Document:

Exhibit
4.1

 

 

 

TC
BIOPHARM (HOLDINGS) PLC

 

AND

 

THE
BANK OF NEW YORK MELLON

 

As
Depositary

 

AND

 

OWNERS
AND HOLDERS OF AMERICAN DEPOSITARY SHARES

 

Deposit
Agreement

 

__________,
2021

 

 

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	ARTICLE
    1.	DEFINITIONS	 	1
	SECTION
    1.1.	American
    Depositary Shares.	 	1
	SECTION
    1.2.	Commission.	 	2
	SECTION
    1.3.	Company.	 	2
	SECTION
    1.4.	Custodian.	 	2
	SECTION
    1.5.	Deliver;
    Surrender.	 	2
	SECTION
    1.6.	Deposit
    Agreement.	 	3
	SECTION
    1.7.	Depositary;
    Depositary’s Office.	 	3
	SECTION
    1.8.	Deposited
    Securities.	 	3
	SECTION
    1.9.	Disseminate.	 	3
	SECTION
    1.10.	Dollars.	 	3
	SECTION
    1.11.	DTC.	 	4
	SECTION
    1.12.	Foreign
    Registrar.	 	4
	SECTION
    1.13.	Holder.	 	4
	SECTION
    1.14.	Owner.	 	4
	SECTION
    1.15.	Receipts.	 	4
	SECTION
    1.16.	Registrar.	 	4
	SECTION
    1.17.	Replacement.	 	4
	SECTION
    1.18.	Restricted
    Securities.	 	5
	SECTION
    1.19.	Securities
    Act of 1933.	 	5
	SECTION
    1.20.	Shares.	 	5
	SECTION
    1.21.	SWIFT.	 	5
	SECTION
    1.22.	Termination
    Option Event.	 	5
	 	 	 	 
	ARTICLE
    2.	FORM
    OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES	 	6
	SECTION
    2.1.	Form
    of Receipts; Registration and Transferability of American Depositary Shares.	 	6
	SECTION
    2.2.	Deposit
    of Shares.	 	7
	SECTION
    2.3.	Delivery
    of American Depositary Shares.	 	8
	SECTION
    2.4.	Registration
    of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American
    Depositary Shares.	 	8
	SECTION
    2.5.	Surrender
    of American Depositary Shares and Withdrawal of Deposited Securities.	 	9
	SECTION
    2.6.	Limitations
    on Delivery, Registration of Transfer and Surrender of American Depositary Shares.	 	10
	SECTION
    2.7.	Lost
    Receipts, etc.	 	11

 

    	-i-

     

    

 

	SECTION
    2.8.	Cancellation
    and Destruction of Surrendered Receipts.	 	11
	SECTION
    2.9.	DTC
    Direct Registration System and Profile Modification System.	 	12
	 	 	 	 
	ARTICLE
    3.	CERTAIN
    OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES	 	12
	SECTION
    3.1.	Filing
    Proofs, Certificates and Other Information.	 	12
	SECTION
    3.2.	Liability
    of Owner for Taxes.	 	13
	SECTION
    3.3.	Warranties
    on Deposit of Shares.	 	13
	SECTION
    3.4.	Disclosure
    of Interests.	 	14
	 	 	 	 
	ARTICLE
    4.	THE
    DEPOSITED SECURITIES	 	14
	SECTION
    4.1.	Cash
    Distributions.	 	14
	SECTION
    4.2.	Distributions
    Other Than Cash, Shares or Rights.	 	15
	SECTION
    4.3.	Distributions
    in Shares.	 	16
	SECTION
    4.4.	Rights.	 	17
	SECTION
    4.5.	Conversion
    of Foreign Currency.	 	18
	SECTION
    4.6.	Fixing
    of Record Date.	 	19
	SECTION
    4.7.	Voting
    of Deposited Shares.	 	20
	SECTION
    4.8.	Tender
    and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.	 	21
	SECTION
    4.9.	Reports.	 	22
	SECTION
    4.10.	Lists
    of Owners.	 	23
	SECTION
    4.11.	Withholding.	 	23
	 	 	 	 
	ARTICLE
    5.	THE
    DEPOSITARY, THE CUSTODIANS AND THE COMPANY	 	23
	SECTION
    5.1.	Maintenance
    of Office and Register by the Depositary.	 	23
	SECTION
    5.2.	Prevention
    or Delay of Performance by the Company or the Depositary.	 	24
	SECTION
    5.3.	Obligations
    of the Depositary and the Company.	 	25
	SECTION
    5.4.	Resignation
    and Removal of the Depositary.	 	26
	SECTION
    5.5.	The
    Custodians.	 	27
	SECTION
    5.6.	Notices
    and Reports.	 	27
	SECTION
    5.7.	Distribution
    of Additional Shares, Rights, etc.	 	28
	SECTION
    5.8.	Indemnification.	 	29
	SECTION
    5.9.	Charges
    of Depositary.	 	30
	SECTION
    5.10.	Retention
    of Depositary Documents.	 	30
	SECTION
    5.11.	Exclusivity.	 	30
	SECTION
    5.12.	Information
    for Regulatory Compliance.	 	31
	 	 	 	 
	ARTICLE
    6.	AMENDMENT
    AND TERMINATION	 	31
	SECTION
    6.1.	Amendment.	 	31
	SECTION
    6.2.	Termination.	 	31
	 	 	 	 
	ARTICLE
    7.	MISCELLANEOUS	 	33
	SECTION
    7.1.	Counterparts;
    Signatures; Delivery.	 	33
	SECTION
    7.2.	No
    Third Party Beneficiaries.	 	33
	SECTION
    7.3.	Severability.	 	33
	SECTION
    7.4.	Owners
    and Holders as Parties; Binding Effect.	 	33
	SECTION
    7.5.	Notices.	 	33
	SECTION
    7.6.	Appointment
    of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.	 	34
	SECTION
    7.7.	Waiver
    of Immunities.	 	35
	SECTION
    7.8.	Governing
    Law.	 	35

 

    	-ii-

     

    

 

DEPOSIT
AGREEMENT

 

DEPOSIT
AGREEMENT dated as of __________, 2021 among TC BIOPHARM (HOLDINGS) PLC, a company incorporated under the laws of Scotland (herein called
the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners and Holders
(each as hereinafter defined) from time to time of American Depositary Shares issued hereunder.

 

W
I T N E S S E T H:

 

WHEREAS,
the Company desires to provide, as set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the Company
from time to time with the Depositary or with the Custodian (as hereinafter defined) under this Deposit Agreement, for the creation of
American Depositary Shares representing the Shares so deposited and for the execution and delivery of American Depositary Receipts evidencing
the American Depositary Shares; and

 

WHEREAS,
the American Depositary Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as set forth in this Deposit Agreement;

 

NOW,
THEREFORE, in consideration of the premises, it is agreed by and between the parties hereto as follows:

 

ARTICLE 1. DEFINITIONS

 

The
following definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit
Agreement:

 

SECTION
1.1. American Depositary Shares.

 

The
term “American Depositary Shares” shall mean the securities created under this Deposit Agreement representing rights
with respect to the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated
securities. The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required under the Securities
Act of 1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit
Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement shall apply to both certificated and uncertificated
American Depositary Shares.

 

Each
American Depositary Share shall represent the number of Shares specified in Exhibit A to this Deposit Agreement, except that,
if there is a distribution upon Deposited Securities covered by Section 4.3, a change in Deposited Securities covered by Section 4.8
with respect to which additional American Depositary Shares are not delivered or a sale of Deposited Securities under Section 3.2 or
4.8, each American Depositary Share shall thereafter represent the amount of Shares or other Deposited Securities that are then on deposit
per American Depositary Share after giving effect to that distribution, change or sale.

 

    	- 1 -

     

    

 

SECTION
1.2. Commission.

 

The
term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental
agency in the United States.

 

SECTION
1.3. Company.

 

The
term “Company” shall mean TC BioPharm (Holdings) plc, a company incorporated under the laws of Scotland, and its successors.

 

SECTION
1.4. Custodian.

 

The
term “Custodian” shall mean The Bank of New York Mellon, acting through an office located in the United Kingdom, as
custodian for the Depositary for the purposes of this Deposit Agreement, and any other firm or corporation the Depositary appoints under
Section 5.5 as a substitute or additional custodian under this Deposit Agreement, and shall also mean all of them collectively.

 

SECTION
1.5. Deliver; Surrender.

 

(a)
The term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall mean,
as applicable, (i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized
under applicable law to effect transfers of such securities designated by the person entitled to that delivery or (ii) physical transfer
of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper
instruments of transfer to, the person entitled to that delivery.

 

(b)
The term “deliver”, or its noun form, when used with respect to American Depositary Shares, shall mean (i) registration
of those American Depositary Shares in the name of DTC or its nominee and book-entry transfer of those American Depositary Shares to
an account at DTC designated by the person entitled to that delivery, (ii) registration of those American Depositary Shares not evidenced
by a Receipt on the books of the Depositary in the name requested by the person entitled to that delivery and mailing to that person
of a statement confirming that registration or (iii) if requested by the person entitled to that delivery, execution and delivery at
the Depositary’s Office to the person entitled to that delivery of one or more Receipts evidencing those American Depositary Shares
registered in the name requested by that person.

 

    	- 2 -

     

    

 

(c)
The term “surrender”, when used with respect to American Depositary Shares, shall mean (i) one or more book-entry
transfers of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office of an instruction
to surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary at its Office of one or more
Receipts evidencing American Depositary Shares.

 

SECTION
1.6. Deposit Agreement.

 

The
term “Deposit Agreement” shall mean this Deposit Agreement, as it may be amended from time to time in accordance with
the provisions of this Deposit Agreement.

 

SECTION
1.7. Depositary; Depositary’s Office.

 

The
term “Depositary” shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary
under this Deposit Agreement. The term “Office”, when used with respect to the Depositary, shall mean the office at
which its depositary receipts business is administered, which, at the date of this Deposit Agreement, is located at 240 Greenwich Street,
New York, New York 10286.

 

SECTION
1.8. Deposited Securities.

 

The
term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under
this Deposit Agreement, including without limitation, Shares that have not been successfully delivered upon surrender of American Depositary
Shares, and any and all other securities, property and cash received by the Depositary or the Custodian in respect of Deposited Securities
and at that time held under this Deposit Agreement.

 

SECTION
1.9. Disseminate.

 

The
term “Disseminate,” when referring to a notice or other information to be sent by the Depositary to Owners, shall
mean (i) sending that information to Owners in paper form by mail or another means or (ii) with the consent of Owners, another procedure
that has the effect of making the information available to Owners, which may include (A) sending the information by electronic mail or
electronic messaging or (B) sending in paper form or by electronic mail or messaging a statement that the information is available and
may be accessed by the Owner on an Internet website and that it will be sent in paper form upon request by the Owner, when that information
is so available and is sent in paper form as promptly as practicable upon request.

 

SECTION
1.10. Dollars.

 

The
term “Dollars” shall mean United States dollars.

 

    	- 3 -

     

    

 

SECTION
1.11. DTC.

 

The
term “DTC” shall mean The Depository Trust Company or its successor.

 

SECTION
1.12. Foreign Registrar.

 

The
term “Foreign Registrar” shall mean the entity that carries out the duties of registrar for the Shares and any other
agent of the Company for the transfer and registration of Shares, including, without limitation, any securities depository for the Shares.

 

SECTION
1.13. Holder.

 

The
term “Holder” shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary
Shares, whether for its own account or for the account of another person, but that is not the Owner of that Receipt or those American
Depositary Shares.

 

SECTION
1.14. Owner.

 

The
term “Owner” shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary
maintained for that purpose.

 

SECTION
1.15. Receipts.

 

The
term “Receipts” shall mean the American Depositary Receipts issued under this Deposit Agreement evidencing certificated
American Depositary Shares, as the same may be amended from time to time in accordance with the provisions of this Deposit Agreement.

 

SECTION
1.16. Registrar.

 

The
term “Registrar” shall mean any corporation or other entity that is appointed by the Depositary to register American
Depositary Shares and transfers of American Depositary Shares as provided in this Deposit Agreement.

 

SECTION
1.17. Replacement.

 

The
term “Replacement” shall have the meaning assigned to it in Section 4.8.

 

    	- 4 -

     

    

 

SECTION
1.18. Restricted Securities.

 

The
term “Restricted Securities” shall mean Shares that (i) are “restricted securities,” as defined in Rule
144 under the Securities Act of 1933, except for Shares that could be resold in reliance on Rule 144 without any conditions, (ii) are
beneficially owned by an officer, director (or person performing similar functions) or other affiliate of the Company, (iii) otherwise
would require registration under the Securities Act of 1933 in connection with the public offer and sale thereof in the United States
or (iv) are subject to other restrictions on sale or deposit under the laws of Scotland, a shareholder agreement or the articles of association
or similar document of the Company.

 

SECTION
1.19. Securities Act of 1933.

 

The
term “Securities Act of 1933” shall mean the United States Securities Act of 1933, as from time to time amended.

 

SECTION
1.20. Shares.

 

The
term “Shares” shall mean ordinary shares of the Company that are validly issued and outstanding, fully paid and nonassessable
and that were not issued in violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company; provided,
however, that, if there shall occur any change in nominal or par value, a split-up or consolidation or any other reclassification
or, upon the occurrence of an event described in Section 4.8, an exchange or conversion in respect of the Shares of the Company, the
term “Shares” shall thereafter also mean the successor securities resulting from such change in nominal value, split-up or
consolidation or such other reclassification or such exchange or conversion.

 

SECTION
1.21. SWIFT.

 

The
term “SWIFT” shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial
Telecommunication, or its successor.

 

SECTION
1.22. Termination Option Event.

 

The
term “Termination Option Event” shall mean any of the following events or conditions:

 

(i)
the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of bankruptcy or insolvency
proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of
bankruptcy or insolvency, consents to the filing of any petition of that kind or to the appointment of a receiver, liquidator, assignee,
trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for
the benefit of creditors, or if information becomes publicly available indicating that unsecured claims against the Company are not expected
to be paid;

 

    	- 5 -

     

    

 

(ii)
the Shares are delisted, or the Company announces its intention to delist the Shares, from a stock exchange outside the United States,
and the Company has not applied to list the Shares on any other stock exchange outside the United States;

 

(iii)
the American Depositary Shares are delisted from a stock exchange in the United States on which the American Depositary Shares were listed
and, 30 days after that delisting, the American Depositary Shares have not been listed on another stock exchange in the United States,
nor is there a symbol available for over-the-counter trading of the American Depositary Shares in the United States;

 

(iv)
the Depositary has received notice of facts that indicate, or otherwise has reason to believe, that the American Depositary Shares have
become, or with the passage of time will become, ineligible for registration on Form F-6 under the Securities Act of 1933; or

 

(v)
an event or condition that is defined as a Termination Option Event in Section 4.1, 4.2 or 4.8.

 

ARTICLE 2. FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES

 

SECTION
2.1. Form of Receipts; Registration and Transferability of American Depositary Shares.

 

Definitive
Receipts shall be substantially in the form set forth in Exhibit A to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as permitted under this Deposit Agreement. No Receipt shall be entitled to any benefits under this Deposit Agreement or
be valid or obligatory for any purpose, unless that Receipt has been (i) executed by the Depositary by the manual signature of a duly
authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned
by the manual signature of a duly authorized signatory of the Depositary or the Registrar or a co-registrar. The Depositary shall maintain
books on which (x) each Receipt so executed and delivered as provided in this Deposit Agreement and each transfer of that Receipt and
(y) all American Depositary Shares delivered as provided in this Deposit Agreement and all registrations of transfer of American Depositary
Shares, shall be registered. A Receipt bearing the facsimile signature of a person that was at any time a proper officer of the Depositary
shall, subject to the other provisions of this paragraph, bind the Depositary, even if that person was not a proper officer of the Depositary
on the date of issuance of that Receipt.

 

    	- 6 -

     

    

 

The
Receipts and statements confirming registration of American Depositary Shares may have incorporated in or attached to them such legends
or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required
to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange upon which American
Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions
to which any particular Receipts and American Depositary Shares are subject by reason of the date of issuance of the underlying Deposited
Securities or otherwise.

 

American
Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer, shall
be transferable as certificated registered securities under the laws of the State of New York. American Depositary Shares not evidenced
by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York. The Depositary, notwithstanding
any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining
the person entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for
all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under this Deposit
Agreement to any Holder of American Depositary Shares (but only to the Owner of those American Depositary Shares).

 

SECTION
2.2. Deposit of Shares.

 

Subject
to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited under this Deposit
Agreement by delivery thereof to any Custodian, accompanied by any appropriate instruments or instructions for transfer, or endorsement,
in form satisfactory to the Custodian.

 

As
conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the Custodian
in accordance with the provisions of this Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the
written order of, the person or persons stated in that order American Depositary Shares representing those deposited Shares, (iii) evidence
satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or the Foreign Registrar in the
name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that
any necessary approval for the transfer or deposit has been granted by any governmental body in each applicable jurisdiction and (v)
an agreement or assignment, or other instrument satisfactory to the Depositary, that provides for the prompt transfer to the Custodian
of any dividend, or right to subscribe for additional Shares or to receive other property, that any person in whose name those Shares
are or have been recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity
or other agreement as shall be satisfactory to the Depositary.

 

    	- 7 -

     

    

 

At
the request and risk and expense of a person proposing to deposit Shares, and for the account of that person, the Depositary may receive
certificates for Shares to be deposited, together with the other instruments specified in this Section, for the purpose of forwarding
those Share certificates to the Custodian for deposit under this Deposit Agreement.

 

The
Depositary shall instruct each Custodian that, upon each delivery to a Custodian of a certificate or certificates for Shares to be deposited
under this Deposit Agreement, together with the other documents specified in this Section, that Custodian shall, as soon as transfer
and recordation can be accomplished, present that certificate or those certificates to the Company or the Foreign Registrar, if applicable,
for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or that Custodian or its nominee.

 

Deposited
Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other place
or places as the Depositary shall determine.

 

SECTION
2.3. Delivery of American Depositary Shares.

