Document:

Exhibit
4.1

 

OMNICOM GROUP INC.

as Issuer

THIRD SUPPLEMENTAL INDENTURE

Dated as of May 3, 2021

DEUTSCHE BANK TRUST COMPANY AMERICAS

as Trustee

Debt Securities

    

    

    

       Third
Supplemental Indenture dated as of May 3, 2021 (the “Third Supplemental Indenture”) between Omnicom Group Inc.,
a New York corporation (the “Issuer”) and Deutsche Bank Trust Company Americas, a New York banking corporation, as
Trustee (the “Trustee”).

W I T N E S S E T H:

               WHEREAS,
the Issuer and the Trustee executed and delivered an indenture dated as of February 21, 2020 (the “Indenture”) to provide
for the issuance by the Issuer from time to time of Securities to be issued in one or more Series as provided in the Indenture;

WHEREAS, the issuance and sale of up to $800,000,000
aggregate principal amount of a Series of the Issuer’s 2.600% Senior Notes due 2031 (the “Securities”) have been
authorized by the board of directors of the Issuer;

WHEREAS, the Issuer desires to issue and sell
$800,000,000 aggregate principal amount of the Securities on the date hereof;

WHEREAS, the Issuer desires to enter into
this Third Supplemental Indenture pursuant to Sections 2.2, 2.14.1 and 9.1 of the Indenture to supplement the Indenture to establish the
form and terms of the Securities; and

               NOW,
THEREFORE, THIS THIRD SUPPLEMENTAL INDENTURE WITNESSETH, that, for and in consideration of the above premises, it is mutually covenanted
and agreed, for the sole, equal and proportionate benefit of all Holders of the Securities, as follows:

ARTICLE ONE

DEFINITIONS

Section 1.1 Relation to Base Indenture.    

This Third Supplemental Indenture constitutes
an integral part of the Indenture. In the event of inconsistencies between the Indenture and this Third Supplemental Indenture, the terms
hereof shall govern.

Section 1.2. Definitions.

(a)       All of
the terms used in this Third Supplemental Indenture which are defined in the Indenture shall have the meanings specified in the Indenture,
unless otherwise provided herein or unless the context otherwise requires, and for the purposes of this Third Supplemental Indenture and
the Securities, the following terms have the meanings set forth in this Section:

 

“Below Investment Grade Rating Event”
occurs if both the rating on the Securities is lowered by each of the Rating Agencies and such Securities are rated below Investment Grade
by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control
until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so
long as the

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rating of such Securities is under publicly announced consideration for
possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of
a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not
be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if any
of the Rating Agencies making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm
or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised
of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall
have occurred at the time of the Below Investment Grade Rating Event).

 

“Change of Control” means the occurrence
of any of the following:

 

		(1)	the sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the assets of the Issuer and its Subsidiaries taken as a whole to any “person”
(as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
other than to the Issuer or one of its Subsidiaries;

 

		(2)	the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act), other than the Issuer or one of its wholly owned Subsidiaries, becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than
50% of the then outstanding shares of the Issuer’s Voting Stock, measured by voting power rather than number of shares; or

 

		(3)	the adoption of a plan relating to the liquidation or dissolution of the Issuer.

 

Notwithstanding the foregoing, a transaction will not
be deemed to involve a Change of Control if (i) the Issuer becomes a wholly owned Subsidiary of a holding company and (ii) the holders
of the Voting Stock of such holding company immediately following such transaction are substantially the same as the holders of the Issuer’s
Voting Stock immediately prior to such transaction.

 

“Change of Control Offer” has the
meaning specified in Section 3.2 of this Third Supplemental Indenture. 

 

“Change of Control Payment Date”
has the meaning specified in Section 3.2 of this Third Supplemental Indenture.

 

“Change of Control Purchase Price”
has the meaning specified in Section 3.2 of this Third Supplemental Indenture.

 

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“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining
term of the Securities (assuming the Securities matured on the par call date), that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of the Securities (assuming the Securities matured on the par call date).

 

“Comparable Treasury Price” means,
with respect to any redemption date, the Reference Treasury Dealer Quotations for that redemption date.

 

“Consolidated Net Worth” means the
consolidated net worth of the Issuer, as determined in accordance with GAAP.

 

“Debt” of any person means,
without duplication: (a) all indebtedness of such person for borrowed money; (b) all obligations of such person for the deferred purchase
price of property or services (other than earn-out payment obligations of such person in connection with the purchase of property or services
to the extent they are still contingent); (c) all obligations of such person evidenced by notes, bonds, debentures or other similar instruments;
(d) all obligations of such person created or arising under any conditional sale or other title retention agreement with respect to property
acquired by such person (even though the rights and remedies of the seller or lender under such agreement in the event of default are
limited to repossession or sale of such property); (e) all obligations of such person as lessee under leases to the extent that such
leases have been or should be, in accordance with GAAP, recorded as finance leases; (f) all obligations, contingent or otherwise, of such
person in respect of acceptances, letters of credit or similar extensions of credit; (g) all obligations of such person in respect of
Hedge Agreements; (h) all Debt of others referred to in clauses (a) through (g) above or clause (i) below and other payment obligations
guaranteed, directly or indirectly, in any manner by such person, or in effect guaranteed, directly or indirectly, by such person through
an agreement (1) to pay or purchase such Debt or to advance or supply funds for the payment or purchase of such Debt, (2) to purchase,
sell or lease (as lessee or lessor) property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make
payment of such Debt or to assure the holder of such Debt against loss, (3) to supply funds to or in any other manner invest in the debtor
(including any agreement to pay for property or services irrespective of whether such property is received or such services are rendered)
or (4) otherwise to assure a creditor against loss; and (i) all Debt referred to in clauses (a) through (h) above secured by (or for which
the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without limitation,
accounts and contract rights) owned by such person, even though such person has not assumed or become liable for the payment of such Debt.

“GAAP” means generally accepted
accounting principles in the United States of America.

 

“Hedge Agreements” means interest
rate swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts
and

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other similar agreements.

 

“Investment Grade” means a rating
equal to or higher than Baa3 (or its equivalent under any successor rating categories) by Moody’s and BBB- (or its equivalent under
any successor rating categories) by S&P, or, in each case, if such Rating Agency ceases to rate the Securities or fails to make a
rating of such Securities publicly available for reasons outside of the Issuer’s control, the equivalent investment grade credit
rating by the replacement agency selected by the Issuer in accordance with the procedures described under clause (2) of the definition
of “Rating Agencies.”

 

“Lien” means any lien, security
interest or other charge or encumbrance of any kind, or any other type of preferential arrangement intended to provide security for the
payment or performance of an obligation, including, without limitation, the lien or retained security title of a conditional vendor and
any easement, right of way or other encumbrance on title to real property.

 

“Moody’s” means Moody’s
Investors Service, Inc., and its successors.

 

“par call date” has the meaning
specified in Section 3.1 of this Third Supplemental Indenture.

