successor Underlier as calculated by the relevant Underlier
Sponsor or any other entity and calculate the Final Underlier Level as described above. Upon any selection by the Calculation
Agent of a Successor Underlier, the Company will cause notice to be given to the Holder of this Security.

In
the event that the Underlier Sponsor discontinues publication of the Underlier prior to, and the discontinuance is continuing
on, the Determination Date and the Calculation Agent determines that no Successor Underlier is available at such time, the Calculation
Agent will calculate a substitute Closing Level for the Underlier in accordance with the formula for and method of calculating
the Underlier last in effect prior to the discontinuance, but using only those securities that comprised the Underlier immediately
prior to that discontinuance. If a Successor Underlier is selected or the Calculation Agent calculates a level as a substitute
for the Underlier, the Successor Underlier or level will be used as a substitute for the Underlier for all purposes, including
the purpose of determining whether a Market Disruption Event exists.

If
on the Determination Date the Underlier Sponsor fails to calculate and announce the level of the Underlier, the Calculation Agent
will calculate a substitute Closing Level of the Underlier in accordance with the formula for and method of calculating the Underlier
last in effect prior to the failure, but using only those securities that comprised the Underlier immediately prior to that failure;
provided that, if a Market Disruption Event occurs or is continuing on such day, then the provisions set forth below under
“Market Disruption Events” shall apply in lieu of the foregoing.

    	 	4	 

     

    

 

Market
Disruption Events 

A
“Market Disruption Event” means any of the following events as determined by the Calculation Agent in its sole
discretion:

 

(A)       

The
occurrence or existence of a material suspension of or limitation imposed on trading by the Relevant Stock Exchanges or otherwise
relating to securities which then comprise 20% or more of the level of the Underlier or any Successor Underlier at any time during
the one-hour period that ends at the Close of Trading on that day, whether by reason of movements in price exceeding limits permitted
by those Relevant Stock Exchanges or otherwise.

(B)       

The
occurrence or existence of a material suspension of or limitation imposed on trading by any Related Futures or Options Exchange
or otherwise in futures or options contracts relating to the Underlier or any Successor Underlier on any Related Futures or Options
Exchange at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of movements
in price exceeding limits permitted by the Related Futures or Options Exchange or otherwise.

(C)       

The
occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market participants
in general to effect transactions in, or obtain market values for, securities that then comprise 20% or more of the level of the
Underlier or any Successor Underlier on their Relevant Stock Exchanges at any time during the one-hour period that ends at the
Close of Trading on that day.

(D)       

The
occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market participants
in general to effect transactions in, or obtain market values for, futures or options contracts relating to the Underlier or any
Successor Underlier on any Related Futures or Options Exchange at any time during the one-hour period that ends at the Close of
Trading on that day.

(E)       

The
closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities that then comprise 20% or more of the
level of the Underlier or any Successor Underlier are traded or any Related Futures or Options Exchange prior to its Scheduled
Closing Time unless the earlier closing time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange,
as applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on such
Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, and (2) the submission deadline for orders
to be entered into the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, system for execution at
such actual closing time on that day.

    	 	5	 

     

    

 

(F)       

The
Relevant Stock Exchange for any security underlying the Underlier or Successor Underlier or any Related Futures or Options Exchange
fails to open for trading during its regular trading session.

For
purposes of determining whether a Market Disruption Event has occurred:

(1)       

the
relevant percentage contribution of a security to the level of the Underlier or any Successor Underlier will be based on a comparison
of (x) the portion of the level of such underlier attributable to that security and (y) the overall level of the Underlier
or Successor Underlier, in each case immediately before the occurrence of the Market Disruption Event;

(2)       

the
“Close of Trading” on any Trading Day for the Underlier or any Successor Underlier means the Scheduled Closing
Time of the Relevant Stock Exchanges with respect to the securities underlying the Underlier or Successor Underlier on such Trading
Day; provided that, if the actual closing time of the regular trading session of any such Relevant Stock Exchange is earlier
than its Scheduled Closing Time on such Trading Day, then (x) for purposes of clauses (A) and (C) of the definition of “Market
Disruption Event” above, with respect to any security underlying the Underlier or Successor Underlier for which such Relevant
Stock Exchange is its Relevant Stock Exchange, the “Close of Trading” means such actual closing time and (y) for purposes
of clauses (B) and (D) of the definition of “Market Disruption Event” above, with respect to any futures or options
contract relating to the Underlier or Successor Underlier, the “close of trading” means the latest actual closing
time of the regular trading session of any of the Relevant Stock Exchanges, but in no event later than the Scheduled Closing Time
of the Relevant Stock Exchanges;

(3)       

the
“Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures or Options Exchange on any Trading
Day for the Underlier or any Successor Underlier means the scheduled weekday closing time of such Relevant Stock Exchange or Related
Futures or Options Exchange on such Trading Day, without regard to after hours or any other trading outside the regular trading
session hours; and

(4)       

an
“Exchange Business Day” means any Trading Day for the Underlier or any Successor Underlier on which each Relevant
Stock Exchange for the securities underlying the Underlier or any Successor Underlier and each Related Futures or Options Exchange
are open for trading during their respective regular trading sessions, notwithstanding any such Relevant Stock Exchange or Related
Futures or Options Exchange closing prior to its Scheduled Closing Time.

If
a Market Disruption Event occurs or is continuing on the Determination Date, then the Determination Date will be postponed to
the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing; however, if such first
succeeding Trading Day has not occurred as of the eighth Trading Day after the originally scheduled Determination Date, that eighth
Trading Day shall be deemed to be the Determination Date. If

    	 	6	 

     

    

the
Determination Date has been postponed eight Trading Days after the originally scheduled Determination Date and a Market Disruption
Event occurs or is continuing on such eighth Trading Day, the Calculation Agent will determine the Closing Level of the Underlier
on such eighth Trading Day in accordance with the formula for and method of calculating the Closing Level of the Underlier last
in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect to any relevant security,
if a Market Disruption Event has occurred with respect to such security, its good faith estimate of the value of such security
at the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the
regular trading session of such Relevant Stock Exchange) on such date of each security included in the Underlier. As used herein,
“closing price” means, with respect to any security on any date, the Relevant Stock Exchange traded or quoted price
of such security as of the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual
closing time of the regular trading session of such Relevant Stock Exchange.

Calculation
Agent

The
Calculation Agent will determine the Cash Settlement Amount and the Final Underlier Level. In addition, the Calculation Agent
will (i) determine if adjustments are required to the Closing Level of the Underlier under the circumstances described in this
Security, (ii) if publication of the Underlier is discontinued, select a Successor Underlier or, if no Successor Underlier is
available, determine the Closing Level of the Underlier under the circumstances described in this Security, and (iii) determine
whether a Market Disruption Event or non-Trading Day has occurred.

The
Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall
be a broker-dealer, bank or other financial institution) with respect to this Security.