 

The
Depositary shall instruct each Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together with the
other documents or evidence required under that Section, that Custodian shall notify the Depositary of that deposit and the person or
persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof. Upon receiving a notice of
a deposit from a Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by the Depositary, the Depositary,
subject to the terms and conditions of this Deposit Agreement, shall deliver, to or upon the order of the person or persons entitled
thereto, the number of American Depositary Shares issuable in respect of that deposit, but only upon payment to the Depositary of the
fees and expenses of the Depositary for the delivery of those American Depositary Shares as provided in Section 5.9, and of all taxes
and governmental charges and fees payable in connection with that deposit and the transfer of the deposited Shares. However, the
Depositary shall deliver only whole numbers of American Depositary Shares.

 

SECTION
2.4. Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and
Uncertificated American Depositary Shares.

 

The
Depositary, subject to the terms and conditions of this Deposit Agreement, shall register a transfer of American Depositary Shares on
its transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American
Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer
or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the
avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9), and, in either case, duly stamped as may be required
by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall deliver
the transferred American Depositary Shares to or upon the order of the person entitled thereto.

 

    	- 8 -

     

    

 

The
Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose
of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized
number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or
Receipts surrendered.

 

The
Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary
Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that
the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction
(including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9) from the Owner of uncertificated
American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated
American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American Depositary
Shares.

 

The
Depositary may appoint one or more co-transfer agents for the purpose of effecting registration of transfers of American Depositary Shares
and combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary, and the Depositary shall notify
the Company if it makes an appointment of that kind. In carrying out its functions, a co-transfer agent may require evidence of authority
and compliance with applicable laws and other requirements by Owners or persons entitled to American Depositary Shares and will be entitled
to protection and indemnity to the same extent as the Depositary. The Depositary shall require each co-transfer agent that it appoints
under this Section 2.4 to give written notice to the Depositary accepting its appointment and agreeing to abide by the applicable terms
and conditions of this Deposit Agreement.

 

SECTION
2.5. Surrender of American Depositary Shares and Withdrawal of Deposited Securities.

 

Upon
surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of
the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 and payment of all taxes and governmental
charges payable in connection with that surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions
of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then
be lawfully and practicably made), to or as instructed by that Owner, of the amount of Deposited Securities at the time represented by
those American Depositary Shares, but not any money or other property as to which a record date for distribution to Owners has
passed (since money or other property of that kind will be delivered or paid on the scheduled payment date to the Owner as of that record
date), and except that the Depositary shall not be required to accept surrender of American Depositary Shares for the purpose
of withdrawal to the extent it would require delivery of a fraction of a Deposited Security. That delivery shall be made, as provided
in this Section, without unreasonable delay.

 

    	- 9 -

     

    

 

As
a condition of accepting a surrender of American Depositary Shares for the purpose of withdrawal of Deposited Securities, the Depositary
may require (i) that each surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of transfer in blank
and (ii) that the surrendering Owner execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited
Securities being withdrawn to be delivered to or upon the written order of a person or persons designated in that order.

 

Thereupon,
the Depositary shall direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of this Deposit
Agreement and local market rules and practices, to the surrendering Owner or to or upon the written order of the person or persons designated
in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented by the surrendered American
Depositary Shares, and the Depositary may charge the surrendering Owner a fee and its expenses for giving that direction by cable (including
SWIFT) or facsimile transmission.

 

If
Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that delivery
will be made at the Custodian’s office, except that, at the request, risk and expense of an Owner surrendering American
Depositary Shares for withdrawal of Deposited Securities, and for the account of that Owner, the Depositary shall direct the Custodian
to forward any cash or other property comprising, and forward a certificate or certificates, if applicable, and other proper documents
of title, if any, for, the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for delivery
at the Depositary’s Office or to another address specified in the order received from the surrendering Owner.

 

SECTION
2.6. Limitations on Delivery, Registration of Transfer and Surrender of American Depositary Shares.

 

As
a condition precedent to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or combination
of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor
of Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not
evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration
fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of
any applicable fees as provided in this Deposit Agreement, may require the production of proof satisfactory to it as to the identity
and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the
provisions of this Deposit Agreement, including, without limitation, this Section 2.6.

 

    	- 10 -

     

    

 

The
Depositary may refuse to accept deposits of Shares for delivery of American Depositary Shares or to register transfers of American Depositary
Shares in particular instances, or may suspend deposits of Shares or registration of transfer generally, whenever it or the Company considers
it necessary or advisable to do so. The Depositary may refuse surrenders of American Depositary Shares for the purpose of withdrawal
of Deposited Securities in particular instances, or may suspend surrenders for the purpose of withdrawal generally, but, notwithstanding
anything to the contrary in this Deposit Agreement, only for (i) temporary delays caused by closing of the Depositary’s register
or the register of holders of Shares maintained by the Company or the Foreign Registrar, or the deposit of Shares, in connection with
voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance
with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited
Securities or (iv) any other reason that, at the time, is permitted under paragraph I(A)(1) of the General Instructions to Form F-6 under
the Securities Act of 1933 or any successor to that provision.

 

The
Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares that, at the time of deposit, are Restricted
Securities.

 

SECTION
2.7. Lost Receipts, etc.

 

If
a Receipt is mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced
by that Receipt in uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange and
substitution for such mutilated Receipt, upon surrender and cancellation of that mutilated Receipt, or in lieu of and in substitution
for that destroyed, lost or stolen Receipt. However, before the Depositary will deliver American Depositary Shares in uncertificated
form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen Receipt, the Owner must (a) file with the
Depositary (i) a request for that replacement before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser
and (ii) a sufficient indemnity bond and (b) satisfy any other reasonable requirements imposed by the Depositary.

 

SECTION
2.8. Cancellation and Destruction of Surrendered Receipts.

 

The
Depositary shall cancel all Receipts surrendered to it and is authorized to destroy Receipts so cancelled.

 

    	- 11 -

     

    

 

SECTION
2.9. DTC Direct Registration System and Profile Modification System.

 

(a)
Notwithstanding the provisions of Section 2.4, the parties acknowledge that DTC’s Direct Registration System (“DRS”)
and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof to DRS
by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated securities and
holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows
a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer
of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that
DTC participant without receipt by the Depositary of prior authorization from the Owner to register that transfer.

 

(b)
In connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is claiming
to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a) above has the
actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance
of doubt, the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile. The parties agree that
the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile system and otherwise
in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary.

 

ARTICLE 3. CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES

 

SECTION
3.1. Filing Proofs, Certificates and Other Information.

 

Any
person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian
such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the
Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the
Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of American Depositary
Shares, the distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities
until that proof or other information is filed or those certificates are executed or those representations and warranties are made. Upon
the reasonable written request of the Company, and at the Company’s expense, the Depositary shall provide to the Company, as promptly
as practicable, copies of any such proofs of citizenship or residence, or exchange control approval that it receives pursuant to this
Section 3.1, to the extent that disclosure is permitted under applicable law. Each Owner and Holder agrees to provide any information
requested by the Depositary pursuant to this Section 3.1.

 

    	- 12 -

     

    

 

SECTION
3.2. Liability of Owner for Taxes.

 

If
any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any
American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction
to which Section 4.8 applies, that tax or other governmental charge shall be payable by the Owner of those American Depositary Shares
to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited
Securities represented by those American Depositary Shares until that payment is made, and may withhold any dividends or other distributions
or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American
Depositary Shares and apply those dividends or other distributions or the net proceeds of any sale of that kind in payment of that tax
or other governmental charge but, even after a sale of that kind, the Owner of those American Depositary Shares shall remain liable
for any deficiency. The Depositary shall distribute any net proceeds of a sale made under this Section that are not used to pay taxes
or governmental charges to the Owners entitled to them in accordance with Section 4.1. If the number of Shares represented by each American
Depositary Share decreases as a result of a sale of Deposited Securities under this Section, the Depositary may call for surrender of
the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American
Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute
the net proceeds of that sale to the Owners entitled to them.

 

SECTION
3.3. Warranties on Deposit of Shares.

 

Every
person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each certificate
therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar
rights of the holders of outstanding securities of the Company and that the person making that deposit is duly authorized so to do. Every
depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All representations
and warranties deemed made under this Section shall survive the deposit of Shares and delivery of American Depositary Shares.

 

    	- 13 -

     

    

 

SECTION
3.4. Disclosure of Interests.

 

When
required in order to comply with applicable laws and regulations, including any rules and requirements of any stock exchange on which
the ADSs are listed for trading, or the articles of association or similar document of the Company, the Company may from time to time
request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American Depositary
Shares, (b) the identity of any Holders or other persons or entities then or previously interested in those American Depositary Shares
and the nature of those interests and (c) any other matter where disclosure of such matter is required for that compliance. Each Owner
and Holder agrees to provide all information known to it in response to a request made pursuant to this Section. Each Holder consents
to the disclosure by the Depositary, and the Owner or any other Holder through which it holds American Depositary Shares, directly or
indirectly, of all information responsive to a request made pursuant to this Section relating to that Holder that is known to that Owner
or other Holder. The Depositary agrees to use reasonable efforts to comply with written instructions requesting that the Depositary forward
any request authorized under this Section to the Owners and to forward to the Company any responses it receives in response to that request.
The Depositary may charge the Company a fee and its expenses for complying with requests under this Section 3.4.

 

ARTICLE 4. THE DEPOSITED SECURITIES

 

SECTION
4.1. Cash Distributions.

 

Whenever
the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary shall, subject to the provisions
of Section 4.5, convert that dividend or other distribution into Dollars and distribute the amount thus received (net of the fees and
expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, in proportion to the number of American Depositary
Shares representing those Deposited Securities held by them respectively; provided, however, that if the Custodian or the
Depositary shall be required to withhold and does withhold from that cash dividend or other cash distribution an amount on account of
taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing those Deposited
Securities shall be reduced accordingly. However, the Depositary will not pay any Owner a fraction of one cent, but will round
each Owner’s entitlement to the nearest whole cent.

 

The
Company or its agent will remit to the appropriate governmental agency in each applicable jurisdiction all amounts withheld and owing
to such agency.

 

If
a cash distribution would represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary
Shares, the Depositary may:

 

(i)
require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American
Depositary Shares) as a condition of making that cash distribution; or

 

(ii)
sell all Deposited Securities other than the subject cash distribution and add any net cash proceeds of that sale to the cash distribution,
call for surrender of all those American Depositary Shares and require that surrender as a condition of making that cash distribution.

 

    	- 14 -

     

    

 

If
the Depositary acts under this paragraph, that action shall also be a Termination Option Event.

 

SECTION
4.2. Distributions Other Than Cash, Shares or Rights.

 

Subject
to the provisions of Sections 4.11 and 5.9, whenever the Depositary receives any distribution other than a distribution described in
Section 4.1, 4.3 or 4.4 on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary
shall cause the securities or property received by it to be distributed to the Owners entitled thereto, after deduction or upon payment
of any fees and expenses of the Depositary and any taxes or other governmental charges, in proportion to the number of American Depositary
Shares representing such Deposited Securities held by them respectively, in any manner that the Depositary deems equitable and practicable
for accomplishing that distribution (which may be a distribution of depositary shares representing the securities received); provided,
however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto,
or if for any other reason (including, but not limited to, any requirement that the Company or the Depositary withhold an amount on account
of taxes or other governmental charges or that securities received must be registered under the Securities Act of 1933 in order to be
distributed to Owners or Holders) the Depositary, after consultation with the Company to the extent practicable, deems such distribution
not to be lawful and feasible, the Depositary may adopt such other method as it may deem equitable and practicable for the purpose of
effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or
any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in
Section 5.9) to the Owners entitled thereto, all in the manner and subject to the conditions set forth in Section 4.1. The Depositary
may withhold any distribution of securities under this Section 4.2 if it has not received satisfactory assurances from the Company that
the distribution does not require registration under the Securities Act of 1933. The Depositary may sell, by public or private sale,
an amount of securities or other property it would otherwise distribute under this Section 4.2 that is sufficient to pay its fees and
expenses in respect of that distribution.

 

If
a distribution to be made under this Section 4.2 would represent a return of all or substantially all the value of the Deposited Securities
underlying American Depositary Shares, the Depositary may:

 

(i)
require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American
Depositary Shares) as a condition of making that distribution; or

 

    	- 15 -

     

    

 

(ii)
sell all Deposited Securities other than the subject distribution and add any net cash proceeds of that sale to the distribution, call
for surrender of all those American Depositary Shares and require that surrender as a condition of making that distribution.

 

If
the Depositary acts under this paragraph, that action shall also be a Termination Option Event.

 

SECTION
4.3. Distributions in Shares.

 

Whenever
the Depositary receives any distribution on Deposited Securities consisting of a dividend in, or free distribution of, Shares, the Depositary
may deliver to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing those Deposited Securities
held by them respectively, an aggregate number of American Depositary Shares representing the amount of Shares received as that dividend
or free distribution, subject to the terms and conditions of this Deposit Agreement with respect to the deposit of Shares and issuance
of American Depositary Shares, including withholding of any tax or governmental charge as provided in Section 4.11 and payment of the
fees and expenses of the Depositary as provided in Section 5.9 (and the Depositary may sell, by public or private sale, an amount of
the Shares received (or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that
distribution). In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount of Shares represented
by the aggregate of those fractions (or American Depositary Shares representing those Shares) and distribute the net proceeds, all in
the manner and subject to the conditions described in Section 4.1. If and to the extent that additional American Depositary Shares are
not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent
the additional Shares distributed on the Deposited Securities represented thereby.

 

If
the Company declares a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or
other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may,
after consultation with the Company, make that right of election available for exercise by Owners in any manner the Depositary considers
to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory
assurances from the Company that doing so does not require registration of any securities under the Securities Act of 1933 that has not
already been effected.

 

    	- 16 -

     

    

 

SECTION
4.4. Rights.

 

(a)
If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company
and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights.
The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company, grant to all or
certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or
American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to
or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to
Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the
Depositary shall permit the rights to lapse unexercised.

 

(b)
If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the
conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary
specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities to be received
upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The
purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i) deposit the purchased Shares
under this Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause
the purchased Shares or other securities to be delivered to or to the order of that Owner. The Depositary will not act under (a)(i) above
unless the offer and sale of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary
has received an opinion of United States counsel that is satisfactory to it to the effect that those securities may be sold and delivered
to the applicable Owners without registration under the Securities Act of 1933.

 

(c)
If the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth the
conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable
to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can be delivered and (ii) receipt
of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those
rights as requested by that Owner.

 

(d)
If the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the number
of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that
were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions
or the date of delivery of any American Depositary Shares or otherwise.

 

(e)
Payment or deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the expenses of the Depositary
and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds
under this Section 4.4.

 

    	- 17 -

     

    

 

(f)
The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or
exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights.

 

SECTION
4.5. Conversion of Foreign Currency.

 

Whenever
the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale
of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of
the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary
or one of its agents or affiliates or the Custodian shall convert or cause to be converted by sale or in any other manner that it may
determine that foreign currency into Dollars, and those Dollars shall be distributed to the Owners entitled thereto. A cash distribution
may be made upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions,
the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred
by the Depositary as provided in Section 5.9.

 

If
a conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license of
any government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license.

 

If
the Depositary determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on
a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof
that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable period as determined
by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such
foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive
the same.

 

If
any conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto,
the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the
Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that balance uninvested
and without liability for interest thereon for the account of, the Owners entitled thereto.

 

    	- 18 -

     

    

 

The
Depositary may convert currency itself or through any of its affiliates, or the Custodian or the Company may convert currency and pay
Dollars to the Depositary. Where the Depositary converts currency itself or through any of its affiliates, the Depositary acts as principal
for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without
limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference
between the exchange rate assigned to the currency conversion made under this Deposit Agreement and the rate that the Depositary or its
affiliate receives when buying or selling foreign currency for its own account. The Depositary makes no representation that the exchange
rate used or obtained by it or its affiliate in any currency conversion under this Deposit Agreement will be the most favorable rate
that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to Owners, subject
to the Depositary’s obligations under Section 5.3. The methodology used to determine exchange rates used in currency conversions
made by the Depositary is available upon request. Where the Custodian converts currency, the Custodian has no obligation to obtain the
most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined will be the
most favorable to Owners, and the Depositary makes no representation that the rate is the most favorable rate and will not be liable
for any direct or indirect losses associated with the rate. In certain instances, the Depositary may receive dividends or other distributions
from the Company in Dollars that represent the proceeds of a conversion of foreign currency or translation from foreign currency at a
rate that was obtained or determined by or on behalf of the Company and, in such cases, the Depositary will not engage in, or be responsible
for, any foreign currency transactions and neither it nor the Company makes any representation that the rate obtained or determined by
the Company is the most favorable rate and neither it nor the Company will be liable for any direct or indirect losses associated with
the rate.

 

SECTION
4.6. Fixing of Record Date.

 

Whenever
a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other securities
are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance
with Section 4.4) or the Depositary receives notice that a distribution or issuance of that kind will be made, or whenever the Depositary
receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary to send
a notice under Section 4.7, or whenever the Depositary will assess a fee or charge against the Owners, or whenever the Depositary causes
a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it
necessary or convenient, the Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding
record date set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to receive the
benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting
rights at that meeting, (iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record date
was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions
of Sections 4.1 through 4.5 and to the other terms and conditions of this Deposit Agreement, the Owners on a record date fixed by the
Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that dividend or other distribution
or those rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively,
to give voting instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that
fee or charge, as the case may be.

 

    	- 19 -

     

    

 

SECTION
4.7. Voting of Deposited Shares.

 

(a)
Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing
by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall
be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice of meeting received by the
Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any
applicable provision of the laws of the United Kingdom including Scottish law, and of the articles of association or similar documents
of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by
their respective American Depositary Shares, (iii) a statement as to the manner in which those instructions may be given and (iv) the
last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”).

 

(b)
Upon the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified
by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the Depositary
may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable, to vote or cause to
be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set forth
in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the deposited Shares other than
in accordance with instructions given by Owners and received by the Depositary.

 

(c)
There can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above in
time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.

 

(d)
In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares, if
the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary notice
of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders of Shares in
connection with the meeting not less than 45 days prior to the meeting date.