 

“Permitted Liens” means such of
the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced: (a) Liens
for taxes, assessments and governmental charges or levies to the extent not yet due and payable, or being contested in good faith by appropriate
proceedings; (b) Liens imposed by law, such as materialmen’s, mechanics’, carriers’, workmen’s and repairmen’s
Liens and other similar Liens arising in the ordinary course of business securing obligations that are not overdue for a period of more
than 30 days or that are being contested in good faith and by appropriate proceedings that prevent the forfeiture or sale of the asset
subject to such Lien; (c) pledges or deposits to secure obligations under workers’ compensation laws or similar legislation or to
secure public or statutory obligations or, in any such case, to secure reimbursement obligations under letters of credit or bonds issued
to support such obligations; and (d) easements, rights of way and other encumbrances on title to real property that do not render title
to the property encumbered thereby unmarketable or materially adversely affect the use of such property for its present purposes.

 

“Rating Agencies” means (1) each
of Moody’s and S&P; and (2) if any of Moody’s or S&P ceases to rate the Securities or fails to make a rating of the
Securities publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization,”
as defined in Section 3(a)(62) of the Exchange Act, selected by the Issuer as a replacement agency for Moody’s or S&P, or both
of them, as the case may be.

 

“Reference Treasury Dealer” means
each of any three primary U.S. Government securities dealer selected by the Issuer, and their respective successors.

 

“Reference Treasury Dealer Quotations”
means, with respect to the Reference Treasury Dealer and any redemption date, the average, as determined by the Issuer, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal

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amount) quoted in writing to the Issuer by the Reference Treasury Dealer
at 3:30 p.m., New York City time, on the third business day preceding that redemption date.

 

“Remaining Scheduled Payments” means
the remaining scheduled payments of principal of and interest on the Securities that but for the redemption would be due after the related
redemption date through the par call date, assuming the Securities matured on the par call date, not including any portion of such interest
payment accrued as of such redemption date. If that redemption date is not an interest payment date with respect to the Securities, the
amount of the next succeeding scheduled interest payment on the Securities will be reduced by the amount of interest accrued on the Securities
to such redemption date.

 

“S&P” means S&P Global Ratings,
and its successors.

 

“Treasury Rate” means, with respect
to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity (computed as of the third business day
immediately preceding that redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date.

 

“Voting Stock” means, with respect
to any person, capital stock of any class or kind the holders of which are ordinarily, in the absence of contingencies, entitled to vote
for the election of directors (or persons performing similar functions) of such person, even if the right so to vote has been suspended
by the happening of such a contingency.

 

 

ARTICLE TWO

THE SECURITIES

Section 2.1. Terms of the Securities.

The Securities shall have the following terms,
established pursuant to Section 2.2 of the Indenture:

2.1.1. Pursuant to Section 2.2.1 of the Indenture,
the title of the Securities to be issued as a Series of Securities under the Indenture shall be the “2.600% Senior Notes due 2031”;

2.1.2. Pursuant to Section 2.2.2 of the Indenture,
the price or prices at which the Securities of the Series will be issued initially shall be 99.823% of the aggregate principal amount
thereof;

2.1.3. Pursuant to Section 2.2.3 of the Indenture,
the aggregate principal amount of the Securities that may be authenticated and delivered under this Third Supplemental Indenture initially
shall be limited to $800,000,000;

2.1.4. Pursuant to Section 2.2.4 of the Indenture,
100% of the Securities shall be payable on August 1, 2031;

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2.1.5. Pursuant to Section 2.2.5 of the Indenture,
the Securities shall bear interest at a rate equal to 2.600% per annum; interest on the Securities shall accrue from May 3, 2021 until
the principal thereof is paid or duly provided for; interest on the Securities shall be payable semi-annually in arrears in cash on February
1 and August 1 of each year, commencing on August 1, 2021 to Holders of record on January 15 and July 15 (whether or not a Business Day)
immediately preceding the applicable interest payment date. Interest on the Securities shall be computed from and including the prior
interest payment date (or, in the case of the first interest payment date, from and including May 3, 2021) to but excluding the next interest
payment date on the basis of a 360-day year consisting of twelve 30-day months. In the event that any principal or interest on the Securities
is not paid when due, whether at Maturity or otherwise, then except to the extent permitted by law such overdue principal and interest
shall bear interest until paid at the rate of interest set forth in this Section 2.1.5 of this Third Supplemental Indenture, compounded
semi-annually;

2.1.6. Pursuant to Section 2.2.6 of the Indenture,
the place or places where the principal of and interest in the Securities shall be payable shall be as set forth in the Securities, the
form of which is attached hereto as Exhibit A;

2.1.7. Pursuant to Section 2.2.7 of the Indenture,
the Securities shall be subject to redemption at the option of the Issuer as set forth in Article III of the Indenture, as modified by
Section 3.1 of this Third Supplemental Indenture;

2.1.8. Pursuant to Section 2.2.8 of the Indenture,
the Issuer shall not be obligated to redeem or purchase the Securities pursuant to any sinking fund or at the option of a Holder thereof
prior to the Maturity;

2.1.9. Pursuant to Section 2.2.9 of the Indenture,
the Issuer shall not be obligated to redeem or purchase the Securities pursuant to any repurchase obligations or at the option of a Holder
thereof prior to the Maturity, except pursuant to Section 3.2 of this Third Supplemental Indenture;

2.1.10. Pursuant to Section 2.2.10, the Securities
shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof;

 

2.1.11. Pursuant to Section 2.2.11 of the Indenture,
the Securities shall be issued as Global Securities;

 

2.1.12. Pursuant to Section 2.2.15 of the
Indenture, the Issuer shall be subject to the additional restrictions as set forth in Section 4.1 of this Third Supplemental Indenture;
and

2.1.13. Pursuant to Section 2.2 of the Indenture,
the Issuer may, without the consent of the Holders of the Securities of any Series, issue additional Securities of such Series having
the same ranking and the same interest rate, maturity and other terms as the Securities of such Series issued on the date hereof (except
for the issue date, the price to the public, the payment of interest accruing prior to the issue date of such additional Securities or
except for first payment of interest following the issue date of such additional Securities). Any such additional Securities

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shall be a part of the Series having the same terms as the Securities
of such Series issued on the date hereof, provided that such additional Securities subsequently issued are fungible for U.S. federal income
tax purposes with any Securities of such Series previously issued.

ARTICLE THREE

ADDITIONAL REDEMPTION
PROVISION

Section 3.1. Optional Redemption.

Prior to May 3, 2031 (“par call date”),
the Securities shall be redeemable, as a whole or in part, at the Issuer’s option, at any time or from time to time, upon mailed
notice (or electronic notice, as applicable) to the registered address of each Holder of Securities at least 15 days but not more than
60 days prior to the redemption. The redemption price shall be equal to the greater of (1) 100% of the principal amount of the Securities
to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments on the Securities discounted to the date of redemption,
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the applicable Treasury
Rate plus 15 basis points, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.

 

On or after the par call date, the Securities
shall be redeemable, as a whole or in part, at the Issuer’s option, at any time or from time to time, upon mailed notice (or electronic
notice, as applicable) to the registered address of each Holder of Securities at least 15 days but not more than 60 days prior to the
redemption at a redemption price of 100% of the principal amount of the Securities, plus accrued and unpaid interest thereon, if any,
to, but excluding, the redemption date.