All
determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent
and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security.

Tax
Considerations

The
Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed
to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States
federal income tax purposes to characterize and treat this Security as a prepaid derivative contract that is an “open transaction.”

Redemption
and Repayment

This
Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to October
27, 2020. This Security is not entitled to any sinking fund.

    	 	7	 

     

    

Acceleration

If
an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Cash Settlement
Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with
the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Cash Settlement Amount hereof calculated as provided
herein as though the date of acceleration was the Determination Date. 

__________________

Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature
or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

 

[The
remainder of this page has been left intentionally blank]

 

 

 

    	 	8	 

     

    

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

DATED:

 

	 	WELLS FARGO & COMPANY
	 	 	 
	 	By:	 
	 	 	 
	 	 	Its:
	 	 	 
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	Its:

 

TRUSTEE’S
CERTIFICATE OF

AUTHENTICATION

This
is one of the Securities of the 

series
designated therein described

in
the within-mentioned Indenture.

 

	CITIBANK, N.A.,	 
	 	as Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 
	 	 	 
	OR	 
	 	 	 
	WELLS FARGO BANK, N.A.,	 
	 	as Authenticating Agent for the Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 

 

 

    	 	9	 

     

    

 

[Reverse
of Note]

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the S&P 500® Index

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from
time to time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called
the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes,
Series S, of the Company. The amount payable on the Securities of this series may be determined by reference to the performance
of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical
measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure
or may bear interest at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable
at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated
in different currencies.

The
Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented
by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities
issued to and registered in the names of, the beneficial owners or their nominees.

The
Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security.

Modification
and Waivers 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by
the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding
of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority
in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting
together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with

    	 	10	 

     

    

those
provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture
by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders
of all Securities of such series. Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture
has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount
of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof.
Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or
in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

Defeasance

Section 403
and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating
to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon
compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions
of Section 401 of the Indenture shall apply to this Security.

Authorized
Denominations

This
Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which
is an integral multiple of $1,000.

Registration
of Transfer

Upon
due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis,
Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for
an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject
to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental
charge imposed in connection therewith.

This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that
it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days
after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines
that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z)
an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable
pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date
of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount.

This
Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary
to the Depositary or another nominee of the

    	 	11	 

     

    

Depositary
or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above,
owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive
form and will not be considered the Holders hereof for any purpose under the Indenture.

Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

Obligation
of the Company Absolute

No
reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Cash Settlement Amount at the times, place and rate, and in the coin
or currency, herein prescribed, except as otherwise provided in this Security.

No
Personal Recourse

No
recourse shall be had for the payment of the Cash Settlement Amount, or for any claim based hereon, or otherwise in respect hereof,
or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer
or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly waived and released.

Defined
Terms

All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise defined in this Security.

Governing
Law

This
Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles
of conflicts of laws.

    	 	12	 

     

    

 

ABBREVIATIONS 

 

The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN COM	--	as tenants in common
	 	 	 
	TEN ENT	--	as tenants by the entireties
	 	 	 
	JT TEN	--	as joint tenants with right
	 	 	of survivorship and not
	 	 	as tenants in common

 

	UNIF GIFT MIN ACT --	 	 Custodian 	 
	 	(Cust)	 	(Minor)

 

	Under Uniform Gifts to Minors Act	 
	 	 
	 	 
	(State)	 

 

Additional abbreviations
may also be used though not in the above list.

 

FOR VALUE RECEIVED,
the undersigned hereby sell(s) and transfer(s) unto

 

	Please Insert Social Security or	 
	Other Identifying Number of Assignee
	 	 
	 	 

 

 

	 
	 
	 

(Please
print or type name and address including postal zip code of Assignee)

 

    	 	13	 

     

    

 

the
within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and appoint __________________ attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises.

 

 

Dated:
_________________________

  

	 	 
	 	 
	 	 
	 	 

 

 

NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatever.

 

 

    	 	14Exhibit 4.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	PARTIES	 	 	 
	RECITALS	 	 	 
	 	 	 	 
	Section 1.	 	Certain Definitions	1
	           (a)	 	ADR Register	1
	           (b)	 	ADRs; Direct Registration ADRs	1
	           (c)	 	ADS	1
	           (d)	 	Custodian	1
	           (e)	 	Deliver, execute, issue et al.	2
	           (f)	 	Delivery Order	2
	           (g)	 	Deposited Securities	2
	           (h)	 	Direct Registration System	2
	           (i)	 	Holder	2
	           (j)	 	Securities Act of 1933	2
	           (k)	 	Securities Exchange Act of 1934	2
	           (l)	 	Shares	2
	           (m)	 	Transfer Office	3
	           (n)	 	Withdrawal Order	3
	Section 2.	 	Form of ADRs	3
	Section 3.	 	Deposit of Shares	3
	Section 4.	 	Issue of ADRs	4
	Section 5.	 	Distributions on Deposited Securities	5
	Section 6.	 	Withdrawal of Deposited Securities	5
	Section 7.	 	Substitution of ADRs	5
	Section 8.	 	Cancellation and Destruction of ADRs	5
	Section 9.	 	The Custodian	6
	Section 10.	 	Lists of Holders 	6
	Section 11.	 	Depositary’s Agents	6
	Section 12. 	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	7
	Section 13. 	 	Reports	8
	Section 14.	 	Additional Shares	8
	Section 15.	 	Indemnification	8
	Section 16.	 	Notices	9
	Section 17.	 	Counterparts	10
	Section 18.	 	No Third Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding Effect	10
	Section 19.	 	Severability	10
	Section 20.	 	Consent to Jurisdiction; Appointment of Agent for Service of Process	10
	Section 21.	 	Appointment	11
	Section 22.	 	Waiver of Immunity 	12
	Section 23.	 	Waiver of Jury Trial	12
	TESTIMONIUM	 	 	13
	SIGNATURES	 	 	13

 

    – i –

     

    

 

 

	 	 	 	Page
	 	 	 	 
	 	EXHIBIT A	 	 
	 	 	 	 
	FORM OF FACE OF ADR	 	A-1
	 	 	 	 
	Introductory Paragraph	 	A-1
	 	 	 	 
	(1)	Issuance of ADSs	 	A-2
	(2)	Withdrawal of Deposited Securities	 	A-3
	(3)	Transfers of ADRs	 	A-3
	(4)
	Certain Limitations	 	A-3
	(5)
	Liability of Holder for Taxes, Duties and Other Charges	 	A-4
	(6)	Disclosure of Interests	 	A-5
	(7)	Charges of Depositary	 	A-6
	(8)	Available Information	 	A-8
	(9)	Execution	 	A-8
	 	 	 	 