 

    	- 20 -

     

    

 

(e)
If requested in writing by the Company, the Depositary shall, to the extent practicable, represent all deposited Shares (whether or not
voting instructions have been received in respect of such Shares from Owners) for the sole purpose of establishing a quorum at the meeting
of shareholders but it will vote deposited Shares only as and to the extent provide in paragraph (b) above.

 

Notwithstanding
anything to the contrary in this Section 4.7, the Depositary and the Company may modify, amend or adopt additional procedures relating
to voting of deposited shares from time to time as they determine may be necessary to comply with applicable laws and regulations.

 

SECTION
4.8. Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.

 

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

 

(b)
If the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash in
a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”),
the Depositary, at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to the issuer
of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B)
calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that the called American Depositary
Shares have been converted into a right only to receive the money received by the Depositary upon that Redemption and those net proceeds
shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of
those American Depositary Shares in accordance with Section 2.5 or 6.2 and (iii) distribute the money received upon that Redemption to
the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.5 (and, for the avoidance
of doubt, Owners shall not be entitled to receive that money under Section 4.1). If the Redemption affects less than all the Deposited
Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and only those
American Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption. The Depositary
shall allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata to their respective holdings
of American Depositary Shares immediately prior to the Redemption, except that the allocations may be adjusted so that no fraction
of a converted American Depositary Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited Securities
shall be a Termination Option Event.

 

    	- 21 -

     

    

 

(c)
If the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a holder
of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement
or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender the old Deposited
Securities affected by that Replacement of Shares and hold, as new Deposited Securities under this Deposit Agreement, the new securities
or other property delivered to it in that Replacement. However, the Depositary may elect to sell those new Deposited Securities
if in the opinion of the Depositary, after consultation with the Company to the extent practicable, it is not lawful or not practical
for it to hold those new Deposited Securities under this Deposit Agreement because those new Deposited Securities may not be distributed
to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and
on such terms as it deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement
shall be a Termination Option Event.

 

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

 

(e)
If there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled,
or the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call for
surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and that condition
shall be a Termination Option Event.

 

SECTION
4.9. Reports.

 

The
Depositary shall make available for inspection by Owners at its Office any reports and communications, including any proxy solicitation
material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made
generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports and communications,
including any proxy soliciting material to which this Section applies, to the Depositary in English, to the extent those materials are
required to be translated into English pursuant to any regulations of the Commission.

 

    	- 22 -

     

    

 

SECTION
4.10. Lists of Owners.

 

As
promptly as practicable upon written request by the Company, unless otherwise agreed between the Company and the Depositary, the Depositary
shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names, addresses and American Depositary Share
holdings of all Owners.

 

SECTION
4.11. Withholding.

 

If
the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor)
is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or
private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in the amounts and manner
the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds of
that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion to the number of American Depositary
Shares held by them respectively.

 

Services
for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and
the fees and costs associated with using services of that kind, are not provided under, and are outside the scope of, this Deposit Agreement.

 

Each
Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and
affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax,
penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it.

 

ARTICLE 5. THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY

 

SECTION
5.1. Maintenance of Office and Register by the Depositary.

 

Until
termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain facilities for the delivery, registration
of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement.

 

    	- 23 -

     

    

 

The
Depositary shall keep a register of all Owners and all outstanding American Depositary Shares, which shall be open for inspection by
the Owners at the Depositary’s Office during regular business hours, but only for the purpose of communicating with Owners regarding
the business of the Company or a matter related to this Deposit Agreement or the American Depositary Shares.

 

The
Depositary may close the register for delivery, registration of transfer or surrender of American Depositary Shares for the purpose of
withdrawal from time to time as provided in Section 2.6.

 

If
any American Depositary Shares are listed on one or more stock exchanges, the Depositary shall act as Registrar or appoint a Registrar
or one or more co-registrars for registration of those American Depositary Shares in accordance with any requirements of that exchange
or those exchanges.

 

The
Company shall have the right, at all reasonable times, to inspect transfer and registration records of the Depositary, the Registrar
and any co-transfer agents or co-registrars and to require them to supply, at the Company’s expense, copies of such portions of
their records as the Company may reasonably request.

 

SECTION
5.2. Prevention or Delay of Performance by the Company or the Depositary.

 

Neither
the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any
Owner or Holder:

 

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

 

    	- 24 -

     

    

 

(ii)
for any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement (including any determination by the
Depositary to take, or not take, any action that this Deposit Agreement provides the Depositary may take);

 

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

 

(iv)
for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement.

 

Where,
by the terms of a distribution to which Section 4.1, 4.2 or 4.3 applies, or an offering to which Section 4.4 applies, or for any other
reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution or
offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution or offering
available to Owners, and shall allow any rights, if applicable, to lapse.

 

SECTION
5.3. Obligations of the Depositary and the Company.

 

The
Company assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder, except that
the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.

 

The
Depositary assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder (including,
without limitation, liability with respect to the validity or worth of the Deposited Securities), except that the Depositary agrees to
perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith, and the Depositary shall not
be a fiduciary or have any fiduciary duty to Owners or Holders.

 

Neither
the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in
respect of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other person.

 

Each
of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other document
believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

Neither
the Depositary nor the Company shall be liable for any action or non-action by it in reliance upon the advice of or information from
legal counsel, accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be
competent to give such advice or information.

 

    	- 25 -

     

    

 

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, provided
that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence
or bad faith while it acted as Depositary.

 

The
Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection
with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise.

 

In
the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any
of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote.

 

The
Depositary shall have no duty to make any determination or provide any information as to the tax status of the Company or any liability
for any tax consequences that may be incurred by Owners or Holders as a result of owning or holding American Depositary Shares. The Depositary
shall not be liable for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of
withholding or refund of amounts withheld in respect of tax or any other tax benefit.

 

SECTION
5.4. Resignation and Removal of the Depositary.

 

The
Depositary may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, to become
effective upon the appointment of a successor depositary and its acceptance of that appointment as provided in this Section. The effect
of resignation if a successor depositary is not appointed is provided for in Section 6.2.

 

The
Depositary may at any time be removed by the Company by 90 days’ prior written notice of that removal, to become effective upon
the later of (i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its
acceptance of its appointment as provided in this Section.

 

    	- 26 -

     

    

 

If
the Depositary resigns or is removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank
or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver
to the Company an instrument in writing accepting its appointment under this Deposit Agreement. If the Depositary receives notice from
the Company that a successor depositary has been appointed following its resignation or removal, the Depositary, upon payment of all
sums due it from the Company, shall deliver to its successor a register listing all the Owners and their respective holdings of outstanding
American Depositary Shares and shall deliver the Deposited Securities to or to the order of its successor. When the Depositary has taken
the actions specified in the preceding sentence (i) the successor shall become the Depositary and shall have all the rights and shall
assume all the duties of the Depositary under this Deposit Agreement and (ii) the predecessor depositary shall cease to be the Depositary
and shall be discharged and released from all obligations under this Deposit Agreement, except for its duties under Section 5.8 with
respect to the time before that discharge. A successor Depositary shall notify the Owners of its appointment as soon as practical after
assuming the duties of Depositary.

 

Any
corporation or other entity into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary
without the execution or filing of any document or any further act.

 

SECTION
5.5. The Custodians.

 

The
Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it.
The Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians, each of which shall thereafter
be one of the Custodians under this Deposit Agreement. If the Depositary receives notice that a Custodian is resigning and, upon the
effectiveness of that resignation there would be no Custodian acting under this Deposit Agreement, the Depositary shall, as promptly
as practicable after receiving that notice, appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian
under this Deposit Agreement. The Depositary shall require any Custodian that resigns or is removed to deliver all Deposited Securities
held by it to another Custodian.

 

SECTION
5.6. Notices and Reports.

 

If
the Company takes or decides to take any corporate action of a kind that is addressed in Sections 4.1 to 4.4, or 4.6 to 4.8, or that
effects or will effect a change of the name or legal structure of the Company, or that effects or will effect a change to the Shares,
the Company shall notify the Depositary and the Custodian of that action or decision as soon as it is lawful and practical to give that
notice. The notice shall be in English and shall include all details that the Company is required to include in any notice to any governmental
or regulatory authority or securities exchange or is required to make available generally to holders of Shares by publication or otherwise.

 

    	- 27 -

     

    

 

The
Company will arrange for the translation into English, if not already in English, to the extent required pursuant to any regulations
of the Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other reports
and communications which are made generally available by the Company to holders of its Shares. If requested in writing by the Company,
the Depositary will Disseminate, at the Company’s expense, those notices, reports and communications to all Owners or otherwise
make them available to Owners in a manner that the Company specifies as substantially equivalent to the manner in which those communications
are made available to holders of Shares and compliant with the requirements of any securities exchange on which the American Depositary
Shares are listed. The Company will timely provide the Depositary with the quantity of such notices, reports, and communications, as
requested by the Depositary from time to time, in order for the Depositary to effect that Dissemination.

 

The
Company represents, as of the date of this Deposit Agreement and continuously thereafter until its termination, that the statements in
Article 11 of the form of Receipt appearing as Exhibit A to this Deposit Agreement or, if applicable, most recently filed with the Commission
pursuant to Rule 424(b) under the Securities Act of 1933 with respect to the Company’s obligation to file periodic reports under
the United States Securities Exchange Act of 1934, as amended, or its qualification for exemption from registration under that Act pursuant
to Rule 12g3-2(b) under that Act, as the case may be, are true and correct. The Company agrees to promptly notify the Depositary upon
becoming aware of any change in the truth of any of those statements or if there is any change in the Company’s status regarding
those reporting obligations or that qualification.

 

SECTION
5.7. Distribution of Additional Shares, Rights, etc.

 

If
the Company or any affiliate of the Company determines to make any issuance or distribution of (1) additional Shares, (2) rights to subscribe
for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”),
the Company shall notify the Depositary in writing in English as promptly as practicable and in any event before the Distribution starts
and, if requested in writing by the Depositary, the Company shall promptly furnish to the Depositary either (i) evidence reasonably satisfactory
to the Depositary that the Distribution is registered under the Securities Act of 1933 or (ii) a written opinion from U.S. counsel for
the Company that is reasonably satisfactory to the Depositary, stating that the Distribution does not require, or, if made in the United
States, would not require, registration under the Securities Act of 1933.

 

Nothing
in this Section 5.7 or elsewhere in this Deposit Agreement shall create any obligation on the part of the Company to file a registration
statement with respect to a Distribution or to endeavor to have such a registration statement declared effective.

 

The
Company agrees with the Depositary that neither the Company nor any company controlled by, controlling or under common control with the
Company will at any time deposit any Shares that, at the time of deposit, are Restricted Securities.

 

    	- 28 -

     

    

 

SECTION
5.8. Indemnification.

 

The
Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and each Custodian against, and hold each
of them harmless from, any liability or expense (including, but not limited to any reasonable fees and expenses incurred in seeking,
enforcing or collecting such indemnity and the reasonable fees and expenses of counsel) that may arise out of or in connection with (a)
any registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof or (b) acts performed
or omitted, pursuant to the provisions of or in connection with this Deposit Agreement and the American Depositary Shares, as the same
may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors,
employees, agents and affiliates, except for any liability or expense arising out of the negligence or bad faith of either of them, and
except to the extent that any such liability or expense arises out of information relating to the Depositary or the Custodian, furnished
in writing to the Company by the Depositary expressly for use in any registration statement, proxy statement, prospectus (or placement
memorandum) or preliminary prospectus (or preliminary placement memorandum) relating to the Shares, or omissions from such information
(it being understood and agreed that, as of the date of this Deposit Agreement, the Depositary has not furnished any information of that
kind) or (ii) by the Company or any of its directors, employees, agents and affiliates.

 

The
Depositary agrees to indemnify the Company, its directors, employees, agents and affiliates and hold them harmless from any liability
or expense that may arise out of acts performed or omitted by the Depositary or any Custodian or their respective directors, employees,
agents and affiliates due to their negligence or bad faith.

 

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 and shall consult in good faith with the Indemnifying Person as to the conduct of the defense of such
action or claim, which defense shall be reasonable under the circumstances. No Indemnified Person shall compromise or settle any such
action or claim without the consent in writing of the Indemnifying Person (which shall not be unreasonably withheld).

 

    	- 29 -

     

    

 

SECTION
5.9. Charges of Depositary.

 

The
following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares
or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split
declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American
Depositary Shares pursuant to Section 4.3), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration
fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company
or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its
nominee on the making of deposits or withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses
as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign
currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery
of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 and the surrender of American Depositary Shares pursuant to Section
2.5 or 6.2, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to this
Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 and Section 4.8, (7) a fee for the distribution of securities
pursuant to Section 4.2 or of rights pursuant to Section 4.4 (where the Depositary will not exercise or sell those rights on behalf of
Owners), such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above
which would have been charged as a result of the deposit of such securities under this Deposit Agreement (for purposes of this item 7
treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in
addition to any fee charged under item 6 above, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for
depositary services, which will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian,
any of the Depositary’s or Custodian’s agents or the agents of the Depositary’s or Custodian’s agents, in connection
with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set
by the Depositary in accordance with Section 4.6 and shall be payable at the sole discretion of the Depositary by billing those Owners
for those charges or by deducting those charges from one or more cash dividends or other cash distributions).

 

The
Depositary may collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to
be distributed, to Owners that are obligated to pay those fees.

 

In
performing its duties under this Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service
providers that are owned by or affiliated with the Depositary and that may earn or share fees, spreads or commissions.

 

The
Depositary may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares.

 

SECTION
5.10. Retention of Depositary Documents.

 

The
Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement
at the times permitted by the laws or regulations governing the Depositary.

 

SECTION
5.11. Exclusivity.

 

Without
prejudice to the Company’s rights under Sections 5.4 and 6.2 , the Company agrees not to appoint any other depositary for issuance
of depositary shares, depositary receipts or any similar securities or instruments so long as The Bank of New York Mellon is acting as
Depositary under this Deposit Agreement.

 

    	- 30 -

     

    

 

SECTION
5.12. Information for Regulatory Compliance.

 

Each
of the Company and the Depositary shall provide to the other, as promptly as practicable, information from its records or otherwise available
to it that is reasonably requested by the other to permit the other to comply with applicable law or requirements of governmental or
regulatory authorities.

 

ARTICLE 6. AMENDMENT AND TERMINATION

 

SECTION
6.1. Amendment.

 

The
form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between
the Company and the Depositary without the consent of Owners or Holders in any respect that they may deem necessary or desirable. Any
amendment that would impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable
(including SWIFT) or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial
existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30
days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder,
at the time any amendment so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest therein,
to consent and agree to that amendment and to be bound by this Deposit Agreement as amended thereby. Upon the effectiveness of an amendment
to the form of Receipt, including a change in the number of Shares represented by each American Depositary Share, the Depositary may
call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares
to effect that change of ratio. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares
and receive delivery of the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable
law.

 

SECTION
6.2. Termination.

 

(a)
The Company may initiate termination of this Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of
this Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation
notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 or (ii) a Termination
Option Event has occurred or will occur. If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice
of termination to the Owners of all American Depositary Shares then outstanding setting a date for termination (the “Termination
Date”), which shall be at least 90 days after the date of that notice, and this Deposit Agreement shall terminate on that Termination
Date.

 

    	- 31 -

     

    

 

(b)
After the Termination Date, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations
to the Depositary under Sections 5.8 and 5.9.

 

(c)
At any time after the Termination Date, the Depositary may sell the Deposited Securities then held under this Deposit Agreement and may
thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and
without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those
Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making that sale, the
Depositary shall be discharged from all obligations under this Deposit Agreement, except (i) to account for the net proceeds and
other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for
the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and
any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 and (iii) to act as provided in paragraph
(d) below.

 

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

 

    	- 32 -

     

    

 

ARTICLE 7. MISCELLANEOUS

 

SECTION
7.1. Counterparts; Signatures; Delivery.

 

This
Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of those counterparts
shall constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians
and shall be open to inspection by any Owner or Holder during regular business hours.

 

The
exchange of copies of this Deposit Agreement and manually-signed signature pages by facsimile, or email attaching a pdf or similar bit-mapped
image, shall constitute effective execution and delivery of this Deposit Agreement as to the parties to it; copies and signature pages
so exchanged may be used in lieu of the original Deposit Agreement and signature pages for all purposes and shall have the same validity,
legal effect and admissibility in evidence as an original manual signature; the parties to this Deposit Agreement hereby agree not to
argue to the contrary.

 

SECTION
7.2. No Third Party Beneficiaries.

 

This
Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Owners and the Holders and their respective successors
and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person.

 

SECTION
7.3. Severability.

 

In
case any one or more of the provisions contained in this Deposit Agreement or in a Receipt should be or become invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained in this Deposit Agreement or that Receipt
shall in no way be affected, prejudiced or disturbed thereby.

 

SECTION
7.4. Owners and Holders as Parties; Binding Effect.

 

The
Owners and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
of this Deposit Agreement and of the Receipts by acceptance of American Depositary Shares or any interest therein.

 

SECTION
7.5. Notices.

 

Any
and all notices to be given to the Company shall be in writing and shall be deemed to have been duly given if personally delivered or
sent by domestic first class or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar
bit-mapped image of a signed writing, addressed to TC BioPharm (Holdings) plc, Maxim 1, 2 Parklands Way, Holytown, Motherwell, ML1 4WR,
Scotland, United Kingdom, Attention: Chief Financial Officer, or any other place to which the Company may have transferred its principal
office with notice to the Depositary.

 

    	- 33 -

     

    

 

Any
and all notices to be given to the Depositary shall be in writing and shall be deemed to have been duly given if in English and personally
delivered or sent by first class domestic or international air mail or air courier or sent by facsimile transmission or email attaching
a pdf or similar bit-mapped image of a signed writing, addressed to The Bank of New York Mellon, 240 Greenwich Street, New York, New
York 10286, Attention: Depositary Receipt Administration, or any other place to which the Depositary may have transferred its Office
with notice to the Company.

 

Delivery
of a notice to the Company or Depositary by mail or air courier shall be deemed effected when deposited, postage prepaid, in a post-office
letter box or received by an air courier service. Delivery of a notice to the Company or Depositary sent by facsimile transmission or
email shall be deemed effected when the recipient acknowledges receipt of that notice.