On and after the redemption date, interest shall cease
to accrue on the Securities or any portion of the Securities called for redemption (unless the Issuer defaults in the payment of the redemption
price and accrued interest). On or before 10:00 a.m. New York City time on the redemption date, the Issuer shall deposit with a Paying
Agent (or the Trustee) money sufficient to pay the redemption price of and accrued interest on the Securities to be redeemed on that date.
If less than all of the Securities are to be redeemed, the Securities to be redeemed shall be selected by such method as the Trustee deems
fair and appropriate, subject to the procedures of the Depository.

Section 3.2. Repurchase Upon Change of
Control Triggering Event.

Upon the occurrence of a Change of Control Triggering
Event, unless the Issuer has exercised its option to redeem the Securities pursuant to Section 3.1 of this Third Supplemental Indenture,
each Holder of Securities shall have the right to require the Issuer to repurchase all or a portion of such Holder’s Securities
pursuant to a change of control offer pursuant to, and in accordance with, the provisions of this Section 3.2 (a “Change of Control
Offer”), at a purchase price (the “Change of Control Purchase Price”) equal to 101% of the principal amount
thereof plus accrued and unpaid interest, if any, to the date of repurchase, subject to the right of Holders of Securities on the relevant
record date to receive interest due on the relevant interest payment date.

 

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Within 30 days following the date upon which the Issuer
becomes aware that a Change of Control Triggering Event has occurred, or at the Issuer’s option, prior to any Change of Control
but after the public announcement of the pending Change of Control, the Issuer shall be required to send, by first class mail or electronic
delivery, a notice to each Holder of Securities, with a copy to the Trustee, which notice shall govern the terms of the Change of Control
Offer. Such notice shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from
the date such notice is mailed or delivered, other than as may be required by law (the “Change of Control Payment Date”).
The notice, if mailed or delivered prior to the date of consummation of the Change of Control, shall state that the Change of Control
Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. The Issuer
shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes
such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Issuer and such
third party purchases all Securities properly tendered and not withdrawn under its offer.

 

The Issuer shall be required to comply with the requirements
of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations
are applicable in connection with the repurchase of the Securities as a result of a Change of Control Triggering Event. To the extent
that the provisions of any securities laws or regulations conflict with this Section 3.2 and the Securities, the Issuer shall be required
to comply with those securities laws and regulations and shall not be deemed to have breached its obligations under this Section 3.2 and
the Securities by virtue of any such compliance.

 

On each Change of Control Payment Date, the
Issuer shall, to the extent lawful:

		(a)	accept for payment all Securities or portions of Securities properly tendered and not withdrawn pursuant to the Change of Control
Offer;

 

		(b)	deposit with the Paying Agent an amount equal to the Change of Control Purchase Price in respect of all Securities or portions of
Securities properly tendered and not withdrawn; and

 

		(c)	deliver or cause to be delivered to the Trustee the Securities properly accepted together with an Officer’s Certificate stating
the aggregate principal amount of Securities or portions of Securities being repurchased.

ARTICLE FOUR

LIMITATION ON
LIENS

Section 4.1. Limitation on Liens.

The Issuer shall not, and shall not permit
any of its Subsidiaries to, create or suffer to exist any Lien on or with respect to any of the Issuer’s properties, whether now
owned or hereafter acquired, to secure any Debt of the Issuer, any direct or indirect Subsidiary of the Issuer or any other person without
securing the Securities equally and ratably with such Debt to which such Liens relate for so long as such Debt shall be so secured, other
than:

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(a)       Permitted
Liens;

(b)       purchase
money Liens upon or in any real property or equipment acquired or held by the Issuer or any Subsidiary of the Issuer in the ordinary course
of business to secure the purchase price of such property or equipment or to secure Debt incurred solely for the purpose of financing
the acquisition of such property or equipment, or Liens existing on such property or equipment at the time of its acquisition (other than
any such Liens created in contemplation of such acquisition that were not incurred to finance the acquisition of such property) or extensions,
renewals or replacements of any of the foregoing for the same or a lesser amount, provided, however, that no such Lien shall extend to
or cover any properties of any character other than the real property or equipment being acquired and fixed improvements thereon or accessions
thereto, and no such extension, renewal or replacement shall extend to or cover any properties not theretofore subject to the Lien being
extended, renewed or replaced;

(c)       Liens
existing on April 28, 2021;

(d)       Liens
on property of a person existing at the time such person is merged into, consolidated with, or acquired by the Issuer or any Subsidiary
of the Issuer or becomes a Subsidiary of the Issuer; provided that such Liens were not created in contemplation of such merger, consolidation
or acquisition and do not extend to any assets other than those of the person so merged into or consolidated with the Issuer or such Subsidiary
or acquired by the Issuer or such Subsidiary;

(e)       Liens
granted by Subsidiaries of the Issuer to secure Debt owed to the Issuer or a wholly owned Subsidiary of the Issuer;

(f)       Liens
arising out of a judgment, decree or order of court being contested in good faith by appropriate proceedings, provided that adequate reserves
with respect thereto are maintained on the books of the Issuer or the books of its Subsidiaries, as the case may be, in conformity with
GAAP;

(g)       Debt
of a person existing at the time such person is merged into or consolidated with the Issuer or becomes a Subsidiary of the Issuer provided
that such Debt was not created in contemplation of such merger, consolidation or acquisition and provided further that the aggregate principal
amount of such Debt shall not exceed $50,000,000 at any time outstanding;

(h)       Liens
to secure any extension, renewal, refinancing or refunding (or successive extensions, renewals, refinancings or refundings), in whole
or in part, of any Debt secured by Liens referred to above or Liens created in connection with any amendment, consent or waiver relating
to such Debt, so long as such Lien does not extend to any other property, the amount of Debt secured is not increased (other than by the
amount equal to any costs and expenses incurred in connection with any extension, renewal, refinancing or refunding) and the Debt so secured
does not exceed the fair market value (as determined by the Issuer’s Board of Directors in good faith) of the

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assets subject to such Liens at the time of such extension,
renewal, refinancing or refunding, or such amendment, consent or waiver, as the case may be;

(i) any assignment of accounts receivable
(1) by and among the Issuer and its Subsidiaries or (2) pursuant to non-recourse factoring or similar arrangements or otherwise in an
aggregate amount not to exceed in any fiscal year the greater of $500,000,000 (measured as the face value of such accounts receivable
at the time of assignment) and 10.0% of the consolidated accounts receivable of the Issuer and its Subsidiaries as reflected in the consolidated
balance sheet of the Issuer as of the end of the fiscal year of the Issuer most recently ended prior to such assignment for which financial
statements are available; and

(j) (1) Liens otherwise prohibited by
this covenant, securing Debt or other obligations in an aggregate amount at any time outstanding plus (2) the aggregate face value at
the time of assignment of such accounts receivable assigned, the assignment of which is not otherwise permitted by the foregoing exceptions,
in an aggregate amount not to exceed 20% of Consolidated Net Worth of the Issuer and its Subsidiaries as set forth in the Issuer’s
most recently available financial statements.

 

ARTICLE FIVE

LIABILITY OF TRUSTEE

 

Section 5.1 Trustee Not Responsible for Recitals.