	Signature of Depositary	 	A-8
	 	 	 	 
	Address of Depositary’s Office 	 	A-8
	 	 	 	 
	FORM OF REVERSE OF ADR	 	A-9
	 	 	 	 
	(10)	Distributions on Deposited Securities	 	A-9
	(11)	Record Dates	 	A-10
	(12) 	Voting of Deposited Securities	 	A-10
	(13) 	Changes Affecting Deposited Securities	 	A-11
	(14)	Exoneration	 	A-12
	(15)	Resignation and Removal of Depositary; the Custodian	 	A-14
	(16)	Amendment	 	A-15
	(17)	Termination	 	A-15
	(18)	Appointment	 	A-16
	(19)	Waiver	 	A-16
	(20)	Elective Distributions in Cash or Shares	 	A-16

 

    – ii –

     

    

 

 

DEPOSIT
AGREEMENT dated as of [DATE], 2018 (the “Deposit Agreement”) among TIZIANA LIFE SCIENCES PLC and its successors
(the “Company”), JPMORGAN CHASE BANK, N.A., as depositary hereunder (the “Depositary”), and all holders
from time to time of American Depositary Receipts issued hereunder (“ADRs”) evidencing American Depositary Shares
(“ADSs”) representing deposited Shares (defined below). The Company hereby appoints the Depositary as depositary
for the Deposited Securities and hereby authorizes and directs the Depositary to act in accordance with the terms set forth in
this Deposit Agreement. All capitalized terms used herein have the meanings ascribed to them in Section 1 or elsewhere in this
Deposit Agreement. The parties hereto agree as follows:

 

1.
Certain Definitions.

 

(a) “ADR
Register” is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs).

 

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

 

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

 

(d) “Custodian”
means the agent or agents of the Depositary (singly or collectively, as the context requires) and any additional or substitute
Custodian appointed pursuant to Section 9.

 

    	 	1	 

     

    

 

 

(e) The
terms “deliver”, “execute”, “issue”, “register”, “surrender”,
“transfer” or “cancel”, when used with respect to Direct Registration ADRs, shall refer to an
entry or entries or an electronic transfer or transfers in the Direct Registration System, and, when used with respect to ADRs
in physical certificated form, shall refer to the physical delivery, execution, issuance, registration, surrender, transfer or
cancellation of certificates representing the ADRs.

 

(f) “Delivery
Order” is defined in Section 3.

 

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

 

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

 

(i) “Holder”
means the person or persons in whose name an ADR is registered on the ADR Register.

 

(j) “Securities
Act of 1933” means the United States Securities Act of 1933, as from time to time amended.

 

(k) “Securities
Exchange Act of 1934” means the United States Securities Exchange Act of 1934, as from time to time amended.

 

(l) “Shares”
mean the ordinary shares of the Company, and shall include the rights to receive Shares specified in paragraph (1) of the form
of ADR (Issuance of ADSs).

 

    	 	2	 

     

    

 

 

(m) “Transfer
Office” is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs).

 

(n) “Withdrawal
Order” is defined in Section 6.

 

2.
Form of ADRs.

 

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

 

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

 

(c)
Binding Effect. Holders shall be bound by the terms and conditions of this Deposit Agreement and of the form of ADR, regardless
of whether their ADRs are Direct Registration ADRs or certificated ADRs.

 

3.
Deposit of Shares.

 

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

 

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

 

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

 

    	 	3	 

     

    

 

 

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

 

(iv) proxies
entitling the Custodian to vote such deposited Shares

 

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

 

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

 

4.
Issue of ADRs. After any such deposit of Shares, the Custodian shall notify the Depositary of such deposit and of the information
contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of
the person making the deposit, by SWIFT, cable, telex or facsimile transmission. After receiving such notice from the Custodian,
the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person
named in such notice, an ADR or ADRs registered as requested and evidencing the aggregate ADSs to which such person is entitled.

 

    	 	4	 

     

    

 

 

5.
Distributions on Deposited Securities. To the extent that the Depositary determines in its discretion that any distribution
pursuant to paragraph (10) of the form of ADR (Distributions on Deposited Securities) is not practicable with respect to
any Holder, the Depositary may make such distribution as it so deems practicable, including the distribution of foreign currency,
securities or property (or appropriate documents evidencing the right to receive foreign currency, securities or property) or
the retention thereof as Deposited Securities with respect to such Holder’s ADRs (without liability for interest thereon or the
investment thereof).

 

6.
Withdrawal of Deposited Securities. In connection with any surrender of an ADR for withdrawal of the Deposited Securities
represented by the ADSs evidenced thereby, the Depositary may require proper endorsement in blank of such ADR (or duly executed
instruments of transfer thereof in blank) and the Holder’s written order directing the Depositary to cause the Deposited Securities
represented by the ADSs evidenced by such ADR to be withdrawn and delivered to, or upon the written order of, any person designated
in such order (a “Withdrawal Order”). Directions from the Depositary to the Custodian to deliver Deposited Securities
shall be given by letter, first class airmail postage prepaid, or, at the request, risk and expense of the Holder, by SWIFT, cable,
telex or facsimile transmission. Delivery of Deposited Securities may be made by the delivery of certificates (which, if required
by law shall be properly endorsed or accompanied by properly executed instruments of transfer or, if such certificates may be
registered, registered in the name of such Holder or as ordered by such Holder in any Withdrawal Order) or by such other means
as the Depositary may deem practicable, including, without limitation, by transfer of record ownership thereof to an account designated
in the Withdrawal Order maintained either by the Company or an accredited intermediary, such as a bank, acting as a registrar
for the Deposited Securities.

 

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

 

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

 

    	 	5	 

     

    

 

 

9.
The Custodian.

 

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

 

(b) Rights
of the Custodian. Any Custodian may resign from its duties hereunder by providing at least 30 days’ prior written notice to
the Depositary. The Depositary may discharge any Custodian at any time upon notice to the Custodian being discharged. Any Custodian
ceasing to act hereunder as Custodian shall deliver, upon the instruction of the Depositary, all Deposited Securities held by
it to a Custodian continuing to act. Notwithstanding anything to the contrary contained in this Deposit Agreement (including the
ADRs) and subject to the penultimate sentence of paragraph (14) of the form of ADR (Exoneration), the Depositary shall
not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part
of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian having (i)
committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable
care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the
jurisdiction in which the Custodian is located.

 

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

 

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

 

    	 	6	 

     

    

 

 

12.
Resignation and Removal of the Depositary; Appointment of Successor Depositary.

 

(a) Resignation
of the Depositary. The Depositary may at any time resign as Depositary hereunder by written notice of its election to do so
delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of
such appointment as hereinafter provided.

 

(b) Removal
of the Depositary. The Depositary may at any time be removed by the Company by providing no less than 60 days’ prior written
notice of such removal to the Depositary, such removal to take effect the later of (i) the 60th day after such notice
of removal is first provided and (ii) the appointment of a successor depositary and its acceptance of such appointment as hereinafter
provided. Notwithstanding the foregoing, if upon the resignation or removal of the Depositary a successor depositary is not appointed
within the applicable 45-day period (in the case of resignation) or 60-day period (in the case of removal) as specified in paragraph
(17) of the form of ADR (Termination), then the Depositary may elect to terminate this Deposit Agreement and the ADR and
the provisions of said paragraph (17) shall thereafter govern the Depositary’s obligations hereunder.