 

A
notice to be given to an Owner shall be deemed to have been duly given when Disseminated to that Owner. Dissemination in paper form will
be effective when personally delivered or sent by first class domestic or international air mail or air courier, addressed to that Owner
at the address of that Owner as it appears on the transfer books for American Depositary Shares of the Depositary, or, if that Owner
has filed with the Depositary a written request that notices intended for that Owner be mailed to some other address, at the address
designated in that request. Dissemination in electronic form will be effective when sent in the manner consented to by the Owner to the
electronic address most recently provided by the Owner for that purpose.

 

SECTION
7.6. Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.

 

The
Company hereby (i) designates and appoints the person named in Exhibit A to this Deposit Agreement as the Company’s authorized
agent in the United States upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or this Deposit Agreement (a “Proceeding”), (ii) consents and submits
to the jurisdiction of any state or federal court in the State of New York in which any Proceeding may be instituted and (iii) agrees
that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in
any Proceeding. The Company agrees to deliver to the Depositary, upon the execution and delivery of this Deposit Agreement, a written
acceptance by the agent named in Exhibit A to this Deposit Agreement of its appointment as process agent. The Company further agrees
to take any and all action, including the filing of any and all such documents and instruments, as may be necessary to continue that
designation and appointment in full force and effect, or to appoint and maintain the appointment of another process agent located in
the United States as required above, and to deliver to the Depositary a written acceptance by that agent of that appointment, for so
long as any American Depositary Shares or Receipts remain outstanding or this Deposit Agreement remains in force. In the event the Company
fails to maintain the designation and appointment of a process agent in the United States in full force and effect, the Company hereby
waives personal service of process upon it and consents that a service of process in connection with a Proceeding may be made by certified
or registered mail, return receipt requested, directed to the Company at its address last specified for notices under this Deposit Agreement,
and service so made shall be deemed completed five (5) days after the same shall have been so mailed.

 

    	- 34 -

     

    

 

EACH
PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR
THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY
SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING,
WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) AND
ANY CLAIM BASED ON U.S. FEDERAL SECURITIES LAWS.

 

No
disclaimer of liability under the United States federal securities laws or the rules and regulations thereunder is intended by any provision
of this Deposit Agreement, inasmuch as no person is able to effectively waive the duty of any other person to comply with its obligations
under those laws, rules and regulations.

 

SECTION
7.7. Waiver of Immunities.

 

To
the extent that the Company or any of its properties, assets or revenues may have or may hereafter become 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 any other matter under or arising out of or in connection with
the Shares or Deposited Securities, the American Depositary Shares, the Receipts 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 immunity of that kind and
consents to relief and enforcement as provided above.

 

SECTION
7.8. Governing Law.

 

This
Deposit Agreement and the Receipts, except as otherwise provided herein, shall be interpreted in accordance with and all rights hereunder
and thereunder and provisions hereof and thereof shall be governed by the laws of the State of New York except with respect to its authorization
and execution by the Company, which shall be governed by the laws of Scotland. Notwithstanding anything contained in this Deposit Agreement
or any Receipt, the rights of holders of Shares and of any other Deposited Securities, as applicable, as such, and the obligations and
duties of the Company in respect of the holders of Shares and other Deposited Securities, as such, shall be governed by the laws of Scotland,
and where applicable, and not conflicting with the laws of Scotland, the corporate laws of England and Wales.

 

    	- 35 -

     

    

 

IN
WITNESS WHEREOF, TC BIOPHARM (HOLDINGS) PLC and THE BANK OF NEW YORK MELLON have duly executed this Deposit Agreement as of the day and
year first set forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares
or any interest therein.

 

	 	TC
    BIOPHARM (HOLDINGS) PLC

 

	 	By:	
	 	Name: 	 
	 	Title:	 

 

	 	THE
    BANK OF NEW YORK MELLON,
	 	as
Depositary

 

	 	By:	
	 	Name: 	 
	 	Title:	 

 

    	- 36 -

     

    

 

EXHIBIT
A

 

	 	AMERICAN
    DEPOSITARY SHARES
	 	(Each
    American Depositary Share represents
	 	_____
    deposited Shares)

 

THE
BANK OF NEW YORK MELLON

AMERICAN
DEPOSITARY RECEIPT

FOR
ORDINARY SHARES OF

TC
BIOPHARM (HOLDINGS) PLC

(INCORPORATED
UNDER THE LAWS OF SCOTLAND)

 

The
Bank of New York Mellon, as depositary (hereinafter called the “Depositary”), hereby certifies that_________________________,
or registered assigns IS THE OWNER OF _________________

 

AMERICAN
DEPOSITARY SHARES

 

representing
deposited ordinary shares] (herein called “Shares”) of TC BioPharm (Holdings) plc, incorporated under the laws of Scotland
(herein called the “Company”). At the date hereof, each American Depositary Share represents one Share deposited or
subject to deposit under the Deposit Agreement (as such term is hereinafter defined) with a custodian for the Depositary (herein called
the “Custodian”) that, as of the date of the Deposit Agreement, was The Bank of New York Mellon, acting through an
office located in the United Kingdom. The Depositary’s Office and its principal executive office are located at 240 Greenwich Street,
New York, N.Y. 10286.

 

THE
DEPOSITARY’S OFFICE ADDRESS IS

240
GREENWICH STREET, NEW YORK, N.Y. 10286

 

    	A-1

     

    

 

1. THE DEPOSIT AGREEMENT.

 

This
American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon the terms
and conditions set forth in the Deposit Agreement dated as of __________, 2021 (herein called the “Deposit Agreement”)
among the Company, the Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder, each
of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions thereof.
The Deposit Agreement sets forth the rights of Owners and Holders and the rights and duties of the Depositary in respect of the Shares
deposited thereunder and any and all other securities, property and cash from time to time received in respect of those Shares and held
thereunder (those Shares, securities, property, and cash are herein called “Deposited Securities”). Copies of the
Deposit Agreement are on file at the Depositary’s Office in New York City and at the office of the Custodian.

 

The
statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified
by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the
Deposit Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement.

 

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

 

Upon
surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of
the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 of the Deposit Agreement and payment
of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities, and subject
to the terms and conditions of the Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to
the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount of Deposited Securities
at the time represented by those American Depositary Shares, but not any money or other property as to which a record date for
distribution to Owners has passed (since money or other property of that kind will be delivered or paid on the scheduled payment date
to the Owner as of that record date), and except that the Depositary shall not be required to accept surrender of American Depositary
Shares for the purpose of withdrawal to the extent it would require delivery of a fraction of a Deposited Security. The Depositary shall
direct the Custodian with respect to delivery of Deposited Securities and may charge the surrendering Owner a fee and its expenses for
giving that direction by cable (including SWIFT) or facsimile transmission. If Deposited Securities are delivered physically upon surrender
of American Depositary Shares for the purpose of withdrawal, that delivery will be made at the Custodian’s office, except that,
at the request, risk and expense of the surrendering Owner, and for the account of that Owner, the Depositary shall direct the Custodian
to forward any cash or other property comprising, and forward a certificate or certificates, if applicable, and other proper documents
of title, if any, for, the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for delivery
at the Depositary’s Office or to another address specified in the order received from the surrendering Owner.

 

    	A-2

     

    

 

3.  REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND SPLIT-UP OF RECEIPTS; INTERCHANGE OF CERTIFICATED AND UNCERTIFICATED AMERICAN DEPOSITARY SHARES.

 

The
Depositary, subject to the terms and conditions of the Deposit Agreement, shall register a transfer of American Depositary Shares on
its transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American
Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer
or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the
avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9 of that Agreement), and, in either case, duly stamped
as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary
shall deliver the transferred American Depositary Shares to or upon the order of the person entitled thereto.

 

The
Depositary, subject to the terms and conditions of the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose
of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized
number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or
Receipts surrendered.

 

The
Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary
Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that
the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction
(including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9 of the Deposit Agreement) from
the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall
cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number of
certificated American Depositary Shares.

 

As
a condition precedent to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination
of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the depositor
of the Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares
not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration
fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of
any applicable fees as provided in the Deposit Agreement, may require the production of proof satisfactory to it as to the identity and
genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions
of the Deposit Agreement.

 

    	A-3

     

    

 

The
Depositary may refuse to accept deposits of Shares for delivery of American Depositary Shares or refuse to register transfers of American
Depositary Shares in particular instances, or may suspend deposits of Shares or registration of transfer generally, whenever it or the
Company considers it necessary or advisable to do so. The Depositary may refuse surrenders of American Depositary Shares for the purpose
of withdrawal of Deposited Securities in particular instances, or may suspend surrenders for the purpose of withdrawal generally, but,
notwithstanding anything to the contrary in the Deposit Agreement, only for (i) temporary delays caused by closing of the Depositary’s
register or the register of holders of Shares maintained by the Company or the Foreign Registrar, or the deposit of Shares, in connection
with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii)
compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal
of the Deposited Securities or (iv) any other reason that, at the time, is permitted under paragraph I(A)(1) of the General Instructions
to Form F-6 under the Securities Act of 1933 or any successor to that provision.

 

The
Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares that, at the time of deposit, are Restricted
Securities.

 

4. LIABILITY OF OWNER FOR TAXES.

 

If
any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any
American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction
to which Section 4.8 of the Deposit Agreement applies, that tax or other governmental charge shall be payable by the Owner of those American
Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal
of Deposited Securities represented by those American Depositary Shares until that payment is made, and may withhold any dividends or
other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented
by those American Depositary Shares, and may apply those dividends or other distributions or the net proceeds of any sale of that kind
in payment of that tax or other governmental charge but, even after a sale of that kind, the Owner shall remain liable for any deficiency.
The Depositary shall distribute any net proceeds of a sale made under Section 3.2 of the Deposit Agreement that are not used to pay taxes
or governmental charges to the Owners entitled to them in accordance with Section 4.1 of the Deposit Agreement. If the number of Shares
represented by each American Depositary Share decreases as a result of a sale of Deposited Securities under Section 3.2 of the Deposit
Agreement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser
number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions
of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

 

    	A-4

     

    

 

5. WARRANTIES ON DEPOSIT OF SHARES.

 

Every
person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each certificate
therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar
rights of the holders of outstanding securities of the Company and that the person making that deposit is duly authorized so to do. Every
depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All representations
and warranties deemed made under Section 3.3 of the Deposit Agreement shall survive the deposit of Shares and delivery of American Depositary
Shares.

 

6. FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

 

Any
person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian
such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the
Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the
Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of any American Depositary
Shares, the distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities
until that proof or other information is filed or those certificates are executed or those representations and warranties are made. As
conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the Custodian
in accordance with the provisions of the Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the
written order of, the person or persons stated in that order, the number of American Depositary Shares representing those Deposited Shares,
(iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or the Foreign Registrar
in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary
that any necessary approval has been granted by any governmental body in each applicable jurisdiction and (v) an agreement or assignment,
or other instrument satisfactory to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right
to subscribe for additional Shares or to receive other property, that any person in whose name those Shares are or have been recorded
may thereafter receive upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall
be satisfactory to the Depositary.

 

    	A-5

     

    

 

7. CHARGES OF DEPOSITARY.

 

The
following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares
or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split
declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American
Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other governmental charges,
(2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register
of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the
Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission
fees and expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion
of foreign currency pursuant to Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or
portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the
surrender of American Depositary Shares pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.05 or less per American
Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to
Sections 4.1 through 4.4 and 4.8 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the
Deposit Agreement or of rights pursuant to Section 4.4 of that Agreement (where the Depositary will not exercise or sell those rights
on behalf of Owners), such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred
to above which would have been charged as a result of the deposit of such securities under the Deposit Agreement (for purposes of this
item 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners,
(8) in addition to any fee charged under item 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for
depositary services, which will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian,
any of the Depositary’s or Custodian’s agents or the agents of the Depositary’s or Custodian’s agents, in connection
with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set
by the Depositary in accordance with Section 4.6 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary
by billing those Owners for those charges or by deducting those charges from one or more cash dividends or other cash distributions).

 

    	A-6

     

    

 

The
Depositary may collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to
be distributed, to Owners that are obligated to pay those fees.

 

The
Depositary may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares.

 

From
time to time, the Depositary may make payments to the Company to reimburse the Company for costs and expenses generally arising out of
establishment and maintenance of the American Depositary Shares program, waive fees and expenses for services provided by the Depositary
or share revenue from the fees collected from Owners or Holders. In performing its duties under the Deposit Agreement, the Depositary
may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the Depositary and
that may earn or share fees, spreads or commissions.

 

8. DISCLOSURE OF INTERESTS.

 

When
required in order to comply with applicable laws and regulations, the rules and requirements of any stock exchange on which the American
Depositary Shares are registered or the articles of association or similar document of the Company, the Company may from time to time
request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American Depositary
Shares, (b) the identity of any Holders or other persons or entities then or previously interested in those American Depositary Shares
and the nature of those interests and (c) any other matter where disclosure of such matter is required for that compliance. Each Owner
and Holder agrees to provide all information known to it in response to a request made pursuant to Section 3.4 of the Deposit Agreement.
Each Holder consents to the disclosure by the Depositary, the Owner or other Holder through which it holds American Depositary Shares,
directly or indirectly, of all information responsive to a request made pursuant to that Section relating to that Holder that is known
to that Owner or other Holder.

 

9. TITLE TO AMERICAN DEPOSITARY SHARES.

 

It
is a condition of the American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting or
holding the same, consents and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or
accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under the laws of the State
of New York, and that American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities
under the laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American
Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other
distributions or to any notice provided for in the Deposit Agreement and for all other purposes, and neither the Depositary nor the Company
shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder of American Depositary Shares, but
only to the Owner.

 

    	A-7

     

    

 

10. VALIDITY OF RECEIPT.

 

This
Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt
shall have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed
by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized
signatory of the Depositary or the Registrar or a co-registrar.

 

11. REPORTS; INSPECTION OF TRANSFER BOOKS.

 

The
Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports
with the Securities and Exchange Commission. Those reports will be available for inspection and copying through the Commission’s
EDGAR system or at public reference facilities maintained by the Commission in Washington, D.C.

 

The
Depositary will make available for inspection by Owners at its Office any reports, notices and other communications, including any proxy
soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities
and (b) made generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports and communications,
including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the Depositary in English, to the extent
such materials are required to be translated into English pursuant to any regulations of the Commission.

 

The
Depositary will maintain a register of American Depositary Shares and transfers of American Depositary Shares, which shall be open for
inspection by the Owners at the Depositary’s Office during regular business hours, but only for the purpose of communicating with
Owners regarding the business of the Company or a matter related to the Deposit Agreement or the American Depositary Shares.

 

12. DIVIDENDS AND DISTRIBUTIONS.

 

Whenever
the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time of
receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into
Dollars transferable to the United States, and subject to the Deposit Agreement, convert that dividend or other cash distribution into
Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section
5.9 of the Deposit Agreement) to the Owners entitled thereto; provided, however, that if the Custodian or the Depositary
is required to withhold and does withhold from that cash dividend or other cash distribution an amount on account of taxes or other governmental
charges, the amount distributed to the Owners of the American Depositary Shares representing those Deposited Securities shall be reduced
accordingly.

 

    	A-8

     

    

 

If
a cash distribution would represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary
Shares, the Depositary may:

 

(i)
require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American
Depositary Shares) as a condition of making that cash distribution; or

 

(ii)
sell all Deposited Securities other than the subject cash distribution and add any net cash proceeds of that sale to the cash distribution,
call for surrender of all those American Depositary Shares and require that surrender as a condition of making that cash distribution.

 

If
the Depositary acts under this paragraph, that action shall also be a Termination Option Event.

 

Subject
to the provisions of Section 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution
described in Section 4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange for or in conversion or in
lieu of Deposited Securities), the Depositary will cause the securities or property received by it to be distributed to the Owners entitled
thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in any
manner that the Depositary deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary
shares representing the securities received); provided, however, that if in the opinion of the Depositary such distribution
cannot be made proportionately among the Owners entitled thereto, or if for any other reason the Depositary, after consultation with
the Company to the extent practicable, deems such distribution not to be lawful and feasible, the Depositary may adopt such other method
as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or
private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds of any such sale
(net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the Owners
entitled thereto all in the manner and subject to the conditions set forth in Section 4.1 of the Deposit Agreement. The Depositary may
withhold any distribution of securities under Section 4.2 of the Deposit Agreement if it has not received satisfactory assurances from
the Company that the distribution does not require registration under the Securities Act of 1933. The Depositary may sell, by public
or private sale, an amount of securities or other property it would otherwise distribute under this Article that is sufficient to pay
its fees and expenses in respect of that distribution.

 

    	A-9

     

    

 

If
a distribution to be made under Section 4.2 of the Deposit Agreement would represent a return of all or substantially all the value of
the Deposited Securities underlying American Depositary Shares, the Depositary may:

 

(i)
require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American
Depositary Shares) as a condition of making that distribution; or

 

(ii)
sell all Deposited Securities other than the subject distribution and add any net cash proceeds of that sale to the distribution, call
for surrender of all those American Depositary Shares and require that surrender as a condition of making that distribution.

 

If
the Depositary acts under this paragraph, that action shall also be a Termination Option Event.

 

Whenever
the Depositary receives any distribution consisting of a dividend in, or free distribution of, Shares, the Depositary may deliver to
the Owners entitled thereto, an aggregate number of American Depositary Shares representing the amount of Shares received as that dividend
or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and issuance
of American Depositary Shares, including the withholding of any tax or other governmental charge as provided in Section 4.11 of the Deposit
Agreement and the payment of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement
(and the Depositary may sell, by public or private sale, an amount of Shares received (or American Depositary Shares representing those
Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary
Shares, the Depositary may sell the amount of Shares represented by the aggregate of those fractions (or American Depositary Shares representing
those Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1 of the Deposit
Agreement. If and to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares
are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited Securities
represented thereby.

 

If
the Company declares a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or
other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may,
after consultation with the Company, make that right of election available for exercise by Owners in any manner the Depositary considers
to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory
assurances from the Company that doing so does not require registration of any securities under the Securities Act of 1933 that has not
been effected.