 

The Trustee shall not be responsible in any matter
whatsoever for or in respect of the validity or sufficiency of this Third Supplemental Indenture or for or in respect of the recitals
contained herein, all of which are made solely by the Issuer or for or with respect to (i) the proper authorization by the Issuer by action
or otherwise, (ii) the due execution hereof by the Issuer or (iv) the consequences of any amendment herein provided for, and the Trustee
makes no representation with respect to any such matters.

 

ARTICLE SIX

MISCELLANEOUS

Section 6.1. Ratification and Effect.

               Except
as hereby expressly amended, the Indenture is in all respects ratified and confirmed and all the terms, provisions and conditions thereof
shall be and remain in full force and effect.

               Upon
and after the execution of this Third Supplemental Indenture, each reference in the Indenture to “this Indenture,” “hereunder,”
“hereof” or words of like import referring to the Indenture shall mean and be a reference to the Indenture as modified hereby.

 

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Section 6.2 Governing Law.

               THIS
THIRD SUPPLEMENTAL INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND
TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

Section 6.3 Counterpart Originals.

               This
Third Supplemental Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

Section 6.4 Effect of Headings.    

The headings of the Articles and Sections
of this Third Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and
shall in no way modify or restrict any of the terms or provisions hereof.

Section 6.5.Severability.

In case any provision in this Third Supplemental
Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

Section 6.6.Modification, Amendment and Waiver.

The provisions of this Third Supplemental
Indenture may not be amended, supplemented, modified or waived except by an execution of a Supplemental Indenture executed by the Issuer
and the Trustee. Any such amendment shall comply with Article IX of the Indenture. Until an amendment, waiver or other action by Holders
becomes effective, a consent thereto by a Holder of a Security hereunder is a continuing consent by the Holder and every subsequent Holder
of that Security or portion of the Security that evidences the same obligation as the consenting Holder’s Security, even if notation
of the consent, waiver or action is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent, waiver
or action as to such Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date
the amendment, waiver or action becomes effective. After an amendment, waiver or action becomes effective, it shall bind every Holder.

Section 6.7. Ratification of Indenture;
Supplemental Indenture Part of Indenture.

Except as expressly amended hereby, the Indenture
is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.
This Third Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Securities heretofore or hereafter
authenticated and delivered shall be bound hereby.

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       Section
6.8. Trust Indenture Acts Controls.

If any provision of this Third Supplemental
Indenture limits, qualifies or conflicts with any provision of the Trust Indenture Act of 1939, as amended (the “TIA”),
that is required under the TIA to be part of and govern any provision of this Third Supplemental Indenture, the provision of the TIA shall
control. If any provision of this Third Supplemental Indenture modifies or excludes any provisions of the TIA that may be so modified
or excluded, the provisions of the TIA shall be deemed to apply to the Indenture as so modified or to be excluded by this Third Supplemental
Indenture, as the case may be.

Section 6.9. Consent to Jurisdiction; Waiver
of Jury Trial.

The Issuer agrees that any legal suit, action
or proceeding brought by any party to enforce any rights under or with respect to this Third Supplemental Indenture, any Security or any
other document or the transactions contemplated hereby or thereby may be instituted in any state or federal court in The Borough of Manhattan,
The City of New York, State of New York, United States of America, irrevocably waives to the fullest extent permitted by law any objection
which it may now or hereafter have to the laying of venue of any such suit, action or proceeding, irrevocably waives to the fullest extent
permitted by law any claim that and agrees not to claim or plead in any court that any such action, suit or proceeding brought in such
court has been brought in an inconvenient forum and irrevocably submits to the non-exclusive jurisdiction of any such court in any such
suit, action or proceeding or for recognition and enforcement of any judgment in respect thereof.

To the extent that the Issuer or any of its
Subsidiaries has or hereafter may acquire any immunity from jurisdiction of any court (including any court in the United States, the State
of New York or other jurisdiction in which the Issuer or any successor thereof may be organized or any political subdivisions thereof)
or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution
or otherwise) with respect to itself or its property or assets, this Third Supplemental Indenture, the Securities, the transactions contemplated
hereby or thereby or any other documents or actions to enforce judgments in respect of any thereof, then the Issuer hereby irrevocably
waives, and will cause its Subsidiaries to waive, such immunity, and any defense based on such immunity, in respect of its obligations
under the above-referenced documents and the transactions contemplated thereby, to the extent permitted by law.

THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY
IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT, THE SECURITIES, THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY OR ANY OTHER
DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.

 

[Signatures pages follow]

    13

    

    

       IN
WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed as of the day and year first above
written.

	 	OMNICOM GROUP INC.
	 	By:	/s/ Philip J. Angelastro
	 	 	Name: 	Philip J. Angelastro
	 	 	Title:	Executive Vice President and Chief Financial Officer

[Signature Page to Third Supplemental Indenture]

 

    

    

    

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Trustee

	 	By:	 /s/ Luke Russell
	 	 	Name: Luke Russell
	 	 	Title: Vice President
	 	By:	/s/ Chris Niesz
	 	 	Name: Chris Niesz
	 	 	Title: Vice President

[Signature Page to Third Supplemental Indenture]

    

    

    

Exhibit A

FORM OF GLOBAL SECURITY FOR THE 2.600% SENIOR
NOTES DUE 2031

THIS GLOBAL SECURITY IS HELD BY THE DEPOSITORY
(AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS
NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE ANY SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.7 OF THE INDENTURE,
(III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY
BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY
OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR TO ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO
A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED
IN THE NAME OF ANY ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO SUCH ENTITY
AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF HAS AN INTEREST HEREIN.

    

    

    

2.600% Senior Notes due
2031

ISIN: US681919BD76

CUSIP No. 681919 BD7

$

No.

OMNICOM GROUP INC., a New York corporation (the “Issuer,” which
term includes any successor person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of $                     on August 1, 2031 and to pay interest thereon from May 3, 2021 or from the most recent
interest payment date to which interest has been paid or duly provided for, semi-annually on February 1 and August 1 in each year, commencing
August 1, 2021, at the rate of 2.600% per annum, set forth below. The interest so payable, and punctually paid or duly provided for, on
any interest payment date shall, as provided in such Indenture, be paid to the person in whose name this Security (or one or more predecessor
securities) is registered at the close of business on the regular record date for such interest, which shall be January 15 or July 15
(whether or not a Business Day), as the case may be, next preceding such interest payment date. Any such interest not so punctually paid
or duly provided for shall forthwith cease to be payable to the Holder on such regular record date and may either be paid to the person
in whose name this Security (or one or more predecessor securities) is registered at the close of business on a special record date for
the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this Series
not less than 10 days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the Securities of this Series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture).

 

Payment of the principal of (and premium, if any)
and interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in The City of New
York, New York, in accordance with the terms of the Indenture referred to on the reverse hereof in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that
at the option of the Issuer payment of interest may be made by check mailed to the address of the person entitled thereto as such
address shall appear in the Security register.

 

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

This Security shall be deemed to be a contract
made under the laws of the State of New York, and for all purposes shall be construed in accordance with and governed by the laws of said
state.

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

1

    

    

    

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

 

	Dated:  	OMNICOM GROUP INC.