 

(c) Appointment
of Successor Depositary. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall
use its reasonable best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in
the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to
the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any
further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor
depositary, only upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an
instrument transferring to such successor all rights and powers of such predecessor hereunder (other than its rights to indemnification
and fees owing, each of which shall survive any such removal and/or resignation), (ii) duly assign, transfer and deliver
all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the
Holders of all outstanding ADRs(including the name, address and number of ADSs registered in the ADR Register in the name of each
such Holder). Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any bank or trust company
into or with which the Depositary may be merged or consolidated, or to which the Depositary shall transfer substantially all its
American depositary receipt business, shall be the successor of the Depositary without the execution or filing of any document
or any further act.

 

    	 	7	 

     

    

 

 

13.
Reports. On or before the first date on which the Company makes any communication available to holders of Deposited Securities
or any securities regulatory authority or stock exchange, by publication or otherwise, the Company shall transmit to the Depositary
a copy thereof in English or with an English translation or summary. The Company has delivered to the Depositary, the Custodian
and any Transfer Office, a copy of all provisions of or governing the Shares and any other Deposited Securities issued by the
Company or any affiliate of the Company and, promptly upon any change thereto, the Company shall deliver to the Depositary, the
Custodian and any Transfer Office, a copy (in English or with an English translation) of such provisions as so changed. The Depositary
and its agents may rely upon the Company’s delivery of all such communications, information and provisions for all purposes of
this Deposit Agreement and the Depositary shall have no liability for the accuracy or completeness of any thereof.

 

14.
Additional Shares. The Company agrees with the Depositary that neither the Company nor any company controlling, controlled
by or under common control with the Company shall (i) issue additional Shares, (ii) rights to subscribe for Shares, (iii) securities
convertible into or exchangeable for Shares or (iv) rights to subscribe for any such securities or shall deposit any Shares under
this Deposit Agreement, except under circumstances complying in all respects with the Securities Act of 1933. At the reasonable
request of the Depositary where it deems necessary, the Company will furnish the Depositary with legal opinions, in forms and
from counsels reasonably acceptable to the Depositary, dealing with such issues requested by the Depositary as are customary and
reasonable in the circumstances. The Depositary will use reasonable efforts to comply with written instructions of the Company
not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may
reasonably be specified in such instructions in order to facilitate the Company’s compliance with the requirements of the securities
laws, rules and regulations in the United States.

 

15.
Indemnification.

 

(a)Indemnification
by the Company. The Company shall indemnify, defend and save harmless each of the Depositary, the Custodian and their respective
directors, officers, employees, agents and affiliates against any loss, liability or expense (including reasonable fees and expenses
of counsel) which may arise out of acts performed or omitted, in connection with the provisions of this Deposit Agreement and
of the ADRs, as the same may be amended, modified or supplemented from time to time in accordance herewith (i) by either the Depositary
or a Custodian or their respective directors, officers, employees, agents and affiliates, except for any liability or expense
directly arising out of the negligence, or willful misconduct of the Depositary or its directors, officers or affiliates acting
in their capacities as such hereunder; provided however that, with respect to the acts and omissions to act of a Custodian, the
Custodian shall not be entitled to be indemnified hereunder for any liability or expense directly arising out of (a) the Custodian
having committed fraud or willful misconduct in the provision of custodial services to the Depositary or (b) the Custodian having
failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards
prevailing in the jurisdiction in which the Custodian is located, or (ii) by the Company or any of its directors, officers, employees,
agents and affiliates.

 

The
indemnities set forth in the preceding paragraph shall also apply to any liability or expense which may arise out of any misstatement
or alleged misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement
memorandum), or preliminary prospectus (or preliminary placement memorandum) relating to the offer, issuance, withdrawal or sale
of ADSs or the deposit of Shares in connection therewith, except to the extent any such liability or expense arises out of (i)
information relating to the Depositary or its agents (other than the Company), as applicable, furnished in writing by the Depositary
expressly for use in any of the foregoing documents and not changed or altered by the Company or (ii) if such information is provided,
the failure to state a material fact necessary to make the information provided not misleading.

 

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

 

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

 

Any
person seeking indemnification hereunder (an “indemnified person”) shall notify the person from whom it is seeking indemnification
(the “indemnifying person”) of the commencement of any indemnifiable action or claim promptly after such indemnified
person becomes aware of such commencement (provided that the failure to make such notification shall not affect such indemnified
person’s rights to indemnification except and only to the limited extent the indemnifying person is materially prejudiced by such
failure) and shall consult in good faith with the indemnifying person as to the conduct of the defense of such action or claim
that may give rise to an indemnity hereunder, which defense shall be reasonable under the circumstances. No indemnified person
shall compromise or settle any indemnifiable action without the prior written consent of the indemnifying person ((which consent
shall not unreasonably (from the point of view of the person seeking indemnification)) be withheld or delayed) unless (i) there
is no finding or admission of any violation of law and no effect on any other claims that may be made against such indemnifying
person and (ii) the sole relief provided is monetary damages that are paid in full by the indemnified person (without indemnification
hereunder by the indemnifying person) seeking such compromise or settlement.

 

    	 	8	 

     

    

 

 

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

 

16.
Notices.

 

(a) Notice
to Holders. Notice to any Holder shall be deemed given when first mailed, first class postage prepaid, to the address of such
Holder on the ADR Register or received by such Holder. Failure to notify a Holder or any defect in the notification to a Holder
shall not affect the sufficiency of notification to other Holders or to the beneficial owners of ADSs held by such other Holders.

 

(b)
 Notice to the Depositary or the Company. Notice to the Depositary or the Company
shall be deemed given when first received by it at the address or facsimile transmission number set forth in (a) or (b), respectively,
or at such other address or facsimile transmission number as either may specify to the other by written notice:

 

		(i)	JPMorgan
                                         Chase Bank, N.A.

383
Madison Avenue, Floor 11

New
York, New York, 10179

Attention:
Depositary Receipts Group

Fax:
(302) 220-4591

 

		(ii)	Tiziana
                                         Life Sciences plc

55
Park Lane

London
W1K 1NA

England

Attention:
Tiziano Lazzaretti

Fax:
+44 (0) 207 495 2379

 

    	 	9	 

     

    

 

 

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

 

18.
No Third-Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding Effect. This Deposit Agreement is for the
exclusive benefit of the Company, the Depositary, the Holders, and their respective successors hereunder, and, except to the extent
specifically set forth in Section 15 of this Deposit Agreement, shall not give any legal or equitable right, remedy or claim whatsoever
to any other person. The Holders and owners of interests in ADRs from time to time shall be parties to this Deposit Agreement
and shall be bound by all of the provisions hereof.