 

    	A-10

     

    

 

If
the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor)
is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or
private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in the amounts and manner
the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds of
that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion to the number of American Depositary
Shares held by them respectively.

 

Each
Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and
affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax,
penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it. Services
for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and
the fees and costs associated with using services of that kind, are not provided under, and are outside the scope of, the Deposit Agreement.

 

13. RIGHTS.

 

(a)
If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company
and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights.
The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company, grant to all or
certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or
American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to
or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to
Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the
Depositary shall permit the rights to lapse unexercised.

 

(b)
If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the
conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary
specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities to be received
upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The
purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i) deposit the purchased Shares
under the Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the
purchased Shares or other securities to be delivered to or to the order of that Owner. The Depositary will not act under (a)(i) above
unless the offer and sale of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary
has received an opinion of United States counsel that is satisfactory to it to the effect that those securities may be sold and delivered
to the applicable Owners without registration under the Securities Act of 1933.

 

    	A-11

     

    

 

(c)
If the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth the
conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable
to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can be delivered and (ii) receipt
of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those
rights as requested by that Owner.

 

(d)
If the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the number
of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that
were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions
or the date of delivery of any American Depositary Shares or otherwise.

 

(e)
Payment or deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction of the
expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or
payment of cash proceeds under Section 4.4 of the Deposit Agreement.

 

(f)
The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or
exercise rights on behalf of Owners in general or any Owner in particular , or to sell rights.

 

14. CONVERSION OF FOREIGN CURRENCY.

 

Whenever
the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale
of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of
the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary
or one of its agents or affiliates or the Custodian shall convert or cause to be converted by sale or in any other manner that it may
determine that foreign currency into Dollars, and those Dollars shall be distributed to the Owners entitled thereto. A cash distribution
may be made upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions,
the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred
by the Depositary as provided in Section 5.9 of the Deposit Agreement.

 

    	A-12

     

    

 

If
a conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license of
any government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license.

 

If
the Depositary determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on
a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof
that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable period as determined
by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such
foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive
the same.

 

If
any conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto,
the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the
Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that balance uninvested
and without liability for interest thereon for the account of, the Owners entitled thereto.

 

The
Depositary may convert currency itself or through any of its affiliates, or the Custodian or the Company may convert currency and pay
Dollars to the Depositary. Where the Depositary converts currency itself or through any of its affiliates, the Depositary acts as principal
for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without
limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference
between the exchange rate assigned to the currency conversion made under the Deposit Agreement and the rate that the Depositary or its
affiliate receives when buying or selling foreign currency for its own account. The Depositary makes no representation that the exchange
rate used or obtained by it or its affiliate in any currency conversion under the Deposit Agreement will be the most favorable rate that
could be obtained at the time or that the method by which that rate will be determined will be the most favorable to Owners, subject
to the Depositary’s obligations under Section 5.3 of that Agreement. The methodology used to determine exchange rates used in currency
conversions made by the Depositary is available upon request. Where the Custodian converts currency, the Custodian has no obligation
to obtain the most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined
will be the most favorable to Owners, and the Depositary makes no representation that the rate is the most favorable rate and will not
be liable for any direct or indirect losses associated with the rate. In certain instances, the Depositary may receive dividends or other
distributions from the Company in Dollars that represent the proceeds of a conversion of foreign currency or translation from foreign
currency at a rate that was obtained or determined by or on behalf of the Company and, in such cases, the Depositary will not engage
in, or be responsible for, any foreign currency transactions and neither it nor the Company makes any representation that the rate obtained
or determined by the Company is the most favorable rate and neither it nor the Company will be liable for any direct or indirect losses
associated with the rate.

 

    	A-13

     

    

 

15. RECORD DATES.

 

Whenever
a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other securities
are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance
with Section 4.4 of the Deposit Agreement) or the Depositary receives notice that a distribution or issuance of that kind will be made,
or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested
the Depositary to send a notice under Section 4.7 of the Deposit Agreement, or whenever the Depositary will assess a fee or charge against
the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary Share,
or whenever the Depositary otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall be the same
as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for the determination
of the Owners (i) who shall be entitled to receive the benefit of that dividend or other distribution or those rights, (ii) who shall
be entitled to give instructions for the exercise of voting rights at that meeting, (iii) who shall be responsible for that fee or charge
or (iv) for any other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent
the changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5 of the Deposit Agreement and to the other terms and
conditions of the Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable
by the Depositary with respect to that dividend or other distribution or those rights or the net proceeds of sale thereof in proportion
to the number of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other
matter for which that record date was fixed, or be responsible for that fee or charge, as the case may be.

 

16. VOTING OF DEPOSITED SHARES.

 

(a)
Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing
by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall
be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice of meeting received by the
Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any
applicable provision of the laws of Scotland and of the articles of association or similar documents of the Company, to instruct the
Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary
Shares, (iii) a statement as to the manner in which those instructions may be given, and (iv) the last date on which the Depositary will
accept instructions (the “Instruction Cutoff Date”).

 

    	A-14

     

    

 

(b)
Upon the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified
by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the Depositary
may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable, to vote or cause to
be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set forth
in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the deposited Shares other than
in accordance with instructions given by Owners and received by the Depositary.

 

(c)
There can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above in
time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.

 

(d)
In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares, if
the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary notice
of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders of Shares in
connection with the meeting not less than 45 days prior to the meeting date.

 

(e)
If requested in writing by the Company, the depositary shall, to the extent practicable, represent all deposited Shares (whether or not
voting instructions have been received in respect of such Shares from Owners) for the sole purpose of establishing a quorum at a meeting
of shareholders, but it will vote deposited Shares only as and to the extent provided in paragraph (b) above.

 

Notwithstanding
anything in Section 4.7 of the Deposit Agreement to the contrary, the Depositary and the Company may modify, amend or adopt additional
procedures relating to voting of deposited Shares from time to time as they determine may be necessary to comply with applicable laws
and regulations.

 

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

 

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

 

    	A-15

     

    

 

(b)
If the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash in
a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”),
the Depositary, at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to the issuer
of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B)
calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that the called American Depositary
Shares have been converted into a right only to receive the money received by the Depositary upon that Redemption and those net proceeds
shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of
those American Depositary Shares in accordance with Section 2.5 or 6.2 of the Deposit Agreement and (iii) distribute the money received
upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Section
2.5 of that Agreement (and, for the avoidance of doubt, Owners shall not be entitled to receive that money under Section 4.1 of that
Agreement). If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding
portion of the outstanding American Depositary Shares and only those American Depositary Shares will automatically be converted into
a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the
preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption,
except that the allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner.
A Redemption of all or substantially all of the Deposited Securities shall be a Termination Option Event.

 

(c)
If the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a holder
of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement
or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender the old Deposited
Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit Agreement, the new securities
or other property delivered to it in that Replacement. However, the Depositary may elect to sell those new Deposited Securities
if in the opinion of the Depositary, after consultation with the Company to the extent practicable, it is not lawful or not practical
for it to hold those new Deposited Securities under the Deposit Agreement because those new Deposited Securities may not be distributed
to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and
on such terms as it deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement
shall be a Termination Option Event.

 

    	A-16

     

    

 

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

 

(e)
If there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled,
or the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call for
surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and that condition
shall be a Termination Option Event.

 

18. LIABILITY OF THE COMPANY AND DEPOSITARY.

 

Neither
the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any
Owner or Holder:

 

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

 

    	A-17

     

    

 

(ii)
for any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination by the
Depositary to take, or not take, any action that the Deposit Agreement provides the Depositary may take);

 

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

 

(iv)
for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement.

 

Where,
by the terms of a distribution to which Section 4.1, 4.2 or 4.3 of the Deposit Agreement applies, or an offering to which Section 4.4
of that Agreement applies, or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary
may not dispose of that distribution or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary
shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse.

 

Neither
the Company nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or Holders,
except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith.
The Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders. The Depositary shall not be subject to any liability
with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company shall be under any obligation
to appear in, prosecute or defend any action, suit, or other proceeding in respect of any Deposited Securities or in respect of the American
Depositary Shares, on behalf of any Owner or Holder or other person. Neither the Depositary nor the Company shall be liable for any action
or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit,
any Owner or Holder, or any other person believed by it in good faith to be competent to give such advice or information. Each of the
Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other document
believed by it to be genuine and to have been signed or presented by the proper party or parties. The Depositary shall not be liable
for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in
connection with a matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue
out of which such potential liability arises, the Depositary performed its obligations without negligence or bad faith while it acted
as Depositary. The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement
system in connection with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise.
In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote
any of the Deposited Securities or for the manner in which any such vote is cast or the effect of any such vote. The Depositary shall
have no duty to make any determination or provide any information as to the tax status of the Company or any liability for any tax consequences
that may be incurred by Owners or Holders as a result of owning or holding American Depositary Shares. The Depositary shall not be liable
for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund
of amounts withheld in respect of tax or any other tax benefit.

 

    	A-18

     

    

 

19. RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.

 

The
Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the
Company, to become effective upon the appointment of a successor depositary and its acceptance of such appointment as provided in the
Deposit Agreement. The Depositary may at any time be removed by the Company by 90 days’ prior written notice of that removal, to
become effective upon the later of (i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor
depositary and its acceptance of its appointment as provided in the Deposit Agreement. The Depositary in its discretion may at any time
appoint a substitute or additional custodian or custodians.

 

20. AMENDMENT.

 

The
form of the Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between
the Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any
amendment that would impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable
(including SWIFT) or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial
existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30
days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder,
at the time any amendment so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest therein,
to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby. Upon the effectiveness of an amendment
to the form of Receipt, including a change in the number of Shares represented by each American Depositary Share, the Depositary may
call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares
to effect that change of ratio. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares
and receive delivery of the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable
law.

 

    	A-19

     

    

 

21. TERMINATION OF DEPOSIT AGREEMENT.

 

(a)
The Company may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of
the Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation
notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 of that Agreement or
(ii) a Termination Option Event has occurred. If termination of the Deposit Agreement is initiated, the Depositary shall Disseminate
a notice of termination to the Owners of all American Depositary Shares then outstanding setting a date for termination (the “Termination
Date”), which shall be at least 90 days after the date of that notice, and the Deposit Agreement shall terminate on that Termination
Date.

 

(b)
After the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations
to the Depositary under Sections 5.8 and 5.9 of that Agreement.

 

(c)
At any time after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may
thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and
without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those
Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making that sale, the
Depositary shall be discharged from all obligations under the Deposit Agreement, except (i) to account for the net proceeds and other
cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the
account of the Owner of such American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any
applicable taxes or governmental charges), (ii) for its obligations under Section 5.8 of that Agreement and (iii) to act as provided
in paragraph (d) below.

 

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

 

    	A-20

     

    

 

22. DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM.

 

(a)
Notwithstanding the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC’s Direct Registration
System (“DRS”) and Profile Modification System (“Profile”) apply to the American Depositary Shares
upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding
of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a
required feature of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct
the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary
Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register
that transfer.

 

(b)
In connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is claiming
to be acting on behalf of an Owner in requesting registration of transfer and delivery as described in paragraph (a) above has the actual
authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt,
the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from the use of the DRS/Profile. The parties
agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile system
and otherwise in accordance with the Deposit Agreement, shall not constitute negligence or bad faith on the part of the Depositary.

 

23. APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF IMMUNITIES.

 

The
Company has (i) appointed TC BioPharm (North America Inc., c/o Business Filings, Inc., 108 West 13th Street, Wilmington, Delaware 19801
as the Company’s authorized agent in the United States upon which process may be served in any suit or proceeding arising out of
or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, (ii) consented
and submitted to the jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may be
instituted, and (iii) agreed that service of process upon said authorized agent shall be deemed in every respect effective service of
process upon the Company in any such suit or proceeding.

 

    	A-21

     

    

 

EACH
PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY 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 COMPANY AND/OR
THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY
SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING,
WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) AND
ANY CLAIM BASED ON U.S. FEDERAL SECURITIES LAWS.

 

No
disclaimer of liability under the United States federal securities laws or the rules and regulations thereunder is intended by any provision
of the Deposit Agreement, inasmuch as no person is able to effectively waive the duty of any other person to comply with its obligations
under those laws, rules and regulations.

 

To
the extent that the Company or any of its properties, assets or revenues may have or hereafter become 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 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 any other matter under or arising out of or in connection with the Shares or Deposited Securities,
the American Depositary Shares, the Receipts or the 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.

 

    	A-22Exhibit
4.4

 

WARRANT
AGENT AGREEMENT

 

WARRANT AGENT AGREEMENT (this
“Warrant Agreement”) dated as of ______, 2022 (the “Issuance Date”) between TC BioPharm (Holdings)
plc, a company incorporated in Scotland, under the law of the United Kingdom (the “Company”),
and Computershare Inc., a Delaware corporation (“Computershare”), and its wholly owned subsidiary, Computershare Trust
Company, N.A., a federally chartered trust company (the “Warrant Agent”).

 

WHEREAS,
pursuant to the terms of that certain Underwriting Agreement (“Underwriting Agreement”), dated _______, 2022, between
the Company and EF Hutton,  division of Benchmark Investments, LLC, as representative of the underwriters set forth therein,
the Company is engaged in a public offering (the “Offering”) of up to _________ American Depositary Shares (“ADSs”),
each ADS representing one ordinary share of the Company, par value £0.01 per share (“Ordinary Shares”), and
up to ________ Warrants (the “Warrants”), with each Warrant representing the right of the holder thereof to purchase
one ADS (each, a “Warrant ADS”) for $_____[NTD: 125% of IPO price] per ADS, subject to adjustment
as described herein, plus applicable fees, charges and taxes;

 

WHEREAS,
the ADSs are issuable under the Deposit Agreement dated as of January __, 2022 (the “Deposit Agreement”) among the
Company, The Bank of New York Mellon, as depositary (the “Depositary”), and all Owners and Holders (each as defined
in the Deposit Agreement) from time to time of the ADSs issued thereunder;

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on
Form F-1, File No. 333-260492 (as the same may be amended from time to time, the “Registration Statement”)
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of, among other securities,
the Ordinary Shares, the Warrants and the Ordinary Shares underlying the Warrant ADSs issuable upon exercise of the Warrants (the “Warrant
Shares”), and the Registration Statement was declared effective on ________, 2022;

 

 WHEREAS, the Depositary
has filed with the Commission a Registration Statement on Form F-6, File No. 333-______ for the registration under the Securities Act
of the ADSs that may be issued in exchange for Ordinary Shares and the Warrant Shares, and the Registration Statement was declared effective
on _____, 2022. 

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with
the terms set forth in this Warrant Agreement in connection with the issuance, registration, registration of transfer and exercise of
the Warrants;

 

WHEREAS,
the Company desires to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, the Company has
duly authorized the execution and delivery of this Warrant Agreement and all other acts and things necessary to make the Warrants
the legal, valid and binding obligations of the Company have been done and performed. 

 

    	1

     

    

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.
Appointment of Warrant Agent. The Company hereby
appoints the Warrant Agent to act as agent for the Company with respect to the Warrants, and the Warrant Agent hereby accepts such appointment
and agrees to perform the same in accordance with the express terms and conditions set forth in this Warrant Agreement (and no implied
terms or conditions).

 

2.
Warrants.

 

2.1
Form of Warrants. The Warrants shall be registered securities in book entry form and shall be evidenced by a global certificate
(“Global Certificate”) in the form of Annex A to this Warrant Agreement, which shall be deposited on behalf
of the Company with a custodian for The Depository Trust Company (“DTC”) and registered in the name of Cede &
Co., as nominee of DTC. If DTC subsequently ceases to make its book-entry settlement system available for the Warrants, the Company
may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Warrants are not
eligible for, or it is no longer necessary to have the Warrants available in, book-entry form, the Company may instruct the Warrant Agent
to provide written instructions to DTC to deliver to the Warrant Agent for cancellation the Global Certificate, and the Company shall
instruct the Warrant Agent to deliver each holder of the Warrants separate certificates in the form of Annex A evidencing Warrants
(“Definitive Certificates” and, together with the Global Certificate, “Warrant Certificates”) registered
as requested through the DTC system. In the event Definitive Certificates are delivered to the holders, the transfer, exchange
or exercise of the Warrants shall be conducted in accordance with the customary procedures of the Warrant Agent. The Company shall use
its best efforts to enable the Warrants be “DTC eligible” so that the interests in the Warrants may be held in book-entry
through DTC for the term of the Warrants.

 

2.1.1
Exchange of Interest in Global Certificate for Definitive Certificate. Notwithstanding Section 2.1 above, a holder of a security
entitlement in Warrants evidenced by the Global Certificate has the right to elect at any time to exchange it for a Definitive Certificate
evidencing the same number of Warrants. Upon written notice by a Participant having Warrants credited to its DTC account for the exchange
of some or all that entitlement for a Definitive Certificate evidencing the same number of Warrants, which request shall be in the form
attached hereto as Annex D (a “Warrant Certificate Request Notice” and the date of delivery of such Warrant
Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the exchange made pursuant
to the Warrant Certificate Request Notice, a “Warrant Exchange”), and upon surrender by that Participant of the Warrants
to be exchanged to the Warrant Agent through DTC’s system, the Warrant Agent shall, without unreasonable delay, effect the Warrant
Exchange by issuing and delivering a Definitive Certificate for such number of Warrants in the name and mailed to the address set forth
in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the original issue date of the Warrants, shall
be manually executed by an authorized signatory of the Company and shall be in the form attached hereto as Annex A In connection
with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the Definitive Certificate to the
specified holder within ten (10) Business Days of the Warrant Certificate Request Notice pursuant to the delivery instructions
in the Warrant Certificate Request Notice (the “Warrant Certificate Delivery Date”). “Business Day” means
any day other than a Saturday, Sunday, or a day on which banking institutions in the State of New York are authorized or obligated by
law or executive order to close.

 

    	2

     

    

 

2.1.2
The Company shall provide to the Warrant Agent an opinion of counsel on or prior to the issuance of Warrants to set up a reserve of Warrant
Shares for the outstanding Warrants. The opinion shall state that all Warrants or Warrant Shares, as applicable, are (i) registered
under the Securities Act of 1933, as amended, and (ii) validly issued, fully paid and non-assessable.