	 	By:	 
	 	 	Name:  
	 	 	Title:
	 	By:	 
	 	 	Name:  
	 	 	Title:

    

    

    

This is one of the Securities of the Series
designated therein referred to in the within-mentioned Indenture.

	 	Deutsche Bank Trust Company Americas, as Trustee
	 	By:	 
	 	 	Authorized Signatory

Dated:

    

    

    

Reverse of Security

OMNICOM GROUP INC.

2.600% Senior Notes due 2031

This Security is one of a duly authorized issue
of securities of the Issuer, designated as its 2.600% Senior Notes due 2031 (herein called the “Securities”), issued and to
be issued in one or more Series under an Indenture, dated as of February 21, 2020 (the “Base Indenture”), between the Issuer
and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee,” which term includes any successor trustee
under the Indenture), as supplemented by the Third Supplemental Indenture dated as of May 3, 2021, between the Issuer and the Trustee
(the “Third Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which the Securities are,
and are to be, authenticated and delivered. This Security is one of the Series designated on the face hereof, initially limited in aggregate
principal amount to $800,000,000. Capitalized terms used in this Security and not defined herein have the meaning ascribed thereto in
the Indenture.

Deutsche Bank Trust Company Americas, the Trustee
under the Indenture, has been appointed by the Issuer as Paying Agent, Registrar and custodian with regard to the Securities.

In case an Event of Default shall have occurred
and be continuing, the principal of and accrued interest on all Securities may be declared, and upon said declaration, shall become due
and payable, in the manner, with the effect and subject to the conditions provided for in the Indenture.

Prior to May 1, 2031 (the “par call date”),
the Securities shall be redeemable, as a whole or in part, at the Issuer’s option, at any time or from time to time, upon mailed
notice (or electronic notice, as applicable) to the registered address of each Holder of Securities at least 15 days but not more than
60 days prior to the redemption. The redemption price shall be equal to the greater of (1) 100% of the principal amount of the Securities
to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments on the Securities discounted to the date of redemption,
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the applicable Treasury
Rate plus 15 basis points, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.

 

On or after the par call date, the Securities
shall be redeemable, as a whole or in part, at the Issuer’s option, at any time or from time to time, upon mailed notice (or electronic
notice, as applicable) to the registered address of each Holder of Securities at least 15 days but not more than 60 days prior to the
redemption at a redemption price of 100% of the principal amount of such Securities, plus accrued and unpaid interest thereon, if any,
to, but excluding, the redemption date.

“Comparable Treasury Issue” means
the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining term of
the

    

    

    

notes (assuming the notes matured on the par call date), that would
be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the notes (assuming the notes matured on the par call date).

 

“Comparable Treasury Price” means,
with respect to any redemption date, the Reference Treasury Dealer Quotations for that redemption date.

 

“Reference Treasury Dealer” means
each of any three primary U.S. Government securities dealer selected by the Issuer, and their respective successors.

 

“Reference Treasury Dealer Quotations”
means, with respect to the Reference Treasury Dealer and any redemption date, the average, as determined by the Issuer, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Issuer by the Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding that redemption date.

 

“Remaining Scheduled Payments” means
the remaining scheduled payments of principal of and interest on the Securities that but for the redemption would be due after the related
redemption date through the par call date, assuming the Securities matured on the par call date, not including any portion of such interest
payment accrued as of such redemption date. If that redemption date is not an interest payment date with respect to the Securities, the
amount of the next succeeding scheduled interest payment on the Securities will be reduced by the amount of interest accrued on the Securities
to such redemption date.

 

“Treasury Rate” means, with respect
to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity (computed as of the third business day
immediately preceding that redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date.

 

On and after the redemption date, interest shall cease
to accrue on the Securities or any portion of the Securities called for redemption (unless the Issuer defaults in the payment of the redemption
price and accrued interest). On or before 10:00 a.m. New York City time on the redemption date, the Issuer shall deposit with a Paying
Agent (or the Trustee) money sufficient to pay the redemption price of and accrued interest on the Securities to be redeemed on that date.
If less than all of the Securities are to be redeemed, the Securities of such Series to be redeemed shall be selected by such method as
the Trustee deems fair and appropriate, subject to the procedures of the Depository.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this Series and of like tenor for the unredeemed portion hereof shall be issued in the name
of the Holder hereof upon the cancellation hereof; provided that in the case of a Global Security, an appropriate book-entry adjustment
may be made in lieu of the issuance of a new Security.

The Indenture contains provisions that permit
the Issuer to elect either (1) to defease and be discharged from the entire indebtedness of this Security or (2) to be released from its

    

    

    

obligations under certain restrictive covenants and Events of Default
with respect to this Security, in each case upon payment in full of the Securities and compliance with certain conditions set forth in
the Indenture.

Upon the occurrence of a Change of Control Triggering
Event with respect to the Securities of this Series, the Issuer shall be required to make an offer to repurchase the Securities of this
Series on the terms set forth in Section 3.2 of the Third Supplemental Indenture.

If an Event of Default with respect to Securities
of this Series shall occur and be continuing, the principal of the Securities of this Series may be declared due and payable in the manner
and with the effect provided in the Indenture.

The Indenture permits the amendment thereof
and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Securities of each Series to be
affected under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of a majority in principal amount
of the Securities at the time outstanding of each Series to be affected, with certain exceptions as therein provided with respect to certain
modifications or amendments which may not be made without the consent of each Holder of such Security affected thereby. The Indenture
also permits certain amendments and modifications thereto from time to time by the Issuer and the Trustee without the consent of the Holders
of any Series of the Securities to be affected thereby for certain specified purposes, including curing ambiguities, defects or inconsistencies
and making any such change that does not adversely affect the legal rights of any Holder of such Series of the Securities, as provided
therein.

The Indenture contains provisions permitting
the Holders of specified percentages in principal amount of the Securities of each Series at the time outstanding, on behalf of the Holders
of all Securities of such Series, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences with respect to such Series. Any such consent or waiver by the Holder of this Security shall
be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

No reference herein to the Indenture and no
provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and any premium and Interest on this Security at the times, place and rate, and in the coin or currency, herein
prescribed.

As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registrable in the security register, upon surrender of this Security
for registration of transfer at the office or agency of the Issuer in any place where the principal of and any premium and interest on
this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and
the security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this Series and of like tenor, of authorized denominations and for the same aggregate principal amount, shall be issued to the designated
transferee or transferees.

    

    

    

The Securities of this Series are issuable only in registered form
without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this Series are exchangeable for a like aggregate principal amount
of Securities of this Series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the
same.

 

No service charge shall be made for any such
registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

Prior to due presentment of this Security for
registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the person in whose name this Security
is registered as the owner hereof for all purposes, whether or not this Security is overdue, and none of the Issuer, the Trustee or any
such agent shall be affected by notice to the contrary.

No recourse shall be had for the payment of
the principal of (and premium, if any) or interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or
based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director,
as such, past, present or future, of the Issuer or of any successor corporation, whether by virtue of any constitution, statute or rule
of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part
of the consideration for the issue hereof, expressly waived and released.