 

19.
Severability. If any such provision is invalid, illegal or unenforceable in any respect, the remaining provisions shall
in no way be affected thereby.

 

20.
Governing Law; Consent to Jurisdiction.

 

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

 

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

 

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

 

    	 	10	 

     

    

 

 

(d) Notwithstanding
the foregoing, any action against the Company based on this Deposit Agreement, the ADSs or the ADRs or the transactions contemplated
hereby or thereby, may be instituted by the Depositary in any competent court in the United Kingdom and/or the United States.

 

21.
Agent for Service.

 

(a) Appointment.
The Company has appointed Tiziana Therapeutics, Inc., 420 Lexington Avenue, Suite 2525, New York, New York, as its authorized
agent (the “Authorized Agent”) upon which process may be served in any such action arising out of or based
on this Deposit Agreement or the transactions contemplated hereby which may be instituted in any state or federal court in
New York, New York by the Depositary or any Holder, and waives any other requirements of or objections to personal
jurisdiction with respect thereto. Subject to the Company’s rights to replace the Authorized Agent with another entity
in the manner required were the Authorized Agent to have resigned, such appointment shall be irrevocable.

 

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

 

    	 	11	 

     

    

 

 

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

 

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

 

23.
Waiver of Jury Trial. EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL
OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW
OR ANY OTHER THEORY).

 

    	 	12	 

     

    

 

 

IN
WITNESS WHEREOF, TIZIANA LIFE SCIENCES PLC and JPMORGAN CHASE BANK, N.A. have duly executed this Deposit Agreement as of the day
and year first above set forth and all holders of ADRs shall become parties hereto upon acceptance by them of ADRs issued in accordance
with the terms hereof.

 

	 	TIZIANA
    LIFE SCIENCES PLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title	 
	 	 	 
	 	JPMORGAN
    CHASE BANK, N.A.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Executive Director

 

    	 	13	 

     

    

 

 

EXHIBIT
A

ANNEXED
TO AND INCORPORATED IN

DEPOSIT
AGREEMENT 

 

[FORM
OF FACE OF ADR]

 

	____	No. of ADSs:
	Number	 
	 	 
	 	Each ADS represents
	 	Seven Shares
	 	 
	 	CUSIP:

 

AMERICAN
DEPOSITARY RECEIPT

 

evidencing

 

AMERICAN
DEPOSITARY SHARES

 

representing

 

ORDINARY
SHARES

 

of

 

TIZIANA
LIFE SCIENCES PLC

 

(Incorporated
under the laws of England and Wales)

 

JPMORGAN
CHASE BANK, N.A., a national banking association organized under the laws of the United States of America, as depositary
hereunder (the “Depositary”), hereby certifies that ______ is the registered owner (a
“Holder”) of American Depositary Shares (“ADSs”), each (subject to paragraph (13)
(Changes Affecting Deposited Securities)) representing seven ordinary shares (including the rights to receive Shares
described in paragraph (1) (Issuance of ADSs), “Shares” and, together with any other securities,
cash or property from time to time held by the Depositary in respect or in lieu of deposited Shares, the “Deposited
Securities”), of Tiziana Life Sciences plc, a corporation organized under the laws of England and Wales (the
“Company”), deposited under the Deposit Agreement dated as of [DATE], 2018 (as amended from time to time, the
“Deposit Agreement”) among the Company, the Depositary and all Holders from time to time of
American Depositary Receipts issued thereunder (“ADRs”), each of whom by accepting an ADR becomes a party
thereto. The Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed
by and construed in accordance with the internal laws of the State of New York without giving effect to the application of
the conflict of law principles thereof. All capitalized terms used herein, and not defined herein, shall have the meanings
ascribed to such terms in the Deposit Agreement.

 

    	 	A-1	 

     

    

 

 

(1)
Issuance of ADSs.

 

(a)
Issuance. This ADR is one of the ADRs issued under the Deposit Agreement. Subject to the other provisions hereof, the Depositary
may so issue ADRs for delivery at the Transfer Office (as hereinafter defined) only against deposit of: (i) Shares in a form satisfactory
to the Custodian; or (ii) rights to receive Shares from the Company or any registrar, transfer agent, clearing agent or other
entity recording Share ownership or transactions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	A-2	 

     

    

 

 

Such
representations and warranties shall survive the deposit and withdrawal of Shares and the issuance and cancellation of ADSs in
respect thereof and the transfer of such ADSs.

 

(d) The
Depositary may refuse to accept for such deposit any Shares identified by the Company in order to facilitate compliance with the
requirements of the Securities Act of 1933 or the Rules made thereunder.

 

(2)
Withdrawal of Deposited Securities. Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and
(5) (Liability of Holder for Taxes, Duties and Other Charges), upon surrender of (a) a certificated ADR in a form satisfactory
to the Depositary at the Transfer Office or (b) proper instructions and documentation in the case of a Direct Registration ADR,
the Holder hereof is entitled to delivery at, or to the extent in dematerialized form from, the Custodian’s office of the Deposited
Securities at the time represented by the ADSs evidenced by this ADR. At the request, risk and expense of the Holder hereof, the
Depositary may deliver such Deposited Securities at such other place as may have been requested by the Holder. Notwithstanding
any other provision of the Deposit Agreement or this ADR, the withdrawal of Deposited Securities may be restricted only for the
reasons set forth in General Instruction I.A.(1) of Form F-6 (as such instructions may be amended from time to time) under the
Securities Act of 1933.

 

(3)
Transfers, Split-Ups and Combinations of ADRs.

 

(a)
Transfer Office. The Depositary or its agent will keep, at a designated transfer office (the “Transfer Office”),
(i) a register (the “ADR Register”) for the registration, registration of transfer, combination and split-up
of ADRs, and, in the case of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times
will be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business
of the Company or a matter relating to the Deposit Agreement and (ii) facilities for the delivery and receipt of ADRs. The term
ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities represented by the ADSs
evidenced hereby), when properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper
instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under the laws
of the State of New York; provided that the Depositary, notwithstanding any notice to the contrary, may treat the person
in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all purposes and neither the Depositary
nor the Company will have any obligation or be subject to any liability under the Deposit Agreement to any holder of an ADR, unless
such holder is the Holder thereof. Subject to paragraphs (4) and (5), this ADR is transferable on the ADR Register and may be
split into other ADRs or combined with other ADRs into one ADR, evidencing the aggregate number of ADSs surrendered for split-up
or combination, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office properly
endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer and duly
stamped as may be required by applicable law; provided that the Depositary may close the ADR Register or any portion thereof
at any time or from time to time when deemed expedient by it, and it may also close the issuance book portion of the ADR Register
when reasonably requested by the Company solely in order to enable the Company to comply with applicable law. At the request of
a Holder, the Depositary shall, for the purpose of substituting a certificated ADR with a Direct Registration ADR, or vice versa,
execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any authorized number of ADSs requested,
evidencing the same aggregate number of ADSs as those evidenced by the certificated ADR or Direct Registration ADR, as the case
may be, substituted.