 

2.2
Issuance and Registration of Warrants.

 

2.2.1
Warrant Register. Upon the receipt of all relevant information from the Company or its agents, the Warrant Agent shall maintain
books (“Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants.

 

2.2.2
Issuance of Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver
the Warrants in the DTC book-entry settlement system in accordance with written instructions delivered to the Warrant Agent by the Company.
Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records
maintained (i) by DTC and (ii) by institutions that have accounts with DTC (each, with respect to a Warrant in its account, a “Participant”).

 

2.2.3
Beneficial Owner; Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent
may deem and treat the person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”,
which shall include, if the Warrants are held in “street name,” a Participant or a designee appointed by such Participant)
as the absolute owner of such Warrant for purposes of any exercise thereof, and for all other purposes, and neither the Company nor the
Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the Company,
the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization
furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners
in a Warrant evidenced by the Global Certificate shall be exercised by the Holder  through the DTC system.

 

2.2.4
Execution. The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized
Officer”), which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by facsimile
signature. The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant Agent either by manual, electronic
or facsimile signature, which need not be the same signatory for all of the Warrant Certificates, and no Warrant Certificate shall be
valid for any purpose unless so countersigned. In case any Authorized Officer of the Company that signed any of the Warrant Certificates
ceases to be an Authorized Officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company,
such Warrant Certificates, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect
as though the person who signed such Warrant Certificates had not ceased to be such officer of the Company; and any Warrant Certificate
may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be an
Authorized Officer of the Company authorized to sign such Warrant Certificate, although at the date of the execution of this Warrant
Agreement any such person was not such an Authorized Officer. The rights of holders of Warrant Certificates shall be identical regardless
of the Authorized Officer signing for and on behalf of the Company and of the authorized signatory of the Warrant Agent signing such
certificates. 

 

    	3

     

    

 

2.2.5
Registration of Transfer. At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be
registered and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate
or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder
desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such request in
writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates evidencing
the Warrants the transfer of which is to be registered or that is or are to be split up, combined or exchanged and, in the case of registration
of transfer, shall provide a signature guarantee by an “eligible guarantor institution” that is a member or participant in
the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program.” Thereupon, the Warrant
Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be,
as so requested. The Company and the Warrant Agent may require payment by the Holder requesting a registration of transfer of Warrants
or a split-up, combination or exchange of a Warrant Certificate (but, for purposes of clarity, not upon the exercise of the Warrants
and issuance of Warrant ADS to the Holder) of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with such registration of transfer, split-up, combination or exchange, together with reimbursement to the Company and the Warrant Agent
of all reasonable expenses incidental thereto. The Warrant Agent shall not have any duty or obligation to take any action under any section
of this Warrant Agreement that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have
been made.

 

2.2.6
Loss, Theft and Mutilation of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory
to them of the loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of indemnity
or security acceptable to the Warrant Agent, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental
thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Warrant Agent shall, on
behalf of the Company, countersign and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate
so lost, stolen, destroyed or mutilated. The Warrant Agent may charge the Holder an administrative fee for processing the replacement
of lost Warrant Certificates, which shall be charged only once in instances where a single surety bond obtained covers multiple certificates.
The Warrant Agent may receive compensation from the surety companies or surety agents for administrative services provided to them. Notwithstanding
anything herein to the contrary, in connection with a Warrant in book-entry  form through DTC, no posting of a bond
shall be required under this Section 2.2.6.

 

    	4

     

    

 

2.2.7
Proxies. The Holder of a Warrant may grant proxies or otherwise authorize any person, including  Participants and beneficial
holders that may own interests through  Participants, to take any action that a Holder is entitled to take under this Warrant Agreement
or the Warrants; provided, however, that at all times that Warrants are evidenced by a Global Certificate, exercise of
those Warrants shall be effected on their behalf by Participants through DTC in accordance with the procedures administered by DTC.

 

3.
Terms and Exercise of Warrants.

 

3.1
Exercise Price. Each Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of
this Warrant Agreement, to purchase from the Company the number of ADSs stated therein, at the price of US$______[NTD: 125% of
IPO share price] per ADS, subject to the subsequent adjustments provided in Section 4 hereof. The term “Exercise Price”
as used in this Warrant Agreement refers to the price per ADS at which ADSs may be purchased at the time a Warrant is exercised.

 

3.2
Duration of Warrants. Warrants may be exercised only during the period (“Exercise Period”) commencing on the
Issuance Date and terminating at 5:00 P.M., New York City time (the “close of business”) on _________, 2025 [NTD:
Three years after IPO effective date] (“Expiration Date”). Each Warrant not exercised on or before the Expiration
Date shall become void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the close
of business on the Expiration Date.

 

3.3
Exercise of Warrants.

 

3.3.1
Exercise and Payment. (a) Subject to the provisions of this Warrant Agreement, a Holder (or a Participant acting on behalf of
a Holder in accordance with DTC procedures) may exercise Warrants by delivering to the Warrant Agent, not later than 5:00 P.M., New York
City time, on any Business Day during the Exercise Period an election to purchase the Warrant ADSs  to be exercised
(A) in the form included in Annex B to this Warrant Agreement or (B) via an electronic warrant exercise through the DTC system
(each, an “Election to Purchase”). Within one Trading Day following the delivery of the Election to Purchase, the
Holder shall deliver (i) the Warrants to be exercised by (A) surrender of the Warrant Certificate evidencing the Warrants to the Warrant
Agent at its office designated for such purpose or (B) delivery of the Warrants to an account of the Warrant Agent at DTC designated
for such purpose in writing by the Warrant Agent to DTC from time to time,  and (ii) the Exercise Price for each Warrant to be exercised
(and, if applicable, any taxes or charges due in connection with the exercise of such Warrants), in lawful money of the United States
of America by (A) certified or official bank check or wire transfer from a United States bank payable to the Warrant Agent or (B) payment
to the Warrant Agent through the DTC system.

 

    	5

     

    

 

(b)
If any of (i) the Warrants, (ii) the Election to Purchase, or (iii) the Exercise Price therefor (and, if applicable, any taxes or charges
due in connection with the exercise of such Warrants), is received by the Warrant Agent on any date after 5:00 P.M., New York City time,
or on a date that is not a Trading Day, the Warrants with respect thereto will be deemed to have been received and exercised on the Trading
Day next succeeding such date. The “Exercise Date” will be the date on which the Election to Purchase is delivered
to the Warrant Agent; however, the Warrants shall not be deemed to be exercised if the Warrants and the Exercise Price therefor
are not received by the Warrant Agent on or prior to the Trading Day following the delivery of the Election to Purchase. If the Warrants
are received or deemed to be received after the Expiration Date, the exercise thereof will be null and void and any funds delivered to
the Warrant Agent will be returned to the Holder or Participant, as the case may be, as soon as practicable. “Trading Day”
means any day on which the ADSs are traded on the Trading Market, or, if the Trading Market is not the principal trading market for the
ADSs, then on the principal securities exchange or securities market in the United States on which the ADSs are then traded. “Trading
Market” means NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New
York Stock Exchange.

 

(c)
The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price in the account maintained by the Warrant Agent
in its name as agent for the Company. The Warrant Agent shall remit to the Company funds received for warrant exercises in a given
month by the fifth Business Day of the following month by wire transfer to an account designated by the Company, or as otherwise from
time to time as reasonably requested by the Company. All funds received by Computershare under this Agreement that are to be distributed
or applied by Computershare in the performance of services hereunder (the “Funds”) shall be held by Computershare as agent
for the Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Company. Until
paid pursuant to the terms of this Warrant Agreement, Computershare will hold the Funds in deposit accounts with U.S. commercial
banks with Tier 1 capital exceeding $1 billion or with ratings above investment grade by S&P Global Ratings (LT Local
Issuer Credit Rating), Moody’s Investors Service (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each
as reported by Bloomberg  L.P.). Computershare shall have no responsibility or liability for any diminution of the Funds that
may result from any deposit made by Computershare in accordance with this Section 3.3.1(c), including any losses resulting from a default
by any bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings
in connection with such deposits. Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any
holder or any other party.

 

(d)
If less than all the Warrants evidenced by a surrendered Warrant Certificate are exercised, the Warrant Agent shall split up the surrendered
Warrant Certificate and return to the Holder a Warrant Certificate evidencing the Warrants that were not exercised.

 

3.3.2
Issuance of Warrant Shares. (a) The Warrant Agent shall, by 11:00 a.m., New York City time, on the Trading Day following the Exercise
Date of any Warrant, advise the Company, the transfer agent and registrar for Ordinary Shares and the Depositary, in respect of (i) the
number of Warrant Shares indicated on the Election to Purchase as issuable upon such exercise with respect to such exercised Warrants,
(ii) the instructions of the Holder or Participant, as the case may be, provided to the Warrant Agent with respect to the delivery of
the Warrant ADSs and the number of Warrants that remain outstanding after such exercise and (iii) such other information as the Company
or the Depositary shall reasonably request.

 

    	6

     

    

 

(b)
The Company shall, by no later than 5:00 P.M., New York City time, on the fourth Trading Day following the Exercise Date of any Warrant,
provided the funds in payment of the Exercise Price for each Warrant to be exercised have cleared on the Trading Day following the Exercise
Date, cause its registrar to deliver the Warrant Shares issuable upon that exercise to the Depositary’s custodian for deposit under
the Deposit Agreement and instruct the Depositary to deliver the Warrant ADSs issuable upon that deposit of Warrant Shares as requested
in the Election to Purchase.

 

(c)
The Company shall, by no later than 5:00 P.M., New York City time, on the fifth Trading Day following the Exercise Date of any Warrant,
provided the funds in payment of the Exercise Price for each Warrant to be exercised have cleared on the Trading Day following the Exercise
Date, cause the Depositary to deliver the Warrant ADSs to the Holder pursuant to the Election to Purchase (the “Warrant ADS
Delivery Date”).

 

3.3.3
Valid Issuance. All Warrant Shares and Warrant ADSs issuable by the Company upon the proper exercise of a Warrant in conformity
with this Warrant Agreement shall be validly issued, fully paid and non-assessable.

 

3.3.4
No Fractional Exercise. No fractional Warrant ADSs will be issued upon the exercise of the Warrant, but rather the Company shall
adjust the number of Warrant Shares issued up or down to the nearest integral multiple of the number of Ordinary Shares at the time represented
by one ADS.

 

3.3.5
No Transfer Taxes. The Company shall not be required to pay any stamp or other tax or charge required to be paid in connection
with the exercise of Warrants; and the Company shall not be required to issue or deliver any Warrant Shares until such tax or other charge
shall have been paid or it has been established to the satisfaction of the Company and the Warrant Agent that no such tax
or other charge is due. For purposes of clarity, the Company shall pay any stamp or other tax or charge required to be paid in connection
with any issuance to the Holder of the Warrant ADSs or Warrant Shares upon the exercise of Warrants.

 

3.3.6
Date of Issuance. (a) The Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant
ADSs only on the Warrant ADS Delivery Date, except that, if the Exercise Date is a date when the stock transfer books of the Company
are closed, such person shall be deemed to have become the holder of such shares at the open of business on the next succeeding date
on which the stock transfer books are open; provided, however, Warrant ADSs will not be registered or issued until the Depositary
receives notice from its custodian that the Warrant Shares have been deposited under the Deposit Agreement; provided further, however,
 that the Company shall take all reasonable steps to ensure the Warrant ADSs are delivered to the Holder
on or prior to the Warrant ADS Delivery Date in accordance with Section 3.3.2(c) hereof and, if the Warrant ADSs are not delivered to
the Holder on or prior to the Warrant ADS Delivery Date, the provisions of Section 3.3.9 shall apply.

 

    	7

     

    

 

(b)
No exercising Holder, which Holder effected a Warrant Exchange pursuant to Section 2.1.1 prior to the Exercise Date, shall be required
to surrender its Warrant to the Warrant Agent, unless such exercise is for the remaining numbers of ADSs issuable upon exercise of such
Warrant, in which case the Holder shall deliver the Warrant Certificate to the Warrant Agent within three (3) Business Days.

 

3.3.7
Restrictive Legend Events; Cashless Exercise Under Certain Circumstances. The Company shall use its commercially reasonable efforts
to maintain the effectiveness of the Registration Statement and the current status of the prospectus included therein or to file and
maintain the effectiveness of another registration statement and another current prospectus covering the Warrants and the Warrant Shares
at any time that the Warrants are exercisable. The Company shall provide to the Warrant Agent and each Holder prompt written notice of
any time that the Company is unable to deliver the Warrant ADSs via DTC transfer or otherwise without restrictive legend because (A)
the Commission has issued a stop order with respect to the Registration Statement, (B) the Commission otherwise has suspended or withdrawn
the effectiveness of the Registration Statement, either temporarily or permanently, (C) the Company has suspended or withdrawn the effectiveness
of the Registration Statement, either temporarily or permanently, (D) the prospectus contained in the Registration Statement is not available
for the issuance of the Warrant ADSs to the Holder, (E) the Registration Statement or the prospectus contained in the Registration Statement
is not current and does not conform to the requirements of the applicable rules and regulations, or the SEC has not declared effective
a post-effective amendment to the Registration Statement if one is required to be filed to update the disclosure in the Registration
Statement, or (F) otherwise (each a “Restrictive Legend Event”). To the extent that the Warrants cannot be exercised
as a result of a Restrictive Legend Event or a Restrictive Legend Event occurs after a Holder has exercised Warrants in accordance with
the terms of the Warrants but prior to the delivery of the Warrant ADSs, the Company shall, at the election of the Holder, which shall
be given within five (5) days of receipt of such notice of the Restrictive Legend Event, either rescind the previously submitted Election
to Purchase and the Company shall return all consideration paid by registered holder for such shares upon such.

 

3.3.8
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of
Warrant ADSs issuable in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant ADSs that
are not disputed.

 

    	8

     

    

 

3.3.9
Compensation for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to cause the Depositary to deliver the Warrant ADSs to the Holder pursuant to Section 3.3.2, and if
after such date the beneficial owner is required by its broker to purchase (in an open market transaction or otherwise) or the beneficial
owner’s brokerage firm otherwise purchases, ADSs or Ordinary Shares to deliver in satisfaction of a sale by the beneficial owner
of the Warrant ADSs, which the beneficial owner anticipated receiving upon such exercise (a “Buy-In”), then the Company
shall (A) pay in cash to the Holder the amount, if any, by which (x) the beneficial owner’s total purchase price (including brokerage
commissions, if any) for the Warrant ADSs or Warrant Shares so purchased exceeds (y) the amount obtained by multiplying (i) the number
of Warrant ADSs or Warrant Shares, as applicable, that the Company was required to deliver to the Holder in connection with the exercise
at issue times (ii) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of
the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant ADSs or Warrant Shares, as applicable, for which
such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Warrant
ADSs or Warrant Shares, as applicable, that would have been issued had the Company timely complied with its delivery obligations. For
example, if the beneficial owner purchases ADSs or Ordinary Shares having a total purchase price (including brokerage commissions)
of $11,000 to cover a Buy-In with respect to an attempted exercise of Warrant ADSs with an aggregate sale price giving rise to such
purchase obligation of $10,000, under clause (A) of the immediately preceding sentence, the Company shall be required to pay the Holder
$1,000 for the benefit of the beneficial owner. The Holder shall provide the Company written notice indicating the amounts payable to
the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit
right of a Holder to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree
of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Warrant ADSs upon exercise
of Warrants as required pursuant to the terms of this Warrant Agreement. The Warrant Agent shall have no liability for the Company’s
failure to deliver to the Holders the Warrant ADSs as set forth in this Section 3.3.9.

 

In
addition, if the Company fails for any reason to deliver to the Holder the Warrant ADSs subject to an Election to Purchase by the Warrant
ADS Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
ADSs subject to such exercise (based on the VWAP of the ADSs on the date of the applicable Election to Purchase), $10 per Trading Day
for each Trading Day after such Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds such exercise. The
Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and
exercisable. In addition, if the Company fails to cause the Depository to transmit to the Holder the Warrant ADSs by the Warrant ADS
Delivery Date, then the Holder will have the right to rescind such exercise.

 

For
purposes of this Warrant Agreement the term “VWAP” shall mean, for any date, the price determined by the first of
the following clauses that applies: (a) if the ADSs are then listed or quoted on a Trading Market, the daily volume weighted average
price of the ADSs for such date (or the nearest preceding date) on the Trading Market on which the ADSs are then listed or quoted as
reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) the volume
weighted average price of the ADSs for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the ADSs are not then
listed or quoted for trading on the OTC Bulletin Board and if prices for the ADSs are then reported in the OTCQB maintained by OTC Markets
Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent Bid Price per ADS
so reported, or (d) in all other cases, the fair market value of an ADS as determined by an independent appraiser selected in good faith
by the Company, the fees and expenses of which shall be paid by the Company.

 

    	9

     

    

 

“Bid Price” means, for any date,
the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or quoted on a Trading
Market, the Bid Price of the ADSs for the time in question (or the nearest preceding date) on the Trading Market on which the
ADSs is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02
p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the ADSs for such
date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not then listed or quoted for trading
on OTCQB or OTCQX and if prices for the ADSs are then reported on the Pink Open Market (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent Bid Price per share of the ADSs so reported, or (d) in all other cases,
the fair market value of an ADS as determined by an independent appraiser selected in good faith by the Holders of a majority
in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by
the Company.