All terms used in this Security which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.EX-4.1

 Exhibit 4.1 
  

 
  

GYROSCOPE THERAPEUTICS HOLDINGS PLC 

AND 
 THE BANK OF NEW YORK MELLON

                        
                                    As Depositary 

AND 
 OWNERS AND HOLDERS OF
AMERICAN DEPOSITARY SHARES 
 Deposit Agreement 

__________, 2021 
  

 
  

 

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT dated as of __________, 2021 among GYROSCOPE THERAPEUTICS HOLDINGS PLC, a public limited company incorporated under the
laws of England and Wales (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 and beneficial ownership interests in 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

  
 -1- 

 
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 number of Shares or other Deposited Securities that are then on deposit per American Depositary Share after giving effect to that distribution, change or sale. 

SECTION 1.2.    Articles of Association. 

The term “Articles of Association” shall mean the articles of association of the Company from time to time. 

SECTION 1.3.    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 1.4.    Company. 

The term “Company” shall mean Gyroscope Therapeutics Holdings plc, a public limited company incorporated under the laws of
England and Wales, and its successors. 
 SECTION 1.5.    CREST. 

The term “CREST” shall mean the CREST system for the paperless settlement of trades in securities and the holding of
uncertificated securities operated by Euroclear UK & Ireland Limited. 
 SECTION 1.6.    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 1.7.    Deliver; Surrender. 

(a)    The term “deliver”, or its noun form, when used with respect to Shares or other Deposited
Securities, shall mean (i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of such securities (including in CREST) designated by
the person entitled to that delivery or (ii) amending the register in respect of such Shares or other Deposited Securities in the name of the person entitled to that delivery in accordance with a proper instrument of transfer. 

  
 -2- 

 (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. 
 (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 1.8.    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 1.9.    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 1.10.    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. 

  
 -3- 

 SECTION 1.11.    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 1.12.    Dollars. 

The term “Dollars” shall mean United States dollars. 

SECTION 1.13.    DTC. 

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

SECTION 1.14.    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 1.15.    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 1.16.    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 1.17.    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. 

  
 -4- 

 SECTION 1.18.    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
1.19.    Replacement. 
 The term “Replacement” shall have the meaning assigned to it in
Section 4.8. 
 SECTION 1.20.    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
England and Wales, a shareholder agreement or the Articles of Association or similar document of the Company. 
 SECTION
1.21.    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 1.22.    Shares. 

The term “Shares” shall mean ordinary shares of the Company that are validly issued and outstanding, fully paid and not
subject to any call for the payment of further capital and that were not issued in violation of any pre-emptive rights of the holders of outstanding securities of the Company; provided, however,
that, if there shall occur any change in nominal value, a subdivision 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, subsivision or consolidation or such other reclassification or such exchange or conversion. 

  
 -5- 

 SECTION 1.23.    SWIFT. 

The term “SWIFT” shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial
Telecommunication, or its successor. 
 SECTION 1.24.    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 admits publicly its inability to
pay its debts as they come due in the ordinary course of business; 
 (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 

  
 -6- 

 
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. 
 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 reasonably required by the Depositary (following consultation with the Company to the extent practicable) 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 and the Company, 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. 

  
 -7- 

 As conditions of transferring Shares or accepting Shares for deposit, the Depositary may
reasonably 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 reasonably satisfactory to the Depositary that those Shares have been registered in the books of the Company or the
Foreign Registrar (or of CREST, if applicable) in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence reasonably satisfactory to the Depositary that any necessary approval for the transfer or
deposit has been granted by any governmental body in each applicable jurisdiction (which may be an opinion of counsel) and (v) an agreement or assignment, or other instrument reasonably 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 reasonably satisfactory to the Depositary. 
 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 in certificated form, 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 in certificated form, 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. The Depositary shall, as soon as practicable, provide written notice to the Company if Deposited Securities will be
held other than by the Depositary or a Custodian. 
 The Depositary will refuse to accept Shares for deposit if the Depositary has received
a written notice from the Company that deposit of such Shares would violate applicable laws or regulations, any shareholder agreement or the Articles of Association or similar organizational document of the Company. 

  
 -8- 

 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. 
 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 sub-division 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 

  
 -9- 

 
(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 be responsible for the performance of a co-transfer agent to the same
extent as if the Depositary had performed the function directly. 
 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. 

As a condition of accepting a surrender of American Depositary Shares for the purpose of withdrawal of Deposited Securities, the Depositary
may require (i) to the extent evidenced by a Receipt, 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 

  
 -10- 

 
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 issuance or 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. 

The Depositary may refuse to accept deposits of Shares for delivery of American Depositary Shares, refuse to register transfers of American
Depositary Shares in particular instances, or suspend deposits of Shares or registration of transfers of American Depositary Shares 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, 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

  
 -11- 

 
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 1993 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. 
 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

  
 -12- 

 
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 reasonably deem necessary or proper or as the Company may reasonably instruct the Depositary to require. 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. The Depositary shall provide the Company, upon the Company’s written request, and at the Company’s expense, as promptly as
practicable, with copies of any information or other materials that it receives pursuant to this Section 3.1, to the extent that disclosure is permitted under applicable law. If requested by the Company, the Depositary will provide an estimate
of the expense involved in complying with a request of that kind. 
 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. None 

  
 -13- 

 
of the Company, the Depositary nor the Custodian shall be liable for failure of the Owner or a Holder to comply with applicable tax laws or governmental charges. 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 allotted and issued, fully paid, not subject to any call for the payment of further capital 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. 
 SECTION
3.4.    Disclosure of Interests. 
 When required in order to comply with applicable laws and regulations 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, 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. 

Notwithstanding any provision of this Deposit Agreement or of the Receipts and without limiting the foregoing, by accepting or holding a
Receipt, each Owner and Holder agrees to provide such information as the Company may request in a disclosure 

  
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notice (a “Disclosure Notice”) given pursuant to the U.K. Companies Act 2006 (as amended from time to time and including any statutory modification or re-enactment thereof, the “Companies Act”) or the Articles of Association of the Company. Each Holder agrees to provide all information known to it in response to a request made pursuant to this
Section. By accepting or holding a Receipt, each Owner and Holder acknowledges that it understands that failure to comply with a Disclosure Notice may result in the imposition of sanctions against the holder of the Shares in respect of which
the non-complying person is or was, or appears to be or has been, interested as provided in the Companies Act and the Articles of Association which currently include, the withdrawal of the voting rights of
such Shares and the imposition of restrictions on the rights to receive dividends on and to transfer such Shares. 
 The Company reserves
the right to instruct Owners to deliver their American Depositary Shares for cancellation and withdrawal of the Deposited Securities so as to permit the Company to deal directly with the Owner or Holder thereof as a holder of Shares and Owners and
Holders agree to comply with such instructions. The Depositary agrees to cooperate with the Company in its efforts to inform Owners and Holders of the Company’s exercise of its rights under this paragraph and agrees to consult with, and provide
reasonable assistance without risk, liability or expense on the part of the Depositary, to the Company on the manner or manners in which it may enforce such rights with respect to any Owner or Holder. 

SECTION 3.5.    Reporting Obligations and Regulatory Approvals. 