 

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

 

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

 

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

 

    	 	A-3	 

     

    

 

 

(c)
compliance with such regulations as the Depositary may establish consistent with the Deposit Agreement.

 

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

 

(5)
Liability of Holder for Taxes, Duties and Other Charges. If any tax or other governmental charges (including any penalties
and/or interest) shall become payable by or on behalf of the Custodian or the Depositary with respect to this ADR, any Deposited
Securities represented by the ADSs evidenced hereby or any distribution thereon, such tax or other governmental charge shall be
paid by the Holder hereof to the Depositary and by holding or having held an ADR the Holder and all prior Holders hereof, jointly
and severally, agree to indemnify, defend and save harmless each of the Depositary and its agents in respect thereof. The Depositary
may refuse to effect any registration, registration of transfer, split-up or combination hereof or, subject to the last sentence
of paragraph (2) (Withdrawal of Deposited Securities), any withdrawal of such Deposited Securities until such payment is
made. The Depositary may also deduct from any distributions on or in respect of Deposited Securities, or may sell by public or
private sale for the account of the Holder hereof any part or all of such Deposited Securities (after attempting by reasonable
means to notify the Holder hereof prior to such sale), and may apply such deduction or the proceeds of any such sale in payment
of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency, and shall reduce the number of
ADSs evidenced hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the Company will remit
to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or
agency by the Company; and the Depositary and the Custodian will remit to the appropriate governmental authority or agency all
amounts (if any) required to be withheld and owing to such authority or agency by the Depositary or the Custodian. If the Depositary
determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to
any tax that the Depositary or the Custodian is obligated to withhold, the Depositary may dispose of all or a portion of such
property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or
private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after
deduction of such taxes to the Holders entitled thereto. Each Holder of an ADR or an interest therein agrees to indemnify the
Depositary, the Company, the Custodian and any of their respective officers, directors, employees, agents and affiliates against,
and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties
or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained which obligations
shall survive any transfer or surrender of ADSs or the termination of the Deposit Agreement.

 

    	 	A-4	 

     

    

 

 

(6)
Disclosure of Interests.

 

(a) General.
To the extent that the provisions of or governing any Deposited Securities may require disclosure of or impose limits on
beneficial or other ownership of, or interests in, Deposited Securities, other Shares and other securities and may
provide for blocking transfer, voting or other rights to enforce such disclosure or limits, Holders and all persons holding
ADRs agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable
Company instructions in respect thereof. The Company reserves the right to instruct Holders to deliver their ADSs for
cancellation and withdrawal of the Deposited Securities so as to permit the Company to deal directly with the Holder thereof
as a holder of Shares and Holders agree to comply with such instructions. The Depositary agrees to cooperate with the Company
in its efforts to inform Holders of the Company’s exercise of its rights under this paragraph and agrees to consult with, and
provide reasonable assistance without risk, liability or expense on the part of the Depositary, to the Company on the manner
or manners in which it may enforce such rights with respect to any Holder.

 

Notwithstanding
any provision of the Deposit Agreement or of the ADRs and without limiting the foregoing, by being a Holder, each such Holder
agrees to provide such information as the Company may request in a disclosure notice (a “Disclosure Notice”) given pursuant
to the United Kingdom Companies Act 2006 (as amended from time to time and including any statutory modification or re-enactment
thereof, the “Companies Act”) or the Articles of Association of the Company. By accepting or holding an ADR, each Holder
acknowledges that it understands that failure to comply with a Disclosure Notice may result in the imposition of sanctions against
the holder of the Shares in respect of which the non-complying person is or was, or appears to be or has been, interested as provided
in the Companies Act and the Articles of Association which currently include, the withdrawal of the voting rights of such Shares
and the imposition of restrictions on the rights to receive dividends on and to transfer such Shares. In addition, by accepting
or holding an ADR each Holder agrees to comply with the provisions of the United Kingdom Disclosure Guidance and Transparency
Rules (as amended from time to time, the “DTRs”) with regard to the notification to the Company of interests in Shares
and certain financial instruments, which currently provide, inter alia, that a Holder must notify the Company of the percentage
of its voting rights he holds as shareholder or holds or is deemed to hold through his direct or indirect holding of certain financial
instruments (or a combination of such holdings) if the percentage of those voting rights (i) reaches, exceeds or falls below 3%,
4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% as a result of an acquisition or disposal of Shares or
certain financial instruments, or (ii) reaches, exceeds or falls below such applicable thresholds as a result of events changing
the breakdown of voting rights and on the basis of information disclosed by the Company in accordance with the DTRs. The notification
must be effected as soon as possible, but not later than two trading days after the Holder (a) learns of the acquisition or disposal
or of the possibility of exercising voting rights, or on which, having regard to the circumstances, should have learned of it,
regardless of the date on which the acquisition, disposal or possibility of exercising voting rights takes effect, or (b) is informed
of the event mentioned in (ii) above.

 

    	 	A-5	 

     

    

 

 

(7)
Charges of Depositary.

 

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

 

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

 

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

 

		(ii)	a
                                         fee of U.S.$1.50 per ADR or ADRs for transfers made pursuant to paragraph (3) hereof,

 

		(iii)	a
                                         fee for the distribution or sale of securities pursuant to paragraph (10) hereof, such
                                         fee being in an amount equal to the fee for the execution and delivery of ADSs referred
                                         to above which would have been charged as a result of the deposit of such securities
                                         (for purposes of this paragraph (7) treating all such securities as if they were Shares)
                                         but which securities or the net cash proceeds from the sale thereof are instead distributed
                                         by the Depositary to Holders entitled thereto,

 

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

 

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

 

    	 	A-6	 

     

    

 

 

(c)
Obligations of the Company. The Company will pay all other charges and expenses of the Depositary and any agent of the
Depositary (except the Custodian) pursuant to agreements from time to time between the Company and the Depositary, except:

 

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

 

		(ii)	SWIFT,
                                         cable, telex and facsimile transmission and delivery charges incurred at the request
                                         of persons depositing, or Holders delivering Shares, ADRs or Deposited Securities (which
                                         are payable by such persons or Holders);

 

		(iii)	transfer
                                         or registration fees for the registration or transfer of Deposited Securities on any
                                         applicable register in connection with the deposit or withdrawal of Deposited Securities
                                         (which are payable by persons depositing Shares or Holders withdrawing Deposited Securities;
                                         there are no such fees in respect of the Shares as of the date of the Deposit Agreement),
                                         and

 

		(iv)	in
                                         connection with the conversion of foreign currency into U.S. dollars, JPMorgan Chase
                                         Bank, N.A. (“JPMorgan”) shall deduct out of such foreign currency the fees,
                                         expenses and other charges charged by it and/or its agent (which may be a division, branch
                                         or affiliate) so appointed in connection with such conversion. JPMorgan and/or its agent
                                         may act as principal for such conversion of foreign currency. Such charges may at any
                                         time and from time to time be changed by agreement between the Company and the Depositary.
                                         For further details see https://www.adr.com.