 

3.3.10
Beneficial Ownership Limitation. A Holder shall not have the right to exercise any Warrants to the extent that after giving effect to
the issuance of Warrant ADSs as set forth on the applicable Election to Purchase, such Holder or a person holding through such Holder
(together with such Holder’s or person’s Affiliates (as defined in Rule 405 under the Securities Act), and any other persons
acting as a group together with that Holder or person or any of that Holder’s or person’s Affiliates), would beneficially
own in excess of 4.99% (or, at the election of the Holder prior to the issuance of the Warrants, 9.99%) (“Beneficial Ownership
Limitation”) of the Company’s Ordinary Shares. For purposes of the foregoing sentence, the number of Ordinary Shares beneficially
owned by a person shall include the number of Ordinary Shares underlying the ADSs held by the Holder plus the number of Ordinary
Shares underlying the Warrant ADSs that would be owned by that person issuable upon exercise of the Warrants with respect to which such
determination is being made, but shall exclude the number of Ordinary Shares (i) underlying the Warrant ADSs which would be issuable
upon exercise of the remaining, non-exercised Warrants beneficially owned by that person or any of its Affiliates and (ii) underlying
any other securities of the Company held by such Holder or its Affiliates that are exercisable or convertible into Ordinary Shares and
subject to a limitation on conversion or exercise that is analogous to the limitation contained in this Section 3.3.10. Except as set
forth in the preceding sentence, for purposes of this Section 3.3.10, beneficial ownership shall be determined in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations promulgated
thereunder, it being acknowledged by the Holder that neither the Warrant Agent nor the Company is representing to the Holder that such
determination is in compliance with Section 13(d) of the Exchange Act and the Holder or beneficial owner is solely responsible
for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 3.3.10 applies,
the determination of whether a Warrant is exercisable and of the number of Warrants that are exercisable shall be in the sole discretion
of the Holder, and the submission of an Election to Purchase shall be deemed to be the Holder’s determination of whether such Warrant
is exercisable and of the number of Warrants that are exercisable, and neither the Warrant Agent nor the Company shall have any obligation
to verify or confirm the accuracy of such determination and neither of them shall have any liability for any error made by the Holder
or any other person. In addition, a determination as to any group status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 3.3.10, in determining
the number of outstanding Ordinary Shares, a Holder or other person may rely on the number of outstanding Ordinary Shares as reflected
in (A) the Company’s most recent periodic or annual report filed with the Securities and Exchange Commission, as the case may be,
(B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Company’s transfer
agent setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the written or oral request of a person
that represents that it is or is acting on behalf of a Holder, the Company shall, within two (2) Trading Days, confirm orally or in writing
or by e-mail to that person the number of Ordinary Shares then outstanding. Upon delivery of a written notice to the Company, the Holder
may from time to time increase or decrease the Beneficial Ownership Limitation to any other percentage not in excess of 9.99% as specified
in such notice, provided that any increase in the Beneficial Ownership Limitation will not be effective until the sixty-first (61st)
day after such notice is delivered to the Company and any such increase or decrease will apply only to the Holder and its Affiliates
and not to any other holder of Warrants. The provisions of this Section 3.3.10 shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 3.3.10 to correct this subsection (or any portion hereof) which may be defective
or inconsistent with the intended beneficial ownership limitation herein contained.

 

    	10

     

    

 

3.3.11
The Company shall pay all Warrant Agent and Depositary fees required for timely processing of any Election to Purchase and all fees to
DTC (or another established clearing corporation performing similar functions) required for electronic issuance and delivery of the Warrant
ADSs for timely delivery of Warrant ADSs on or prior to the Warrant ADSs Delivery Date. The Company shall pay all applicable fees and
expenses of the Depositary in connection with the issuance of the Warrants ADSs hereunder.

 

4.
Adjustments.

 

4.1
Adjustment upon Subdivisions or Combinations. If the Company at any time after the Issuance Date subdivides (by any stock split,
stock dividend, recapitalization, reorganization, scheme of arrangement or otherwise) its outstanding Ordinary Shares into a greater
number of Ordinary Shares or the ratio of Ordinary Shares per ADS is reduced (e.g., the ratio is changed from one Ordinary Share
per one ADS to two Ordinary Shares per one ADS), the Exercise Price in effect immediately prior to such subdivision will be
proportionately reduced and the number of Warrant ADSs will be proportionately increased. If the Company at any time after the Issuance
Date combines (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) its outstanding
Ordinary Shares into a smaller number of Ordinary Shares or the ratio of Ordinary Shares per ADS is increased (e.g., the ratio is changed
from one Ordinary Shares per one ADS to three Ordinary Shares per one ADS), the Exercise Price in effect immediately prior
to such combination will be proportionately increased and the number of Warrant ADSs will be proportionately decreased. Any adjustment
under this Section 4.1 shall become effective at the close of business on the date the subdivision or combination or ratio change becomes
effective. The Company shall promptly notify the Warrant Agent in writing of any adjustment to the Warrants and give specific instructions
to the Warrant Agent with respect to any adjustments to the warrant register.

 

    	11

     

    

 

4.2
Adjustment for Other Distributions. In the event the Company shall fix a record date for the making of a dividend or distribution
to all holders of Ordinary Shares of any evidences of indebtedness or assets or subscription rights, options or warrants (excluding those
referred to in Section 4.1 or other dividends paid out of retained earnings), then in each such case the Holder will, upon the exercise
of Warrants, be entitled to receive, in addition to the number of Warrant ADSs issuable thereupon, and without payment of any additional
consideration therefor, the amount of such dividend or distribution, as applicable, which such Holder would have held on the date of
such exercise had such Holder been the holder of record of such Warrant ADSs as of the date on which holders of ADSs became entitled
to receive such dividend or distribution. Such adjustment shall be made whenever any such distribution is made and shall become effective
immediately after the record date mentioned above.

 

4.3
Reclassification, Consolidation, Purchase, Combination, Sale or Conveyance. If, at any time while the Warrants are outstanding,

 

	 	 (i) 	the Company, directly or
  indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another person; 

 

	 	 (ii) 	the Company, directly or
  indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of
  its assets in one or a series of related transactions; 

 

	 	 (iii) 	any direct or indirect purchase offer, tender offer or exchange
offer (whether by the Company or another person) is completed pursuant to which holders of ordinary shares (including those represented
by ADSs) are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders
of 50% or more of the total voting power of the Company’s ordinary shares (including those represented by ADSs) (not including
any Ordinary Shares (including those represented by ADSs) held by the other person or other persons making or party to, or associated
or affiliated with the other persons making, such purchase offer, tender offer or exchange offer);

 

	 	 (iv) 	the Company, directly or indirectly, in one or more related
transactions effects any reclassification, reorganization or recapitalization of ADSs or Ordinary Shares or any compulsory share exchange
pursuant to which the ADSs or Ordinary Shares are effectively converted into or exchanged for other securities, cash or property, or

 

	 	 (v) 	the Company, directly or indirectly, in one or more related
transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another person whereby such other person acquires more than 50% of the total
voting power of the Company’s ordinary shares (including those represented by ADSs) (not including any Ordinary Shares (including
those represented by ADSs) held by the other person or other persons making or party to, or associated or affiliated with the other persons
making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),

 

then,
upon any subsequent exercise of a Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 3.3.10
on the exercise of the Warrants), the number of shares, if any, of the successor or acquiring corporation or of the Company, if it is
the surviving corporation, or depositary shares representing those shares, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of ADSs for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 3.3.10 on the exercise
of the Warrants). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply
to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one ADS in such Fundamental Transaction
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration. If holders of ADSs are given any choice as to the securities, cash or property
to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives
upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”), to assume in writing all of the obligations
of the Company under this Warrant Agreement in accordance with the provisions of this Section 4.3 pursuant to written agreements in form
reasonably satisfactory to the Warrant Agent and shall, upon the written request of the Holder of Warrants, deliver to that Holder in
exchange for those Warrants a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to those Warrants that is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity),
if any, plus any Alternate Consideration, receivable as a result of such Fundamental Transaction by a holder of the number of ADSs for
which those Warrants were exercisable immediately prior to such Fundamental Transaction, and with an exercise price which applies the
exercise price hereunder to such shares of capital stock, if any, plus any Alternate Consideration (but taking into account the relative
value of the ADSs or Ordinary Shares prior to such Fundamental Transaction and the value of such shares of capital stock plus Alternate
Consideration after that Fundamental Transaction, for the purpose of protecting the economic value those Warrants had immediately prior
to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction the Successor Entity shall
succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant Agreement
and the Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Warrant Agreement and the Warrant with the same
effect as if such Successor Entity had been named as the Company herein.

 

    	12

     

    

 

The
Company shall instruct the Warrant Agent in writing to mail, by first class mail, postage prepaid, to each Holder, written notice
of the execution of any such amendment, supplement or agreement with the Successor Entity. Any supplemented or amended agreement entered
into by the successor corporation or transferee shall provide for adjustments, which shall be as nearly equivalent as may be practicable
to the adjustments provided for in this Section 4.3. The Warrant Agent shall have no duty, responsibility or obligation to determine
the correctness of any provisions contained in such agreement or such notice, including but not limited to any provisions relating either
to the kind or amount of securities or other property receivable upon exercise of warrants or with respect to the method employed and
provided therein for any adjustments, and shall be entitled to rely conclusively for all purposes upon the provisions contained in any
such agreement. The provisions of this Section 4.3 shall similarly apply to successive reclassifications, changes, consolidations, mergers,
sales and conveyances of the kind described above.

 

4.4
Other Events. If any event occurs of the type contemplated by the provisions of Section 4.1 or 4.2 but not expressly provided
for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights
with equity features to all holders of ADSs for no consideration), then the Company’s board of directors will, at
its discretion and in good faith, make an adjustment in the Exercise Price and the number of Warrant ADSs or designate such additional
consideration to be deemed issuable upon exercise of a Warrant, so as to protect the rights of the registered Holder. No adjustment to
the Exercise Price will be made pursuant to more than one sub-section of this Section 4 in connection with a single issuance.

 

4.5
Notices of Changes in Warrant. Upon every adjustment of the Exercise Price or the number of Warrant ADSs issuable upon exercise
of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting
from such adjustment and the increase or decrease, if any, in the number of Warrant ADSs purchasable at such price upon the exercise
of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the
occurrence of any event specified in Sections 4.1 or 4.2, then, in any such event, the Company shall give written notice to each Holder,
at the last address set forth for such holder in the Warrant Register, as of the record date or the effective date of the event. Failure
to give such notice, or any defect therein, shall not affect the legality or validity of such event. The Warrant Agent shall be entitled
to rely conclusively on, and shall be fully protected in relying on, any certificate, notice or instructions provided by the Company
with respect to any adjustment of the Exercise Price or the number of shares issuable upon exercise of a Warrant, or any related matter,
and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with any such certificate,
notice or instructions or pursuant to this Warrant Agreement. The Warrant Agent shall not be deemed to have knowledge of any such adjustment
unless and until it shall have received written notice thereof from the Company.

 

5.
Restrictive Legends; Fractional Warrants.

 

In
the event that a Warrant Certificate surrendered for transfer bears a restrictive legend, the Warrant Agent shall not register that transfer
until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the Warrants must also bear a restrictive legend upon that transfer. The Warrant Agent shall not be required to effect any registration
of transfer or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction of a Warrant.

 

6.
Expense Reimbursement. The Company shall reimburse
the Holder, upon the Holder’s request, for any reasonable fees charged to the Holder by the Depositary in connection with the issuance
or holding or sale of ADSs, Warrant ADSs and/or Ordinary Shares.

 

7.
Other Provisions Relating to Rights of Holders of
Warrants.

 

7.1
No Rights as Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants,
shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall
anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the registered holder of
Warrants, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether
any reorganization, issue of stock, reclassification of share capital, consolidation, merger, conveyance or otherwise), receive notice
of meetings, receive dividends or subscription rights or rights to participate in new issues of shares, or otherwise, prior to the issuance
to the Holder of the Warrant ADSs which it is then entitled to receive upon the due exercise of Warrants.

 

    	13

     

    

 

7.2
Reservation of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued
Ordinary Shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement.

 

8.
Concerning the Warrant Agent and Other Matters.

 

8.1
(a) Whether or not any Warrants are exercised, the Company agrees to pay to the Warrant Agent reasonable compensation for all services
rendered by it hereunder in accordance with a fee schedule to be mutually agreed upon and, from time to time, on demand of the Warrant
Agent , to reimburse the Warrant Agent for all of its reasonable expenses and counsel fees and other disbursements incurred in the preparation,
delivery, negotiation, amendment, administration and execution of this Warrant Agreement and the exercise and performance of its duties
hereunder.

 

(b)
All amounts owed by the Company to the Warrant Agent under this Warrant Agreement are due within 30 days of the invoice date. Delinquent
payments are subject to a late payment charge of one and one-half percent (1.5%) per month commencing 45 days from the invoice date.
The Company agrees to reimburse the Warrant Agent for any attorney’s fees and any other costs associated with collecting delinquent
payments.

 

(c)
No provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties under this Warrant Agreement or in the exercise of its rights.

 

8.2
As agent for the Company hereunder the Warrant Agent:

 

(a)
shall have no duties or obligations other than those specifically set forth in this Warrant Agreement or as may subsequently be agreed
to in writing by the Warrant Agent and the Company, subject to the Section 8.11(c);

 

(b)
shall have no obligation to effect any delivery of Warrant ADSs other than to instruct the Depositary with respect to that delivery;

 

(c)
shall be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness
of the Warrants or any Warrant Shares or Warrant ADSs;

 

(d)
shall not be obligated to take any legal action under this Warrant Agreement; if, however, the Warrant Agent determines, in its sole
and absolute discretion, to take any legal action under this Warrant Agreement, and where the taking of such action might, in its judgment,
subject or expose it to any expense or liability it shall not be required to act unless it has been furnished with an indemnity satisfactory
to it;

 

(e)
may rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice,
letter, telegram, telex, facsimile transmission or other document or security delivered to the Warrant Agent and believed by it to be
genuine and to have been signed by the proper party or parties;

 

    	14

     

    

 

(f)
shall not be liable or responsible for any recital or statement contained in the Registration Statement or any other documents relating
thereto, this Warrant Agreement or any Warrant Certificate except as to its countersignature thereof, or be required to verify the same,
but all such statements and recitals are and shall be deemed to have been made by the Company only;

 

(g)
shall not have any liability for or be under any responsibility in respect of the validity of this Warrant Agreement or the execution
and delivery hereof (except the due execution hereof by the Warrant Agent ) or in respect of the legality or validity or execution of
any Warrant Certificate (including in the case of book entry shares, by notation in book entry accounts reflecting ownership), except
its countersignature thereof; nor shall it be responsible for any breach by the Company of any covenant or failure by the Company to
satisfy any condition contained in this Warrant Agreement or in any Warrant Certificate; nor shall it be liable or responsible for modification
by or order of any court, tribunal, or governmental authority in connection with the foregoing, any change in the exercisability of the
Warrant ADSs or any adjustment required under this Warrant Agreement or responsible for the manner, method or amount of any such adjustment
or the ascertaining of the existence of facts that would require any such adjustment;

 

(h)
shall not be liable or responsible for any failure on the part of the Company to comply with any of its covenants and obligations relating
to the Warrants, including without limitation obligations under this Warrant Agreement and applicable securities laws;

 

(i)
may rely on and shall be fully authorized and protected in acting or failing to act upon the written, telephonic or oral instructions
with respect to any matter relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying
any such actions) of officers of the Company, and is hereby authorized and directed to accept instructions with respect to the performance
of its duties hereunder from the Company or counsel to the Company, and may apply to the Company, for advice or instructions in connection
with the Warrant Agent’s duties hereunder, and the Warrant Agent shall not be liable for any delay in acting while waiting for
those instructions; any applications by the Warrant Agent for written instructions from the Company may, at the option of the Warrant
Agent , set forth in writing any action proposed to be taken or omitted by the Warrant Agent under this Warrant Agreement and the date
on or after which such action shall be taken or such omission shall be effective; the Warrant Agent shall not be liable for any action
taken by, or omission of, the Warrant Agent in accordance with a proposal included in such application on or after the date specified
in such application (which date shall not be less than five Business Days after the date such application is sent to the Company, unless
the Company shall have consented in writing to any earlier date) unless prior to taking any such action, the Warrant Agent shall have
received written instructions in response to such application specifying the action to be taken or omitted;

 

    	15

     

    

 

(j)
may consult with counsel satisfactory to the Warrant Agent and the advice or opinion of such counsel shall be full and complete authorization
and protection in respect of any action taken, suffered, or omitted by it hereunder in accordance with the advice or opinion of such
counsel;

 

(k)
may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through
its attorneys or agents, and the Warrant Agent shall not be answerable or accountable for any act, omission, default, neglect or misconduct
of any such attorneys or agents or for any loss to the Company, to Holders or any other person resulting from any such act, omission,
default, neglect or misconduct, absent gross negligence or willful misconduct in the selection and continued employment thereof (which
gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction);

 

(l)
is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person;

 

(m)
shall not be required hereunder to comply with the laws or regulations of any country other than the United States of America or any
political subdivision thereof; and Warrant Agent may, after consulting with the Company to the extent practical, consult with foreign
counsel, the fees and expenses of which shall be at the Company’s expense, to resolve any foreign law issues that may arise as
a result of the Company or any other party being subject to the laws or regulations of any foreign jurisdiction;

 

(n)
any stockholder, affiliate, member, director, officer, agent, representative or employee of the Warrant Agent may buy, sell or deal in
any of the Warrant ADSs or other securities of the Company or may become pecuniarily interested in any transaction in which the Company
may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not the Warrant
Agent under this Warrant Agreement. Nothing herein shall preclude the Warrant Agent or any such stockholder, affiliate, director, member,
officer, agent, representative or employee from acting in any other capacity for the Company or for any other person; and

 

(o)
shall not be required to take notice or be deemed to have notice of any event or condition hereunder, including any event or condition
that may require action by the Warrant Agent , unless the Warrant Agent shall be specifically notified in writing of such event or condition
by the Company, and all notices or other instruments required by this Warrant Agreement to be delivered to the Warrant Agent must, in
order to be effective, be received by the Warrant Agent as specified in Section 8.10 hereof, and in the absence of such notice so delivered,
the Warrant Agent may conclusively assume no such event or condition exists.