(a)    Applicable laws and regulations may require holders and beneficial owners of Shares, including the
Holders and Owners of American Depositary Shares, to satisfy reporting requirement and regulatory approvals in certain circumstances. Holders and Owners of American Depositary Shares are solely responsible for determining and complying with such
reporting requirements and obtaining such approvals. Each Holder and Owner hereby agrees to make such determination, file such reports, and obtain such approvals to the extent and in the form required by applicable laws and regulations as in effect
from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates shall be required to take any actions whatsoever on behalf of Holders or Owners to determine or satisfy such reporting requirements
or obtain such regulatory approvals under applicable laws and regulations. 
 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, if the dividend
or distribution is not in Dollars, subject to the provisions of Section 4.5, convert that dividend or other distribution into Dollars, and, in any event, distribute such amount in Dollars (net of the

  
 -15- 

 
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 by it and owing to such agency. The Depositary or its agent will (i) remit (or procure that the Custodian or its agent will remit) to the appropriate governmental agency in each
applicable jurisdiction all amounts withheld by it (or by the Custodian, as the case may be) 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. 

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 

  
 -16- 

 
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 or on behalf of 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 

(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 

  
 -17- 

 
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 reasonably satisfactory assurances from the
Company (which may be an opinion of counsel) that doing so does not require registration of any securities under the Securities Act of 1933 that has not already been effected. 

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 

  
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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 for the Company that is reasonably 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, provided that nothing in this Deposit Agreement shall create any obligation on the Company to file a registration statement with
respect to such rights or underlying securities or to endeavor to have such registration statement declared effective. 

(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. 

(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

  
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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. 

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 

  
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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. 
 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 prepared by the Depositary in consultation with the Company to the extent practicable, 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 

  
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a specified record date will be entitled, subject to any applicable provision of English 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 30 days prior to the meeting date. 
 (e)
    Notwithstanding anything else contained herein, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not voting instructions have been received in respect of such
Deposited Securities from Owners) for the sole purpose of establishing quorum at a meeting of shareholders. 
 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 takeover 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 

  
 -22- 

 
mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary 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) at the expense of the Company, 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 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, net of the fees and expenses of the Depositary, 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 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, consolidation,
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 reasonable 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. 

  
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 (d)    In the case of a Replacement where the new Deposited Securities
will continue to be held under this Deposit Agreement, the Depositary may, after consultation with the Company to the extent practicable, 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. 
 SECTION 4.10.    Lists of Owners. 

Upon written request by the Company, the Depositary shall, as promptly as practicable and at the expense of the Company (unless otherwise
agreed in writing between the Company and the Depositary), 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 applicable 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 reasonably deems necessary and practicable to pay those taxes or charges, and 

  
 -24- 

 
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. 
 The
Depositary shall keep a register of all Owners and all outstanding American Depositary Shares, which shall be open for inspection by the Owners and the Company 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 transfers 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 or co-registrar and to require them to supply, at the Company’s expense, copies of such portion of their records as
the Company may reasonably request. 

  
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 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 or the United Kingdom, 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; 
 (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, indirect 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. 

  
 -26- 

 SECTION 5.3.    Obligations of the Depositary and the Company.

 Neither the Company nor any of its directors, officers, employees, agents or affiliates assume any obligation nor shall any of them 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 nor any of
its directors, officers, employees, agents or affiliates 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 and their respective directors, officers,
employees, agents or affiliates may rely, and shall be protected in relying upon, any written notice, request, direction or other document believed by any of them to be genuine and to have been signed or presented by the proper party or parties.

 Neither the Depositary nor the Company nor any of its directors, officers, employees, agents or affiliates shall be liable for any
action or non-action by any of them 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. 
 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. 

  
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 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. 
 If the Depositary resigns or is removed, the Company shall use its reasonable best efforts to
appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to 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 to 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. 

  
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 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. 
 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 that as at the date of this Deposit Agreement, 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 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 

  
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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. 
 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. 

Notwithstanding anything to the contrary herein, nothing in this Deposit Agreement shall be deemed to obligate the Company to file any
registration statement in respect of any proposed transactions or to endeavor to have such registration statement declared effective. 

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 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, or (ii) by the Company or any of its directors, employees, agents and affiliates. The Company shall not indemnify the Depositary or the Custodian (for so long as the
Custodian is a branch of The Bank of New York Mellon) against any liability or expense arising out of information relating to the Depositary or such Custodian, as the case may be, furnished in writing to the Company by the Depositary expressly for
use in any registration statement, proxy statement, prospectus, 

  
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placement memorandum, preliminary prospectus or preliminary placement memorandum relating to any Deposited Securities represented by the American Depositary Shares or any omissions from such
information (it being acknowledged that, as of the date of this Deposit Agreement, the Depositary has not furnished any information of that kind). 

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. 

If a claim is asserted or an action is commenced against a person that is entitled to seek and intends to seek indemnification for that claim
or action under this Section 5.8 (an “Indemnifiable Claim”), that person (an “Indemnified Person”) shall (i) promptly notify in writing the person obligated to provide that indemnification (the
“Indemnifying Person”) of that assertion or commencement and (ii) consult in good faith with the Indemnifying Person as to the conduct of the defense of that Indemnifiable Claim. Neither the Indemnified Person nor the
Indemnifying Person shall compromise or settle an Indemnifiable Claim without the consent of the other (which consent shall not be unreasonably withheld). 

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, a bonus issue of Shares or subdivision declared by the Company or an exchange of stock or shares 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 

  
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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, unless the Company requests in writing sufficiently prior to that destruction that such documents, records, bills and data be retained for a longer period or turned over the
Company, in each case at the expense of the Company. 
 SECTION 5.11.    Exclusivity. 

Without prejudice to the Company’s rights under Section 5.4, 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. 

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. 

  
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 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 90 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.

 (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. 

  
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 (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 been 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. 

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. 

  
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 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 Gyroscope Therapeutics Holdings plc, Stevenage Bioscience Catalyst, Gunnels Wood Road, Stevenage, Hertfordhire, England, SG1 2FX, Attention:
                    , or any other place to which the Company may have transferred its principal office with notice to the Depositary. 

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.

  
 -35- 

 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. 

  
 -36- 

 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). 
 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 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. 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 England and Wales. 

  
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 SECTION 7.9.    Delegation of Duties. 

The Depositary shall not delegate its duties under this Deposit Agreement, but the Depositary may appoint Custodians under Section 5.5, co-transfer agents under Section 2.4 or a Registrar or co-registrars under Section 5.1. 

SECTION 7.10.    English Law References. 

(a)    Any summary of English laws and regulations and of the terms of the Articles of Association set
forth in the Deposit Agreement have been provided by the Company solely for the convenience of Holders, Owners and the Depositary. While such summaries are believe by the Company to be accurate as of the date of the Deposit Agreement (i) they
are summaries and as such may not include all aspects of the materials summarized applicable to a Holder or Owner and (ii) these laws and regulations and the Articles of Association may change after the date of this Deposit Agreement. Neither
the Depositary nor the Company has any obligation under the terms of this Deposit Agreement to update any such summaries. 

  
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 IN WITNESS WHEREOF, GYROSCOPE THERAPEUTICS 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. 