 

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

 

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

 

    	 	A-7	 

     

    

 

 

(8)
Available Information. The Deposit Agreement, the provisions of or governing Deposited Securities and any written communications
from the Company, which are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally
available to the holders of Deposited Securities, are available for inspection by Holders at the offices of the Depositary and
the Custodian, at the Transfer Office or on the U.S. Securities and Exchange Commission’s website. The Depositary will distribute
copies of such communications (or English translations or summaries thereof) to Holders when furnished by the Company. The Company
is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files certain reports
with the United States Securities and Exchange Commission (the “Commission”). Such reports and other information may
be inspected and copied through the Commission’s EDGAR system or at public reference facilities maintained by the Commission
located at the date hereof at 100 F Street, NE, Washington, DC 20549.

 

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

 

Dated:

 

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

 

The
Depositary’s office is located at 383 Madison Avenue, Floor 11, New York, New York 10179.

 

    	 	A-8	 

     

    

 

 

[FORM
OF REVERSE OF ADR]

 

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

 

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

 

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

 

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

 

    	 	A-9	 

     

    

 

 

(d)
Other Distributions. (i) Securities or property available to the Depositary resulting from any distribution on Deposited
Securities other than Cash, Share Distributions and Rights (“Other Distributions”), by any means that the Depositary
may deem equitable and practicable, or (ii) to the extent the Depositary deems distribution of such securities or property not
to be equitable and practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Other Distributions
as in the case of Cash. The Depositary reserves the right to utilize a division, branch or affiliate of JPMorgan Chase Bank, N.A.
to direct, manage and/or execute any public and/or private sale of securities hereunder. Such division, branch and/or affiliate
may charge the Depositary a fee in connection with such sales, which fee is considered an expense of the Depositary contemplated
above and/or under paragraph (7) (Charges of Depositary). Any U.S. dollars available will be distributed by checks drawn
on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with
by the Depositary in accordance with its then current practices. All purchases and sales of securities will be handled by the
Depositary in accordance with its then current policies, which are currently set forth in the “Depositary Receipt Sale and
Purchase of Security” section of https://www.adr.com/Investors/FindOutAboutDRs, the location and contents of which the Depositary
shall be solely responsible for.

 

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

 

(12)
Voting of Deposited Securities.

 

(a)
Notice of any Meeting or Solicitation. Subject to the next sentence, as soon as practicable after receipt of notice of
any meeting at which the holders of Shares are entitled to vote, or of solicitation of consents or proxies from holders of Shares
or other Deposited Securities, the Depositary shall fix the ADS record date in accordance with paragraph (11) above in respect
of such meeting or solicitation of consent or proxy. The Depositary shall, if requested by the Company in writing in a timely
manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary
at least 30 days prior to the date of such vote or meeting) and at the Company’s expense and provided no legal prohibitions exist,
distribute to Holders a notice stating (i) such information as is contained in such notice and any solicitation materials, (ii)
that each Holder on the record date set by the Depositary therefor will, subject to any applicable provisions of English law,
be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities
represented by the ADSs evidenced by such Holder’s ADRs and (iii) the manner in which such instructions may be given, including
instructions to give a discretionary proxy to a person designated by the Company. There is no guarantee that Holders generally
or any Holder in particular will receive the notice described above with sufficient time to enable such Holder to return any voting
instructions to the Depositary in a timely manner.

 

    	 	A-10	 

     

    

 

 

(b)
Voting of Deposited Securities. Upon actual receipt by the ADR department of the Depositary of instructions of a Holder
on such record date in the manner and on or before the time established by the Depositary for such purpose, the Depositary shall
endeavor insofar as practicable and permitted under the provisions of or governing Deposited Securities to vote or cause to be
voted the Deposited Securities represented by the ADSs evidenced by such Holder’s ADRs in accordance with such instructions. The
Depositary will not itself exercise any voting discretion in respect of any Deposited Securities. Notwithstanding anything contained
in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements
of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection
with any meeting of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a
notice that provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive
such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting
copies of the materials). Holders are strongly encouraged to forward their voting instructions as soon as possible. Voting instructions
will not be deemed received until such time as the ADR department responsible for proxies and voting has received such instructions
notwithstanding that such instructions may have been physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to
such time.

 

(13)
Changes Affecting Deposited Securities.

 

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

 

    	 	A-11	 

     

    

 

 

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

 

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

 

(14)
Exoneration.

 

(a)
The Depositary, the Company, and each of their respective directors, officers, employees, agents and affiliates and each of them
shall: (i) incur no liability to Holders or beneficial owners of ADSs (A) if any present or future law, rule, regulation, fiat,
order or decree of the United States, England, Wales or any other country or jurisdiction, or of any governmental or regulatory
authority or any securities exchange or market or automated quotation system, the provisions of or governing any Deposited Securities,
any present or future provision of the Company’s articles of association, any act of God, war, terrorism, nationalization, expropriation,
currency restrictions, work stoppage, strike, civil unrest, revolutions, rebellions, explosions, computer failure or circumstance
beyond its direct and immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal
penalty in connection with, any act which the Deposit Agreement or this ADR provides shall be done or performed by it or them
(including, without limitation, voting pursuant to paragraph (12) hereof), or (B) by reason of any exercise or failure to exercise
any discretion given it in the Deposit Agreement or this ADR (including, without limitation, any failure to determine that any
distribution or action may be lawful or reasonably practicable); (ii) assume no liability to Holders or beneficial owners of ADSs
except to perform its obligations to the extent they are specifically set forth in this ADR and the Deposit Agreement without
gross negligence or willful misconduct; (iii) in the case of the Depositary and its agents, be under no obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR; (iv) in the case
of the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or other proceeding
in respect of any Deposited Securities or this ADR, which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may
be required; and (v) not be liable to Holders or beneficial owners of ADSs for any action or inaction by it in reliance upon the
advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other person
believed by it to be competent to give such advice or information. The Depositary shall not be liable for the acts or omissions
made by, or the insolvency of, any securities depository, clearing agency or settlement system.

 

(b)
The Depositary. The Depositary shall not be responsible for, and shall incur no liability in connection with or arising
from, the insolvency of any Custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. The Depositary shall not
have any liability for the price received in connection with any sale of securities, the timing thereof or any delay in action
or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the
part of the party so retained in connection with any such sale or proposed sale. Notwithstanding anything to the contrary contained
in the Deposit Agreement (including the ADRs), subject to the penultimate sentence of this paragraph (14), the Depositary shall
not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part
of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian having (i)
committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable
care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the
jurisdiction in which the Custodian is located.