 

    	16

     

    

 

8.3
(a) In the absence of gross negligence or willful misconduct on its part (which gross negligence or willful misconduct must be determined
by a final, non-appealable judgment of a court of competent jurisdiction), the Warrant Agent shall not be liable for any action taken,
suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant Agreement. Anything
in this Warrant Agreement to the contrary notwithstanding, in no event shall Warrant Agent be liable for special, indirect, incidental,
consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent
has been advised of the possibility of such losses or damages and regardless of the form of action. Any liability of the Warrant Agent
will be limited in the aggregate to the amount of fees (but not reimbursed costs, charges or expenses) paid by the Company hereunder
for the twelve months preceding the event for which recovery from the Warrant Agent is being sought. The Warrant Agent shall not be liable
for any failures, delays or losses, arising directly or indirectly out of conditions beyond its reasonable control including, but not
limited to, acts of government, exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil disobedience,
riots, rebellions, storms, electrical or mechanical failure, computer hardware or software failure, communications facilities failures
including telephone failure, war, terrorism, insurrection, earthquakes, floods, epidemics, pandemics, acts of God or similar occurrences.

 

(b)
In the event any question or dispute arises with respect to the proper interpretation of the Warrants or the Warrant Agent’s duties
under this Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act and shall
not be held liable or responsible for its refusal to act until the question or dispute has been judicially settled (and, if appropriate,
it may, but shall not be required to, file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment rendered
by a court of competent jurisdiction, binding on all persons interested in the matter which is no longer subject to review or appeal,
or settled by a written document in form and substance satisfactory to Warrant Agent and executed by the Company and each such Holder.
In addition, the Warrant Agent may require for such purpose, but shall not be obligated to require, the execution of such written settlement
by all the Holders and all other persons that may have an interest in the settlement.

 

(c)
The Warrant Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any Holder with respect
to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or responsibility to initiate
or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company on behalf of any Holder.

 

8.4
The Company covenants to indemnify the Warrant Agent and hold it harmless from and against loss, liability, damage, judgment, fine, penalty,
claim, demand, settlement, cost or expense (including, without limitation, the reasonable fees and expenses of legal counsel) that may
be paid to any third party, incurred or suffered by it, or which it may become subject, without gross negligence or illegal or willful
misconduct on the part of the Warrant Agent (which gross negligence or willful misconduct must be determined by a final, non-appealable
judgment of a court of competent jurisdiction), for any action taken, suffered, or omitted to be taken by the Warrant Agent in connection
with the execution, acceptance, administration, exercise and performance of its duties under this Warrant Agreement, including the costs
and expenses of defending against any claim of liability arising therefrom, directly or indirectly, or enforcing its rights hereunder
against any third party. The provisions under Sections 8.1, 8.2, 8.3 and this Section 8.4 shall survive the expiration of the Warrant
ADSs and the termination of this Warrant Agreement and the resignation, replacement or removal of the Warrant Agent. The costs and expenses
incurred in enforcing this right of indemnification shall be borne by the Company.

 

    	17

     

    

 

8.5
Unless terminated earlier by the parties hereto, this Warrant Agreement shall terminate 90 days after the earlier of the Expiration Date
and the date on which no Warrants remain outstanding (the “Termination Date”). On the Business Day following the Termination
Date, the Agent shall deliver to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement. The Agent’s
right to be indemnified and held harmless and to be reimbursed for fees, charges and out-of-pocket expenses as provided in this Section
8 shall survive the termination of this Warrant Agreement.

 

8.6
If any provision of this Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant Agreement shall
be construed and enforced as if such provision had not been contained herein and shall be deemed an agreement among the parties to it
to the full extent permitted by applicable law; provided, however, that if such excluded provision shall adversely affect the rights,
immunities, liabilities, duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to resign immediately upon written
notice to the Company.

 

8.7
The Company represents and warrants that (a) it is duly incorporated and validly existing under the laws of its jurisdiction of incorporation,
(b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions contemplated thereby (including
this Warrant Agreement) have been duly authorized by all necessary corporate action and will not result in a breach of or constitute
a default under the articles of association, bylaws or any similar document of the Company or any indenture, agreement or instrument
to which it is a party or is bound, (c) this Warrant Agreement has been duly executed and delivered by the Company and constitutes the
legal, valid, binding and enforceable obligation of the Company, (d) the Warrants will comply in all material respects with all applicable
requirements of law and (e) to the best of its knowledge, there is no litigation pending or threatened as of the date hereof in connection
with the offering of the Warrants.

 

8.8
In the event of inconsistency between this Warrant Agreement and the descriptions in the Registration Statement, as they may from time
to time be amended, the terms of this Warrant Agreement shall control.

 

 8.8
 Set forth in Annex C hereto is a list of the names and specimen
signatures of the persons authorized to act for the Company under this Warrant Agreement. The Company shall, from time to time,
certify to the Warrant Agent the names and signatures of any other persons authorized to act for the Company under this Warrant
Agreement (collectively, the “Authorized Representatives”). The Warrant Agent shall be fully authorized and protected
in relying upon the advice or instructions received from any such Authorized Representatives.

 

 8.9
 Except as expressly set forth elsewhere in this Warrant Agreement,
all notices, instructions and communications under this Warrant Agreement shall be in writing, by overnight delivery service, first-class
mail, postage prepaid, properly addressed shall be effective upon receipt and shall be addressed, if to the Company, to its address set
forth beneath its signature to this Warrant Agreement, or, if to the Warrant Agent , to:

 

Computershare
Inc.

Computershare
Trust Company, N.A.

150
Royall Street

Canton,
MA 02021

Attention:
Client Services

 

or
to such other address of which a party hereto has notified the other party; and, if to a Holder made if sent by first-class mail, postage
prepaid, or overnight delivery service, addressed to such Holder at the last address of such Holder set forth for such holder in the
Warrant Register.

 

    	18

     

    

 

 8.10
 (a) This Warrant Agreement shall be governed by and construed in accordance
with the law of the State of New York. All actions and proceedings relating to or arising from, directly or indirectly, this Warrant
Agreement may be brought in courts of the State of New York or of the United States of America sitting within the Borough of Manhattan
in the City and State of New York. The Company hereby submits to the personal jurisdiction of such courts and consents that any 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. Each of the parties hereto hereby waives the right to a trial by jury in any action or proceeding arising out
of or relating to this Warrant Agreement.

 

(b)
This Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties hereto. This Warrant
Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the prior written consent of the
other party, which the other party will not unreasonably withhold, condition or delay; except that (i) consent is not required for an
assignment or delegation of duties by Warrant Agent to any affiliate of Warrant Agent and (ii) any reorganization, merger, consolidation,
sale of assets or other form of business combination by Warrant Agent or the Company shall not be deemed to constitute an assignment
of this Warrant Agreement.

 

(c)
No provision of this Warrant Agreement may be amended, modified or waived, except in a written document signed by both parties. The Company
and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable and that the
parties determine, in good faith, shall not adversely affect the interest of the Holders in any material respect. All other amendments
and supplements shall require the vote or written consent of Holders of a majority of the then outstanding Warrants, provided,
however, that no modification of the terms (including but not limited to the adjustments described in Section 4 herein) upon which the
Warrants are exercisable or the rights of the holders of Warrants to receive payments in cash from the Company, or no reduction of the
percentage required for consent to modification of this Warrant Agreement or no requirement for a holder of Warrants in book entry or
electronic form held through DTC to deliver any ink-original Election to Purchase or any medallion guarantee (or other type of guarantee
or notarization) of an Election to Purchase or no or to modification of the terms of the beneficial ownership limitation in Section 3.3.10
or reimbursement to the Holder pursuant to Section 6 may be made without the consent of the Holder of each outstanding Warrant affected
thereby. As a condition precedent to the Warrant Agent executing any amendment or supplement, the Company shall deliver a certificate
from an Authorized Representative which states that the proposed supplement or amendment is in compliance with the terms of this Section
8.11(c). Notwithstanding anything in this Warrant Agreement to the contrary, the Warrant Agent shall not be required to execute any supplement
or amendment to this Warrant Agreement that it has determined would adversely affect its own rights, duties, obligations or immunities
under this Warrant Agreement.

 

    	19

     

    

 

8.12
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or
the Warrant Agent in respect of the issuance or delivery of Warrant Shares or Warrant ADSs upon the exercise of Warrants, but the Company
may require the Holders to pay any transfer taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering
any transfer of Warrants or any delivery of any Warrant ADSs unless or until the persons requesting the registration or issuance shall
have paid to the Warrant Agent for the account of the Company the amount of such tax or charge, if any, or shall have established to
the reasonable satisfaction of the Company and the Warrant Agent that such tax or charge, if any, has been paid.

 

8.13
Resignation of Warrant Agent.

 

8.13.1
Appointment of Successor Warrant Agent. The Warrant Agent , or any successor to it hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company,
or such shorter period of time agreed to by the Company. The Company may terminate the services of the Warrant Agent , or any successor
Warrant Agent , after giving thirty (30) days’ notice in writing to the Warrant Agent or successor Warrant Agent. In the event
any transfer agency relationship in effect between the Company and the Warrant Agent terminates, the Warrant Agent will be deemed to
have resigned automatically and be discharged from its duties under this Warrant Agreement as of the effective date of such termination,
If the office of the Warrant Agent becomes vacant by resignation, termination or incapacity to act or otherwise, the Company shall appoint
in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period
of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent , then the Warrant Agent or any
Holder may apply to any court of competent jurisdiction for the appointment of a successor Warrant Agent at the Company’s cost.
Pending appointment of a successor to such Warrant Agent , either by the Company or by such a court, the duties of the Warrant Agent
shall be carried out by the Company. Any successor Warrant Agent (but not including the initial Warrant Agent ), whether appointed by
the Company or by such court, shall be a person organized and existing under the laws of any state of the United States of America, in
good standing, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal
or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities,
duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without
any further act or deed, and except for executing and delivering documents as provided in the sentence that follows, the predecessor
Warrant Agent shall have no further duties, obligations, responsibilities or liabilities hereunder, but shall be entitled to all rights
that survive the termination of this Warrant Agreement and the resignation or removal of the Warrant Agent , including but not limited
to its right to indemnity hereunder. If for any reason it becomes necessary or appropriate or at the request of the Company, the predecessor
Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all
the authority, powers, and rights of such predecessor Warrant Agent hereunder, except the rights and immunities retained by the predecessor
Warrant Agent under the terms hereof; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and
deliver at the expense of the Company any and all instruments in writing for more fully and effectually vesting in and confirming to
such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

    	20

     

    

 

8.13.2
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the transfer agent for the ADSs not later than the effective date of any such appointment.

 

8.13.3
Merger or Consolidation of Warrant Agent. Any person into which the Warrant Agent may be merged or converted or with which it
may be consolidated or any person resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party
or any person succeeding to the shareowner services business of the Warrant Agent or any successor Warrant Agent shall be the successor
Warrant Agent under this Warrant Agreement, without any further act or deed. For purposes of this Warrant Agreement, “person”
shall mean any individual, firm, corporation, partnership, limited liability company, joint venture, association, trust or other entity,
and shall include any successor (by merger or otherwise) thereof or thereto.

 

9.
Miscellaneous Provisions.

 

9.1
Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied
from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than
the parties hereto and the Holders any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition,
stipulation, promise, or agreement hereof.

 

9.2
Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the office
of the Warrant Agent designated for such purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require
any such holder to provide reasonable evidence of its interest in the Warrants.

 

9.3
Counterparts. This Warrant Agreement may be executed in any number of original, facsimile or electronic counterparts and each
of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one
and the same instrument.

 

9.4
Effect of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall
not affect the interpretation thereof.

 

9.5
Further Assurance. The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed,
acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required or requested by
the Warrant Agent for the carrying out or performing by the Warrant Agent of the provisions of this Warrant Agreement.

 

    	21

     

    

 

IN
WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	TC
    BIOPHARM (HOLDINGS) PLC
	 	 	
	 	By:	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	Address for notices:
	 	Maxim
    1, 2 Parklands Way
	 	Holytown,
    Motherwell, ML1 4WR
	 	Scotland,
    United Kingdom
	 	Attention:
    Chief Financial Officer
	 	 Telephone: 	+44
    (0) 141 433 7557
	 	Facsimile:	 
	 	E-mail:	 
	 	 	 
	 	Computershare
    Inc.,
	 	Computershare
    Trust Company, N.A.,
	 	As
    Warrant Agent 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Annex
A Form of Warrant Certificates

Annex
B Election to Purchase

Annex
C Authorized Representatives

Annex
D Form of Warrant Certificate Request Notice

 

    	22

     

    

 

ANNEX
A

 

[Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to issuer 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 is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or
to 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.]

 

TC
BIOPHARM (HOLDINGS) PLC.

WARRANT CERTIFICATE

NOT EXERCISABLE AFTER _________, 2025

 

This certifies that the person
whose name and address appears below, or registered assigns, is the registered owner of the number of Warrants set forth below. Each
Warrant entitles its registered holder to purchase from TC BioPharm (Holdings) plc, a company incorporated in Scotland
under the laws of the United Kingdom (the “Company”) at any time prior to 5:00 P.M. (New York City time)
on _________, 2025, at the designated office of Computershare Inc. and Computershare Trust Company, N.A., as warrant agent (the “Warrant
Agent ”) set forth below, one American Depositary Share (each, an “ADS”), each ADS representing one (1)
ordinary share, par value £0.01, of the Company (each, a “Share” and collectively, the “Shares”),
at price of US$__ per whole ADS, subject to possible adjustments as provided in the Warrant Agreement (as defined below). The Company
will pay the issuance fee for each ADS issued pursuant to the Warrants to the Depositary under the Deposit Agreement dated as of January
___, 2022 (the “Deposit Agreement”) among the Company, The Bank of New York Mellon, as depositary, and all Owners
and Holders (each as defined in the Deposit Agreement) from time to time of the ADSs issued thereunder.

 

This
Warrant Certificate, with or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent , may be
exchanged for another Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or
Warrant Certificates surrendered. A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate
at the designated office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed
or accompanied by proper instruments of transfer, a signature guarantee, and such other and further documentation as the Warrant Agent
may reasonably request and duly stamped as may be required by the law of the State of New York and of the United States of America.

 

The
terms and conditions of the Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in the Warrant
Agent Agreement dated as of __________, 2022 (the “Warrant Agreement”) between the Company and the Warrant Agent.
A copy of the Warrant Agreement is available for inspection during business hours at the office of the Warrant Agent.

 

    	23

     

    

 

This
Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by an authorized signatory
of the Warrant Agent.

 

WITNESS
the facsimile signature of a proper officer of the Company.

 

	 	TC
    BIOPHARM (HOLDINGS) PLC
	 	 	           
	 	By:
     	 
	 	Name:	 
	 	Title:	 

 

	Dated:
    _____, 2022	 
	Countersigned	 

 

_______________________________________________________________________________________________,

 

	As
    Warrant Agent 	 
	 	  	 
	By:
    	 	 
	Name:
    	 	 
	Title:	 	 

 

PLEASE
DETACH HERE

 

Certificate
No.:_________ Number of Warrants:__________

 

WARRANT
CUSIP NO.: _________

 

TC
BIOPHARM (HOLDINGS) PLC

 

	[Name
    & Address of Holder]	__________________________,
    Warrant Agent 

 

	 	By
    mail:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	By
    hand or overnight courier:
	 	 
	 	 
	 	 
	 	 

 

    	24

     

    

 

ANNEX
B

 

[Form
of Election to Purchase]

 

(To
Be Executed Upon Exercise Of Warrants not evidenced by a Global Certificate)

 

The
undersigned hereby irrevocably elects to exercise the right, represented by Warrants evidenced by this Warrant Certificate, to receive
ADSs and herewith tenders payment for such ADSs to the order of [_____________], in the amount of US$ in accordance with the terms hereof.

 

The
undersigned requests that a certificate for such ADSs be registered in the name of

 

_________________________________________________ 

 ____________________________________, whose
address is

 

	 	 
	_______, and
  that such	

 

	certificate be delivered to_______________	
	_____, whose address is	 

 

________________________________________________________________________________________________

_________ 

 

If
the number of Warrants being exercised hereby is less than all the Warrants evidenced by this Warrant Certificate, the undersigned requests
that a new Warrant Certificate representing the remaining unexercised Warrants be registered in the name of

 

__________________________________________________________________________________________________________________________,whose
address is

 

_________________________________________________________________________________________

___________________________________
and that such

 

certificate
be delivered to_______________________________________________________________________________________

__________________ whose address is

 

_________________________________________________________________________________________

__________

 

Date:
_________________ _________________________________________________________________________

 

(Signature
of holder)

 

Place
signature guarantee stamp here:

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Warrant Agent , which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Warrant Agent in addition to, or in substitution for, STAMP, all in accordance with
the Securities Exchange Act of 1934, as amended.

 

    	25

     

    

 

ANNEX
C

 

AUTHORIZED
REPRESENTATIVES

 

	Name	 	Title	 	Signature
	 	 	 	 	 
	Martin
    Thorp	 	Chief
    Financial Officer	 	 
	Bryan
    Kobel	 	Chief
    Executive Officer	 	 

 

    	26

     

    

 

ANNEX
D

 

Annex
D: Form of Warrant Certificate Request Notice

WARRANT
CERTIFICATE REQUEST NOTICE

 

To:
___________________ as Warrant Agent for TC BioPharm (Holdings) plc (the “Company”)

 

The
undersigned Holder of Warrants to purchase ____________ American Depositary Share  (“Warrants”) in
the form of Global Warrants issued by the Company hereby elects to receive a Warrant Certificate evidencing the Warrants held by the
Holder as specified below:

 

1.
Name of Holder of Warrants in form of Global Warrants:

 

2.
Name of Holder in Warrant Certificate (if different
from name of Holder of Warrants in form of Global Warrants): ________________________________

 

3.
Number of Warrants in name of Holder in form of Global
Warrants: ___________________

 

4.
Number of Warrants for which Warrant Certificate shall
be issued: __________________

 

5.
Number of Warrants in name of Holder in form of Global
Warrants after issuance of Warrant Certificate, if any: ___________

 

6.
Warrant Certificate shall be delivered to the following
address:

 

______________________________

 

______________________________

 

______________________________

 

The
undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate,
the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number
of Warrants evidenced by the Warrant Certificate.

 

	[SIGNATURE
    OF HOLDER]	 
	 	 
	Name
    of Investing Entity:	 
	 	 
	 	 
	Signature
    of Authorized Signatory of Investing Entity:	 
	 	 
	 	 
	Name
    of Authorized Signatory:	 
	 	 
	 	 
	Title
    of Authorized Signatory:	 
	 	 
	 	 
	Date:
    	             	 

 

    	27

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