 

			
	For and on behalf of
	 GYROSCOPE THERAPEUTICS
 HOLDINGS
PLC

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	THE BANK OF NEW YORK MELLON,
	  as Depositary

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
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 EXHIBIT A 

 

	
	AMERICAN DEPOSITARY SHARES
	(Each American Depositary Share represents
	One deposited Share)

 THE BANK OF NEW YORK MELLON 

AMERICAN DEPOSITARY RECEIPT 
 FOR
ORDINARY SHARES OF 
 GYROSCOPE THERAPEUTICS HOLDINGS PLC 

(INCORPORATED UNDER THE LAWS OF ENGLAND AND WALES) 

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 Gyroscope Therapeutics Holdings plc, a public limited company
incorporated under the laws of England and Wales (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 

  
 A-2 

 
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. 

 

	3.	 REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND SUBDIVISION 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 subdivision 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 issuance or transfer, or surrender of
any American Depositary Shares or subdivision 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 

  
 A-3 

 
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. 
 The Depositary may refuse to accept deposits of Shares for delivery of American Depositary
Shares, refuse to register transfers of American Depositary Shares in particular instances, or may suspend deposits of Shares or registration of transfers of American Depositary Shares 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,
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. None of the
Company, the Depositary nor the Custodian shall be liable for failure of the Owner or a Holder to comply with applicable tax laws or governmental charges. The Depositary shall distribute any net 

  
 A-4 

 
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. 
  

	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 allotted and issued, fully paid, not subject to any call for the payment of further capital 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 reasonably deem necessary or proper or as the Company may reasonably instruct the Depositary to require. 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 transferring Shares or accepting Shares for deposit, the Depositary may reasonably 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 reasonably satisfactory to the Depositary that those Shares have been registered in the books of the Company or the Foreign Registrar (or
of CREST, if applicable) in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence reasonably satisfactory to the Depositary that any necessary 

  
 A-5 

 
approval has been granted by any governmental body in each applicable jurisdiction (which may be an opinion of counsel) and (v) an agreement or assignment, or other instrument reasonably
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 reasonably satisfactory to the Depositary. 

 

	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, a bonus issue of Shares or subdivision declared by the Company or an exchange of stock or shares 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 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. 

Notwithstanding any provision of the Deposit Agreement or of the Receipts and without limiting the foregoing, by accepting or holding a
Receipt, each Owner and Holder agrees to provide such information as the Company may request in a disclosure notice (a “Disclosure Notice”) given pursuant to the U.K. Companies Act 2006 (as amended from time to time and including any
statutory modification or re-enactment thereof, the “Companies Act”) or the Articles of Association of the Company. Each Holder agrees to provide all information known to it in response to a request
made pursuant to Section 3.4 of the Deposit Agreement. By accepting or holding a Receipt, each Owner and Holder acknowledges that it understands that failure to comply with a Disclosure Notice may result in the imposition of sanctions against
the holder of the Shares in respect of which the non-complying person is or was, or appears to be or has been, interested as provided in the Companies Act and the Articles of Association which currently
include, the withdrawal of the voting rights of such Shares and the imposition of restrictions on the rights to receive dividends on and to transfer such Shares. 

  
 A-7 

 The Company reserves the right to instruct Owners to deliver their American Depositary
Shares for cancellation and withdrawal of the Deposited Securities so as to permit the Company to deal directly with the Owner or Holder thereof as a holder of Shares and Owners and Holders agree to comply with such instructions. The Depositary
agrees to cooperate with the Company in its efforts to inform Owners and Holders of the Company’s exercise of its rights under this paragraph and agrees to consult with, and provide reasonable assistance without risk, liability or expense on
the part of the Depositary, to the Company on the manner or manners in which it may enforce such rights with respect to any Owner or Holder.

Applicable laws and regulations may require holders and beneficial owners of Shares, including the Holders and Owners of American Depositary
Shares, to satisfy reporting requirement and regulatory approvals in certain circumstances. Holders and Owners of American Depositary Shares are solely responsible for determining and complying with such reporting requirements and obtaining such
approvals. Each Holder and Owner hereby agrees to make such determination, file such reports, and obtain such approvals to the extent and in the form required by applicable laws and regulations as in effect from time to time. Neither the Depositary,
the Custodian, the Company or any of their respective agents or affiliates shall be required to take any actions whatsoever on behalf of Holders or Owners to determine or satisfy such reporting requirements or obtain such regulatory approvals under
applicable laws and regulations. 
  

	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 and the Company, 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-8 

	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 this 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 the dividend or
distribution is not in Dollars and 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, in any event distribute tsuch amount in Dollars (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-9 

 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 or on behalf of 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-10 

 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 reasonably satisfactory assurances from the Company (which may be an opinion of
counsel) that doing so does not require registration of any securities under the Securities Act of 1933 that has not already been effected. 

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 applicable 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

  
 A-11 

 
(including Shares and rights to subscribe therefor) in the amounts and manner the Depositary reasonably 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 for the Company that is reasonably satisfactory to it to the effect that those securities may be sold 

  
 A-12 

 
and delivered to the applicable Owners without registration under the Securities Act of 1933, provided that nothing in the Deposit Agreement shall create any obligation on the Company to file a
registration statement with respect to such rights or underlying securities or to endeavor to have such registration statement declared effective. 

(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 that 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-13 

 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 

  
 A-14 

 
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. 
  

	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 prepared by the Depositary in consultation with the Company to the extent practicable,
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 English 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”). 

  
 A-15 

 (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 30 days prior to the meeting date. 
 (e)
    Notwithstanding anything else contained in the Deposit Agreement, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not voting instructions have been received in
respect of such Deposited Securities from Owners) for the sole purpose of establishing quorum at a meeting of shareholders. 
  

	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 takeover 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
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) at the expense of the Company, Disseminate a notice to Owners (A) notifying them
of that Redemption, (B) 

  
 A-16 

 
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 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, net of the fees and expenses of the Depositary, 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
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, consolidation, 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 reasonable 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. 
 (d)    In the case of a Replacement where the new Deposited Securities
will continue to be held under the Deposit Agreement, the Depositary may, after consultation with the Company to the extent practicable, 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 

  
 A-17 

 
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 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 or the United Kingdom, 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;

 (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 

  
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 (iv) for any special, consequential, indirect 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 nor any of their respective directors, employees, agents or affiliates assume any obligation or shall
be subject to any liability under the Deposit Agreement to Owners or Holders, except each of the Company and the Depositary agrees to perform its 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 nor
any of their respective directors, employees, agents or affiliates 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 nor any of their respective directors, employees, agents or affiliates shall be liable for any action or
non-action by any of them 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 and their respective directors, employees, agents or affiliates may rely, and shall be protected in relying upon, any written notice, request,
direction or other document believed by any of them to be genuine and to have been signed or presented by the proper party or parties. The Depositary shall not be liable for any 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 

  
 A-19 

 
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.

  

	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.	 HOLDERS AS PARTIES; BINDING EFFECT 

The Owners and Holders from time to time shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions of the
Deposit Agreement and of the Receipts by acceptance of Receipts or any interest in them. 
  

	21.	 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. 

  
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	22.	 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 90 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) and (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 

  
 A-21 

 
Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have not been 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. 
  

	23.	 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. 
  

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

 The Company has (i) appointed ______________________________________ 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 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-22 

 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). 
 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. 

  
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