 

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

 

    	 	A-12	 

     

    

 

 

(d)
The Depositary shall be under no obligation to inform Holders or any other holders of an interest in any ADSs about the requirements
of the laws, rules or regulations or any changes therein or thereto of any country or jurisdiction or of any governmental or regulatory
authority or any securities exchange or market or automated quotation system.

 

(e)
The Depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the Deposited
Securities, for the manner in which any such vote is cast or for the effect of any such vote.

 

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

 

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

 

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

 

(i)
None of the Depositary, the Custodian or the Company shall be liable for the failure by any Holder or beneficial owner to obtain
the benefits of credits or refunds of non-U.S. tax paid against such Holder’s or beneficial owner’s income tax liability.

 

(j)
The Depositary and the Company shall not incur any liability for any tax or tax consequences that may be incurred by Holders and
beneficial owners, or any of them, on account of their ownership or disposition of the ADRs or ADSs.

 

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

 

    	 	A-13	 

     

    

 

 

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

 

(n) By
holding an ADS or an interest therein, Holders and owners of ADSs each irrevocably agree that any legal suit, action or proceeding
against or involving the Company or the Depositary, arising out of or based upon the Deposit Agreement, the ADSs or the transactions
contemplated herein, therein or hereby, may only be instituted in a state or federal court in New York, New York, and by holding
an ADS or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue
of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

 

(o)
 The Company has agreed to indemnify the Depositary and its agents under certain circumstances
and the Depositary has agreed to indemnify the Company under certain circumstances.

 

(p) Neither
the Depositary nor any of its agents shall be liable to Holders or beneficial owners of interests in ADSs for any indirect, special,
punitive or consequential damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any
form incurred by any person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may
be brought.

 

(q)
No disclaimer of liability under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable,
is intended by any provision thereof.

 

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

 

(a)
Resignation. The Depositary may resign as Depositary by written notice of its election so to do delivered to the Company,
such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as
provided in the Deposit Agreement.  

 

(b)
Removal. The Depositary may at any time be removed by the Company by no less than 60 days’ prior written notice of such
removal, to become effective upon the later of (i) the 60th day after delivery of the notice to the Depositary and (ii) the appointment
of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement.

 

    	 	A-14	 

     

    

 

 

(c)
The Custodian. The Depositary may appoint substitute or additional Custodians and the term “Custodian”
refers to each Custodian or all Custodians as the context requires.

 

(16)
Amendment. Subject to the last sentence of paragraph (2) (Withdrawal of Deposited Securities), the ADRs and the
Deposit Agreement may be amended by the Company and the Depositary, provided that any amendment that imposes or increases
any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, SWIFT,
cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial
existing right of Holders, shall become effective 30 days’ after notice of such amendment shall have been given to the Holders.
Every Holder of an ADR at the time any amendment to the Deposit Agreement so becomes effective shall be deemed, by continuing
to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event
shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the Deposited Securities represented
thereby, except in order to comply with mandatory provisions of applicable law. Any amendments or supplements which (i) are reasonably
necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities
Act of 1933 or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose
or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders. Notwithstanding
the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations which would require amendment
or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend
or supplement the Deposit Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment
or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement
is given to Holders or within any other period of time as required for compliance. Notice of any amendment to the Deposit Agreement
or form of ADRs shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the
specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice
given to the Holders identifies a means for Holders to retrieve or receive the text of such amendment (i.e., upon retrieval from
the Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary).

 

(17)
Termination. The Depositary may, and shall at the written direction of the Company, terminate the Deposit Agreement and
this ADR by mailing notice of such termination to the Holders at least 30 days prior to the date fixed in such notice for such
termination; provided, however, if the Depositary shall have (i) resigned as Depositary hereunder, notice of such termination
by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder within 45 days
of the date of such resignation, or (ii) been removed as Depositary hereunder, notice of such termination by the Depositary shall
not be provided to Holders unless a successor depositary shall not be operating hereunder on the 60th day after the
Company’s notice of removal was first provided to the Depositary. Notwithstanding anything to the contrary herein, the Depositary
may terminate the Deposit Agreement without notice to the Company, but subject to giving 30 days’ notice to the Holders,
under the following circumstances: (i) in the event of the Company’s bankruptcy or insolvency, (ii) if the Shares cease
to be listed on an internationally recognized stock exchange, (iii) if the Company effects (or will effect) a redemption of all
or substantially all of the Deposited Securities, or a cash or share distribution representing a return of all or substantially
all of the value of the Deposited Securities, or (iv) there occurs a merger, consolidation, sale of assets or other transaction
as a result of which securities or other property are delivered in exchange for or in lieu of Deposited Securities.

 

After
the date so fixed for termination, the Depositary and its agents will perform no further acts under the Deposit Agreement and
this ADR, except to receive and hold (or sell) distributions on Deposited Securities and deliver Deposited Securities being withdrawn.
As soon as practicable after the expiration of six months from the date so fixed for termination, the Depositary shall use its
reasonable efforts to sell the Deposited Securities and shall thereafter (as long as it may lawfully do so) hold in an account
(which may be a segregated or unsegregated account) the net proceeds of such sales, together with any other cash then held by
it under the Deposit Agreement, without liability for interest, in trust for the pro rata benefit of the Holders of ADRs
not theretofore surrendered. After making such sale, the Depositary shall be discharged from all obligations in respect of the
Deposit Agreement and this ADR, except to account for such net proceeds and other cash and for any indemnification obligations
it may have to the Company with respect to acts or omissions prior to such termination. After the date so fixed for termination,
the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary
and its agents.

 

    	 	A-15	 

     

    

 

 

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

 

(19)
Waiver. EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR
HOLDER OF INTERESTS IN, ADSS OR ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

 

(20)
Elective Distributions in Cash or Shares. Whenever the Company intends to distribute a dividend payable at the election
of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30
days prior to the proposed distribution stating whether or not it wishes such elective distribution to be made available to Holders.
Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders, the Depositary
shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful
and reasonably practicable to make such elective distribution available to the Holders. The Depositary shall make such elective
distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution is available
to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iii) the Depositary
shall have received satisfactory documentation within the terms of Section 14 of the Deposit Agreement including, without limitation,
any legal opinions of counsel in any applicable jurisdiction that the Depositary in its reasonable discretion may request, at
the expense of the Company. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute
to the Holders, on the basis of the same determination as is made in the local market in respect of the Shares for which no election
is made, either (x) cash or (y) additional ADSs representing such additional Shares. If the above conditions are satisfied, the
Depositary shall establish a record date and establish procedures to enable Holders to elect the receipt of the proposed dividend
in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary.
Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective dividend in Shares
(rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity
to receive elective distributions on the same terms and conditions as the holders of Shares.

 

 

A-16

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